MIRA
INFORM REPORT
|
Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MIC ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
A4/II, Electronic Complex, Kushaiguda, Hyderabad - 500062, Andhra
Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2013 |
|
|
|
|
Date of
Incorporation : |
17.05.1988 |
|
|
|
|
Com. Reg. No.: |
01-008652 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.204.997 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31909AP1988PLC008652 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDM00723C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The company engaged in the business of LED display systems and
lighting products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
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. The company is continuously incurring losses from its operations. The rating also take into consideration the stretched cash flow
position primarily driven by high receivables and inventory position leading
to persistent delays in debt servicing. However, business is active. Payments 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted for
the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based and Non Fund Based = ‘D’ (Suspended) |
|
Rating Explanation |
The company is in default or expected to be in default soon |
|
Date |
June, 2013 |
Reason for Suspension: The suspension follows by
inability to carry out rating in the absence of requisite information from the
company.
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 co-operative (91-40-27122222)
LOCATIONS
|
Registered Office / Head Office : |
A 4/II, Electronic Complex, Kushaiguda, Hyderabad-500062, |
|
Tel. No.: |
91-40-27122222 |
|
Fax No.: |
91-40-27133333 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
192/B, Phase-II, IDA, Cherlapalli, Hyderabad-500051, |
|
Tel. No.: |
91-40-27263737 |
|
Fax No.: |
91-40-27263726 |
|
|
|
|
Factory 2 : |
IP-47, Raipur Sahakari, Audyogic KSH, Bhagawanpur, Roorke-247667, Haridwar,
Uttaranchl, India |
|
Tel. No.: |
91-133-2235026 |
|
Fax No.: |
91-133-2235245 |
|
|
|
|
Overseas office : |
Located at: · Australia · Korea · USA |
DIRECTORS
As on 30.06.2013
|
Name : |
Dr. M. V. Ramana Rao |
|
Designation : |
Directors |
|
Address : |
|
|
Date of Birth/Age : |
Mr. J. N. Prasanna Kumar |
|
Qualification : |
Director |
|
Experience : |
|
|
Date of Appointment : |
Mr. N. Srinivasa Rao |
|
DIN No.: |
Directors |
|
PAN No.: |
|
|
Passport No.: |
Mr. Atluri Venkata Ram |
|
Voter ID No.: |
Directors |
|
|
Mr. L. N. Malleswara Rao |
|
Name : |
Directors |
|
Designation : |
|
|
Address : |
Mr. A V V S S C B Sekhar Babu |
|
Date of Birth/Age : |
Directors |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Kumar Naidu Ch |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4644902 |
4.53 |
|
|
3597375 |
3.51 |
|
|
3597375 |
3.51 |
|
|
8242277 |
8.04 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8242277 |
8.04 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
8101931 |
7.90 |
|
|
|
|
|
|
44999360 |
43.90 |
|
|
31447185 |
30.68 |
|
|
9707522 |
9.47 |
|
|
7319744 |
7.14 |
|
|
761995 |
0.74 |
|
|
1625783 |
1.59 |
|
|
94255998 |
91.96 |
|
Total Public shareholding (B) |
94255998 |
91.96 |
|
Total (A)+(B) |
102498275 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
102498275 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in the business of LED display systems and
lighting products. |
||||||||
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||||||||
|
Products : |
|
GENERAL INFORMATION
|
Customers : |
·
Larsen and Turbo Limited ·
Indian Railways ·
Reserve Bank of India ·
Hindustan Pertrolium ·
MTNL ·
State Bank of India ·
P&G ·
Life Insurance Corp. of India |
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No. of Employees : |
Information declined by the management |
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · Overseas Branch, Hyderabad, Andhra Pradesh, India · UCO Bank · MG Road Branch, Hyderabad, Andhra Pradesh, India · Andhra Bank ·
Kapra Sainikpuri Branch, Hyderabad, Andhra Pradesh,
India |
||||||||||||||||||||||||||||||||||||||||||||||||
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|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Pavuluri and Company Chartered Accountants |
|
Address : |
Hyderabad, Andhra Pradesh, India |
|
|
|
|
Subsidiary Companies
: |
· MIC Electronics Inc., USA · Maave Electronics Private Limited · MIC Green Energy Solutions Private Limited ·
MIC Candilux Private Limited |
|
|
|
|
Associate Company : |
Hyperion Green Energy India Private Limited |
CAPITAL STRUCTURE
As on 30.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102498275 |
Equity Shares |
Rs.2/- each |
Rs.204.997 Millions |
|
|
|
|
|
The Company has only one class of equity shares having a par value of Rs. 2/- per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.
a) Details of Reconciliation of Share Capital
|
Particulars |
No. of Shares |
Rs. In Millions |
|
Equity shares with voting rights:- |
|
|
|
Opening Balance |
10,24,98,275 |
204.997 |
|
Fresh Issue |
-- |
-- |
|
Closing Balance |
10,24,98,275 |
204.997 |
b) Details of shares
held by each shareholder holding more than 5% shares:
|
Class of shares /
Name of shareholder |
Number of shares held |
% holding |
|
Equity shares with voting rights |
|
|
|
Venkata Ramana Rao Maganti |
46,44,902 |
4.53% |
|
Prabhakar Rao Mandava |
76,93,153 |
7.51% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2013 (9 Months) |
30.09.2012 (15 Months) |
31.06.2011 (12 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
204.997 |
204.997 |
204.997 |
|
(b) Reserves & Surplus |
3246.300 |
3394.975 |
3861.991 |
|
(c) Money
received against share warrants |
0.000 |
46.638 |
165.416 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3451.297 |
3646.610 |
4232.404 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
340.988 |
364.001 |
230.343 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
17.684 |
19.363 |
22.528 |
|
Total Non-current Liabilities (3) |
358.672 |
383.364 |
252.871 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
914.244 |
863.381 |
831.679 |
|
(b) Trade payables |
696.771 |
645.317 |
314.344 |
|
(c) Other current
liabilities |
561.237 |
448.080 |
459.355 |
|
(d) Short-term provisions |
77.430 |
81.067 |
99.011 |
|
Total Current Liabilities (4) |
2249.682 |
2037.845 |
1704.389 |
|
|
|
|
|
|
TOTAL |
6059.651 |
6067.819 |
6189.664 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1401.128 |
1443.917 |
1543.365 |
|
(ii) Intangible Assets |
2.769 |
3.574 |
5.281 |
|
(iii) Capital
work-in-progress |
401.404 |
401.342 |
383.125 |
|
(iv)
Intangible assets under development |
89.841 |
89.841 |
89.841 |
|
(b) Non-current Investments |
55.415 |
55.415 |
55.415 |
|
(c) Deferred tax assets (net) |
25.452 |
99.330 |
97.294 |
|
(d) Long-term Loan and Advances |
479.017 |
469.640 |
450.002 |
|
(e) Other Non-current assets |
9.523 |
13.377 |
20.267 |
|
Total Non-Current Assets |
2464.549 |
2576.436 |
2644.590 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1747.315 |
1587.981 |
1812.395 |
|
(c) Trade receivables |
1117.925 |
1151.098 |
1005.132 |
|
(d) Cash and cash
equivalents |
21.815 |
34.031 |
47.629 |
|
(e) Short-term loans and
advances |
685.051 |
697.280 |
613.129 |
|
(f) Other current assets |
22.996 |
20.993 |
66.789 |
|
Total Current Assets |
3595.102 |
3491.383 |
3545.074 |
|
|
|
|
|
|
TOTAL |
6059.651 |
6067.819 |
6189.664 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2013 (9 Months) |
30.09.2012 (15 Months) |
31.06.2011 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
701.959 |
1318.778 |
2129.574 |
|
|
|
Other Income |
64.039 |
79.381 |
175.207 |
|
|
|
TOTAL (A) |
765.998 |
1398.159 |
2304.781 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
269.014 |
309.173 |
989.685 |
|
|
|
Purchase of Traded Goods |
383.845 |
714.493 |
1102.444 |
|
|
|
(Increase) / Decrease in Inventories |
(167.852) |
(350.679) |
(1075.552) |
|
|
|
Employee benefits Expense |
39.968 |
108.351 |
111.571 |
|
|
|
Other Expenses |
149.768 |
242.622 |
548.365 |
|
|
|
Extraordinary Items |
0.000 |
690.660 |
0.000 |
|
|
|
TOTAL (B) |
674.743 |
1714.620 |
1676.513 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
91.255 |
(316.461) |
628.268 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
121.220 |
254.449 |
163.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(29.965) |
(570.910) |
465.006 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.832 |
76.391 |
61.654 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
(74.797) |
(647.301) |
403.352 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
73.879 |
(15.981) |
61.331 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(148.676) |
(631.320) |
342.021 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
24.410 |
65.695 |
41.109 |
|
|
TOTAL EARNINGS |
24.410 |
65.695 |
41.109 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components |
26.560 |
70.193 |
164.220 |
|
|
|
Capital Equipment and Software |
0.000 |
0.000 |
2.818 |
|
|
TOTAL IMPORTS |
26.560 |
70.193 |
167.038 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
(1.45) |
(6.16) |
3.34 |
|
|
|
Diluted |
(1.45) |
(4.12) |
2.92 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.09.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
262.100 |
|
Total Expenditure |
|
|
229.000 |
|
PBIDT (Excl OI) |
|
|
33.100 |
|
Other Income |
|
|
19.500 |
|
Operating Profit |
|
|
52.600 |
|
Interest |
|
|
37.100 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
15.500 |
|
Depreciation |
|
|
15.000 |
|
Profit Before Tax |
|
|
0.500 |
|
Tax |
|
|
0.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
0.500 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
0.500 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2013 (9 Months) |
30.09.2012 (15 Months) |
31.06.2011 (12 Months) |
|
PAT / Total Income |
(%) |
(19.41)
|
(45.15) |
0.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.66)
|
(49.08) |
(18.94) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.36)
|
(11.94) |
7.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
(0.18) |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.36
|
0.34 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.71 |
2.08 |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATIONS DETAILS:
CASE STATUS INFORMATION SYSTEM
|
CRP 3563 / 2012 |
CRPSR 13571 / 2012 |
CASE IS:PENDING |
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REVIEW OF OPERATIONS
During the 9 months period the turnover is decreased by Rs. 616.900 Millions as compared to previous 15 months'' period turnover of Rs. 1318.778 Millions due to slow off take from railways and general slow-down and prevailing recessionary trend in the market. During the period the company has incurred an operating loss of Rs. 74.797 Millions as against operating profit of Rs. 43.400 Millions in the previous period.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As on 30.06.2013 (9 Months) |
As on 30.09.2012 (15 Months) |
|
Short Term
Borrowings |
|
|
|
Loans from Directors |
4.683 |
3.555 |
|
Intercorporate Deposits |
|
|
|
Malaxmi lnfra Ventures (India) Private Limited |
185.880 |
180.385 |
|
Sriba Seabase Private Limited |
6.000 |
6.000 |
|
Arkay Energy (Rameswarm) Limited |
100.000 |
100.00 |
|
Total |
296.563 |
289.940 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10395729 |
03/01/2013 |
150,000,000.00 |
TECHNOLOGY DEVELOPMENT BOARD |
WING A, GROUND FLOOR, VISWAKARMA BHAVAN, SHAHEED |
B65414534 |
|
2 |
10401103 |
29/12/2012 |
5,000,000.00 |
ANDHRA BANK |
KHAPRA BRANCH, SAINIKPURI, HYDERABAD, ANDHRA PRADESH - 500062, INDIA |
B67280354 |
|
3 |
10298662 |
30/08/2011 * |
140,000,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B19409408 |
|
4 |
10284741 |
30/08/2011 * |
100,000,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B19408632 |
|
5 |
10279278 |
13/04/2011 |
150,000,000.00 |
STANDARD CHARTERED BANK |
6-3-1090, TSR TOWERS, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
B10168433 |
|
6 |
10233857 |
22/07/2010 |
200,000,000.00 |
L & T FINANCE LIMITED |
L&T HOUSE, N.M.MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A91784058 |
|
7 |
10228253 |
11/11/2011 * |
990,800,000.00 |
ANDHRA BANK |
KAPRA SAINIKPURI BRANCH, PLOT NO.50, ANUPURAM, EC |
B26366815 |
|
8 |
10178726 |
27/09/2012 * |
65,000,000.00 |
ANDHRA BANK |
50 ANUPURAM, KAPRA SAINIKPURI, HYDERABAD, ANDHRA PRADESH - 500062, INDIA |
B61766010 |
|
9 |
10137915 |
20/05/2011 * |
200,000,000.00 |
UCO BANK |
62, M.G. ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
B13559091 |
|
10 |
90133575 |
17/08/2012 * |
620,000,000.00 |
STATE BANK OF INDIA |
STATE BANK OF INDIA,OVERSEAS BRANCH, ROAD NO.36, |
B59575977 |
* Date of charge modification
FIXED ASSETS
·
Land and Land Development
·
Building
·
Plant and Machinery
·
Furniture, Fittings
·
Office Equipments
·
Vehicles
·
Transformer
·
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.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
2 |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
16 |
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.