MIRA INFORM REPORT
|
Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
AIR INDIA CHARTERS LIMITED |
|
|
|
|
Registered
Office : |
21st Floor, Air India Building, Nariman Point, Mumbai – 400
021, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.09.1971 |
|
|
|
|
Com. Reg. No.: |
11-015328 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.300.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U62100MH1971GOI015328 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA0534F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged
in providing charter airlines services. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Government of India Company. It is an established company
having moderate track record. The management has
failed to file its financial with Government Department for the year 2013. As per available
financial of 2012, the company has incurred huge accumulated losses,
which has eroded the networth of the company. However, the rating reflects credit enhancement facility provided by
an unconditional, and irrecoverable guarantee from the Government of India
through the Ministry of Civil Aviation. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In view of Government support, the company can be considered for
business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Non-Convertible Debentures: AAA(SO) |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
November 27, 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 PARTED BY (PARTIAL DETAILS)
|
Name : |
Mr. Kapil Aseri |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-22-26265444 |
|
Date : |
18.02.2014 |
LOCATIONS
|
Registered Office : |
21st Floor, Air India Building, Nariman Point, Mumbai – 400
021, Maharashtra, India |
|
Tel. No.: |
91-22-28318826/ 22796496/ 26265444/ 22796666 |
|
Fax No.: |
91-22-22023686 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Rohit Nandan |
|
Designation : |
Director |
|
Address : |
B-7-2, Multistoreyed Flats, Sector -13, R.K. Puram, New Delhi, India |
|
Date of Birth/Age : |
27.01.1957 |
|
Qualification : |
MBA,
UK |
|
Date of Appointment : |
12.08.2011 |
|
DIN No.: |
02195896 |
|
|
|
|
Name : |
Mr. Fali Homi Major |
|
Designation : |
Director |
|
Address : |
101, M.S. Apartments, 81, Robertson Road, Frazer Town, Bangalore – 560
005, Karnataka, India |
|
Date of Birth/Age : |
29.05.1947 |
|
Qualification : |
Graduate
from NDA |
|
Date of Appointment : |
10.05.2011 |
|
DIN No.: |
03026199 |
|
|
|
|
Name : |
Mr. Srinivasa Venkat |
|
Designation : |
Director |
|
Address : |
Flat No.8, Air India Apartments, 61B, Pali Hill, Bandra (West), Mumbai
– 400 050, Maharashtra, India |
|
Date of Birth/Age : |
17.10.1957 |
|
Qualification : |
CA,
CS, ICWA |
|
Date of Appointment : |
12.12.2011 |
|
DIN No.: |
03616104 |
|
|
|
|
Name : |
Ms. Shefali Juneja |
|
Designation : |
Nominee Director |
|
Address : |
10, 1st Floor, Rabindra Nagar, New Delhi – 110 003, India |
|
Date of Birth/Age : |
05.07.1967 |
|
Date of Appointment : |
18.12.2012 |
|
DIN No.: |
06474542 |
|
|
|
|
Name : |
Ms. Puja Jindal |
|
Designation : |
Nominee Director |
|
Address : |
B-94, Sector 40, Noida – 201 303, Uttar Pradesh, India |
|
Date of Birth/Age : |
31.12.1967 |
|
Date of Appointment : |
22.03.2013 |
|
DIN No.: |
06556769 |
KEY EXECUTIVES
|
Name : |
Ms. Aditi Ashok Khandekar |
|
Designation : |
Secretary |
|
Address : |
202, Hurrah Citi of Joy J. Dosa Road, Mulund West, Mumbai – 400 080,
Maharashtra, India |
|
Date of Birth/Age : |
04.05.1965 |
|
Date of Appointment : |
12.12.1996 |
|
PAN No.: |
AAFPK8600H |
|
|
|
|
Name : |
Mr. Kapil Aseri |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Air India Limited, India |
|
2999991 |
|
Air India Limited with Amod Umesh Sharma |
|
1 |
|
Air India Limited with Srinivasa Venkat |
|
1 |
|
Air India Limited with Rakesh Anand |
|
1 |
|
Air India Limited with K M Unni |
|
1 |
|
Air India Limited with Deepak Brara |
|
1 |
|
Air India Limited with F J Vaz |
|
1 |
|
Air India Limited with Rohit Nandan |
|
1 |
|
Air India Limited with Anil Sondhi |
|
1 |
|
Air India Limited with R. Harihar |
|
1 |
|
Total |
|
3000000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Government Companies |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in providing charter airlines services. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Singavi,
Oturkar and Kelkar Chartered Accountants |
|
Address : |
609, B Wing, Gurukrupa
Building, Opposite Plaza Cinema, NC Kelkar Road, Dadar (West), Mumbai – 400
028, Maharashtra, India |
|
PAN No.: |
AAEFS8002L |
|
|
|
|
Holding Company : |
Air
India Limited, India (CIN No.: U62200DL2007GOI161431) |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.100/- each |
Rs.300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.100/- each |
Rs.300.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
300.000 |
300.000 |
|
(b) Reserves & Surplus |
|
(16698.800) |
(10652.900) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(16398.800) |
(10352.900) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
23057.900 |
23250.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
Long-term provisions |
|
37.800 |
32.400 |
|
Total
Non-current Liabilities (3) |
|
23095.700 |
23282.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
10517.500 |
10391.900 |
|
(b)
Trade payables |
|
5177.000 |
3285.900 |
|
(c)
Other current liabilities |
|
14930.900 |
9460.200 |
|
(d)
Short-term provisions |
|
1.500 |
0.500 |
|
Total
Current Liabilities (4) |
|
30626.900 |
23138.500 |
|
|
|
|
|
|
TOTAL |
|
37323.800 |
36068.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
34762.800 |
33754.600 |
|
(ii)
Intangible Assets |
|
0.400 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
3.000 |
|
(iv) Intangible assets under
development or work-in-progress |
|
4.800 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
259.400 |
228.200 |
|
(e)
Other Non-current assets |
|
921.400 |
703.200 |
|
Total
Non-Current Assets |
|
35948.800 |
34689.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
535.300 |
435.400 |
|
(c)
Trade receivables |
|
475.900 |
385.300 |
|
(d)
Cash and cash equivalents |
|
291.900 |
499.000 |
|
(e)
Short-term loans and advances |
|
71.500 |
59.000 |
|
(f)
Other current assets |
|
0.400 |
0.300 |
|
Total
Current Assets |
|
1375.000 |
1379.000 |
|
|
|
|
|
|
TOTAL |
|
37323.800 |
36068.000 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
300.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
427.100 |
|
|
4] (Accumulated Losses) |
|
|
(7146.900) |
|
|
NETWORTH |
|
|
(6419.800) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
11348.000 |
|
|
TOTAL BORROWING |
|
|
11348.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
Future Reserve Obligation |
|
|
27374.900 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
32303.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
37564.800 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
384.400
|
|
|
Sundry Debtors |
|
|
792.900
|
|
|
Cash & Bank Balances |
|
|
247.900
|
|
|
Other Current Assets |
|
|
1.200
|
|
|
Loans & Advances |
|
|
1259.000
|
|
Total
Current Assets |
|
|
2685.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3645.300 |
|
|
Other Current Liabilities |
|
|
4265.300 |
|
|
Provisions |
|
|
36.500 |
|
Total
Current Liabilities |
|
|
7947.100 |
|
|
Net Current Assets |
|
|
(5261.700) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
32303.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
13778.100 |
13114.200 |
13453.500 |
|
|
|
Other Income |
31.200 |
397.100 |
565.100 |
|
|
|
TOTAL (A) |
13809.300 |
13511.300 |
14018.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
13349.000 |
|
13791.800 |
|
|
|
Employee
benefit expense |
930.600 |
969.700 |
|
|
|
|
Other
expenses |
519.900 |
459.200 |
|
|
|
|
Prior
period items |
308.300 |
156.400 |
|
|
|
|
TOTAL (B) |
15107.800 |
13395.000 |
13791.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1298.500) |
116.300 |
226.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2677.400 |
2135.300 |
2051.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(3975.900) |
(2019.000) |
(1824.400) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2049.100 |
1897.900 |
1782.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
(6025.000) |
(3916.900) |
(3606.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(4.700) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
(6025.000) |
(3912.200) |
(3606.900) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(11059.100) |
(7146.900) |
(3540.000) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(17084.100) |
(11059.100) |
(7146.900) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(2008.33) |
(1304.06) |
(1202.30) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(43.63) |
(28.96)
|
(25.73)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(43.73) |
(29.87)
|
(26.81)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.14) |
(10.86)
|
(8.96)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.38
|
0.56
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(2.05) |
(3.25)
|
(1.77)
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.04 |
0.06
|
0.34
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2011 |
31.03.2012 |
|
|
|
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
|
300.000 |
300.000 |
|
Reserves & Surplus |
|
(10652.900) |
(16698.800) |
|
Net worth |
|
(10352.900) |
(16398.800) |
|
|
|
|
|
|
long-term borrowings |
|
23250.000 |
23057.900 |
|
Short term borrowings |
|
10391.900 |
10517.500 |
|
Total borrowings |
|
33641.900 |
33575.400 |
|
Debt/Equity ratio |
|
(3.250) |
(2.047) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
13453.500 |
13114.200 |
13778.100 |
|
|
|
(2.522) |
5.062 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Revenue from operations |
13453.500 |
13114.200 |
13778.100 |
|
Profit |
(3606.900) |
(3912.200) |
(6025.000) |
|
|
(0.268) |
(0.298) |
(0.437) |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
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 |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
No |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Non-convertible
debentures others |
950.000 |
950.000 |
|
SHORT-TERM BORROWINGS |
|
|
|
Rupee
term loans from banks |
9500.000 |
9500.000 |
|
Foreign
currency term loans from banks |
1017.500 |
891.900 |
|
Total
|
11467.500 |
11341.900 |
Note:
No Charges Exist for
Company.
REVIEW OF PERFORMANCE:
The highlights of the
Physical and Financial Performance of the Company for 2011-12 vis-a-vis 2010-11
are as under:
The Scheduled Services
Revenue, before revenue sharing with the holding company Air India Limited
(AI), increased marginally from Rs.17082.100 millions in 2010-11 to
Rs.18104.200 millions in 2011-12. The increased revenue is primarily due to a
7.6% increase in yield and a 2.5% increase in the load factor.
During the year, the Total
Revenue of the Company, after revenue sharing with AI, was Rs.13809.300
millions as compared to Rs.13516.600 millions for the year 2010-11,
representing an increase of approximately 2.17%. The total expenditure of the
Company was Rs.19834.200 millions as against Rs.17433.500 millions for the year
2010-11, representing an increase of 13.77%.
Inspite of reduction in
flying hours from 72,557 during 2010-11 to 67,888 during 2011-12, operating
expenses increased by Rs.1867.800 millions mainly due to 31.50% increase in
fuel cost, 7.97% increase in depreciation, etc.
The Net Loss before
taxation during 2011-12 was Rs.6024.900 millions as against Rs.3916.900
millions in 2010-11.
FIXED ASSETS:
·
Aircraft Fleet and Equipment
·
Vehicles
·
Plant and Machinery
·
Furniture and Fixtures
·
Aircrafts Helicopters
·
Office Appliances and Equipments
·
Computer Systems
·
Ramp Equipments
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 records 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 records 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.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.