MIRA
INFORM REPORT
|
Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARCADIA SHIPPING LIMITED (w.e.f. 26.04.1991) |
|
|
|
|
Formerly Known
As : |
ARCADIA SHIPPING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
222, Tulsiani Chambers, Nariman Point, Mumbai – 400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.01.1981 |
|
|
|
|
Com. Reg. No.: |
11-023672 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 144.650 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U61100MH1981PLC023672 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19160B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA5034H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Shipping and Transportation Services. |
|
|
|
|
No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4309000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record. There seems some dip in the profitability of the company during financial
year 2013 however, the rating takes into consideration the established
relationship of the company with the Oil and Natural Gas Corporation Limited. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
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.
INDIAN ECONOMIC OVERVIEW
India’s private
sector output contracted for the seventh consecutive month in January as
services sector output remained weak amid tough economic conditions. The HSBC
India Composite Output Index which maps both services and manufacturing, stood
at 49.6 in January, up from 48.1 in December but below the crucial 50 mark for
the seventh consecutive month. This is poll season and uncertainty over pending
bills continues. Finance Minister P Chidambaram summed up the situation when he
expressed doubts whether any key legislation, except for the vote-on-account,
will be passed on the current session of Parliament.
Middle-and-senior-level
managers of India Inc are quite optimistic about the economic situation in
2014, says the latest survey by hiring agency Randstad India. The quarterly
review tracks trends across 32 countries including India which has the highest
mobility index of 146. The figure is the lowest as far as India is
concerned since the survey was conducted in the first quarter of 2010 and is
down by eight points from the previous quarter (154), Malaysia, Mexico and Hong
Kong follow India while the mobility is the least in Luxembourg, Germany and
Belgium indicating least employee churn.
$ 1.25 bn Foreign
direct investment in the pharmaceutical sector during the April-November period
of this financial year, compared with $ 581 million a year earlier. $97 bn, the
amount of excess cash tied up in the working capital processes by leading
Indian firms, although there has been a marginal improvement in the performance
last year, says a recent EY report. $2.5 bn, estimated capital expenditure by
Facebook which celebrated its 10th anniversary in 2014. Its capex
was $ 1.37 billion in 2013. Foreign institutions and non-resident Indians
can now invest in the insurance sector, within the 26 % cap on foreign direct
investment in the sector. The Department of Industrial Policy and Promotion said
this relaxation will apply to insurance companies, insurance brokers,
third-party administrators, surveyors and loss assessors.
In a boost to the
tourism sector, India will extend the visa-on-arrival facility to all countries
except eight, including Pakistan from September. India’s total foreign tourism
arrivals stood at 6.84 million in 2013. Forex earnings from tourism grew 2.2 %
year-on-year to $ 18.1 billion.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
December 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
December 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
|
Name : |
Mr. Fernandez |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-66580300 |
|
Date : |
26.02.2014 |
LOCATIONS
|
Registered Office/ Head Office : |
222, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, |
|
Tel. No.: |
91-22-66580300/22831540/22831549 |
|
Fax No.: |
91-22-66301084/22872664 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located at:
|
DIRECTORS
AS ON 26.09.2013
|
Name : |
Mr. Anjan Navinchandra Shah |
|
Designation : |
Whole Time Director |
|
Address : |
502, 5th Floor, Wind
-Ermere, |
|
Date of Birth/Age : |
29.07.1948 |
|
Date of Appointment : |
15.02.1996 |
|
DIN No.: |
00081928 |
|
|
|
|
Name : |
Mr. Mukesh Navinchandra Shah |
|
Designation : |
Managing Director |
|
Address : |
601, RNA Classic, |
|
Date of Birth/Age : |
12.12.1949 |
|
Date of Appointment : |
01.08.1983 |
|
DIN No.: |
00081965 |
|
|
|
|
Name : |
Mr. Vinit Navinchandra Shah |
|
Designation : |
Whole Time Director |
|
Address : |
201, 2nd Floor, Tulsi Villa, 40, TPS – 1, Santacruz (West), Mumbai –
400054, Maharashtra, |
|
Date of Birth/Age : |
07.05.1962 |
|
Date of Appointment : |
28.04.1990 |
|
DIN No.: |
00082012 |
|
|
|
|
Name : |
Mr. Lavanya Navinchandra Shah |
|
Designation : |
Whole Time Director |
|
Address : |
95-B, Saket, 101, 1st Floor, |
|
Date of Birth/Age : |
17.10.1951 |
|
Date of Appointment : |
01.03.2004 |
|
DIN No.: |
00082082 |
KEY EXECUTIVES
|
Name : |
Mr. Fernandez |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2013
Note: Shareholder
details file attached.
AS ON 26.09.2013
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
14.25 |
|
Directors or relatives of Directors |
85.75 |
|
TOTAL |
100.00 |
|
Name
of Shareholders |
%age |
|
|
14.25 |
|
|
85.75 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Shipping and Transportation Services. |
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Products/Services : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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|
No. of Employees : |
70 (Approximately) |
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|
Bankers : |
·
Corporation Bank, Mumbai Overseas Branch, 1st
Floor, Earnest House, Nariman Point, Mumbai – 400021, Maharashtra, India ·
Bombay Mercantile Co-Op Bank Limited, Khanpur
Branch, Ahmedabad-380001, Gujarat, India ·
State Bank of India ·
Abu Dhabi Commercial Bank ·
HDFC Bank Limited ·
Axis Bank Limited ·
Canara Bank |
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|
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dilip B. Desai and Company Chartered Accountant |
|
Address : |
33/ B, |
|
Tel. No.: |
91-22-23857208 |
|
PAN No.: |
AAIPD6187H |
|
|
|
|
Subsidiaries : |
Supreme Offshore
Construction And Technical Services Limited CIN No.:- U45200MH1994PLC079147 |
|
|
|
|
Joint Venture Company : |
NPCC Engineering
Limited CIN No.:- U40200MH2007PLC167678 |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14464986 |
Equity Shares |
Rs.10/- each |
Rs. 144.650
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
144.650 |
144.650 |
144.650 |
|
(b) Reserves & Surplus |
932.681 |
875.322 |
779.713 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1077.331 |
1019.972 |
924.363 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1825.461 |
1873.575 |
2206.782 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1825.461 |
1873.575 |
2206.782 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
434.390 |
319.176 |
205.869 |
|
(b) Trade payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
84.192 |
159.236 |
75.373 |
|
(d) Short-term provisions |
38.500 |
59.600 |
35.600 |
|
Total Current Liabilities (4) |
557.082 |
538.012 |
316.842 |
|
|
|
|
|
|
TOTAL |
3459.874 |
3431.559 |
3447.987 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2412.903 |
2443.427 |
2668.906 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
56.082 |
56.182 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
142.088 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2468.985 |
2499.609 |
2810.994 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
337.893 |
327.683 |
200.049 |
|
(d) Cash and cash
equivalents |
252.640 |
328.098 |
375.967 |
|
(e) Short-term loans and
advances |
400.356 |
276.169 |
60.977 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
990.889 |
931.950 |
636.993 |
|
|
|
|
|
|
TOTAL |
3459.874 |
3431.559 |
3447.987 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1518.885 |
1197.249 |
769.974 |
|
|
|
Other Income |
194.597 |
147.698 |
142.963 |
|
|
|
TOTAL (A) |
1713.482 |
1344.947 |
912.937 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material
consumed |
0.000 |
0.000 |
46.522 |
|
|
|
Employee benefit expense |
147.269 |
102.298 |
12.696 |
|
|
|
Other expenses |
847.612 |
536.737 |
419.273 |
|
|
|
TOTAL (B) |
994.881 |
639.035 |
478.491 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
718.601 |
705.912 |
434.446 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
178.140 |
169.730 |
96.372 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
540.461 |
536.182 |
338.074 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
468.602 |
416.573 |
234.661 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
71.859 |
119.609 |
103.413 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.500 |
24.000 |
20.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
57.359 |
95.609 |
82.813 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
706.822 |
611.213 |
528.400 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
764.181 |
706.822 |
611.213 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.97 |
6.61 |
5.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.35
|
7.11 |
9.07
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.73
|
9.99 |
13.43
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.11
|
3.54 |
13.00
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.12 |
0.11
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.10
|
2.15 |
2.61
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78
|
1.73 |
2.01
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
144.650 |
144.650 |
144.650 |
|
Reserves & Surplus |
779.713 |
875.322 |
932.681 |
|
Net
worth |
924.363 |
1,019.972 |
1,077.331 |
|
|
|
|
|
|
long-term borrowings |
2206.782 |
1873.575 |
1825.461 |
|
Short term borrowings |
205.869 |
319.176 |
434.390 |
|
Total
borrowings |
2,412.651 |
2,192.751 |
2,259.851 |
|
Debt/Equity
ratio |
2.610 |
2.150 |
2.098 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
769.974 |
1197.249 |
1518.885 |
|
|
|
55.492 |
26.865 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
769.974 |
1197.249 |
1518.885 |
|
Profit |
82.813 |
95.609 |
57.359 |
|
|
10.76% |
7.99% |
3.78% |
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 |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities Of Long Term Debt |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
0.000 |
0.000 |
0.000 |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Short Term
Borrowings |
|
|
|
Intercorporate Borrowings |
35.516 |
30.991 |
|
Loans and Advances from Others |
12.568 |
11.924 |
|
Loans repayable on demand from banks |
155.364 |
50.182 |
|
|
|
|
|
TOTAL |
203.448 |
93.097 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10291345 |
30/12/2009 |
918,000,000.00 |
CORORATION BANK |
OVERSEAS BRANCH, 1ST, FLOOR, EARNEST HOUSE, NARIM |
A78901295 |
|
2 |
10038758 |
15/03/2013 * |
2,383,700,000.00 |
CORPORATION BANK |
1ST FLOOR, EARNEST HOUSE,, NARIMAN POINT, MUMBAI, |
B71531198 |
|
3 |
80040849 |
03/01/2008 * |
131,300,000.00 |
CORPORATION BANK |
OVERSEAS BRANCH, EARNEST HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA -
400021, INDIA |
A31872815 |
|
* Date of charge modification |
||||||
CURRENT OPERATIONS
During the current
year, company could achieve turnover of Rs.1713.500 Millions (previous year
Rs.1344.900 Millions) and profit of Rs.57.400 Millions (previous year Rs.95.600
Millions).
The company
continued its regular activities i.e. Shipping, Ship Owning/Chartering, Lighterage,
Transportation, Offshore/Technical Support and Marine /Project Support for
Overseas Offshore Fabrication and Installation Contractors. The Company
provides all Project and Technical Support to NPCC, Abu Dhabi, Valentine
Maritime (Gulf) LLC, Abu Dhabi and Valentine Maritime (Mauritius) Limited,
Mauritius and other Indian Companies for their various Offshore Contracts
towards Construction of Oil and Gas production/process Platforms and Pipelines
at Mumbai High and other Offshore Sites for ONGC and other Indian/Foreign
Companies. The company is qualified to bid as approved Offshore Project
Contractor for ONGC, MDL, L and T, EIL, HHI, etc for Topside Work and
Maintenance / Painting of Offshore Platforms.
The Company also
continued to provide technical and commercial support to M/s. Winco Maritime
Limited, London for Inspection, Acquisition and Technical and Commercial
Management of their vessels although presently they have sold all their old
vessels and are looking to acquire younger tonnage for which company is
providing technical support.
OFFSHORE
ACTIVITIES
The Company
provided Marine and Project Support to it’s subsidiary Company M/s. Supreme
Offshore Construction and Technical Services Limited, to execute Prestigious
Sub Contract for Modification works of MHN-Pipeline/Modification Project and
B-46 Project of ONGC through Valentine, Abu Dhabi who are the main contractor.
The main Contracts included Engineering, Procurement, Fabrication and the
offshore installation.
Further the
Company also provided Project Clearance Support etc to Valentine Maritime
Limited, Abu Dhabi for ONGC/MHN-Pipeline Project and B-46 Pipe Line as
subcontractor. The works for all the above projects were executed to the
satisfaction of clients.
With the support
of the Company, it’s valued Principals, M/s. NPCC, Abu Dhabi secured 1 (One)
more prestigious Project of WO-16 and SB-14 Platform / Pipeline from ONGC in
International Competitive Bidding which is presently under execution.
FIXED ASSETS
·
Building
·
Ships vessels
·
Ships
·
Office Equipments
·
Computer
·
Vehicles
·
Furniture and Fixture
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. 61.93 |
|
|
1 |
Rs. 103.31 |
|
Euro |
1 |
Rs. 85.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.