|
Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
PL ENGINEERING LIMITED (w.e.f. 06.08.2009) |
|
|
|
|
Formerly Known
As : |
SIMON CARVES INDIA LIMITED |
|
|
|
|
Registered
Office : |
Punj Llyod House, 17-18, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.12.2006 |
|
|
|
|
Com. Reg. No.: |
55-156532 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.262.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45201DL2006PLC156532 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS31862F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS4126L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is
primarily engaged in the business of engineering and design consultancy
services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2610000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Company is progressing well. Rating also takes into consideration
unconditional and irrevocable corporate guarantee provided by PLL (Punj
Lloyed Limited). Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered 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.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
Uptick in
agriculture and construction spread some cheer as the economy grew a higher-than-expected
4.8 % in the three months through September. Manufacturing rose an annual rate
per cent during the quarter and mining fell by 0.4 %, government data showed
while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities A(SO) |
|
Rating Explanation |
Adequate credit quality and average credit
risk |
|
Date |
January 04, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1(SO) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 04, 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.
LOCATIONS
|
Registered Office : |
Punj Llyod House, 17-18, Nehru Place, New Delhi – 110019, India |
|
Tel. No.: |
91-124-2620123 |
|
Fax No.: |
91-124-2620111 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
5-7, Udyog Vihar, Phase IV, Gurgaon – 122016, Haryana, India |
|
Tel. No.: |
91-124-4860000 |
|
Fax No.: |
91-124-4860001 |
DIRECTORS
As on 29.07.2013
|
Name : |
Mr. Atul Punj |
|
Designation : |
Director |
|
Address : |
10, Prithvi Raj Road, New Delhi – 110011, India |
|
Date of Birth/Age : |
27.10.1957 |
|
Date of Appointment : |
13.12.2006 |
|
DIN No.: |
00005612 |
|
|
|
|
Name : |
Mr. Pawan Kumar Gupta |
|
Designation : |
Director |
|
Address : |
126, Laburnum Sushant Lok Phase – I, Sector 28, Gurgaon – 122001,
Haryana, India |
|
Date of Birth/Age : |
24.08.1952 |
|
Date of Appointment : |
16.12.2009 |
|
DIN No.: |
01520949 |
|
|
|
|
Name : |
Mr. Rajesh Kumar Dugar |
|
Designation : |
Director |
|
Address : |
31, Chitrakoot, Altamount Road, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1969 |
|
Date of Appointment : |
07.05.2010 |
|
DIN No.: |
00307729 |
|
|
|
|
Name : |
Mr. Sanjay Goel |
|
Designation : |
Director |
|
Address : |
House No. 003, Block BC, Nirwana Country, South City II Sector, 51,
Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
22.02.1956 |
|
Date of Appointment : |
20.07.2012 |
|
DIN No.: |
00352408 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Goel |
|
Designation : |
Manager |
|
Address : |
3, Birch Court, Nirwana Country, South City II, Sector 51, Gurgaon –
122002, Haryana, India |
|
Date of Birth/Age : |
22.02.1956 |
|
Date of Appointment : |
21.05.2010 |
|
PAN No.: |
ACPKG9182D |
|
|
|
|
Name : |
Mr. Vijay Hazari |
|
Designation : |
Secretary |
|
Address : |
HL 30, L Block, Hari Nagar, New Delhi – 110064, India |
|
Date of Birth/Age : |
25.10.1978 |
|
Date of Appointment : |
01.10.2013 |
|
PAN No.: |
AAZPH6936P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.07.2013
|
Names of Shareholders (Equity Shareholders) |
No. of Shares |
|
Punj Lloyd Limited, India |
4999994 |
|
Atul Punj |
1 |
|
Luv Chhabra |
1 |
|
Dinesh Thairani |
1 |
|
Sanjay Goel |
150000 |
|
FIL Capital Management Mauritius Limited, Mauritius |
1066955 |
|
Fidelity India Principals, India |
8045 |
|
Anupam Sharma |
1 |
|
Vijay Hazari |
1 |
|
Manhar Kapoor |
1 |
|
|
|
|
Total |
6225000 |
|
Names of Shareholders (Preference Shareholders) |
No. of Shares |
|
FIL Capital Management Mauritius, Mauritius |
19855 |
|
Fidelity Principals, India |
150 |
|
Total |
20005 |
As on 29.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
17.14 |
|
Bodies corporate |
80.45 |
|
Directors or relatives of Directors |
2.41 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily
engaged in the business of engineering and design consultancy services. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
State Bank of
India Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi -
110001, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
21st
Floor, DLF Square, Jacaranda Marg, DLF Phase II, Gurgaon - 122002,
Haryana, India |
|
PAN
No. : |
AAAFW4298E |
|
|
|
|
Subsidiaries : |
Ø
Simon Carves Engineering Limited, United Kingdom Ø
Punj Lloyd Engineering Pte. Limited, Singapore |
|
|
|
|
Holding Company : |
Ø PUNJ-LLOYD
LIMITED, India CIN No. :
L74899DL1988PLC033314 |
|
|
|
|
Joint Venture : |
Ø
AeroEuro Engineering India Private Limited,
Singapore CIN No. :
U74900DL2011PTC219149 Ø
PLE TCI Engineering Limited, Singapore CIN No. :
U74210DL2010PLC199851 |
|
|
|
|
Fellow
Subsidiary Company : |
Ø
Simon Carves Limited, UK Ø
Punj Lloyd Pte Limited, Singapore Ø
Punj Lloyd Kazakhstan LLP, Kazakhstan Ø
Punj Lloyd Oil and Gas (Malaysia) Sdn Bhd,
Malaysia Ø
Simon Carves Pte Limited, Singapore |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
20005 |
Preference Shares |
Rs.10000/- each |
Rs.200.050 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.300.050
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6225000 |
Equity Shares |
Rs.10/- each |
Rs.62.250 Millions |
|
20005 |
Preference Shares |
Rs.10000/- each |
Rs.200.050 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.262.300
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 |
262.300 |
262.300 |
262.300 |
|
(b) Reserves & Surplus |
390.280 |
334.516 |
519.135 |
|
(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) |
652.580 |
596.816 |
781.435 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7.240 |
13.501 |
8.427 |
|
(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 |
14.710 |
10.951 |
40.067 |
|
Total Non-current Liabilities (3) |
21.950 |
24.452 |
48.494 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
241.784 |
194.887 |
0.000 |
|
(b) Trade payables |
116.200 |
130.299 |
88.738 |
|
(c) Other current
liabilities |
76.737 |
66.291 |
44.450 |
|
(d) Short-term provisions |
43.197 |
43.829 |
36.516 |
|
Total Current Liabilities (4) |
477.918 |
435.306 |
169.704 |
|
|
|
|
|
|
TOTAL |
1152.448 |
1056.574 |
999.633 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
42.344 |
51.607 |
42.222 |
|
(ii) Intangible Assets |
52.340 |
56.396 |
28.011 |
|
(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 |
13.017 |
12.752 |
110.778 |
|
(c) Deferred tax assets (net) |
32.827 |
59.518 |
2.540 |
|
(d) Long-term Loan and Advances |
56.358 |
49.310 |
34.905 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
196.886 |
229.583 |
218.456 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
498.941 |
416.662 |
529.101 |
|
(d) Cash and cash
equivalents |
59.192 |
101.182 |
43.759 |
|
(e) Short-term loans and
advances |
76.145 |
96.255 |
33.925 |
|
(f) Other current assets |
321.284 |
212.892 |
174.392 |
|
Total Current Assets |
955.562 |
826.991 |
781.177 |
|
|
|
|
|
|
TOTAL |
1152.448 |
1056.574 |
999.633 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1065.402 |
751.196 |
1210.800 |
|
|
|
Other Income |
27.393 |
41.446 |
25.239 |
|
|
|
TOTAL |
1092.795 |
792.642 |
1236.039 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
710.024 |
724.768 |
706.094 |
|
|
|
Other expenses |
247.514 |
274.490 |
306.873 |
|
|
|
TOTAL |
957.538 |
999.258 |
1012.967 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
135.257 |
(206.616) |
223.072 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
24.254 |
8.165 |
4.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
111.003 |
(214.781) |
218.148 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
28.547 |
26.816 |
14.916 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
82.456 |
(241.597) |
203.232 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
26.692 |
(56.978) |
65.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
55.764 |
(184.619) |
137.970 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
8.96 |
(29.66) |
22.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.10
|
(23.29) |
11.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.74
|
(32.16) |
16.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.45
|
(24.54) |
22.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
(0.40) |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.38
|
0.35 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
1.90 |
4.60 |
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 |
----- |
|
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 |
No |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10100587 |
28/03/2013 * |
514,800,000.00 |
State Bank of India |
OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI,
Delhi - 110001, INDIA |
B74797226 |
* Date of charge modification
REVIEW OF PERFORMANCE:
After a difficult previous
year 2011-12, Subject the Company entered the Financial year 2012-13 with a
strong order book of INR 2090.000 millions, strengthening the Company’s
position in the Global market. Winning projects is one part executing them is
more critical and the Company has successfully accomplished these orders,
resulting in the turnover growing from IN 751.200 millions in FY2011-12 to INR
1065.400 millions in FY2012-13. The Company also generated healthy profits
before tax of INR 82.300 millions in this financial year compared to the losses
before tax of INR 241.600 millions in previous financial year. The company is
still facing difficult time due to worldwide slow economy.
While
traditionally, the business was focused on the oil and gas segment, given the
inherent risks of the business cycles of this industry, the Company has taken
steps on diversifying its business both horizontally and vertically has
resulted in mitigating risk of business uncertainties. Geographical expansion
is something on which the Company is focusing. However, there was severe
pressure in developing new business. Consequently, the order book position has
gone down considerably by the end of FY2013-14. The slowing growth markets in
India, Middle East and South East Asia remained depressed. The depreciation of
the Brazilian Real made took away the cost arbitrage in outsourcing jobs from
Brazil to India. As a result, the newly set up joint venture in Brazil could
not develop the envisaged growth in orders. In this environment, the Company has
intensified its business development efforts. It has secured new projects in
the new geographical.
Going forward, the
focus is on growing the order book with more emphasis on annuity type of
businesses. The Company is also looking to unlock the business potential from
mid-sized international clients by way of developing and deploying team
equipped specialized competencies and skills in different domains. The focus is
on targeting who cannot set up their own captive and serving them with a
consistent team of engineers. The Company is already in talks with some UK
based companies to develop business on this model. Given the difficult business
environment, the company will focus on penetrating new geographies and
emphasize on partnering existing clients in a strategic manner to generate
repeat business.
Integrated
operations of Simon Carves Engineering Limited (SCEL): In FY2012, PLE acquired
the assets, IPR, human recourse and order book of the UK based SCEL. There has been
seamlessly integration of the two entities and today; PLE operates through a
network of integrated multi-cultural delivery offices. The company is actively
leveraging Simon Carves credentials in the petrochemicals and chemicals space
and also as a front-end contact point for marketing efforts in EU, USA and
Latin America.
Middle East Branch
Operations started: Middle East Branch office of Punj Lloyd Engineering Pte
Limited. Singapore (PLEPT) started operations and successfully registered
itself with key clients. PLEPT is 100% subsidiary of PL E. This year, the
company is planning to expand its operations and will increase employee
strength in Middle East to cater local engineering needs.
Pre-qualifications
completed for
India: Oil and
Natural Gas Corporation Limited, Jacobs Engineering
Middle East:
Kuwait Oil Company (KOC), Petronas Carigalli-Iraq
Africa: Libya:
Mellitah Oil and Gas, Waha Oil Co., Joannou and Paraskevaides Energy and
Industrial Projects S.A., Ghana: Tullow Oil plc
The company have
applied for further qualifications in other major oil companies and expected to
compete the registration process very soon.
Joint Venture
Company, Aeroeuro Engineering India Private Limited, which was set up in 2011
as a joint venture with GECI International, France, is passing through a
difficult phase due to liquidation of GECI International’s Sky lander program.
The company is putting its best efforts to revive this joint venture company by
diversifying its capabilities.
All the above
stated initiatives will help the company in diversifying customer base and
reduced dependency on parent company for the business by winning majority
orders from third party clients. All these initiatives will create a value for
the shareholders in upcoming years.
FIXED ASSETS
Ø
Plant and Equipment
Ø
Furniture and Fixtures
Ø
Vehicles
Ø
Office Equipment
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 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] 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.102.39 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
46 |
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.