MIRA
INFORM REPORT
|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AGARWAL SPONGE AND ENERGY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Jagdish Nivas, # 15-1-52/1,
Feelkhana, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
22.01.2004 |
|
|
|
|
Com. Reg. No.: |
01-042472 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 83.071 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109AP2004PTC042472 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA8680P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Production of edible oil, sponge iron and
telecommunication as well as transmission towers. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Management has failed to file its latest financials of 2013 with the
government department. As per indirect source i.e. CRISIL we found that, even though the
management has seen a significant increase in its sales volume, there appears
a low profit margin reported during 2013. The rating also take into consideration the below average financial
profile during 2012 marked by books, Which may act as a threat to the
liquidity position. However, trade relations are fair. Business is active. Payment terms
are reported as slow. In view of extensive experience of the promoters, the subject can be
considered for business dealing with some caution. Note: the partial
financial of 2013 are taken from indirect source i.e. CRISIL. |
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = B- |
|
Rating Explanation |
High risk of default regarding timely payments |
|
Date |
18.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
18.12.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-40-32581011/12)
LOCATIONS
|
Registered Office / Corporate
Office : |
Jagdish Nivas, # 15-1-52/1,
Feelkhana, Hyderabad – 500012, Andhra Pradesh, India |
|
Tel. No.: |
91-40-32581011 / 12 / 66836909 |
|
Fax No.: |
91-40-66635533 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Survey No. 899A, 899B, 900, Harageni Devi Road, Veniveerapura Cross, Kudithini (v), Bellary, Karnataka, India |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Anirudh Pershad Agarwal |
|
Designation : |
Director |
|
Address : |
3-5-14/2/3 Edenbagh, Hyderabad – 500001, Andhra Pradesh, India |
|
Date of Birth/Age : |
04.03.1933 |
|
Date of Appointment : |
22.01.2004 |
|
DIN No.: |
00355212 |
|
|
|
|
Name : |
Mr. Satish Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
3-5-14/2/3 Edenbagh, Hyderabad – 500001, Andhra Pradesh, India |
|
Date of Birth/Age : |
12.06.1953 |
|
Date of Appointment : |
22.01.2004 |
|
DIN No.: |
00355267 |
|
|
|
|
Name : |
Mr. Murarilal Agarwal |
|
Designation : |
Director |
|
Address : |
3-5-14/2/3 Edenbagh, Hyderabad – 500001, Andhra Pradesh, India |
|
Date of Birth/Age : |
27.05.1960 |
|
Date of Appointment : |
22.01.2004 |
|
DIN No.: |
00355324 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Anirudh Pershad Agarwal |
|
36500 |
|
Satish Kumar Agarwal |
|
16500 |
|
Murarilal Agarwal |
|
529500 |
|
Agarwal Agri Impex Private Limited |
|
3300606 |
|
Agarwal Industries Private Limited |
|
1606800 |
|
Anirudh Pershad Agarwal (HUF) |
|
29500 |
|
Satish Kumar Agarwal (HUF) |
|
14000 |
|
Ashabai Agarwal |
|
25500 |
|
Murarilal Agarwal (HUF) |
|
5000 |
|
Yashoda Bai Agarwal |
|
76200 |
|
Shanta Agarwal |
|
35000 |
|
Pratibha Agarwal |
|
16000 |
|
Sumeet Kumar Agarwal |
|
1000 |
|
Govind Agarwal |
|
45000 |
|
Amit Agarwal |
|
494000 |
|
Ritesh Agarwal |
|
63000 |
|
Motilal Kedia |
|
1000 |
|
Kanta Devi Kedia |
|
1000 |
|
Sunik Kumar Kedia |
|
1000 |
|
Seema Devi Kedia |
|
1000 |
|
Arun Kumar Kedia |
|
1000 |
|
Mamta Devi Kedia |
|
1000 |
|
Anil Kumar Kedia |
|
1000 |
|
Anjit Kumar Kedia |
|
1000 |
|
Ramswaroop Lohia |
|
1000 |
|
Chanda Devi Agarwal |
|
1000 |
|
RN Gupta (HUF) |
|
1000 |
|
RN Gupta and Sons |
|
1000 |
|
RN Gupta |
|
1000 |
|
Umesh Kedia |
|
2000000 |
|
Total |
|
8307106 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
59.00 |
|
Directors or relatives of Directors |
41.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
|
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|
||||||||||||||||||||||||
|
Bankers : |
· Andhra Bank, Sultan Bazar Branch, Koti, Hyderabad - 500001, Andhra Pradesh, India ·
Kotak Mahindra Bank Limited, 36-38A, Nariman
Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
N.P. Asawa and Associates Chartered Accountants |
|
Address : |
Shop No.17, First Floor, 4-1-970, Surabhi ShradhaTilak Road, Abids, Hyderabad – 500001, Andhra Pradesh, India |
|
PAN No.: |
AAFFN2008J |
|
|
|
|
Related Party : |
· Agarwal Industries Private Limited · Agarwal Agri Impex Private Limited · Agarwal Steel Structures India Limited · Satish and Company · Bhagwati Fats and Edible Oils Private Limited |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8307106 |
Equity Shares |
Rs.10/- each |
Rs.83.071 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 |
|
83.071 |
63.071 |
|
(b) Reserves & Surplus |
|
147.941 |
67.525 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
72.950 |
69.450 |
|
Total
Shareholders’ Funds (1) + (2) |
|
303.962 |
200.046 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1033.818 |
745.588 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
1033.818 |
745.588 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
631.709 |
264.818 |
|
(b) Trade payables |
|
91.567 |
28.178 |
|
(c) Other current
liabilities |
|
15.500 |
17.593 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities (4) |
|
738.776 |
310.589 |
|
|
|
|
|
|
TOTAL |
|
2076.556 |
1256.223 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
385.943 |
421.881 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
646.365 |
87.626 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.580 |
0.865 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
206.835 |
227.522 |
|
(e) Other Non-current assets |
|
0.000 |
0.065 |
|
Total Non-Current Assets |
|
1240.723 |
737.959 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
670.484 |
284.196 |
|
(c) Trade receivables |
|
74.846 |
179.692 |
|
(d) Cash and cash
equivalents |
|
27.314 |
24.994 |
|
(e) Short-term loans and
advances |
|
60.357 |
26.550 |
|
(f) Other current assets |
|
2.832 |
2.832 |
|
Total Current Assets |
|
835.833 |
518.264 |
|
|
|
|
|
|
TOTAL |
|
2076.556 |
1256.223 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
63.071 |
|
|
2] Share Application Money |
|
|
18.750 |
|
|
3] Reserves & Surplus |
|
|
64.408 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
146.229 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
312.591 |
|
|
2] Unsecured Loans |
|
|
255.817 |
|
|
TOTAL BORROWING |
|
|
568.408 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
714.637 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
444.033 |
|
|
Capital work-in-progress |
|
|
1.218 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.348 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
188.267 |
|
|
Sundry Debtors |
|
|
202.129 |
|
|
Cash & Bank Balances |
|
|
14.165 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
42.761 |
|
Total
Current Assets |
|
|
447.322 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
171.316 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
7.235 |
|
Total
Current Liabilities |
|
|
178.551 |
|
|
Net Current Assets |
|
|
268.771 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.267 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
714.637 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
856.513 |
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1508.996 |
856.513 |
590.873 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Expenses on Personal |
12.827 |
9.301 |
7.780 |
|
|
|
Administrative Expenses |
147.076 |
31.084 |
21.696 |
|
|
|
Selling and Distribution
Expenses |
0.000 |
0.000 |
16.169 |
|
|
|
TOTAL |
159.903 |
55.858 |
45.645 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
110.606 |
65.510 |
58.518 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
67.131 |
29.819 |
27.432 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
43.475 |
35.691 |
31.086 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
41.279 |
29.105 |
28.959 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.731 |
6.586 |
2.127 |
|
|
|
|
|
|
|
|
|
|
TAX |
1.315 |
3.470 |
0.608 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.416 |
3.116 |
1.519 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
33.643 |
30.527 |
29.008 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
34.059 |
33.643 |
30.527 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
Rs.
In Millions
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
|
|
|
PROFIT AFTER TAX |
|
|
0.670 |
Note: the partial
financial of 2013 are taken from indirect source i.e. CRISIL.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.03
|
0.36 |
0.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.12
|
0.56 |
0.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.03 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.48
|
5.05 |
3.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.67 |
2.51 |
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 |
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 |
OPERATING ENVIRONMENT
The installation of the power project at Bellary in under progress and the project is likely to be completed much before the scheduled time. All the required plant and machinery and equipments have been installed and the completion is underway. The final testing and trial run are likely to be conducted in the second week of October, 2012
Electricity is one of the major consumables in the manufacture of sponge iron. Once the power project is operational the power would be used for captive consumption resulting in substantial decrease in the cost of manufacture thereby resulting in an increase in the margin and bottom line of the company in the years to come. Annually your company is required to spend about Rs. 3.5 to 4 Crores towards electricity consumption and purchase of diesel. After the commencement of power project this cost was drastically reduce. Further the company is also likely to have surplus power after the commencement of the power project. The project was planned when the rate of power for sale on the grid was about Rs. 4.5/- per unit. However the present rate is ranging between 6 to 8 per unit. This increase in the power tariff would also have a significant impact on the bottom line of the company.
During the year the company was not in a position to run the manufacturing facility at optimum capacity because of the fluctuating demand of Sponge Iron and inadequate supply of Iron Ore. Further due to the installation of the power plant the company was forced to discontinue the production of Sponge Iron frequently. Because of this also the company was not in a position to run the plant at optimum capacity.
As globally there has been no major development there has not been any substantial increase in the demand of steel. Since the supply of steel was more than the demand the prices have remained range bound and have has not increased substantially. As a result of this the prices of Sponge Iron remained downcast
Post the mining scam there were lot of curbs and restrictions in the mining of Iron Ore during the last financial year. There had been no transparency on part of the government with regard to sale of Iron Ore. The Indian economy is suffering from short term policy paralysis. Iron Ore was not freely available because of which the prices of Iron Ore increased marginally thereby directly affecting the bottom-line of the company. In the past the company was confronted with decreasing prices of Sponge Iron and inadequate supply and increasing prices of Iron Ore. The board tried to create a good balance by purchase of Pellets for manufacture.
Where globally all the companies were victims of the recession and unprecedented financial meltdown your board was successfully in keeping the company afloat. The company unlike other companies didn’t wait for the markets to bounce back. The board acted swiftly and took alternate measures for increasing the cash flow and raising revenues and to safeguard the interest of the company. Because of the timely decisions the company was successful in repaying the loans as per the original schedule of repayment.
The decision of the board to negotiate the contracts for purchases of Coal and Iron Ore during the previous year and the decision to implement strict quality guidelines has also worked in favour of the company. It helped the company in marketing the product in times of recession and has also accelerated the brand building exercise for the years to come. Strict quality guidelines also helped in the company in arriving at the optimum product mix to ensure the best quality of Sponge Iron is manufactured at the most reasonable cost of production.
However we are seeing major decisions being taken up by the government in the last three to four weeks to revive the economy. The government has given mining licenses to some of the companies and it is further likely to open up the mining sector. Further the commencement of power project would give unprecedented boost and support to the bottom line of the company.
The management would like to reiterate that the results reported by the company in this financial year should not be taken as precedents for the years to come.
The company this year has clocked a turnover of Rs. 1377.844 Millions as against a turnover of 823.941 Millions in the previous financial year. The profit before tax for the year was Rs. 2.261 Millions as against profit of Rs. 6.789 Millions and the Profit after tax for the said financial year was Rs. 1.314 Millions as against profit of Rs. 0.593 Million in the immediate preceding financial year..
The company is now considering the prospects of forward and reverse integration in order to increase the bottom line operational profitability of the company.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term
borrowings |
|
|
|
Loans and advances from related parties |
382.502 |
329.233 |
|
Total |
382.502 |
329.233 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10365858 |
26/11/2013 * |
830,000,000.00 |
Andhra Bank |
Sultan Bazar Branch,, Koti, Hyderabad, Andhra Pradesh - 500001, INDIA |
B90599176 |
|
2 |
10321508 |
15/11/2011 |
246,000,000.00 |
ANDHRA BANK |
4-5-1 TO 23, P.B. NO 518, SULTAN BAZAR, HYDERABAD, Andhra Pradesh - 500195, INDIA |
B27086826 |
|
3 |
10301490 |
29/07/2011 |
577,000,000.00 |
ANDHRA BANK |
4-5-1 TO 23, P.B. NO 518, SULTAN BAZAR, HYDERABAD, Andhra Pradesh - 500195, INDIA |
B18530733 |
|
4 |
10301134 |
19/07/2011 |
1,417,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B18402446 |
|
5 |
10271906 |
09/03/2011 |
4,057,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B08023020 |
|
6 |
10239355 |
19/08/2010 |
550,000,000.00 |
Andhra Bank - Sultan Bazar Branch |
4-5-1 TO 23, P.B. NO 518, SULTAN BAZAR, HYDERABAD, Andhra Pradesh - 500195, INDIA |
A93553832 |
|
7 |
10204482 |
23/02/2010 |
3,990,301.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A80152960 |
|
8 |
80005650 |
25/03/2011 * |
700,000,000.00 |
ANDHRA BANK |
4-5-1 TO 23, P.B. NO 518, SULTAN BAZAR, HYDERABAD, Andhra Pradesh - 500195, INDIA |
B13071881 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· 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 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.62.38 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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.