|
Report Date : |
21.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
JSW PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
21.08.2006 |
|
|
|
|
Com. Reg. No.: |
11-163924 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3042.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH2006PLC163924 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMJ12925D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ8131F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Power Generation |
|
|
|
|
No. of Employees
: |
Information declined by management |
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 12000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “JSW Group”. It is an established company having satisfactory track record. Even though the subject was incorporated during August 2006, it has
partially commenced its commercial activities during 2013. There appears huge external borrowings recorded by the company.
However, the net worth of the company appears to be strong and healthy. However, trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitment. In view of strong holding company, the subject can be considered for
business dealings at usual trade 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 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 |
CARE |
|
Rating |
Long term bank facilities: “A-“ |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
23.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A2+“ |
|
Rating Explanation |
Have strong degree of safety and carry low
credit risk. |
|
Date |
23.12.2013 |
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 BY
|
Name : |
Mr. Naveen Rawat |
|
Designation : |
Manager Finance |
|
Contact No.: |
91-22-23513000 / 42861000 |
|
Date : |
20.01.2014 |
LOCATIONS
|
Registered Office : |
JSW Center, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra, India |
|
Tel. No.: |
91-22-23513000 / 42861000 |
|
Fax No.: |
91-22-42863000 |
|
E-Mail : |
DIRECTORS
As on: 14.08.2013
|
Name : |
Mr. Vineet Agarwal |
|
Designation : |
Director |
|
Address : |
Flat No. B-1203, Shagun Towers, Film City Road, Malad (East), Mumbai –
400097, Maharashtra, India |
|
Date of Birth/Age : |
04.08.1972 |
|
Qualification : |
IIT, Delhi in M. Tech (Management and Systems) |
|
Date of Appointment : |
12.07.2012 |
|
DIN No.: |
02027288 |
|
|
|
|
Name : |
Mr. Sriram Kavassery Subbaram Narayanaswamy |
|
Designation : |
Director |
|
Address : |
Flat No.1, Padmalaya Intercity CHS, Plot No.5, Sector 16A, Vashi, Navi
Mumbai - 400705, Maharashtra, India |
|
Date of Birth/Age : |
01.09.1969 |
|
Qualification : |
CA |
|
Date of Appointment : |
10.10.2008 |
|
DIN No.: |
00023208 |
|
|
|
|
Name : |
Mr. Kanwal Sarover |
|
Designation : |
Whole-time director |
|
Address : |
10 Bunglow, 10 JSW Township, Inspection Bunglow, Vidyanagar.
Bellary-583275, Karnataka, India |
|
Date of Birth/Age : |
15.11.1953 |
|
Qualification : |
B.E.Mechnical |
|
Experience : |
34 Years |
|
Date of Appointment : |
28.03.2011 |
|
PAN No.: |
AHWPS7101H |
|
DIN No.: |
03498756 |
KEY EXECUTIVES
|
Name : |
Mr. Naveen Kumar Rawat |
|
Designation : |
Secretary |
|
Address : |
A2, 603, Shri Dharmendra CHSL, Holyx Road, IC Colony, Borivali (West),
Mumbai-400103, Maharashtra, India |
|
Date of Birth/Age : |
23.01.1982 |
|
Date of Appointment : |
20.01.2011 |
|
PAN No.: |
AGTPR0040C |
|
|
|
|
Name : |
Mr. Naveen Rawat |
|
Designation : |
Manager Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 14.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Sangita Jindal |
|
49400 |
|
Kantilal N Patel |
|
100 |
|
JSW Investments Private Limited, India |
|
359650000 |
|
Sapphire Technologies Limited |
|
100 |
|
JSW Steel Coated Products Limited, India |
|
100 |
|
Balwantkumar Ranka |
|
100 |
|
Sriram K.S.N. |
|
100 |
|
Deepak Yashwant Bhat |
|
100 |
|
|
|
|
|
Total |
|
359700000 |
Allottee as on 27.08.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
5500000 |
|
Total |
|
5500000 |
Allottee as on 30.08.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
4000000 |
|
Total |
|
4000000 |
Allottee as on 06.09.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
4000000 |
|
Total |
|
4000000 |
Allottee as on 21.09.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
2000000 |
|
Total |
|
2000000 |
Allottee as on 21.12.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
2250000 |
|
Total |
|
2250000 |
Allottee as on 26.11.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
550000 |
|
Total |
|
550000 |
Allottee as on 30.11.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
1500000 |
|
Total |
|
1500000 |
Allottee as on 03.12.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
7500000 |
|
Total |
|
7500000 |
Allottee as on 27.12.2013
|
Names of Allottee |
|
No. of Shares |
|
JSW Investments Private Limited, India |
|
2000000 |
|
Total |
|
2000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 14.08.2013
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
99.98 |
|
Other |
|
0.02 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Power Generation |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution: |
Axis Trustee
Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Gupta and Company Chartered Accountants |
|
Address : |
38, Bombay
Mutual Building, 2nd Floor, Dr. D.N Road, Fort, Mumbai -400001, Maharashtra,
India |
|
PAN No.: |
AAAFS7702F |
|
|
|
|
Holding Company: |
·
JSW Investments Private Limited CIN No.: U65993MH2005PTC152325 PAN No.: AAJCS2498G |
|
|
|
|
Fellow Subsidiary : |
·
JSW Cement Limited, India CIN No.: U26957MH2006PLC160839 PAN No.: AABCJ6731B ·
South-West Mining Limited, India CIN No.: U85110KA1996PLC021242 PAN No.: AAFCS9792M |
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
·
JSW Steel Limited, India CIN No.: L27102MH1994PLC152925 PAN No.: AAACJ4323N ·
JSoft Solutions Limited, India CIN No.: U72200KA2006PLC040034 PAN No.: AABCJ7274P · Realcom Reality Private Limited CIN No.: U45202MH2010PTC204697 · JSW Techno Projects Management Limited CIN No.: U74900MH2010PLC202725 |
CAPITAL STRUCTURE
After 14.08.2013
Authorised Capital : Rs. 3900.000
millions
Issued, Subscribed & Paid-up Capital : Rs. 3897.000 millions
As on: 14.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
360000000 |
Equity Shares |
Rs.10/- each |
Rs. 3600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
359700000 |
Equity Shares |
Rs.10/- each |
Rs. 3597.000
Millions |
|
|
|
|
|
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3300000000 |
Equity Shares |
Rs.10/- each |
Rs. 3300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
304200000 |
Equity Shares |
Rs.10/- each |
Rs. 3042.000
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 |
3042.000 |
1841.500 |
108.800 |
|
(b) Reserves & Surplus |
68.558 |
(22.602) |
(2.111) |
|
(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) |
3110.558 |
1818.898 |
106.689 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
12210.125 |
2717.624 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
2450.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
9.191 |
7.311 |
0.000 |
|
Total Non-current
Liabilities (3) |
14669.316 |
2724.935 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
4.435 |
0.000 |
0.000 |
|
(c)
Other current liabilities |
4259.817 |
3241.129 |
4.926 |
|
(d) Short-term
provisions |
11.004 |
10.815 |
0.000 |
|
Total Current
Liabilities (4) |
4275.256 |
3251.944 |
4.926 |
|
|
|
|
|
|
TOTAL |
22055.130 |
7795.777 |
111.615 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4087.808 |
0.934 |
0.000 |
|
(ii)
Intangible Assets |
1.888 |
2.513 |
0.000 |
|
(iii)
Capital work-in-progress |
13714.766 |
6334.145 |
96.712 |
|
(iv) Intangible assets under development |
0.000 |
00.000 |
3.126 |
|
(b) Non-current
Investments |
0.088 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
10.457 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
856.668 |
1089.675 |
0.401 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
18671.675 |
7427.267 |
100.239 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
2070.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
194.779 |
181.286 |
1.193 |
|
(e)
Short-term loans and advances |
1032.453 |
187.224 |
10.183 |
|
(f)
Other current assets |
86.223 |
0.000 |
0.000 |
|
Total
Current Assets |
3383.455 |
368.510 |
11.376 |
|
|
|
|
|
|
TOTAL |
22055.130 |
7795.777 |
111.615 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10.871 |
0.000 |
0.000 |
|
|
|
Other Income |
98.523 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
109.394 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expense |
2.516 |
3.359 |
0.000 |
|
|
|
Other expenses |
16.643 |
16.325 |
2.045 |
|
|
|
TOTAL (B) |
19.159 |
19.684 |
2.045 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
90.235 |
(19.684) |
(2.045) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.441 |
0.182 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
87.794 |
(19.866) |
(2.045) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
7.092 |
0.625 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
80.702 |
(20.491) |
(2.045) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(10.457) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
91.159 |
(20.491) |
(2.045) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(22.601) |
(2.110) |
(0.065) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
68.558 |
(22.601) |
(2.110) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.37 |
(0.16) |
(0.38) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
83.33 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
742.37 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.97 |
(1.40) |
(13.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
(0.01) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.92 |
1.50 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79 |
0.11 |
2.31 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
163.168 |
0.000 |
0.000 |
|
|
|
|
|
|
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
FINANCIAL HIGHLIGHTS
The Turnover for the year was Rs.10.900 millions. The operating EBIDTA was Rs.(8.300) millions. The net worth of company was Rs.3110.600 millions as on March 31, 2013.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10428338 |
08/05/2013 |
1,780,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B75963314 |
|
2 |
10285782 |
26/10/2013 * |
19,250,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED (ATSL) |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B88223755 |
* Date of charge modification
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. 61.63 |
|
|
1 |
Rs. 101.25 |
|
Euro |
1 |
Rs. 83.42 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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.