MIRA INFORM REPORT
|
Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
VISION SPONGE IRON PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
227, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.03.2002 |
|
|
|
|
Com. Reg. No.: |
21-094315 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 65.073 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U94315WB2002PTC094315 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV4791R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacture and sale of iron and
steel products and generation of power. The Company is also engaged in
financial sector transactions. |
|
|
|
|
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 2700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. The management has seen a better increase in its sales volume as well as
net profitability during 2013. Financial position appears to be decent
despite of slowdown witnessed by the steel industry in F.Y.2012. The ratings also take into consideration the modest scale of operation
volatility and scarcity associated with raw material. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of experienced promoters established relationship with
suppliers and strategic location of the plants with proximity to the market,
the subject 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
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 = BB- |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of payments |
|
Date |
05.12.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
05.12.2012 |
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 : |
227, A J C Bose Road, Anandlok, 3rd Floor, Kolkata –
700020, West Bengal, India |
|
Tel. No.: |
91-33-22471180 / 22405487 |
|
Fax No.: |
91-33-22405483 / 22834141 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Rakta, P.O. Madhukunda, District, Purulia, P.S. Santuri, West Bengal,
India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Sandeep Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
12C, Chakraberia Road, North, Kolkata – 700020, West Bengal, India |
|
Date of Birth/Age : |
21.08.1971 |
|
Date of Appointment : |
01.03.2002 |
|
DIN No.: |
00606481 |
|
PAN No.: |
ACTPJ6800E |
|
Voter ID No.: |
WB/23/146/267150 |
|
|
|
|
Name : |
Mr. Shrigopal Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
12C, Chakraberia Road, North, Kolkata – 700020, West Bengal, India |
|
Date of Birth/Age : |
30.04.1943 |
|
Date of Appointment : |
01.03.2002 |
|
DIN No.: |
00081429 |
|
Voter ID No.: |
WB/23/146/267143 |
|
|
|
|
Name : |
Mr. Siddhartha Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
12C, Chakraberia Road, North, Kolkata – 700020, West Bengal, India |
|
Date of Birth/Age : |
17.10.1977 |
|
Date of Appointment : |
02.05.2008 |
|
DIN No.: |
00606607 |
|
PAN No.: |
ACRPJ8641F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
SHAREHOLDING DETAILS FILE ATTACHED
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
34.00 |
|
Directors or relatives of Directors |
66.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture and sale of iron and
steel products and generation of power. The Company is also engaged in financial
sector transactions. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
· Bank of India, Kolkata Corporate Banking Branch,, 5, B.T. M. Sarani,, Kolkata - 700001, West Bengal, India ·
State Bank of India, Commercial Branch,
Kolkata, 24, Park Street, Kolkata - 700016, West Bengal, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
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Banking
Relations : |
--- |
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|
|
|
Auditors : |
|
|
Name : |
R S P M and Company Chartered Accountants |
|
Address : |
9, Lal Bazar, Street, Block-A, 1st Floor ,
Mercantile Building, Kolkata- 700001, West Bengal, India |
|
PAN No.: |
AADFP3681K |
|
|
|
|
Other Related Party : |
Nirmal Viniyog Private Limited |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6507250 |
Equity Shares |
Rs.10/- each |
Rs.65.073 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 |
65.073 |
61.598 |
61.598 |
|
(b) Reserves & Surplus |
623.682 |
556.485 |
540.169 |
|
(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) |
688.755 |
618.083 |
601.767 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
457.864 |
477.231 |
664.308 |
|
(b) Deferred tax liabilities (Net) |
36.382 |
21.316 |
13.792 |
|
(c) Other long term liabilities |
347.687 |
389.792 |
76.901 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
841.933 |
888.339 |
755.001 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
741.626 |
626.655 |
301.168 |
|
(b) Trade payables |
102.153 |
19.379 |
5.051 |
|
(c) Other current
liabilities |
44.752 |
18.600 |
97.951 |
|
(d) Short-term provisions |
27.343 |
31.843 |
31.443 |
|
Total Current Liabilities (4) |
915.874 |
696.477 |
435.613 |
|
|
|
|
|
|
TOTAL |
2446.562 |
2202.899 |
1792.381 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1153.754 |
1187.866 |
279.306 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
38.286 |
731.773 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.180 |
0.180 |
0.438 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
37.950 |
7.655 |
40.071 |
|
(e) Other Non-current assets |
25.911 |
8.239 |
7.150 |
|
Total Non-Current Assets |
1217.795 |
1242.226 |
1058.738 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
989.352 |
519.768 |
279.447 |
|
(c) Trade receivables |
109.571 |
151.924 |
103.962 |
|
(d) Cash and cash equivalents |
14.082 |
28.140 |
50.041 |
|
(e) Short-term loans and
advances |
115.762 |
260.841 |
193.258 |
|
(f) Other current assets |
0.000 |
0.000 |
106.935 |
|
Total Current Assets |
1228.767 |
960.673 |
733.643 |
|
|
|
|
|
|
TOTAL |
2446.562 |
2202.899 |
1792.381 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
1992.941 |
|
946.283 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1992.941 |
1345.421 |
946.283 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
1862.553 |
1235.953 |
852.160 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
1862.553 |
1235.953 |
852.160 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
DEPRECIATION AND OTHER NON-CASH EXPENSES |
130.388 |
109.468 |
94.123 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION AND OTHER
NON-CASH EXPENSES |
88.224 |
85.662 |
47.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
42.164 |
23.806 |
46.487 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
11.454 |
7.490 |
14.704 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
30.710 |
16.316 |
31.783 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
164.157 |
147.841 |
116.058 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
194.867 |
164.157 |
147.841 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.48 |
2.65 |
5.16 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.54
|
1.21 |
3.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.72
|
1.10 |
4.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.04 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.74
|
1.79 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.38 |
1.68 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
CORPORATE INFORMATION
Subject is a private limited company under the provisions of the Companies Act, 1956. The company is engaged in the manufacture and sale of iron and steel products, generation of power and commission agent. The Company is also engaged in financial sector transactions.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Other loans and advances |
147.836 |
0.000 |
|
Loans and advances from related parties |
0.000 |
7.300 |
|
Short-term borrowings |
|
|
|
Loans repayable on demand |
44.806 |
26.115 |
|
Total |
192.642 |
33.415 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10449686 |
28/08/2013 |
65,000,000.00 |
STATE BANK OF HYDERABAD |
PARK STREET BRANCH, PODDAR POINT (1ST FLOOR), 113, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B85234227 |
|
2 |
10443060 |
08/08/2013 |
150,000,000.00 |
STATE BANK OF TRAVANCORE |
KIDDERPORE BRANCH, 16, DR. SUDHIR BASU ROAD, KIDDERPORE, KOLKATA, WEST BENGAL - 700023, INDIA |
B82128778 |
|
3 |
10342089 |
01/03/2012 |
80,000,000.00 |
BANK OF BARODA |
CAMAC STREET BRANCH, 3B,CAMAC STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B34995571 |
|
4 |
10342724 |
29/02/2012 |
50,000,000.00 |
INDIAN OVERSEAS BANK |
INTERNATIONAL BUSINESS BRANCH, 2, WOOD STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B35243963 |
|
5 |
10339819 |
09/02/2012 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
SHAKESPEARE SARANI BRANCH, 52A, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
B33970732 |
|
6 |
10256247 |
08/12/2010 |
780,000,000.00 |
STATE BANK OF INDIA (LEAD BANK ) |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B02038438 |
|
7 |
10234437 |
06/01/2014 * |
880,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B93837474 |
|
8 |
10149624 |
17/03/2009 |
175,000,000.00 |
INDIAN OVERSEAS BANK |
INTERNATIONAL BUSINESS BRANCH, 2, WOOD STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
A58815994 |
|
9 |
10134081 |
12/12/2008 |
150,000,000.00 |
PUNJAB NATIONAL BANK |
SHAKESPEARE SARANI, 52A, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
A53036901 |
|
10 |
10134315 |
06/01/2014 * |
1,660,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B93838159 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Factory Building
· Plant and Equipment
· Vehicles
AS PER WEBSITE
30 SPONGE IRON PLANTS
SHUT OPS IN KARNATAKA
Prashant
Mukherjee | New Delhi | Updated: Sep 21 2013
Over 30 sponge iron plants in Karnataka have shut operations due to shortage of iron ore impacting small and medium steel companies such as Kalyani Steel, Sathavahana Ispat and Kirloskar Ferrous.
According to the Karnataka Iron and Steel Manufacturers Association, almost half of the 60 sponge iron plants have shut down and several others have suspended operations partially as mining ban in the state has crippled mining operations and created a shortage of raw material for steel units.
Kalyani Steel MD RK Goyal said, “It is getting very difficult for us. Only seven or eight mines are operational. It will take at least two years for all the mines to be operational.” Moreover, because of high input costs and non-availability of raw material, some steel producers are forced to underutilise their capacities as they, too, stare at a possible shutdown of their operations in the near future.
Sathavahana Ispat reported a net loss of Rs.440.700 Millions in the June 2013 quarter.
According to experts, profitability margins of the steel-sponge iron companies operating out of Karnataka are expected to spiral downwards due to increased procurement costs and lower capacity utilisation due to non-availability of iron ore, which may not even cover the overhead costs fully.
The mining operations in Karnataka resumed recently after a year-long ban imposed by the Supreme Court. In Karnataka, out of the 57 mines approved, only 14 mines are operating with an annual production of 13.77 mt against the total demand of around 35 mt.
Over the last few years, there has been a constant decline in production and exports of iron ore in the country.
The production has come down from 219 mt in the year 2010 to 170 mt in the year 2012 and exports have fallen 117 mt during 2010 to 62 mt in 2012.
The Supreme Court in April allowed resumption of mining activities in 90 mines in Bellary, Tumkur and Chitradurga districts of Karnataka.
A forest bench of Justices Aftab Alam, KS Radhakrishnan and Ranjan Gogoi allowed reopening of 27 'A' category and 63 'B' category mines but cancelled 49 leases of Categpry ‘C’ mines.
SPONGE IRON MAKERS
FACE SHUTDOWN ON CUT IN OFFTAKE BY STEEL COS
Prashant
Mukherjee | New Delhi | Updated: Nov 09 2013
Major producers of sponge iron like Welspun Maxsteel and Tata Sponge Iron are facing closure due to reduced offtake by the steel industry, which is struggling with a sluggish demand and restricted availability of vital inputs like iron ore, thermal coal and natural gas.
Environment-related issues are adding to the woes of the Rs 40000.000 Millions industry.
Sponge iron is an important material used for steel making by smaller mills eliminating the need to use expensive and scarce thermal coal and gas.
“We have requested the government to provide iron ore at concessional rates and try and allocate mines. Most smaller capacity plants are performing badly with frequent break down leading to increase in maintenance cost with capital repairs of equipments. Most of these plant are running at a capacity of only 50%,” said V R Sharma, chairman, Sponge Iron Manufacturers Association (SIMA).
India is the largest sponge iron producer in the world for last 11 consecutive years. At present, India contributes 33% of global sponge iron production.
The non-availability of iron ore and coking coal has hit domestic sponge iron manufacturers hard. Karnataka and Odisha, which account for about 37% of the total installed capacity of sponge iron in India, have been affected by ban on iron ore mining and other restrictions imposed on them. As a result, sponge iron production in these states has declined considerably.
The induction furnaces uses sponge iron to make steel. Sponge iron makers are having to pay exorbitant electricity charges due to the practice of discoms cross subsidising agriculture sector electricity consumers with support from industrial and commercial consumers.
One important step that could help the sponge iron industry is lowering electricity tariffs. At present, states such as Maharashtra, Punjab and Tamil Nadu charge around Rs7/unit, while Odisha and Chhattisgarh charge around Rs5/unit.
“Prime Minister's vision for achieving 300 million tonnes of steel capacity cannot be achieved if sponge iron units are not encouraged to create capacities to support the steel plants. Rise in power and fuel expenses and transportation costs further pushed up the manufacturing cost of sponge iron companies,” Essar steel spokesperson said.
Tata Sponge Iron with a production capacity of 4 lakh tonnes per annum reported a 39% drop in their standalone net profit at Rs18.04 crore for the quarter ended June 30 on the back of lower revenues.
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.62.18 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
NO |
|
--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.