MIRA
INFORM REPORT
|
Report Date : |
19.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
UTRACON STRUCTURAL SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
New No.31, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.03.2004 |
|
|
|
|
Com. Reg. No.: |
18-072704 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 20.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200TN2004PTC072704 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU6685L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Construction Activities. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 780000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Utracon Group, Singapore”. It is an established
company having satisfactory track record. The company possesses an above average financial profile marked by
adequate networth base, decent gearing and debt protection metrics along with
slight working capital requirements, accrued trade payables and slower
realisations of debtors. Management has witnessed a better growth in its sales volume whereas
has reported a modest profit margin during FY13. The ratings also take into consideration the risks related to
intensive competitive in the industry and prevailing economic slowdowns. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of supportive parentage and healthy capital structure, 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune in the second half of 2014. GM was one of the few
global carmakers that was using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = BB+ |
|
Rating Explanation |
Moderate risk of default regarding timely
servicing and high credit risk. |
|
Date |
October 24, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
October 24, 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 : |
Ms. Kamakshi |
|
Designation : |
Deputy General Finance Manager |
|
Contact No.: |
91-44-24468001 |
|
Date : |
18.07.2014 |
LOCATIONS
|
Registered/ Regional Office : |
New No.31, Besant Avenue, Adyar, Chennai – 600020, Tamilnadu, India |
|
Tel. No.: |
91-44-24468001/ 2/ 3 |
|
Fax No.: |
91-44-24468004 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Other Regional Offices : |
Located at: · Singapore Malaysia Vietnam |
DIRECTORS
AS ON 25.09.2013
|
Name : |
Kamala Kannan Muthukumaraswamy |
|
Designation : |
Managing director |
|
Address : |
6 Vantage Spring, 26 Srinivasa PRM, 2nd St., L P Nagar,
Chennai – 600041, Tamilnadu, India |
|
Date of Appointment : |
20.10.2006 |
|
PAN No.: |
AMKPK3223H |
|
DIN No.: |
01941628 |
|
|
|
|
Name : |
Elangovan |
|
Designation : |
Whole-time director |
|
Address : |
No. 12/4, SSL Brindavan Flats IV, Cross Street, Andal Nagar,
Adambakkam, Chennai – 600088, Tamilnadu, India |
|
Date of Appointment : |
07.06.2012 |
|
DIN No.: |
05308760 |
|
|
|
|
Name : |
Radhakrishnan Mahendiran |
|
Designation : |
Whole-time director |
|
Address : |
Flat 20, Plot 146, Kshetra Apartment, Beach Road, Kalakshetra Cly,
Besant Nagar, Chennai – 600090, Tamilnadu, India |
|
Date of Birth/Age : |
25.01.1970 |
|
Date of Appointment : |
14.06.2013 |
|
PAN No.: |
AKRPM1604R |
|
DIN No.: |
06616668 |
KEY EXECUTIVES
|
Name : |
Ms. Kamakshi |
|
Designation : |
Deputy General Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Utracon Corporation Pte. Limited, Singapore |
200000 |
10.00 |
|
M. Kamala Kannan |
862000 |
43.10 |
|
R. Mahendiran |
190000 |
9.50 |
|
V. Elangovan |
24000 |
1.20 |
|
B.S. Naidu |
24000 |
1.20 |
|
M.K. Sriram |
516000 |
25.80 |
|
V. Varadarajan |
184000 |
9.20 |
|
|
|
|
|
Total |
2000000 |
100.00 |
AS ON 25.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
10.00 |
|
Directors
or relatives of directors |
89.00 |
|
Other
top fifty shareholders |
1.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activities. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||
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|
|||||||||||||||
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Bankers : |
· Bank of India 466, Cathedral Road, Chennai, Chennai - 600086, Tamilnadu,
India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. Subramanian and Company Chartered Accountants |
|
Address : |
New No.6 (36), Krishnaswamy Avenue, Mylapore, Chennai, Tamilnadu,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFR0602F |
|
|
|
|
Associate : |
Utracon Corporation Pte Limited, Singapore |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 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 |
20.000 |
20.000 |
20.000 |
|
(b) Reserves & Surplus |
175.240 |
156.751 |
133.584 |
|
(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) |
195.240 |
176.751 |
153.584 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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 |
9.706 |
9.706 |
9.706 |
|
Total Non-current
Liabilities (3) |
9.706 |
9.706 |
9.706 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
108.284 |
57.202 |
57.031 |
|
(b)
Trade payables |
212.163 |
147.734 |
152.111 |
|
(c)
Other current liabilities |
173.619 |
209.480 |
147.370 |
|
(d) Short-term
provisions |
11.491 |
17.421 |
16.302 |
|
Total Current
Liabilities (4) |
505.557 |
431.837 |
372.814 |
|
|
|
|
|
|
TOTAL |
710.503 |
618.294 |
536.104 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
53.783 |
35.810 |
34.943 |
|
(ii)
Intangible Assets |
0.880 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
6.041 |
8.050 |
7.612 |
|
(d) Long-term Loan and Advances |
12.510 |
9.045 |
4.872 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
73.214 |
52.905 |
47.427 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
142.109 |
149.692 |
143.989 |
|
(c)
Trade receivables |
395.291 |
341.568 |
277.397 |
|
(d) Cash
and cash equivalents |
61.225 |
51.190 |
36.714 |
|
(e)
Short-term loans and advances |
38.664 |
22.939 |
30.577 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
637.289 |
565.389 |
488.677 |
|
|
|
|
|
|
TOTAL |
710.503 |
618.294 |
536.104 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
1212.942 |
1042.433 |
947.555 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
1166.989 |
984.446 |
893.939 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
45.953 |
57.987 |
53.616 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.421 |
7.150 |
10.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
37.532 |
50.837 |
42.795 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.035 |
9.121 |
7.539 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
27.497 |
41.716 |
35.256 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.008 |
18.549 |
7.033 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
18.489 |
23.167 |
28.223 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.24 |
11.58 |
14.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.52 |
2.22 |
2.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.90 |
6.84 |
6.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.24 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.55 |
0.32 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.31 |
1.31 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
20.000 |
20.000 |
20.000 |
|
Reserves & Surplus |
133.584 |
156.751 |
175.240 |
|
Net
worth |
153.584 |
176.751 |
195.240 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
57.031 |
57.202 |
108.284 |
|
Total
borrowings |
57.031 |
57.202 |
108.284 |
|
Debt/Equity ratio |
0.371 |
0.324 |
0.555 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
947.555 |
1042.433 |
1212.942 |
|
|
|
10.013 |
16.357 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
947.555 |
1042.433 |
1212.942 |
|
Profit |
28.223 |
23.167 |
18.489 |
|
|
2.98% |
2.22% |
1.52% |
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 |
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 |
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 |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10024678 |
22/09/2006 |
666,000.00 |
BANK OF INDIA |
CATHEDRAL ROAD, CHENNAI, TAMILNADU - 600086, INDIA |
A06159537 |
|
2 |
10015937 |
02/04/2014 * |
270,000,000.00 |
BANK OF INDIA |
BANK OF INDIA, CHENNAI, TAMILNADU - 600086, INDIA |
C02276236 |
* Date of charge modification
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from 7-1-58, The
Con Course Greenlands Road, Ameerpet, Hyderabad - 500016, Andhra Pradesh, India
to the present address w.e.f.10.07.2009.
PERFORMANCE FOR
THE FY 2012 – 2013
Despite all the above constraints, the company has reported a Sales
Turnover of Rs. 1200.900 Millions as against Rs. 1022.300 Millions for last year,
which represents a ‘hike’ of 17 % over last year’s turnover. The main
contributors to this year’s turnover were Hyderabad, Mumbai, Pune and Chennai,
in that specific order. Also, the company’s current turnover exceeds
considerably the projected turnover of Rs. 1000.000 Millions for the year.
On the PBT front, the Company has registered a Profit Before Tax (PBT)
of Rs. 27.500 Millions as against Rs. 37.900 Millions for last year, which
though depicts a ‘decrease’ over last year PBT, still is a very decent margin
for the current year, ie., 2.29 % of the reported Sales Turnover. In fact, this
margin of 2.29% is extremely laudable considering the really tough and adverse
market scenario prevailing in India, for the past 1 year or so, especially in
the Infra / Construction sector.
During the FY, the company acquired Rs. 29.500 Millions worth of fixed
assets (including Rs.10.000 Millions worth of plant and machinery), in order to
ensure smooth implementation of all the contracts / projects, across the country.
The Company wishes to place on record its special thanks to Bank of
India for their continuing support in terms of additional credit facilities
provided to them during the year to the tune of Rs. 95.000 Millions thereby
making it a total of Rs. 270.000 Millions of credit limits, granted to them in
the form of both funded and non-funded facilities.
The Directors also wish to place on record, great appreciation for the
USSI - local management team including all staffs and workers, for the amount
of hard work put in to reach the improved turnover and net margins, despite all
the market / industry- related constraints.
NEW CONTRACTS
During the financial year the company was successful in capturing quite
a few prestigious projects. Some of the major clients-cum-projects are - In
Hyderabad and Bangalore regions Sundew properties (Bldg 12B), Krishil Tech
park, Adibatla IT park, Hinduja Software park, Platina Project for GM Infra,
Gland Farma, SDB 4&5 for Infosys, MTB 2 Bldg for IT park for Tempus, H02
Phoenix Infocity, Tower 4 for HCL SEZ campus, etc.
In Mumbai region - IT building for Reliable, Jet Godraj BKC, Nirlon
Phase 4, Kanakia Spaces, Svastik Vasai, etc.
In Pune region - Cummins Bldg, Blue Ridge, Amanora Park, etc.
In Chennai region - Shriram the Gateway, Medical college at
Thiruvannamalai, etc.
In Delhi and Kolkata - Delhi One residential project at Noida, TCS IT
Park in Kolkata etc.
By the end of 31st March 2013, the company had secured approximately Rs.
1180.000 Millions worth of contract works for the entire financial year and as
such, the company has exceeded the projected order-booking of Rs. 1000.000
Millions for the said FY.
It is also to be noted that major contribution to this value, has been
derived from the States of Maharashtra, Andhra Pradesh, Tamilnadu and Karnataka
to the tune of 44%, 19%, 17% and 9.20% respectively.
EXPANSION PLANS
The company does not have any big plans for capital expenditure and expects
to expend to the tune of Rs. 15.000 - 20.000 Millions, during the next
financial year.
SUMMARY OF
OPERATIONS
They have successfully completed 9 full financial years in India and the
market scenario for PT business continues to be volatile and therefore under
the circumstances, they have decided not to undertake any major expansion and /
or diversification but instead, take concrete steps to consolidate the
operations, bring in improved efficiency and better cost-control and savings to
the company.
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Computer
software
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. 60.33 |
|
|
1 |
Rs. 103.18 |
|
Euro |
1 |
Rs. 81.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
|
DEFAULTERS |
|
|
|
--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.