MIRA
INFORM REPORT
|
Report Date : |
08.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
DOOSAN POWER SYSTEMS INDIA PRIVATE LIMITED (w.e.f. 16.10.2012) [Doosan Power Systems India Private Limited (155023) Amalgamated with
Doosan Chennai Works Private Limited (and after amalgamation the name Doosan
Chennai Works Private Limited changed to Doosan Power Systems India Private
Limited (258626))] |
|
|
|
|
Formerly Known
As : |
DOOSAN CHENNAI WORKS PRIVATE LIMITED
(w.e.f. 21.02.2011) AE AND E CHENNAI WORKS PRIVATE LIMITED (w.e.f. 13.09.2009) AE AND E CHENNAI WORKS LIMITED |
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Registered
Office : |
Unit No. FF-35, Vasant Square, Plot No. A, Commuinity Centre,
Pocket-V, Sector-B, Vasant Kunj, New Delhi – 110070 |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
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Date of
Incorporation : |
20.07.2000 |
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Com. Reg. No.: |
55-258626 (New) 18-045415 (Old) 55-155023 (Amalgamated) |
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Capital
Investment / Paid-up Capital : |
Rs. 2614.310 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U31101DL2000PTC258626 (New) U31101TN2000PTC045415 (Old) U74210DL1996PTC155023 (Amalgamated) |
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PAN No.: [Permanent Account No.] |
AABCB5946J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company engaged in the business of manufacturing / job work of boiler pressure parts viz. panels, headers and coils and designing, building, installation and maintaining engineering plants relating to thermal and coal power plants. |
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|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23000000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Doosan Heavy Industries and Construction
Company Limited, Korea. It is an established company having good track record. Profit of the company dipped during 2013. However, general financial
position of the company is sound. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of strong holding the company can be considered normal 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.
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = AA (SO) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
23.04.2014 |
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 PARTED BY
|
Name : |
Mr. Anil Sinha |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-124-4398200 |
|
Date : |
07.03.2014 |
LOCATIONS
|
Registered Office : |
Unit No. FF-35, Vasant Square, Plot No. A, Commuinity Centre, Pocket-V,
Sector-B, Vasant Kunj, New Delhi – 110070, India |
|
Tel. No.: |
91-11-40000255 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
18/2A, Sennerkuppam-By-Pass Road, Poonamallee Road, Poonammallee,
Chennai – 600056, Tamilnadu, India |
|
Tel. No.: |
91-44-66455566 |
|
Fax No.: |
91-44-66455501 |
DIRECTORS
As on 30.09.2013
|
Name : |
Jongki Lee |
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Designation : |
Managing Director |
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Address : |
B-01/601, 6th Floor, Block – B, Sahara Grace Apartment, M. G.
Road, Sector – 28, Chakkarpur, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
13.02.1953 |
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Date of Appointment : |
27.11.2012 |
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DIN No.: |
03298750 |
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Name : |
Mr. Hoyoung Ryu |
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Designation : |
Whole-Time Director |
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Address : |
B-1103, Palm Spring, Golf Course Road, DLF-5, Gurgaon – 122002,
Haryana, India |
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Date of Birth/Age : |
20.08.1962 |
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Date of Appointment : |
10.10.2012 |
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DIN No.: |
06419804 |
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Name : |
Mr. Sung Ho Park |
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Designation : |
Whole-Time Director |
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Address : |
Sua – 193, The Summit, DLF Phase – V, Gurgaon – 122002, Haryana,
India |
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Date of Birth/Age : |
27.10.1974 |
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Date of Appointment : |
10.10.2012 |
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DIN No.: |
06419808 |
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Name : |
Mr. Hyung Rak Chung |
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Designation : |
Nominee Director |
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Address : |
101-604, 41, Bangbae-Ro, 26, GIL, Seocho-Gu, Sepul, NA, Korea Republic
of. |
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Date of Birth/Age : |
10.08.1969 |
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Date of Appointment : |
25.01.2013 |
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DIN No.: |
06472247 |
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Name : |
Key Sun Han |
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Designation : |
Nominee Director |
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Address : |
Hyundai Memphis Apartment, 239, Bangbae-Ro-Seochi-Gu, Seoul, N.A.
Korea Republic of. |
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Date of Birth/Age : |
20.08.1951 |
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Date of Appointment : |
25.01.2013 |
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DIN No.: |
06472257 |
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Name : |
Mr. Myeongho Jang |
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Designation : |
Nominee Director |
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Address : |
Raemian Sur, 326-903, 12, Byeoryang Ro Gwacheon-Si, Gyeonggido, NA,
Korea Republic of. |
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Date of Birth/Age : |
07.02.1964 |
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Date of Appointment : |
25.01.2013 |
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DIN No.: |
06481086 |
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Name : |
Mr. Sung Won Kim |
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Designation : |
Whole-Time Director |
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Address : |
Plat No.1A, First Floor, Cambrae Hall, 72, Dr. P.V. Cherio Road, Egmore
Chennai – 600105, Tamilnadu, India |
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Date of Birth/Age : |
19.12.1956 |
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Date of Appointment : |
01.10.2009 |
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DIN No.: |
06659499 |
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KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Sinha |
|
Designation : |
Secretary |
|
Address : |
B-75A, Shiv Park, Khanpur, New Delhi – 110074, India |
|
Date of Birth/Age : |
28.11.1974 |
|
Date of Appointment : |
10.10.2012 |
|
PAN No.: |
AOHPS6406B |
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|
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|
Name : |
Mr. Anil Sinha |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Doosan Heavy Industries and Construction Company Limited, Korea |
|
33908401 |
|
Doosan Power System Overseas Investments Limited, U.K. |
|
187922 |
|
Total |
|
34096323 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in the business of manufacturing / job
work of boiler pressure parts viz. panels, headers and coils and designing,
building, installation and maintaining engineering plants relating to thermal
and coal power plants. |
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|
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|
||||||
|
Products / Services : |
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GENERAL INFORMATION
|
No. of Employees : |
800 (Approximately) |
|
|
|
|
Bankers : |
Axis Bank Limited, Corporate Banking Branch, Ground Floor, Karumithu
Nilayam, 192, Anna Salai, Chennai – 600002, Tamilnadu, India |
|
|
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Banking
Relations : |
--- |
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|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower- B, DLF Cyber City Complex.
DLF City Phase- II, Gurgaon- 122 002, Haryana, India |
|
PAN No.: |
AABFD2095B |
|
|
|
|
Ultimate Holding Company
: |
· Doosan Corporation, South Korea · Doosan Corporation Glonet (BG) Division of Doosan Corporation, South Korea ·
Doosan Corporation Information and
Communication, (BU) Division of Doosan Corporation, South Korea |
|
|
|
|
Holding Company : |
Doosan Heavy Industries and Construction Company Limited, South Korea |
|
|
|
|
Fellow subsidiaries
and other companies which does not exercise control or significant influence
over the Company (having transaction during the year) |
· Doosan Engineering and Service LLC, USA · Skoda Power Private Limited, India · Doosan Heavy Industries Vietnam Company Limited · Doosan Infracore International Inc · Doosan Power Systems Overseas Investments Limited, UK. ·
Doosan Power Systems Limited, UK |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36551500 |
Equity Shares |
Rs.100/- each |
Rs.3655.150 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34096323 |
Equity Shares |
Rs.100/- each |
Rs.3409.632 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36551500 |
Equity Shares |
Rs.100/- each |
Rs.3655.150 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26143100 |
Equity Shares |
Rs.100/- each |
Rs.2614.310 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 |
2614.310 |
2451.818 |
500.000 |
|
(b) Reserves & Surplus |
2285.190 |
1979.738 |
1248.861 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
1033.919 |
162.492 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5933.419 |
4594.048 |
1748.861 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
11283.358 |
3321.622 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
163.623 |
13.311 |
3.158 |
|
Total Non-current Liabilities (3) |
11446.981 |
3334.933 |
3.158 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1015.819 |
0.000 |
95.748 |
|
(b) Trade payables |
1140.705 |
983.781 |
38.403 |
|
(c) Other current
liabilities |
3547.669 |
4280.292 |
21.451 |
|
(d) Short-term provisions |
294.516 |
10.767 |
1.027 |
|
Total Current Liabilities (4) |
5998.709 |
5274.840 |
156.629 |
|
|
|
|
|
|
TOTAL |
23379.109 |
13203.821 |
1908.648 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4627.247 |
2168.174 |
1621.762 |
|
(ii) Intangible Assets |
186.723 |
3.660 |
0.373 |
|
(iii) Capital
work-in-progress |
124.367 |
1151.581 |
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) |
123.131 |
23.150 |
0.000 |
|
(d) Long-term Loan and Advances |
655.616 |
500.997 |
8.215 |
|
(e) Other Non-current assets |
4457.704 |
1720.214 |
0.000 |
|
Total Non-Current Assets |
10174.788 |
5567.776 |
1630.350 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
110.401 |
303.564 |
40.678 |
|
(c) Trade receivables |
4110.545 |
2011.078 |
39.459 |
|
(d) Cash and cash
equivalents |
2492.535 |
1005.290 |
194.634 |
|
(e) Short-term loans and
advances |
4331.830 |
4193.606 |
3.324 |
|
(f) Other current assets |
2159.010 |
122.507 |
0.203 |
|
Total Current Assets |
13204.321 |
7636.045 |
278.298 |
|
|
|
|
|
|
TOTAL |
23379.109 |
13203.821 |
1908.648 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
30430.830 |
20232.760 |
163.910 |
|
|
|
Other Income |
275.240 |
134.780 |
3.730 |
|
|
|
TOTAL |
30706.070 |
20367.540 |
167.640 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
30263.200 |
19828.450 |
208.430 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
30263.200 |
19828.450 |
208.430 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
442.870 |
539.090 |
(40.790) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
137.420 |
188.280 |
2.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
305.450 |
350.810 |
(42.810) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
11.68 |
25.70 |
(13.71) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.99 |
1.72 |
(25.54) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.46 |
2.66 |
(24.89) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.91 |
4.48 |
(2.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.12 |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17 |
0.00 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20 |
1.45 |
1.78 |
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 |
500.000 |
2451.818 |
2614.310 |
|
Reserves & Surplus |
1248.861 |
1979.738 |
2285.190 |
|
Share Application money pending
allotment |
0.000 |
162.492 |
1033.919 |
|
Net
worth |
1748.861 |
4594.048 |
5933.419 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
95.748 |
0.000 |
1015.819 |
|
Total
borrowings |
95.748 |
0.000 |
1015.819 |
|
Debt/Equity
ratio |
0.055 |
0.000 |
0.171 |
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) |
|
Sales |
163.910 |
20232.760 |
30430.830 |
|
|
|
12243.823 |
50.404 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
163.910 |
20232.760 |
30430.830 |
|
Profit |
(42.810) |
350.810 |
305.450 |
|
|
(26.12%) |
1.73% |
1.00% |
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 |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note:
The registered office of the company has been shifted from 18/2A,
Sennerkuppam-By-Pass Road, Poonamallee Road, Poonammallee, Chennai – 600056,
Tamilnadu, India to present address w.e.f. 16.09.2013
CORPORATE INFORMATION
Subject was incorporated on 20th July, 2000 to carry on the business of manufacturing/ job work of boiler pressure parts viz. panels, headers and coils and designing, building, installation and maintaining engineering plants relating to thermal and coal power plants. The Company is also carrying out business of execution of turnkey projects of steam generating equipment, supply of spares and providing related services.
REVIEW OF OPERATIONS
The Company has completed another innovative year of its operations. During the year the total revenue of the Company was higher by 50.40 % this year at Rs.30706.070 millions as against Rs. 20367.540 millions during the previous year. The Expenses has increased by 52.63 % from Rs. 19828.440 millions to Rs. 30263.200 millions. The Company has earned a Profit after Tax of Rs.305.450 millions as against Rs.350.810 millions in the previous year. Figures of previous year have been re-grouped, wherever necessary to conform to the Current Years classification. The Directors are continuously looking for avenues for future growth of the Company.
FUTURE OUTLOOK
DPSI has consolidated its capabilities across the power value chain for New as well as Renovation and Modernization (R&M) projects in the capacity of EPC Contractor. The Company won another Boiler project from NTPC, Lara (2x800 MW) in Chhattisgarh. The Company is well poised for growth in turnover and some improvement in margins in the next year. The Company is taking all necessary steps for getting the new projects and reduction in cost wherever required. The prevailing challenging Global and Indian macroeconomic conditions make it imperative for DPSI to specifically focus on operational excellence to ensure Quality Cost Delivery (QCD) competitiveness. In view of the various initiatives and policy measures being taken by the Govt., the outlook for overall growth of Indian economy, construction and infrastructure in particular seems to be healthy and promising.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand From banks |
|
|
|
Buyers credit-unsecured* |
1015.819 |
0.000 |
|
Total |
1015.819 |
0.000 |
|
(*Guaranteed by corporate guarantee issued by Doosan Heavy Industries and Company Limited, the holding company) |
||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10244509 |
09/08/2011 * |
250,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, GROUND FLOOR, KARUMUTHU |
B19624931 |
* Date of charge modification
FIXED ASSETS
·
Freehold Land
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicles
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.60.99 |
|
|
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
54 |
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.