MIRA INFORM REPORT
|
Report Date : |
06.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
KAMA HOLDINGS LIMITED |
|
|
|
|
Formerly Known
As : |
SRF POLYMERS LIMITED |
|
|
|
|
Registered
Office : |
C-8, Safdarjung Development Area, New Delhi, Delhi – 110016 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
28.03.2000 |
|
|
|
|
Com. Reg. No.: |
55-104779 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.193.720 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L92199DL2000PLC104779 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS9521A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing of Engineering Plastics, Polyester Films, etc. It is
also engaged in fishnet business. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 170000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a part of an Arun Bharat Ram Group. It is a well-established and reputed company having a satisfactory
track record. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs.39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs.35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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. Hemlata |
|
Designation : |
Office Executive |
|
Contact No.: |
91-124-4354400 |
|
Date : |
04.03.2014 |
LOCATIONS
|
Registered Office : |
C-8, Commercial Complex, Safdarjung Development Area, New Delhi, Delhi
– 110016, India |
|
Tel. No.: |
91-11-26857141 |
|
Fax No.: |
91-11-26510428 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Block-C, Sector -45, Gurgaon – 122003, Haryana, India |
|
Tel. No.: |
91-124-4354400 |
|
Fax No.: |
91-124-4354500 |
|
|
|
|
Plant: |
ENGINEERING PLASTICS
BUSINESS ·
Manali
Industrial Area, Manali, Chennai – 600068, Tamilnadu, India ·
Plot
No. 14-C, Sector 9, Integrated Industrial Estate, Pantnagar, District Udham
Singh Nagar, Uttarakhand, India Contact Details : 91-11-26531693-96 (Mr. Prashant Yadav) Email ids: prashant@srf.com, mgkmenon@srf.com, srihariji@srf.com INDUSTRIAL YARN
BUSINESS ·
Manali
Industrial Area, Manali, Chennai-600068, Tamilnadu, India FISHNET BUSINESS ·
S1B,
Amar Sindur, 43, Pantheon Road, Egmore, Chennai - 600008, Tamilnadu, India Tel.: 91-44-42016692,91-44-42016693 Fax: 91-44-42028997 Email: tuflon@srf.com POLYESTER FILMS
BUSINESS ·
Plot
No. 12, Rampura, Ramnager Road, Kashipur District, Udham Singh Nager,
Uttaranchal, India |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Kartikeya Bharat Ram |
|
Designation : |
Chairman cum Managing Director |
|
|
|
|
Name : |
Mr. Ashish Bharat Ram |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajat Lakahanpal |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Mukul Khandelwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amitav Virmani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dhirendra Datta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Hemlata |
|
Designation : |
Office Executive |
|
|
|
|
Name : |
Mr. Rajat Lakahanpal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2013)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
||
|
|
|
|
|
|
4839447 |
75.00 |
|
|
4839447 |
75.00 |
|
|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
4839447 |
75.00 |
|
|
|
|
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1039 |
0.02 |
|
|
1039 |
0.02 |
|
|
|
|
|
|
|
|
|
|
263633 |
4.09 |
|
|
|
|
|
|
|
|
|
|
534052 |
8.28 |
|
|
163402 |
2.53 |
|
|
651042 |
10.09 |
|
|
650750 |
10.09 |
|
|
292 |
0.00 |
|
|
1612129 |
24.98 |
|
|
|
|
|
Total Public shareholding (B) |
1613168 |
25.00 |
|
|
|
|
|
Total (A)+(B) |
6452615 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
6452615 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Engineering Plastics, Polyester Films, etc. It is also
engaged in fishnet business. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Yes
Bank Limited 9th Floor, Nehru
Centre, Discovery Of India, Dr.
Annie Besant Road, Worli-400018, Mumbai, Maharashtra,
India ·
State Bank of Patiala Commercial Branch, Chandralok Building, Janpath, New Delhi, India · HDFC Bank Limited · ICICI Bank Limited |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Thakur Vaidyanath Aiyar and Company Chartered Accountants |
|
Address : |
221.223, Deen Dayal Marg, New Delhi – 110002, Delhi, India |
|
|
|
|
Associates : |
· Children First Mental Health Institute Private Limited |
|
|
|
|
Enterprises that directly,
or indirectly through one or more intermediaries, control or are controlled
by, or are under common control with, the reporting enterprise: |
·
KAMA Realty
(Delhi) Limited ·
Shri Educare
Limited ·
SRF Limited · KHL Investments Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
13000000 |
Preference Shares |
Rs.10/- each |
Rs.130.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.230.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6452615 |
Equity Shares |
Rs.10/- each |
Rs.64.526
Millions |
|
12919412 |
Preference Shares |
Rs.10/- each |
Rs.129.194 Millions
|
|
|
|
|
|
|
|
Total |
|
Rs.193.720 Millions |
*Represents 8%
Non-cumulative Redeemable Preference Shares redeemable on or before 31-Mar-2031
at the discretion of the Board of Directors of the Company in accordance with
Memorandum & Articles of Association.
There
is no change in the share capital as compared to previous year.
b)
Shareholders holding more than 5% shares in the Company
|
Name
of the shareholder |
As at March 31, 2013 |
|
|
|
% age |
(No. of shares) |
|
Equity |
|
|
|
Arun
Bharat Ram |
37.50% |
2,419,727 |
|
Manju
Bharat Ram (Deceased) |
-- |
-- |
|
Ashish
Bharat Ram |
18.75% |
1,209,860 |
|
Kartikeya
Bharat Ram |
18.75% |
1,209,860 |
|
Preference |
|
|
|
Manju
Bharat Ram (Deceased) |
-- |
-- |
|
Ashish
Bharat Ram |
74.18% |
9,582,975 |
|
Kartikeya
Bharat Ram |
24.73% |
3,194,325 |
In the period immediately
preceding five years:
i) 1,209,563 equity shares
of Rs.10 each fully paid up were allotted without payment being received in cash
pursuant to Scheme of Arrangement approved by Hon’ble Delhi High Court vide
order dated 24.02.2011 to the promoters by simultaneous cancellation of
equivalent number of shares and also allotted 12,919,412 - 8% Non-cumulative
Redeemable Preference Shares of Rs.10/- each fully paid up without payment
being received in cash pursuant to said Scheme of Arrangement; and
ii)
The company has not allotted any bonus shares.
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 |
193.720 |
193.720 |
193.720 |
|
(b) Reserves & Surplus |
4,107.372 |
3,804.642 |
3,432.125 |
|
(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) |
4,301.092 |
3,998.362 |
3,625.845 |
|
|
|
|
|
|
(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 |
0.649 |
41.138 |
45.788 |
|
Total Non-current
Liabilities (3) |
0.649 |
41.138 |
45.788 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
227.099 |
|
(b) Trade
payables |
0.000 |
0.000 |
0.000 |
|
(c) Other
current liabilities |
11.572 |
13.508 |
16.164 |
|
(d) Short-term
provisions |
0.018 |
0.000 |
55.841 |
|
Total Current
Liabilities (4) |
11.590 |
13.508 |
299.104 |
|
|
|
|
|
|
TOTAL |
4,313.331 |
4,053.008 |
3,970.737 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
0.008 |
0.023 |
0.028 |
|
(ii)
Intangible Assets |
0.000 |
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 |
3,988.293 |
3,876.952 |
3,809.726 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
6.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3,988.301 |
3,882.975 |
3,809.754 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
39.862 |
139.684 |
18.543 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
0.348 |
4.764 |
18.098 |
|
(e)
Short-term loans and advances |
261.561 |
0.000 |
42.410 |
|
(f) Other
current assets |
23.259 |
25.585 |
81.932 |
|
Total
Current Assets |
325.030 |
170.033 |
160.983 |
|
|
|
|
|
|
TOTAL |
4,313.331 |
4,053.008 |
3,970.737 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
293.475 |
401.195 |
0.208 |
|
|
|
Other Income |
40.457 |
1.548 |
598.670 |
|
|
|
TOTAL (A) |
333.932 |
402.743 |
598.878 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits |
2.850 |
1.683 |
1.855 |
|
|
|
Other Expenses |
1.285 |
2.847 |
3.114 |
|
|
|
TOTAL (B) |
4.135 |
4.530 |
4.969 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
329.797 |
398.213 |
593.909 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
14.895 |
42.545 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
329.797 |
383.318 |
551.364 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
0.000 |
0.005 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
329.797 |
383.313 |
551.364 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.279 |
(1.216) |
0.069 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
319.518 |
384.529 |
551.295 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on Preference Shares |
10.335 |
10.335 |
10.336 |
|
|
|
Interim Dividend on Equity Shares |
6.453 |
0.000 |
0.000 |
|
|
|
Dividend Distribution Tax |
0.000 |
1.677 |
1.677 |
|
|
BALANCE CARRIED
TO THE B/S |
302.730 |
372.517 |
539.283 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
47.92 |
57.73 |
83.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
95.68
|
95.48 |
92.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
112.38
|
95.54 |
265078.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
101.46
|
217.72 |
342.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.10 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
28.04
|
12.59 |
0.54 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
193.720 |
193.720 |
193.720 |
|
Reserves & Surplus |
3,432.125 |
3,804.642 |
4,107.372 |
|
Net worth |
3,625.845 |
3,998.362 |
4,301.092 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
227.099 |
0.000 |
0.000 |
|
Total borrowings |
227.099 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.063 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
0.208 |
401.195 |
293.475 |
|
|
|
1,92,782.212 |
(26.850) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
0.208 |
401.195 |
293.475 |
|
Profit |
551.295 |
384.529 |
319.518 |
|
|
265045.67% |
95.85% |
108.87% |
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 |
No |
|
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 |
No |
|
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 situation of the registered office of the company was
changed from A-16,
Aruna Asaf Ali Marg. Qutab Institutional Area, New Delhi-110 167,
OPERATIONS
REVIEW
Profit before Interest,
Depreciation and Tax (PBIDT) decreased by 13.96% to Rs.329.800 Millions from Rs.383.300
Millions mainly due to decrease in dividend income. Profit after Tax (PAT)
decreased by 16.90% to Rs.319.500 Millions from Rs.384.500 Millions.
MANAGEMENT DISCUSSION AND
ANALYSIS
FINANCIAL PERFORMANCE WITH
RESPECT TO OPERATIONAL PERFORMANCE
During the year the Company
had earned income by way of dividend, interest and other income amounting to
Rs.333.900 Millions. After payment of interest on loans and other expenses net
profit for the year amounted to Rs.319.500 Millions as compared to Rs.384.500
Millions in the previous year. The share capital of the company as on March 31,
2013 stood at Rs.193.700 Millions and Reserves and Surplus at Rs.4107.400
Millions (including capital reserve of Rs.2034.500 Millions).
MAJOR ACTIVITIES
The Company is a Core
Investment Company (CIC) within the meaning of Core Investment Companies
(Reserve Bank) Directions, 2011 and does not require registration with Reserve
Bank of India under the said Directions.
During the year, the
Company had consolidated its investment in the equity shares of SRF Limited and
it had become a subsidiary of the Company. SRF and its subsidiaries has
businesses ranging from technical textiles, refrigerant gases and packaging
films and has presence in Thailand, South Africa and Dubai in these businesses.
The Company has two other subsidiaries viz. KAMA Realty (Delhi) Limited which
is a company engaged in the business of acquisition and renting of properties
and Shri Educare Limited which is engaged in the field of education. Shri
Educare Limited has a wholly-owned subsidiary viz. Shri Educare Maldives
Private Limited having a public private partnership with Government of Maldives
for management of a Government School.
The Company would continue
to consolidate its stake in SRF Limited and the aforesaid subsidiaries.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
1.1
Claims against the Company not acknowledged as debts on account of: |
|
|
|
Income
Tax |
30.887 |
54.033 |
|
Under
Business Transfer Agreement with SRF Limited for Excise Duty/Sales Tax |
210.230 |
183.181 |
|
|
|
|
|
1.2 Guarantees provided
on behalf of wholly-owned subsidiary for repayment of loans and interest thereon
amount to Rs.238.234 Millions (Previous Year Rs.261.728 Millions) which is a
related party. |
||
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
|
S.No. |
Charge ID |
Date of Charge Creation/ Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90037536 |
19/09/2002 |
100,000,000.00 |
THE ICICI BANK LTD. |
ICICI TOWERS, BANDRA
KUKRLA COMPLEX; BNDRA(EAST), |
- |
|
2 |
90037518 |
07/09/2002 |
320,000,000.00 |
THE ICICI BANK LTD. |
9-A; CONNAUGHT PLACE, NEW
DELHI - 110001, INDIA |
- |
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Road
· Buildings
· Plant and Machinery
· Furniture and Fixture
· Office Equipments
· Vehicles
· Intangible
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.61.90 |
|
|
1 |
Rs.103.26 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.