MIRA INFORM REPORT
|
Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHASKAR SHRACHI ALLOYS LIMITED |
|
|
|
|
Registered
Office : |
8/1, Middleton Row, Kolkata - 700071, West Bengal |
|
|
|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2013 |
|
|
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|
Date of
Incorporation : |
19.04.1995 |
|
|
|
|
Com. Reg. No.: |
21-071126 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 120.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51109WB1995PLC071126 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALB03547F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB8956C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges.(Listed at Calcutta Stock Exchange) |
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Line of Business
: |
Manufacturer of Silico Manganese and Ferro Manganese. |
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|
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|
No. of Employees
: |
Information Declined By The Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 110000 |
|
|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. The company has seen a continues deterioration in its financial profile
marked by huge accumulated losses and high gearing as a result of working
capital intensive operations. Which has affected the liquidity position
during FY 13. Management has witnesses an acceptable sales revenue, whereas has
reported consecutive losses from its operations for past few years. The ratings also takes into consideration, the management request to
restructure the facilities, which is been honoured by the banks and will
further ease out the liquidity profile. However, trade relations may improve. Business is active. Payment
terms are reported as slow and delayed. In view of liquidity pressures affecting the business profile, the
company can be considered for business dealings on a safe and secured 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATINGS AND RESERACH |
|
Rating |
Long term loan “B -“ |
|
Rating Explanation |
High risk of default regarding timely servicing of financial
obligations |
|
Date |
02.07.2013 |
|
Rating Agency Name |
INDIA RATINGS AND RESEARCH |
|
Rating |
Non fund based limits “A4” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
02.07.2013 |
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
31-03-2014.
INFORMATION DENIED BY
Management non co- operative (Tel No.: 91-33-22297190)
LOCATIONS
|
Registered Office : |
8/1, Middleton Row, Kolkata - 700071, West Bengal, India |
|
Tel. No.: |
91-33-22298877/ 22290114/ 22297190 |
|
Fax No.: |
91-33-22297223 |
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E-Mail : |
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|
Website : |
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Factory: |
Durgapur, Waria Road, Angadpur, Durgapur - 713215, West Bengal, India |
|
Tel. No.: |
91-343-2590709/ 2590702 |
|
Fax No.: |
91-343-2590710 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Shrawan Kumar Todi |
|
Designation : |
Director |
|
Address : |
2 Queens Park, Kolkata-700019 West Bengal, India |
|
Date of Birth/Age : |
15.08.1941 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
31.07.2008 |
|
Din No.: |
00080303 |
|
|
|
|
Name : |
Mr. Manoj Kumar Baheti |
|
Designation : |
Director |
|
Address : |
1, Shiv Thakur Lane, Burrabazar, Kolkata-700007, West Bengal, India |
|
Date of Birth/Age : |
04.02.1978 |
|
Qualification : |
CA & CS |
|
Date of Appointment : |
31.07.2006 |
|
Din No.: |
00562913 |
|
|
|
|
Name : |
Mr. Krishna Kumar Rungta |
|
Designation : |
Director |
|
Address : |
5 K, New Road, Alipore, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
11.08.1944 |
|
Date of Appointment : |
02.07.2012 |
|
Din No.: |
00385473 |
|
|
|
|
Name : |
Mr. Ravi Todi |
|
Designation : |
Additional Director |
|
Address : |
2, Queens Park, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
01.05.1969 |
|
Date of Appointment : |
09.11.2010 |
|
Din No.: |
00080388 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
NOT AVAILABLE
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
|
|
|
Public Financial Companies |
0.40 |
|
Bodies Corporate |
58.63 |
|
Directors Or Relatives Of Directors |
22.15 |
|
Other Top Fifty Shareholders |
6.56 |
|
Others |
12.26 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Silico Manganese and Ferro Manganese. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Information Declined By The Management |
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Bankers : |
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Facilities : |
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Banking Relations
: |
--- |
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|
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Auditors : |
|
|
Name : |
K.N. Gutgutia
and Company Chartered Accountants |
|
Address : |
6C, Middleton
Street, Kolkata - 700071. |
|
Tel. No.: |
91-33-22873735/ 56 |
|
Fax No.: |
91-33-22873756 |
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E-Mail : |
|
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PAN No.: |
AACSK6448G |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500000 |
Equity Shares |
Rs.10/- each |
Rs.125.000
Millions |
|
|
|
|
|
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000
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 |
120.000 |
120.000 |
120.000 |
|
(b) Reserves & Surplus |
(98.645) |
(24.361) |
74.697 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
5.000 |
0.200 |
0.200 |
|
Total
Shareholders’ Funds (1) + (2) |
26.355 |
95.839 |
194.897 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
135.821 |
3.215 |
14.644 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.005 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
135.821 |
3.215 |
14.649 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
362.643 |
335.581 |
432.805 |
|
(b) Trade
payables |
196.716 |
363.318 |
205.284 |
|
(c) Other
current liabilities |
42.221 |
26.079 |
28.083 |
|
(d) Short-term
provisions |
1.608 |
1.638 |
1.323 |
|
Total Current
Liabilities (4) |
603.188 |
726.616 |
667.495 |
|
|
|
|
|
|
TOTAL |
765.364 |
825.670 |
877.041 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
154.364 |
170.371 |
187.191 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
13.943 |
13.943 |
13.943 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
24.421 |
73.826 |
25.224 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
192.728 |
258.140 |
226.358 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
358.658 |
370.674 |
477.661 |
|
(c) Trade
receivables |
110.516 |
118.118 |
136.572 |
|
(d) Cash
and cash equivalents |
38.332 |
24.219 |
13.989 |
|
(e) Short-term
loans and advances |
44.055 |
29.136 |
22.117 |
|
(f) Other
current assets |
21.075 |
25.383 |
0.344 |
|
Total
Current Assets |
572.636 |
567.530 |
650.683 |
|
|
|
|
|
|
TOTAL |
765.364 |
825.670 |
877.041 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1164.742 |
1604.184 |
1057.553 |
|
|
|
Other Income |
4.911 |
6.107 |
3.179 |
|
|
|
TOTAL (A) |
1169.653 |
1610.291 |
1060.732 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
731.552 |
1012.004 |
591.712 |
|
|
|
Purchases of Stock-in-Trade |
53.866 |
307.731 |
34.563 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(20.863) |
(60.557) |
(10.973) |
|
|
|
Employees benefits expense |
31.063 |
28.475 |
24.152 |
|
|
|
Other expenses |
437.272 |
497.323 |
332.511 |
|
|
|
TOTAL (B) |
1232.890 |
1784.976 |
971.965 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(63.237) |
(174.685) |
88.767 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
58.116 |
49.841 |
48.958 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(121.353) |
(224.526) |
39.809 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.913 |
26.228 |
28.737 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(145.266) |
(250.754) |
11.072 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
3.058 |
4.933 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(145.266) |
(253.812) |
6.139 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
502.707 |
697.730 |
170.235 |
|
|
TOTAL EARNINGS |
502.707 |
697.730 |
170.235 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(6.19) |
(8.25) |
0.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(12.42) |
(15.76) |
0.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.47) |
(15.63) |
1.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.33) |
(30.89) |
1.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(5.51) |
(2.62) |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
18.91 |
3.54 |
2.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95 |
0.78 |
0.97 |
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 |
120.000 |
120.000 |
120.000 |
|
Reserves & Surplus |
74.697 |
(24.361) |
(98.645) |
|
Share Application money
pending allotment |
0.200 |
0.200 |
5.000 |
|
Net worth |
194.897 |
95.839 |
26.355 |
|
|
|
|
|
|
long-term borrowings |
14.644 |
3.215 |
135.821 |
|
Short term borrowings |
432.805 |
335.581 |
362.643 |
|
Total borrowings |
447.449 |
338.796 |
498.464 |
|
Debt/Equity ratio |
2.296 |
3.535 |
18.913 |
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 |
1057.553 |
1604.184 |
1164.742 |
|
|
|
51.688 |
(27.393) |
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 |
1057.553 |
1604.184 |
1164.742 |
|
Profit |
6.139 |
(253.812) |
(145.266) |
|
|
0.58% |
(15.82%) |
(12.47%) |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
UNSECURED LOAN
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
|
(Rs. In Millions) |
|
|
SHORT TERM
BORROWINGS: |
|
|
|
Intercorporate borrowings |
120.232 |
50.579 |
|
Loans and advances from others |
0.000 |
15.000 |
|
Total |
120.232 |
65.579 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10063118 |
18/02/2013 * |
643,800,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, ALIPORE, 24/1/1, ALIPORE ROAD, |
B70596432 |
|
2 |
80039729 |
18/02/2013 * |
643,800,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, ALIPORE, 24/1/1, ALIPORE ROAD, |
B70594924 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and
Equipment
- Furniture and
Fixtures
- Vehicles
- Motor
Vehicles
- Office
Equipment
- Computer
Equipments
PRESS RELEASE:
CALCUTTA STOCK
EXCHANGE'S LAST EFFORTS FOR SURVIVAL
In A Last Ditch Effort
To Stay Afloat, CSE Is Pitching Hard For An Alliance With All Regional
Exchanges In The Country.
Even in the clamorous streets of Burra Bazaar, Asia’s biggest wholesale Market, 7, Lyons Range, has stood out for its chaos.
Around 1830’s a neem tree nearby the present day Lyons Range served as a shade for intense gambling sessions. In 1928, the informal broking took shape of a formal Trading platform, when Calcutta Stock Exchange was constructed. Since then, for almost six decades, an open outcry system and later a computerized system of Trade, kept the street bustling with activity. In between, in 2001, surfaced a scam, but CSE steered to stay afloat.
In 2014, as the Securities and Exchange Board of India (Sebi) regulations is threatening to down CSE's shutters, efforts are on to once again bring back the clamour at Lyons Range.
In a last ditch effort to stay afloat, CSE is pitching hard for an alliance with all regional exchanges in the country. The idea, mooted to Sebi by CSE, is to project the Kolkata-based exchange as the only national exchange, aimed at regional small and medium enterprises, according to B Madhav Reddy, Managing Director and CEO of CSE.
Meanwhile, CSE is also keen to buy a stake in a clearing corporation to stay afloat, as earlier proposals to tie-up with ICCL, the Clearing Corporation of BSE, failed.
Sebi has sought a roadmap with timeline for the CSE resuscitation plan, according to sources.
Thus, after forging tie-ups with four regional exchanges--the Madhya Pradesh Stock Exchange, The Counter Exchange of India (OTCEI), Ludhiana and Bangalore Stock Exchanges to take over their operations—CSE has now proposed tie-ups with Uttar Pradesh and Jaipur Stock Exchanges.
“We have already tied up with four regional exchanges. We proposed tie-ups with UP and Jaipur Stock Exchanges. The MoUs are finalized and the two exchanges are awaiting their respective board exchanges,” said Reddy.
Under the consolidation plan with the Madhya Pradesh Stock Exchange, CSE plans to absorb its Brokers, companies and employees and of the exchange. In addition, CSE also plans to open an office at Indore. In case of OTCEI, it plans to acquire its companies and members. For Lundiana and Bangalore Stock Exchanges, the plan involves migration of their listed companies to CSE.
However, CSE’s eyes are now set on bigger exchanges like Delhi, Ahmedabad and Madras Stock Exchanges, which so far have remained non-committal to the idea of an alliance on account of the uncertainty surrounding CSE.
During the 2011 Assembly elections, the ruling TMC government had proposed the revival of CSE. However, after coming to power, the state took no initiative to revive it.
Even if CSE succeeds in projecting itself as a grand alliance of all RSEs, bigger challenges would lie ahead.
Most of the RSEs are plagued by vanishing companies, which Raised Money through public issues almost four decades ago, but little is known about these entities.
According to Reddy, in CSE alone, of the 2500 listed companies, only 500 are compliant with present day listing norms.
“Our aim would be to clean the system, as there are so many smaller companies that vanished after RAISING Money in RSEs. Next, we will identify good companies, like textiles companies in Ludhiana or manufacturing companies in Madras to get listed on CSE. This will bring liquidity to the system,” said Reddy.
In 2012, SEBI brought out new norms for RSEs, under which, they needed to own a Trading platform, with an annual trading of not less than Rs 10000.000 Millions, to stay afloat. This apart, the net worth of the exchange should not be less than Rs 100 crore, said the norms.The regulations came as a blessing in disguise for CSE, as other RSEs started working on the merger proposal with CSE.
However, in April 2013, CSE had to suspend trading as it failed to comply with the Stock Exchanges and Clearing Corporations) Regulations, 2012. So long, CSE was executing Trade through its in house clearing mechanism. Earlier, CSE had sought an extension of the due date of 5th April 2013 fixed by Sebi for clearing and settlement of trades by in-house clearing house of the exchange. However, Sebi did not accede to the request of CSE and hence, the exchange had to temporarily suspend the trading in C-Star from 4th April 2013. CSE was hoping that the clearing corporation deal with fructify over the year.
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 records 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.61.36 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.