MIRA
INFORM REPORT
|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
JSW STEEL COATED PRODUCTS LIMITED [w.e.f.31.10.2012] |
|
|
|
|
Formerly Known
As : |
MAHARASHTRA SPONGE IRON LIMITED |
|
|
|
|
Registered
Office : |
JSW Centre,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.09.1985 |
|
|
|
|
Com. Reg. No.: |
11-037346 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH1985PLC037346 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ17023G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM3988L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Processor, Exporter and Importer of Iron and Steel Products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a fine track. There incurred some accumulated loss recorded by the company. However, the company has achieved minimal profit during the financial year 2013. However, the rating takes into consideration strength from the prominent promoters with significant presence in the Indian Steel Industry and experienced management, considerable business integration with JSW Steel Limited, access to wide distribution network of JSW Steel Limited and high brand value and strong operational performance of the downstream steel facilities of JSCPL. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. 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.
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 |
CARE |
|
Rating |
Long term bank facilities AA- (SO) |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
April 4, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1+ (SO) |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
April 4, 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 DECLINED
MANAGEMENT NON CO-OPERATIVE [91-22-42861000]
LOCATIONS
|
Registered Office : |
JSW Centre,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-42861000 |
|
Mobile No.: |
91-9870250435 [Mr. Hemant Shate] |
|
Fax No.: |
91-22-42863000 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
A-10/1, MIDC Industrial Area, Kalmeshwar District, Nagpur-441501,
Maharashtra, India |
|
Tel No.: |
91-711-827112527 |
DIRECTORS
AS ON 30.07.2012
|
Name : |
Mr. Jayaraman Vardarajan |
|
Designation : |
Director |
|
Address : |
403, The Enclave Apartments, Marathe Marg, Prabhadevi, Mumbai-400025,
Maharashtra, India |
|
Date of Birth/Age : |
27.07.1966 |
|
Date of Appointment : |
03.04.1996 |
|
Date of Cessation : |
07.06.2013 |
|
DIN No.: |
00055676 |
|
|
|
|
Name : |
Mr. Surendranath Vasupal Vandakudri |
|
Designation : |
Director |
|
Address : |
A-504, Siddhi Apartments, Chikuwadi, Borivali (East), Mumbai-400092,
Maharashtra, India |
|
Date of Birth/Age : |
07.04.1959 |
|
Date of Appointment : |
25.08.2003 |
|
Date of Cessation : |
07.06.2013 |
|
DIN No.: |
00025699 |
|
|
|
|
Name : |
Mr. Ravindra Dattatray Bhalerao |
|
Designation : |
Director |
|
Address : |
503, Yoganand Society, Vazira Naka, LT Road, Borivali (West),
Mumbai-400091, Maharashtra, India |
|
Date of Birth/Age : |
03.11.1963 |
|
Date of Appointment : |
03.04.1996 |
|
Date of Cessation : |
07.06.2013 |
|
DIN No.: |
00022812 |
|
|
|
|
Name : |
Mr. Jayant Acharya |
|
Designation : |
Director |
|
Address : |
F-303, Great Eastern Gardens, L.B.S. Marg, Kanjur Marg [West], Mumbai
– 400078, Maharashtra, India |
|
Date of Birth/Age : |
25.01.1963 |
|
Date of Appointment : |
01.06.2013 |
|
DIN No.: |
00106543 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U26957MH2006PLC160839
|
JSW CEMENT
LIMITED |
Director |
29/03/2006 |
29/03/2006 |
30/03/2010 |
Active |
NO |
|
2 |
U01010MH2003PLC176595
|
JSW STEEL
PROCESSING CENTRES LIMITED |
Director |
15/05/2007 |
01/12/2006 |
- |
Active |
NO |
|
3 |
U45200MH2008PLC180608
|
JSW BUILDING
SYSTEMS LIMITED |
Director |
28/03/2008 |
28/03/2008 |
- |
Amalgamated |
NO |
|
4 |
U28112MH2009PLC191045
|
JSW SEVERFIELD
STRUCTURES LIMITED |
Director |
19/03/2009 |
19/03/2009 |
- |
Active |
NO |
|
5 |
L27102MH1994PLC152925
|
JSW STEEL
LIMITED |
Director |
06/07/2009 |
07/05/2009 |
- |
Active |
NO |
|
6 |
U28112MH2009PLC197954
|
JSW STRUCTURAL
METAL DECKING LIMITED |
Director |
18/12/2009 |
18/12/2009 |
- |
Active |
NO |
|
7 |
U27100MH1985PLC037346
|
JSW STEEL COATED
PRODUCTS LIMITED |
Director |
16/08/2013 |
01/06/2013 |
- |
Active |
NO |
|
Name : |
Mr. Dileep Kashinath Bhatt |
|
Designation : |
Director |
|
Address : |
Leo B 404, Aries Leo Saggitarous CHS, Divya Park, Janklyan Nagar,
Marve Road, Malad [West], Mumbai - 400095, Maharashtra, India |
|
Date of Birth/Age : |
10.07.1958 |
|
Date of Appointment : |
01.06.2013 |
|
DIN No.: |
00046096 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27206GJ1996PTC073209
|
JINDAL COATED
STEEL PRIVATE LIMITED TFR. FROM MUMBAI TO DELHI |
Director |
07/11/2005 |
07/11/2005 |
31/08/2006 |
Active |
NO |
|
2 |
U45200MH2008PLC180608
|
JSW BUILDING
SYSTEMS LIMITED |
Additional
director |
17/01/2013 |
17/01/2013 |
- |
Amalgamated |
NO |
|
3 |
U27100MH1985PLC037346
|
JSW STEEL COATED
PRODUCTS LIMITED |
Director |
16/08/2013 |
01/06/2013 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Hemant Shate |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.07.2012
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Sun Investments Private Limited, India |
24990 |
49.98 |
|
Gagan Trading Company Limited, India |
24960 |
49.92 |
|
Jindal Savitridevi |
10 |
0.02 |
|
Jindal Sajjan |
10 |
0.02 |
|
Agarwal Shyamlal |
10 |
0.02 |
|
Jindal Sangita |
10 |
0.02 |
|
Agarwal Asha |
10 |
0.02 |
|
|
|
|
|
TOTAL
|
50000 |
100.00 |
AS ON 30.07.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
99.90 |
|
Other top fifty shareholders |
0.10 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Processor, Exporter and Importer of Iron and Steel Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Gupta and Company Chartered Accountants |
|
Address : |
38, Bombay Mutual Building, 2nd Floor, Dr. D. N. Road, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-40851000 |
|
Fax No.: |
91-22-40851015 |
|
E-Mail : |
|
|
PAN No.: |
AAAFS7702F |
|
|
|
|
Ultimate Holding Company : |
JSW Steel Limited CIN No.:- L27102MH1994PLC152925 |
|
|
|
|
Holding Company : |
Jsw Building
Systems Limited CIN No.:- U45200MH2008PLC180608 |
|
|
|
|
Associates : |
International
Maritime and Allied Services Limited CIN No.:- U45200MH2006PLC162795 |
CAPITAL STRUCTURE
AFTER 16.08.2013
Authorised Capital : Rs. 550.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 500.500
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
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 |
0.500 |
0.500 |
0.500 |
|
(b) Reserves & Surplus |
(0.074) |
(0.083) |
(0.069) |
|
(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) |
0.426 |
0.417 |
0.431 |
|
|
|
|
|
|
(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 |
0.007 |
0.007 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
0.007 |
0.007 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
0.000 |
0.000 |
0.009 |
|
(d) Short-term provisions |
0.002 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
0.002 |
0.000 |
0.009 |
|
|
|
|
|
|
TOTAL |
0.435 |
0.424 |
0.440 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.000 |
0.000 |
0.000 |
|
(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 |
0.249 |
0.249 |
0.249 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
0.249 |
0.249 |
0.249 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
0.186 |
0.175 |
0.191 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
0.186 |
0.175 |
0.191 |
|
|
|
|
|
|
TOTAL |
0.435 |
0.424 |
0.440 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.025 |
0.008 |
0.005 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
0.025 |
0.008 |
0.005 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
0.014 |
0.022 |
0.017 |
|
|
|
TOTAL |
0.014 |
0.022 |
0.017 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
0.011 |
(0.014) |
(0.012) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.002 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
0.009 |
(0.014) |
(0.012) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.084) |
(0.070) |
(0.058) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(0.075) |
(0.084) |
(0.070) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.18 |
(0.28) |
(0.23) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
36.00
|
(175.00) |
(240.00)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
44.00
|
(175.00) |
(240.00)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.91
|
(8.00) |
(6.28)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
(0.03) |
(0.03)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
93.00
|
0.00 |
21.22 |
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 |
0.500 |
0.500 |
0.500 |
|
Reserves & Surplus |
(0.069) |
(0.083) |
(0.074) |
|
Net
worth |
0.431 |
0.417 |
0.426 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
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 |
0.005 |
0.008 |
0.025 |
|
|
|
60.000 |
212.500 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
0.005 |
0.008 |
0.025 |
|
Profit |
(0.012) |
(0.014) |
0.009 |
|
|
(240.00%) |
(175.00%) |
36.00% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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
Registered office has been shifted from Jindal Mansion, 5A G D Deshmukh
Marg, Mumbai-400026, Maharashtra, India to the present address w.e.f.
18.07.2013.
INDEX OF CHARGES
No Charges Exits for the Company
PERFORMANCE
The accounts for
the year ended 31st March, 2013 shows a Profit of Rs.0.009 Million as against a
loss of Rs. 0.014 Million in the previous year. The financial statements for the
year 2012-13 have been prepared as per applicable laws.
AMALGAMATION
The Directors in
their meeting held on 1 September, 2012, have considered and approved a
Composite Scheme of Arrangement and Amalgamation under Sections 391-394 of the
Companies Act, 1956 (the Scheme) amongst the Company, JSW ISPAT Steel Limited
(JSW ISPAT), JSW Building Systems Limited (JSW Building) and JSW Steel Limited
(JSW Steel) and their respective shareholders and creditors relating to the
following matters, with 1st July 2012 being the appointed date:
(a)
Transfer of the Kalmeshwar undertaking of JSW ISPAT
to the Company.
(b) Transfer of the
Vasind and Tarapur undertaking of JSW Steel (Holding Company) to the Company
(c) Amalgamation of
JSW Building with JSW Steel.
(d) Amalgamation of Residual
JSW ISPAT with JSW Steel.
On 3rd May, 2013
the Hon’ble Bombay High Court sanctioned the said Scheme with effect from 1st
July, 2012, being the appointed date. The certified copy of the Court Order was
filed with the Registrar of Companies, Maharashtra on 1st June, 2013
and the Scheme has become effective from that date.
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.61.46 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.