MIRA
INFORM REPORT
|
Report Date : |
04.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
JR TOLL ROAD PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, |
|
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.12.2009 |
|
|
|
|
Com. Reg. No.: |
11-197721 |
|
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|
|
Capital
Investment / Paid-up Capital : |
Rs.0.107 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203MH2009PTC197721 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Construction of Roads. |
|
|
|
|
No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a special purpose vehicle majorly promoted by Reliance
Infra for implementing a toll road project on a build, operate and transfer basis
from Jaipur to Reengus Stretch of National Highway – II which links the city
of Agra to Bikaner through Jaipur. Mr. Binayak Tripathi, the project manager provided information and
confirmed that the management has completed the road and it is operational
since July 2013 form which the company is earning decent revenue during FY
2014 expected to double in the next four years. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of strong promoters, the company can be considered for
business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = AA- |
|
Rating Explanation |
Higher degree of safety and lower credit
risk. |
|
Date |
25.09.2013 |
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 PARTED BY
|
Name : |
Mr. Binayak Triparti |
|
Designation : |
Project Manager |
|
Contact No.: |
91-9309371204 |
|
Date : |
03.09.2014 |
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai –
400710, Maharashtra |
|
Tel. No.: |
91-22-30386290 / 30098181 |
|
Mobile No.: |
91-9309371204 (Mr. Binayak Triparti) |
|
Fax No.: |
91-22-30376633 / 30098128 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Project Office : |
Located at Rajasthan, India |
|
Tel. No.: |
91-1423-212123 |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Sudhir Rao Hoshing |
|
Designation : |
Director |
|
Address : |
Flat No.604, Tower II, Challenger Tower, Thakur Village, Kandivli
(East), Mumbai - 400 101, Maharashtra, India
|
|
Date of Birth/Age : |
18.08.1964 |
|
Date of Appointment : |
09.12.2009 |
|
DIN No.: |
02460530 |
|
|
|
|
Name : |
Mr. Ajey Jaswantrai Joshi |
|
Designation : |
Additional Director |
|
Address : |
K 602, Gokul Vihar-II Chs, Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
24.04.1955 |
|
Date of Appointment : |
09.08.2013 |
|
DIN No.: |
01814893 |
KEY EXECUTIVES
|
Name : |
Mr. Binayak Triparti |
|
Designation : |
Project Manager |
MAJOR SHAREHOLDERS
As on 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Reliance Infrastructure Limited |
|
5137 |
|
AAA Communication Private Limited |
|
2783 |
|
Jiangsu Provincial Tansportation Engineering Group Company Limited |
|
2783 |
|
Ramesh Shenoy jointly with Reliance Infrastructure Limited |
|
1 |
|
Total |
|
10704 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2013
|
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 |
26.00 |
|
Bodies corporate |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction of Roads. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
10 (Approximately) |
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Bankers : |
Yes Bank |
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Facilities : |
Notes: a. First mortgage and charge of all immovable properties, present and future b. First charge by way of hypothecation of all movable assets, both present and future, save and except the project Assets. c. First charge on all intangible assets save and except Project assets. d. First Charge on receivables, book debts, cash and cash equivalents including any other bank accounts and other assets, present and future. e. First Charge on government approvals, insurance policies, uncalled capital, project documents, guarantees, letter of credit, performance warranties, indemnities and securities given to the Company. f.
Repayment Terms: - The repayment of loan will
start from 31 Dec 2013 in 34 quarterly installments and will be paid till 31 March
2022. The interest will be paid monthly as per the applicable G-Sec plus 275
basis point. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
Axis Trustee Services Limited, 2nd Floor - E, Axis House, Bombay
Dyeing Mill Compound, P. B. Marg, Worli, Mumbai - 400005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
M K P S and Associates Chartered Accountants |
|
Address : |
301, SanjayAppa Chambers, Behind Charat Singh Colony, 82, New Chakala Link
Road, Andheri (East), Mumbai – 400093, Maharashtra, Indian |
|
Tel. No.: |
91-22-65236959 |
|
Fax No.: |
91-22-28373182 |
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E-Mail : |
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|
Website : |
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PAN No.: |
AAEFD6922D |
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|
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|
As Confirmed By Management : |
|
|
|
|
|
Holding Company : |
·
Reliance Infrastructure Limited |
|
|
|
|
Associates Member : |
· AAA Communication Private Limited ·
Jiangsu Provincial Transportation Engineering Group
Company Limited |
CAPITAL STRUCTURE
As on 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6400000 |
Equity Shares |
Rs.10/- each |
Rs.64.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10704 |
Equity Shares |
Rs.10/- each |
Rs.0.107
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 |
0.107 |
0.107 |
0.107 |
|
(b) Reserves & Surplus |
651.411 |
(0.235) |
(0.259) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
639.800 |
639.800 |
534.500 |
|
Total
Shareholders’ Funds (1) + (2) |
1,291.318 |
639.672 |
534.348 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3,443.240 |
1,840.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
257.733 |
150.617 |
37.684 |
|
(d) long-term provisions |
0.700 |
0.228 |
0.000 |
|
Total Non-current Liabilities (3) |
3,701.673 |
1,990.845 |
37.684 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
22.500 |
0.000 |
0.000 |
|
(b) Trade payables |
0.000 |
0.000 |
723.126 |
|
(c) Other current
liabilities |
447.550 |
369.430 |
14.252 |
|
(d) Short-term provisions |
0.064 |
0.021 |
0.149 |
|
Total Current Liabilities (4) |
470.114 |
369.451 |
737.527 |
|
|
|
|
|
|
TOTAL |
5,463.105 |
2,999.968 |
1,309.559 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1.604 |
0.885 |
0.840 |
|
(ii) Intangible Assets |
0.019 |
0.068 |
0.099 |
|
(iii) Capital
work-in-progress |
5,211.530 |
2,625.482 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
971.630 |
|
(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 |
32.555 |
220.173 |
284.697 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
2.436 |
|
Total Non-Current Assets |
5,245.708 |
2,846.608 |
1,259.702 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
49.164 |
86.937 |
18.745 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
121.238 |
2.256 |
0.593 |
|
(e) Short-term loans and
advances |
46.995 |
64.167 |
30.519 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
217.397 |
153.360 |
49.857 |
|
|
|
|
|
|
TOTAL |
5,463.105 |
2,999.968 |
1,309.559 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.034 |
0.298 |
|
|
|
TOTAL |
0.000 |
0.034 |
0.298 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
0.000 |
0.000 |
0.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
0.000 |
0.034 |
(0.252) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.011 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
0.000 |
0.023 |
(0.252) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.236) |
(0.259) |
(0.007) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(0.236) |
(0.236) |
(0.259) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.00 |
2.19 |
(24.07) |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
365.000 |
The above information has been parted by Mr. Binayak Triparti
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.00 |
67.65 |
(84.56) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00 |
0.01 |
-0.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.68 |
2.88 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.46 |
0.42 |
0.07 |
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 |
0.107 |
0.107 |
0.107 |
|
Reserves & Surplus |
(0.259) |
(0.235) |
651.411 |
|
Share Application money pending allotment |
534.500 |
639.800 |
639.800 |
|
Net worth |
534.348 |
639.672 |
1291.318 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
1840.000 |
3443.240 |
|
Short term borrowings |
0.000 |
0.000 |
22.500 |
|
Total borrowings |
0.000 |
1840.000 |
3465.740 |
|
Debt/Equity ratio |
0.000 |
2.876 |
2.684 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
19.460 |
0.000 |
0.000 |
|
Total |
19.460 |
0.000 |
0.000 |
|
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
four 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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans and
advances from related parties |
|
|
|
Inter Corporate
Deposits from Reliance Infrastructure Limited, Holding Company |
22.500 |
0.000 |
|
Total |
22.500 |
0.000 |
OPERATIONS
The Company was set up with the objective to Design, Engineering. Construction, Operation and Maintenance for 4/6 laning of Jaipur to Reengus section of National Highway -11 in Rajasthan for 52.650 km
The Company commenced construction of the project during 2009 and the project execution is expected to be completed during the financial year 2014-15.
INTRODUCTION
The company has been awarded on build, operate and transfer (BOT) basis, strengthening of the existing carriageway from 246 km to 298 km on the Jaipur – Reengus section of National Highway NO. 11 in the State of Rajasthan and widening thereof to 4 lanes and its improvement, operation and maintenance under the concession agreement dated February 19, 2010 with National Highways authority of India. The Concession agreement is for a period of 18 years from August 14, 2010 being the appointed date.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10269932 |
25/01/2011 |
3,890,000,000.00 |
Axis Trustee Services |
2nd Floor - E, Axis House,, Bombay Dyeing Mill Cmpound, P. B. Marg, Worli, MUMBAI, Maharashtra - 400005, India |
B06481808 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS:
RINFRA COMMENCES TOLLING
ON JAIPUR-REENGUS HIGHWAY
The four laning of the 52 km Jaipur
Reengus (JR) road has been completed and toll collection has started
Jyoti Mukul | New
Delhi July 23, 2013
Reliance Infrastructure Limited (RInfra), part of the Reliance
Group, through its Special Purpose Vehicle (SPV) JR Toll Road Private Limited, today announced the commencement
of its ninth road project from Jaipur to Reengus in Rajasthan.
The four laning of the 52 km Jaipur Reengus (JR) road has been completed and
toll collection has started. The Rs.5560.000 Millions project has been executed
on DBFOT (Design, Build, Operate, Finance and Transfer) pattern under the aegis
of National Highways Authority of India.
RInfra has been awarded the contract for a concession period of 18 years, said
a company statement.
TOLL COLLECTION TO
STOP AFTER COST OF PROJECT IS RECOVERED: GADKARI
In a written reply to a question in Lok Sabha, Gadkari said
policy of road toll collection will be changed
The developers will no longer be able to collect toll after recovering the cost of the roads project, the
minister for Road Highways and Transport Nitin Gadkari said today.
In a written reply to a question in the Lok Sabha, Gadkari
said the policy of road toll collection will be changed.
The toll collection will only start after 100% completion of the project
instead of 75% completion, as being implemented currently.
The toll collection will also stop after the cost of the
project is recovered.
He said that toll collection was less than expected due to
slowdown of the economy. The revenue share of NHAI (National Highways Authority of India) is about
Rs.60000.000 Millions and is expected Rs.80000.000 Millions after recovery of
the economy.
The minister also said that he held discussions with
financial institutions as they do not want to fund road projects as there are
huge NPAs in the sector. The Prime Minister is also expected to discuss the
issue with financial institutions to restore their confidence to fund road
projects.
In reply to another question, Gadkari said that his ministry
has allocated Rs.150000.000 Millions for the North Eastern region for setting
up of roads. The quality of roads could also be improved as the ministry is
looking into prospect of making cement roads.
LETTERS: EQUAL PAY FOR EQUAL USE
Business
Standard | New Delhi July 24,
2014
This refers to "A toll on the top" (Chinese
Whispers, July 24). It is imperative that the government take a policy
decision to the effect that whoever wants to make use of a highway, road or other public facility pays the toll fee without exception. It is shocking that ordinary
citizens battling rising prices of essential commodities have to pay the toll tax while the political class, which is also rich, is
exempted. Need anybody stress that ministers and elected members have to become
models for others by paying the toll fee and not forget that they, too, are ordinary
mortals? It would certainly enhance their prestige.
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.60.61 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
47 |
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.