MIRA
INFORM REPORT
(REVISED REPORT)
|
Report Date : |
17.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
MOSER BAER INDIA
LIMITED |
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Registered Office : |
43 B, Okhla
Industrial Estate, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
21.03.1983 |
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Com. Reg. No.: |
55–015418 |
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Capital Investment / Paid-up Capital : |
Rs.1983.061
millions |
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CIN No.: [Company
Identification No.] |
L51909DL1983PLC015418 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08254B |
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PAN No.: [Permanent
Account No.] |
AAACM0322J |
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Legal Form : |
A Public Limited Liability
Company. The Company's Shares are Listed on the Stock Exchanges. |
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Line of Business : |
Manufacture and sale of Optical Storage Media. |
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No. of Employees : |
3793
[Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth
of the company. Liquidity position of the company is under pressure. Business is active. Payment terms are slow but correct. The company can be considered for business dealings on safe and
secured trade terms and conditions. Note: The company has changed its financial filing from 31.03.2013 to
31.12.2013. Latest financial filed with the government department is of 9
months. |
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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 |
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Rating |
Long terms bank facilities: D |
|
Rating Explanation |
Instruments within rating are in default or expected to be in default
on maturity. |
|
Date |
02.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-11-40594444)
LOCATIONS
|
Registered Office / Corporate Office / Head Office : |
43 B, Okhla Industrial
Estate, |
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Tel No.: |
91-11-41635201 / 41635207 / 26911570 to 26911574 / 51635201 / 02 / 03 / 04 / 05 / 40594444 |
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Fax No.: |
91-11-41635211/ 26911860 / 51635211 |
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E-Mail : |
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Website : |
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Administrative Office : |
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Tel. No.: |
91-11-26832762 |
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Fax No.: |
91-11-26849544 |
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Factory 1 : |
BOM and M and ES 66, Udyog Vihar Industrial Area, Greater Noida – 201 301, |
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Tel. No.: |
91-120-4386000 |
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Factory 2 : |
PVTIL and MBPV 66B, SEZ Udyog Vihar, Greater Noida, |
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Tel. No.: |
91-120-4658000 |
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Factory 3 : |
BOM and M and ES A-164, Sector 80, Phase II, District Gautam Budh Nagar, |
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Tel. No.: |
91-120-2460800 /
4307000 |
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Factory 4: |
66, Nepz, Noida District, Gautam Buddha Nagar, |
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Tel. No.: |
91-120-2567023-25
/ 4386347 |
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Fax No.: |
91-120-2562117 / 4386850 |
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Factory 5 : |
B-4, Nepz, Noida, Gautam Buddha Nagar,
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Tel. No.: |
91-120-2567023-25 |
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Fax No.: |
91-120-2562117 |
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Factory 6 : |
B-17, Sector 9,
Noida, Gautam Buddha Nagar, |
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Tel. No.: |
91-120-2521662 |
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Factory 7 : |
OZ -2, Oz – 3, Oz
– 4, Hi-Techsez, Sipcot Industrial Park – 3, Oragadam, Sriperampudur Taluk,
Kanceepruam District – 602105, Tamilnadu, India |
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International
Offices : |
Located at: ·
·
·
·
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Affiliate Offices
(International) |
Located at: ·
·
US East Coast ·
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Branch Office: |
Located at: ·
Mumbai ·
·
·
Kolkata ·
Chennai |
DIRECTORS
As on 31.12.2013
|
Name : |
Mr. Deepak Puri |
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Designation : |
Chairman and Managing Director |
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Name : |
Mrs. Nita Puri |
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Designation : |
Whole Time Director |
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Address : |
A-187, New Friends Colony, |
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Qualification
: |
B. Ed. |
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Name : |
Mr. John Levack |
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Designation : |
Non-Executive and Nominee Director |
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Address : |
1110, Jardine House, 1, |
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Qualification
: |
Degree in Business Administration from |
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Name : |
Mr. Bernard Gallus |
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Designation : |
Independent and Non-Executive Director |
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Name : |
Mr. Vineet Sharma |
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Designation : |
Independent and Non-Executive Director |
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Name : |
Mr. Sanjay Jain |
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Designation : |
Additional Director |
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Name : |
Mr. K. Ajit Kumar |
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Designation : |
Nominee Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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67420141 |
32.37 |
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67420141 |
32.37 |
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Total shareholding of Promoter and Promoter Group (A) |
67420141 |
32.37 |
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(B) Public Shareholding |
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|
1250 |
0.00 |
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|
7937 |
0.00 |
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|
579571 |
0.28 |
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588758 |
0.28 |
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19353117 |
9.29 |
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|
64622327 |
31.02 |
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43148203 |
20.71 |
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|
13173558 |
6.32 |
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|
3210602 |
1.54 |
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|
2611 |
0.00 |
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9960345 |
4.78 |
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140297205 |
67.35 |
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Total Public shareholding (B) |
140885963 |
67.63 |
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Total (A)+(B) |
208306104 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
208306104 |
0.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacture and sale of Optical Storage Media. |
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Products : |
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Brand Names : |
"XYDAN" |
GENERAL INFORMATION
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No. of Employees : |
3793
[Approximately] |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Walker, Chandiok and Company Chartered
Accountants |
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Subsidiaries : |
· European Optic Media Technology GMBH · Moser Baer SEZ Developer Limited · Solar Research Limited · Moser Baer Laboratories Limited · Moser Baer Entertainment Limited · Moser Baer Investments Limited · Photo Voltaic Holdings Limited · MB Solar Holdings Limited · Moser Baer Solar Limited · Helios Photo Voltaic Limited (formerly known as Moser Baer Photo Voltaic Limited) · Perafly Limited · Dalecrest Limited · Nicofly Limited · Perasoft Limited · Crownglobe Limited · Peraround Limited · Advoferm Limited · Cubic Technologies BV · Tifton Limited · Value Solar Energy Private Limited · Pride Solar Systems Private Limited · Admire Energy Solutions Private Limited · Moser Baer Solar Systems Private Limited · Competent Solar Energy Private Limited · OM&T B.V.* · Moser Baer Technologies Inc. · Moser Baer Infrastructure and Developers Limited · Moser Baer Photo Voltaic Inc. |
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Associate: |
· Global Data Media FZ LLC · Associate Moser Baer Infrastructure Limited · Solar Value Proizvodjna d.d. · Trust Moser Baer Trust |
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Enterprises over
which key management
personnel exercise significant
influence: |
· Moser Baer Engineering and Construction Limited |
Note: * Under liquidation w.e.f. 1 October 2013
CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,250,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 12500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
198,306,104 |
Equity Shares |
Rs.10/- each |
Rs. 1983.061
Millions |
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|
NOTE:
Terms and rights attached to equity shares :
The Company has one class of equity shares having par value of Rs. 10 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Shares allotted as fully paid up by way of bonus shares during the current reporting period and five years immediately preceding the current reporting period :
(No. of shares)
|
Particulars |
31 December 2013 |
31 March 2013 |
31 March 2012 |
31 March 2011 |
31 March 2010 |
31 March 2009 |
|
Equity shares allotted as fully paid up bonus shares by capitalization of general reserve |
-- |
-- |
-- |
-- |
-- |
25,000 |
Reconciliation of the number of shares outstanding at beginning and end of the reporting period :
|
Particulars |
31.12.2013 |
|
|
|
Number |
Rs. In Millions |
|
Shares outstanding at the beginning of the period/ year |
168,306,104 |
1683.061 |
|
Add : Shares issued during the period/ year |
30,000,000 |
300.00 |
|
Less : Shares bought back during the period/ year |
-- |
-- |
|
Shares outstanding at the end of the period/ year |
198,306,104 |
1983.061 |
) Shareholders holding more than 5 % of equity share capital :
|
Particulars |
31.12.2013 |
|
|
|
Number |
% of holding |
|
Deepak Puri and HUF |
57,420,141 |
28.95 |
|
International Finance Corporation* |
-- |
-- |
|
Electra Partners Mauritius Limited |
9,960,345 |
5.02 |
*International Finance Corporation has sold off its entire shareholdings in the secondary market during the current period.
Stock option plans :
The Company has two Stock Option Plans:
Employee Stock Option Plan 2004 and Director’s Stock Option Plan 2005
The Company has granted options to its non-executive directors and employees of the Company and its subsidiaries, to be settled through issue of equity shares.
The Options granted vest over a period of maximum of four years from the date of grant.
In case of Employee Stock Option Plan-2004, the exercise price shall be as follows:-(i) Normal allocation:- Rs. 125 per option or prevailing market price, whichever is higher.(ii) Special allocation:- 50% of the options at Rs. 125 per option or prevailing market price, whichever is higher and the balance 50% of the options at Rs. 170 per option or prevailing market price, whichever is higher.In case of Directors’ Stock Option Plan, the exercise price shall be Rs. 170 per option or prevailing market price, whichever is higher.
Two options granted before the record date under the above plans entitles the holder to three equity shares of the Company. Reconciliation of number of options granted, exercised and cancelled/ lapsed during the period :
|
Particulars |
For the period ended 31 December 2013 |
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|
|
Number |
Weighted average price |
|
Options outstanding at beginning of period/ year |
654,450 |
313.02 |
|
Add: Options granted |
-- |
-- |
|
Less: Options exercised |
-- |
-- |
|
Less: Options cancelled |
326,400 |
254.98 |
|
Less: Options lapsed |
8,400 |
208.87 |
|
Less: Options forfeited |
-- |
-- |
|
Options outstanding at the end of period/ year |
319,650 |
254.57 |
|
Option exercisable at the end of period/ year |
319,650 |
254.57 |
The options outstanding at the end of period had exercise price in the range of Rs. 125 to Rs. 491.90 (previous year Rs. 125 to Rs. 491.90) and a weighted average remaining contractual life of 1.56 years (previous year 2.04 years)
Employee Stock Option Plan-2009
The Company established a stock option plan called “ Moser Baer India Limited Stock Option Plan 2009”. The plan was setup to offer and grant stock options, in one or more tranches, to employees and directors of the Company as the compensation committee of the Company may determine. The granted options shall be settled through issue of equity shares. The exercise price shall be as follows:- (i) Normal allocation:- Market price at the date of grant(ii) Special allocation:- 50% of the options at Rs. 125 per option or prevailing market price, whichever is higher and the balance 50% of the options at Rs. 170 per option or prevailing market price, whichever is higher. All options, whether vested or unvested, granted to grantee shall in any case expire after a period of seven years from the offer date.
During the current period, the Company has issued Nil (previous year Nil) options to eligible employees. No options have been exercised during the period.
Reconciliation of number of options granted, exercised and cancelled/ lapsed during the period :
|
Particulars |
For the period ended 31 December 2013 |
|
|
|
Number |
Weighted average price |
|
Options outstanding at beginning of period/ year |
1,532,237 |
76.77 |
|
Add: Options granted |
-- |
-- |
|
Less: Options exercised |
-- |
-- |
|
Less: Options cancelled |
267,196 |
75.68 |
|
Less: Options lapsed |
-- |
-- |
|
Less: Options forfeited |
-- |
-- |
|
Options outstanding at the end of period/ year |
1,265,041 |
77.00 |
|
Option exercisable at the end of period/ year |
837,395 |
77.25 |
The options outstanding at the end of period had exercise price in the range of Rs. 46.30 to Rs. 170.00 (previous year Rs. 46.30 to Rs. 170.00) and a weighted average remaining contractual life of 3.62 years (previous year 4.37 years).
The impact on the loss of the Company for the period ended 31 December 2013 and the basic and diluted earnings per share had the Company followed the fair value method of accounting for stock options is set out below:
|
Particulars |
For the period ended 31 December 2013 |
|
Loss after tax as per statement of profit and loss (a) |
(4466.627) |
|
Add: Employee stock compensation expenses as per intrinsic value method value method on account of lapse of scheme |
-- |
|
Loss after tax recomputed for recognition of employee stock compensation expenses under fair value method (b) |
49.862 |
|
Loss per share based on earning as per (a) above: |
(4416.765) |
|
Basic |
(24.07) |
|
Diluted |
(24.07) |
|
Loss per share had fair value method been employed for accounting of employee stock options as per (b) above: |
|
|
Basic |
(23.80) |
|
Diluted |
(23.80) |
Fair values used for above computations have been calculated by taking into account the weighted average vesting period of the options.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 (9 Months) |
31.03.2013
(12
Months) |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1983.061 |
1683.061 |
1683.061 |
|
(b) Reserves & Surplus |
(3436.395) |
1807.093 |
6907.816 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
63.000 |
200.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(1390.334) |
3690.154 |
8590.877 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9720.286 |
10882.615 |
3862.386 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1808.816 |
1802.058 |
1793.209 |
|
(d) long-term provisions |
233.649 |
226.322 |
199.287 |
|
Total
Non-current Liabilities (3) |
11762.751 |
12910.995 |
5854.882 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6810.428 |
6670.347 |
8706.200 |
|
(b) Trade payables |
3084.054 |
3109.758 |
3290.930 |
|
(c) Other current liabilities |
10798.026 |
8810.542 |
10095.627 |
|
(d) Short-term provisions |
1622.863 |
1074.004 |
2218.990 |
|
Total
Current Liabilities (4) |
22315.371 |
19664.651 |
24311.747 |
|
|
|
|
|
|
TOTAL |
32687.788 |
36265.800 |
38757.506 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8018.569 |
9523.972 |
12254.607 |
|
(ii) Intangible Assets |
150.844 |
177.106 |
85.603 |
|
(iii) Capital work-in-progress |
0.000 |
3.850 |
46.612 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
92.648 |
|
(b) Non-current Investments |
6728.886 |
6840.396 |
7009.248 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1111.929 |
1546.955 |
1507.952 |
|
(e) Other Non-current assets |
4033.273 |
2793.189 |
2982.792 |
|
Total
Non-Current Assets |
20043.501 |
20885.468 |
23979.462 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5012.109 |
5277.353 |
5593.936 |
|
(c) Trade receivables |
4964.832 |
6175.885 |
7287.969 |
|
(d) Cash and cash equivalents |
715.472 |
1309.014 |
833.432 |
|
(e) Short-term loans and advances |
630.453 |
601.313 |
508.330 |
|
(f) Other current assets |
1321.421 |
2016.767 |
554.377 |
|
Total
Current Assets |
12644.287 |
15380.332 |
14778.044 |
|
|
|
|
|
|
TOTAL |
32687.788 |
36265.800 |
38757.506 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 (9 Months) |
31.03.2013
(12
Months) |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
9443.520 |
14663.101 |
20821.309 |
|
|
Other Income |
614.461 |
799.852 |
461.648 |
|
|
TOTAL
(A) |
10057.981 |
15462.953 |
21282.957 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
5018.362 |
7307.568 |
10219.763 |
|
|
Purchases of Stock-in-Trade |
13.688 |
91.578 |
68.082 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2.940 |
100.984 |
886.844 |
|
|
Employees benefits expense |
1136.344 |
1801.568 |
1797.352 |
|
|
Amortisation of foreign currency
monetary item translation difference account |
0.000 |
515.366 |
363.121 |
|
|
Other expenses |
3180.582 |
5386.949 |
5356.974 |
|
|
Exceptional items |
2054.723 |
(18.462) |
0.000 |
|
|
TOTAL
(B) |
11406.639 |
15185.551 |
18692.136 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(1348.658) |
277.402 |
2590.821 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1575.222 |
1966.742 |
2390.009 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2923.880) |
(1689.340) |
200.812 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1542.747 |
2902.324 |
3395.044 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(4466.627) |
(4591.664) |
(3194.232) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(4466.627) |
(4591.664) |
(3194.232) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Value of exports on FOB basis |
5414.171 |
9387.701 |
13225.758 |
|
|
Interest |
46.004 |
48.585 |
46.116 |
|
|
Other miscellaneous income |
31.769 |
1.744 |
122.333 |
|
|
TOTAL
EARNINGS |
5491.944 |
9438.030 |
13394.207 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Purchase of finished goods |
0.344 |
5.898 |
13.197 |
|
|
Raw material, including
goods-in-transit Rs. 89,097,583 (previous year Rs. 98,129,260) |
2119.254 |
3283.285 |
4911.142 |
|
|
Capital goods |
1.375 |
14.741 |
201.796 |
|
|
Stores, spares and
consumables, including goods-in-transit |
114.828 |
223.376 |
229.359 |
|
|
Packing material, including
goods-in-transit Rs. 48,360,347 |
361.225 |
363.859 |
56.808 |
|
|
TOTAL
IMPORTS |
2597.026 |
3891.159 |
5412.302 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(24.07) |
(27.28) |
(18.98) |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 (9 Months) |
31.03.2013
(12
Months) |
31.03.2012 |
|
PAT / Total Income |
(%) |
(44.41) |
(29.69) |
(15.01) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(47.30) |
(31.31) |
(15.34) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.21) |
(15.61) |
(10.11) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(3.21) |
(1.24) |
(0.37) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(11.89) |
4.76 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.57 |
0.78 |
0.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013
(12
Months) |
31.12.2013
(9
Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1683.061 |
1683.061 |
1983.061 |
|
Reserves & Surplus |
6907.816 |
1807.093 |
(3436.395) |
|
Share Application money
pending allotment |
0.000 |
200.000 |
63.000 |
|
Net
worth |
8590.877 |
3690.154 |
(1390.334) |
|
|
|
|
|
|
long-term borrowings |
3862.386 |
10882.615 |
9720.286 |
|
Short term borrowings |
8706.200 |
6670.347 |
6810.428 |
|
Total
borrowings |
12568.586 |
17552.962 |
16530.714 |
|
Debt/Equity
ratio |
1.463 |
4.757 |
(11.890) |
%2017-Sep-2014_files/image008.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013
(12
Months) |
31.12.2013
(9
Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
20821.309 |
14663.101 |
9443.520 |
|
|
|
(29.576) |
(35.597) |
%2017-Sep-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013
(12
Months) |
31.12.2013
(9
Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
20821.309 |
14663.101 |
9443.520 |
|
Profit |
(3194.232) |
(4591.664) |
(4466.627) |
|
|
(15.34%) |
(31.31%) |
(47.30%) |
%2017-Sep-2014_files/image012.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
Yes |
|
23] |
Banking Details |
No |
|
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 |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
CO.PET. 341/2014
M/S NAV BHART CASTING PRIVATE LIMITED ..... Petitioner
Through: Mr.Niraj Singh, Advocate
versus
M/S MOSER BAER INDIA LIMITED ..... Respondent
Through: Mr.Hemant Sharma, Advocate
CORAM:
HON'BLE MR. JUSTICE SANJEEV SACHDEVA
O R D E R
16.07.2014
Learned counsel for the parties submit that the parties are negotiating a settlement and pray for an adjournment.
At request, adjourned to 28th August, 2014.
In case, the matter is not settled, the respondent shall ensure that the
reply is filed at least one week before the next date of hearing.
SANJEEV SACHDEVA, J
JULY 16, 2014/sv
$ 25
OPERATIONS
Revenues for Financial period ended 31st December 2013, stood at INR 10058.000 millions, profit before depreciation, interest, exceptional items and tax stood at INR 706.000 millions.
Market Development
Market environment
and outlook
Storage Media
Business
During the nine month period ended 31 December 2013, demand for Optical Media products declined in the developed markets, while the Asia Pacific, Africa, Middle East and Latin America regions continued to develop as relatively stable demand centers. The supply rationalization in the Optical Media industry continued during the period, however, supply demand mismatch is still not resolved. It is expected that more manufacturers will exit or curtail manufacturing capacities in the near future.
Demand for new generation Optical Media products like Blu-ray in mature markets such as Japan, USA and Europe has been stable. Emerging Markets on the other hand continued to show higher preference for DVDs and also witnessed increase in demand for Blu-ray products.
The Storage Media business, which includes Solid State Media segment (Flash Drives, SD and Micro SD cards) has witnessed growth in India and continues to witness an increase in popularity globally due to ease of use and declining per unit costs. Demand is shifting to higher memory capacity.
Moser Baer continues to remain one of the leading players in the global Storage Media industry both in terms of low cost mass manufacturing and in offering a wide range of high quality products. Their strong focus on quality and service has resulted in continued business alliances with leading OEMs across the world. The company supplies products in over 95 countries globally.
As one of the select few suppliers of advanced Blu-ray formats globally, they have maintained their leadership in prominent markets like Japan. They continue to reduce manufacturing costs of Blu-ray disc to maintain segment profitability.
Operations within their Solid State Media (SSM) segment were affected due to financial constraints during the year.
However, the demand for company’s products remains robust and they expect an upswing in the coming years. Supplies to OEMs formed a significant part of revenue. This is a highly scalable business and presents a big opportunity to the company in data storage.
During the period, the Company undertook several steps aimed at lowering overheads and aligning resources with current levels of operations. After the company consolidated all its manufacturing facilities to cut down on overheads and to extract supply chain synergies last year, the focus this year has been to ramp-up capacity utilization at Greater Noida.
Further consolidation in Greater Noida facility is being executed which will result in lower power consumption and lower fixed overheads. The company continued to right size its employee base to the current level of operations. These steps are expected to positively impact the company’s operations in the near to medium term.
They are aggressively pursuing new geographies like Africa and several countries in Latin America for incremental markets and customer acquisition and expect their Non- OEM market share to increase in the coming quarters.
In the medium term, the Optical Media industry within the developed markets is expected to witness decline in demand for the first generation products CDs/DVDs. The company’s strategy is to gain high market share to offset decline in demand.
In this regard, significant progress has been made in the European, USA and Mexican markets. DVDs demand is expected to remain stable in the near to medium term.
In the near future, the Solid State Media segment is expected to be a key growth driver for the business on account of rapid penetration of personal computing devices in the developing markets and robust increase in demand for smart phones globally.
The Company continues to focus on product innovation, upholding its high quality standards, increasing its cost
competitiveness and widening of its distribution network.
Photo Voltaic
Business
Growth in the global solar PV industry that remained stagnant in CY 2012, gained positive traction in CY 2013 with 36 GW of solar PV installations witnessed during the year (up by 16% Y-o-Y). This reversal in the industry environment was primarily driven by robust demand from China, Japan and the US.
The improvement in the global PV industry was accompanied with improvement in performance of Tier I global players along with the exit of less competitive Tier II/Tier III players. Demand supply equilibrium in the global PV industry improved which led to stabilization in the global PV module prices and improvement in the financial/operating performance of Tier I solar PV manufacturers.
The Indian solar PV market, on the other hand, slowed down marginally during 2013 due to delays in implementation of the State Solar polices. In CY 2013, 950 MW of PV installations took place in India, down from 982 MW in 2012. The implementation of Phase II Batch I of the Jawaharlal Nehru National Solar Mission (JNNSM) was also delayed, which is likely to have an impact on the PV market in 2014. The Indian solar market was also adversely affected by the nonenforcement of the Solar Purchase Obligations (SPO) of obligated entities in the majority of the States in India.
In 2013, the Ministry of New and Renewable Energy announced inclusion of Domestic Content Regulations (DCR) in Phase II Batch I of the JNNSM. As per the implementation guidelines, of the total 750 MW of targeted solar projects, 375 MW of solar projects need to be developed using domestically manufactured cells and modules. This provides an opportunity to domestic cell manufacturers to increase their utilization rates and participate in the implementation of Phase II of the JNNSM.
While the DCR was introduced in Phase II Batch I of the JNNSM, the announcement of the decision on the outcome of the Anti Dumping Investigations against the import of solar cells and modules from certain countries that was expected in the last quarter of CY 2013, was delayed. The process is now expected to be completed by May 2014.
The struggling domestic solar manufacturing industry which is reeling under the impact of export of solar PV cells and modules from certain markets at dumped prices needs the simultaneous protection through imposition of Anti Dumping Duties and implementation of the Domestic Content Regulations. This is pivotal to achieve MNRE’s target to develop a domestic manufacturing base with a capacity of 5,000 MW by 2017.
During 2013, increase in competitiveness of solar power continued to improve amidst increasing cost of conventional energy which advanced parity of solar PV with grid electricity in several countries. As per Deutsche Bank, Solar is currently competitive without subsidies in at least 19 markets globally and more markets are expected to reach grid parity in 2014 as System prices decline further.
In the Indian market too, declining solar tariffs along with increasing prices of conventional energy has brought closer parity for solar power with conventional sources of energy. As per Bridge to India, Solar PV power is close to parity with commercial tariff paid by consumers in the States of Delhi, Maharashtra and Kerala. By 2016, over 45% of the Indian states are expected to achieve commercial parity.
Moser Baer continued to maintain its position as one of the largest solar PV manufacturer in India that is present across the solar value chain. Moser Baer Solar is also the only PV company in the world to be conferred with the prestigious “5 Star Rating” by TÜV Rheinland for maintaining highest standards of quality in manufacturing for three consecutive years in a row.
They are currently running their operations at low capacity utilization levels in view of the difficult operating environment triggered by dumping of solar products in India by certain countries. They continue to align their costs with the current level of operations to improve business efficiency.
They are currently focusing on the high margin Japanese market where their products are well recognized and command a premium owing to the high quality profile of their offerings. The recent restrictions imposed by the European Union on Chinese PV exports to Europe, provides additional opportunity to us to increase their presence in that region. They also plan to ramp up their operations for the domestic market in line with emerging opportunities in the Indian market and announcement of key Government policy initiatives.
Their PV Business continues to maintain its leadership position in the Indian solar EPC market with over 260 MW of projects installed till date. The company has been able to achieve massive decline in project execution times and steep reduction in project costs on the back of its strong expertise in the EPC business. Moser Baer Solar completed commissioning of a 5MW solar project for a prestigious PSU in January 2014.
Their strong presence in the Indian solar PV market, integrated operations, high quality profile and strong brand value positions us to benefit from the high potential Indian market in both the off-grid and utility scale markets in the years to come.
The Corporate Debt Restructuring (CDR) schemes of Moser Baer’s PV subsidiaries (Moser Baer Solar Limited. and Helios Photo Voltaic Limited. - formerly known as Moser Baer Photo Voltaic Limited.), aimed at optimizing the current resources and aligning the current debt obligations with the expected future cash flows, are currently under implementation. Definitive agreements have been signed for both the subsidiaries by the majority of the lenders and other implementation formalities including security perfection are currently being carried out.
The global solar PV market’s recent turnaround is expected to continue in CY 2014. During Oct 2013-Mar 2014, the solar PV industry is forecast to install almost 22 GW, with CY 2014 installation demand forecast at 49 GW (Solarbuzz). The global solar market, that took several years to reach a cumulative installed capacity of 100 GW by the end of CY 2012, is forecast to add a similar capacity during CY 2014 and CY 2015 only.
In the Indian solar PV market also, higher solar irradiation, severe shortage of electricity, political will for inclusive growth, rising prices of conventional power and increasing economics of solar power are likely to ensure strong growth of solar power in India in the medium to long term.
MANAGEMENT DISCUSSION
AND ANALYSIS
COMPANY OVERVIEW
For the nine month period ended December 31, 2013, Moser Baer continued to witness financial constraints and resultant supply chain bottlenecks that affected its operating performance. Continuous operating losses during the period whilst working on revival and restructuring led to erosion of reserves. Given the need to transition in the Storage Media industry, the Company’s focus continued to be on refocusing product lines accompanied by rationalization of operating costs in manufacturing and consolidation of operations to generate cost efficiencies.
• Total Revenue: For the nine month period ended December 31, 2013, the Company’s total revenue including other income stood at INR 10,058 million on a standalone basis
• EBITDA (including other income) stood at INR 706 million for the period
• Cash and Liquidity: Net cash flows from operating activities stood at INR 313 million For the nine month period ended December 31, 2013, Moser Baer’s Business was affected by financial constraints that affected operations. While the overall global storage media industry remained largely stable, there were variations in the geographic and product mix compared to previous years. Moser Baer’s Storage Media business undertook several steps that were aimed at lowering the operating costs and aligning resources to the current levels of operations.
Moser Baer continues to focus on its key strengths – wide geographic presence across the World, broad product portfolio across all formats, strong focus on quality and a strong distributor network. In a period spanning three decades, the Company has globally developed itself as a preferred OEM brand through its high quality and credible products, supplied across the globe and is thus well placed to leverage the current and emerging market opportunities, both in respect of Blank Optical Media as well as Solid State Storage. Concurrent with this, the Company continues to retain its presence in the Domestic pre-recorded segment and leverage its strength in terms of Brand Franchise as well as distribution.
The Corporate Debt Restructuring (CDR) schemes of Moser Baer India Limited. and its PV subsidiaries have been approved and are under implementation. Post successful implementation of the CDR scheme, the Storage Media
business is expected to further ramp up resulting in improved operational and financial performance.
In the solar PV segment, during 2013 the global industry showed definitive signs of a turnaround as evident by the 16% Y-o-Y growth in global PV installations to 36 GW during the year (Solarbuzz).
Demand supply equilibrium in the global PV industry improved on account of a robust demand from China, Japan and the US during 2013 and signs of consolidation in the global PV industry. This improvement in the market environment led to stabilization in the PV module prices globally and improvement in the financial/operating performance of Tier I solar PV manufacturers.
The Indian PV market on the other hand slowed down marginally in 2013 on account of delay in implementation of Solar Policies of several States in India. During CY 2013, the Indian market witnessed 905 MW of solar PV installations compared to 982 MW in CY 2012. However, medium to long term outlook of the Indian market continues to remain strong with over 12 GW of cumulative solar PV capacity forecast by end of 2016 (Bridge to India).
This improved global macro environment along with a high potential domestic market provides opportunity to us to benefit from both these segments, given that They are the largest integrated PV manufacturer in India. They are currently focusing on high margin markets such as Japan and are poised to tap the emerging opportunities in the domestic and other export markets. In 2013, Moser Baer Solar became the only high end technology brand from India to achieve the significant milestone of over INR 1,000 million of PV module sales to Japan during Apr - Dec 13.
In 2013, Moser Baer Solar Limited. maintained its leading position in the solar EPC segment and emerged as the largest player in India (Bridge to India). It has in total executed over 260 MW of projects across different PV technologies and terrains in India and recently, the company commissioned a 5 MW solar project for a prestigious PSU in January 2014.
OUTLOOK
In the medium term, the Optical Media industry within the developed markets is expected to witness a decline in demand for the first generation products CDs/DVDs while some growth in demand is expected for the high margin
advanced formats such as Blu-ray discs. In the emerging markets, such as Africa, Latin America etc, the demand for DVDs is expected to remain stable in the near to medium term. In the home market, Moser Baer is increasing its market share in the DVD segment while consolidating its volumes in the CD segment. Furthermore, with potential improvement in liquidity as well as cost rationalization, they plan to compete for market share in selected markets, both through OEM and non-OEM channels.
In the near future, the Solid State Media segment is expected to be a key growth driver given the robust market demand and strong brand equity of Moser Baer. In the Security Token business, the government has taken steps to have increased security for e-governance and has advised the use of USB security tokens even in Class II in addition to Class III Digital Signatures. This is expected to multiply the market in the medium term. Steady growth in capacity utilization driven by liquidity support would be a key success factor. The Company continues to focus on product innovation, upholding of its high quality standards, increase in its cost competitiveness and widening of its distribution network.
OUTLOOK
Solar Power – Strong
Medium to Long Term Outlook
The global solar PV market’s recent turnaround is expected to continue in CY 2014. During Oct 2013-Mar 2014, the solar PV industry is forecast to install almost 22 GW, with CY 2014 installation demand forecast at 49 GW (Solarbuzz). The global solar market, that took several years to reach a cumulative installed capacity of 100 GW by the end of CY 2012, is forecast to add a similar capacity during CY 2014 and CY 2015 only.
As per Solarbuzz, this new record level of anticipated demand in 2014 will drive capacity utilization rates above 90% for Tier I manufacturers. Long term outlook for solar power also seems strong on account of rapid global urbanization, strong population growth, and energy security concerns that are expected to boost adoption of solar power globally. Solar PV is forecast to account for 3.6% of the installed power generation globally by 2020, up from 0.7% in 2010 (Frost and Sullivan).
For the Indian PV market, while the medium-long term outlook remains strong, the short term situation has been impacted on account of delays in implementation relating to several State policies and partially on account of delays in release of final guidelines under the JNNSM. Current non enforcement relating to meeting of Solar Purchase Obligations by the obligated entities is also posing a risk to the planned development of solar power in India.
Critical enablers include the successful implementation of DCR and the imposition of a suitable Anti Dumping Duty structure. Despite some of these short term challenges, the higher solar irradiation, severe shortage of electricity, rising prices of conventional power to achieve inclusive growth of un-electrified villages across India and increasing economics of solar power are likely to ensure strong growth of solar power in India.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10402478 |
28/05/2014 * |
23,703,700,000.00 |
CENTBANK FINANCIAL SERVICES LIMITED |
15-16 BAJAJ BHAWAN, 1ST FLOOR, OPP INOX MULTIPLEX, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
C06818298 |
|
2 |
10388072 |
28/09/2012 |
238,900,000.00 |
STATE BANK OF BIKANER & JAIPUR |
27, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B62589064 |
|
3 |
10396281 |
28/09/2012 |
3,654,500,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B62621958 |
|
4 |
10307322 |
03/09/2011 |
400,000,000.00 |
CENTRAL BANK OF INDIA |
JEEVAN TARA BUILDING, CORPORATE FINANCE BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B21029418 |
|
5 |
10277929 |
24/02/2011 |
750,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE CENTRE, 5, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B06794051 |
|
6 |
10253100 |
24/11/2010 |
1,000,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
A99924185 |
|
7 |
10248627 |
09/11/2010 |
1,250,000,000.00 |
STATE BANK OF PATIALA |
2ND FLOOR, CHANDRALOK BRANCH, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
A97932404 |
|
8 |
10244297 |
22/09/2010 |
2,000,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A96419163 |
|
9 |
10233840 |
28/09/2012 * |
1,000,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
27, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B62588710 |
|
10 |
10227653 |
23/06/2010 |
1,000,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, TOLSTOY HOUSE, NEW DELHI, DELHI - 110001, INDIA |
A89219000 |
* Date of charge modification
CONTINGENT
LIABILITIES:
Corporate guarantees given on behalf of the subsidiary companies: Rs. 20430.975 Millions (previous year Rs. 24678.450 Millions). Against these guarantees, loans aggregating Rs. 15867.947 Millions (previous year Rs.15270.412 Millions) have been availed by the subsidiary companies.
Disputed demands (gross) in respect of:
(Rs. in millions)
|
PARTICULARS |
31.12.2013 |
|
|
|
|
Entry tax [Amount paid under protest Rs. 11.928 Millions (previous year Rs. 10.354 Millions) and bank guarantees furnished Rs. 15.559 Millions (previous year Rs. 10.920 Millions)] |
133.795 |
|
Service tax [Amount paid under protest Rs. 2.953 Millions (previous year Rs. 2.953 Millions)] |
695.928 |
|
Sales tax [Amount paid under protest Rs. 18.454 Millions (previous year Rs. 17.011 Millions) and bank and other guarantees furnished Rs. 104.723 Millions (previous year Rs. 101.470 Millions)] |
159.974 |
|
Custom duty and excise duty [Amount paid under protest Rs. 5.806 Millions (previous year Rs. 5.797 Millions)] |
543.349 |
|
Income tax [Amount paid under protest Rs. 34.500 Millions (previous year Rs. 34.500 Millions)] |
115.690 |
|
|
|
|
Total |
1648.736 |
Claims against the Company not acknowledged as debts: Rs.0.346 Millions (previous year Rs. Nil).
Letters of credit opened by banks on behalf of the Company: Rs. 244.331 Millions (previous year Rs. 356.270 Millions).
Recompense amount payable in lieu of bank sacrifice (mandarory disclosure as per RBI): Rs. 1194.221 Millions (previous year Rs. 855.284 Millions).
The amount shown in (a) above represents guarantees given in the normal course of the Company’s operations and are not expected to result in any loss to the Company on the basis of the beneficiary fulfilling its ordinary commercial obligations.
The amounts shown in (b) and (c) above represent the best possible estimates arrived at on the basis of available information. The uncertainties and possible reimbursements are dependent on the outcome of the different legal processes which have been invoked by the Company or the claimants as the case may be and therefore cannot be estimated accurately. The Company engages reputed professional advisors to protect its interests and has been advised that it has strong legal positions against such disputes.
FIXED ASSETS
Tangible assets
· Leasehold land
· Buildings
· Plant and equipments
· Furniture and fixtures
· Vehicles
· Office equipments
· Computer equipments
Intangible assets
· Computer software
· Technical know-how
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.61.10 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
12 |
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.