MIRA
INFORM REPORT
|
Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SADHAV SHIPPING LIMITED |
|
|
|
|
Registered
Office : |
521, Loha Bhavan, |
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Country : |
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|
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Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.08.1996 |
|
|
|
|
Com. Reg. No.: |
11-101909 |
|
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Capital Investment
/ Paid-up Capital : |
Rs. 20.565 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35100MH1996PLC101909 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in Coastal Logistics, Offshore Logistics, Security
of Ports and Ship Management. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and below average liquidity position of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
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
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 |
CRISIL |
|
Rating |
Long term rating: “B+” |
|
Rating Explanation |
Risk prone credit quality and very high credit risk. |
|
Date |
30.07.2013 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
30.07.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management Non-cooperative. (Tel. No.: 91-22-40003355)
LOCATIONS
|
Registered Office : |
521, Loha Bhavan, P. D’Mello Road, Mumbai – 400009, Maharashtra, India
|
|
Tel. No.: |
91-22-23482524 |
|
Fax No.: |
91-22-23482526 |
|
E-Mail : |
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|
Website : |
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|
Corporate Office/ Head Office : |
618, Laxmi Plaza, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India |
|
Tel. No.: |
91-22-40003355 |
|
Fax No.: |
91-22-40003366 |
|
|
|
|
Branch Office : |
Unit No. 12,
Trade Centre, V Point, Paradip – 754 142 Dist. J. S. Pur, Orissa. |
|
Tel. No.: |
91-6722-220045 |
|
Fax No.: |
91-6722-220045 |
DIRECTORS
As on: 21.09.2013
|
Name : |
Mr. Choudhury Biswanath Kamalkant |
|
Designation : |
Whole Time Director |
|
Address : |
17th Floor, Wing C-3, Flat 1706, Oberoi Springs, Off. Link
Road, Near Monginis Cake Factory, Andheri (West), Mumbai – 400058,
Maharashtra, India |
|
Date of Birth/Age : |
06.03.1954 |
|
Date of Appointment : |
16.08.1996 |
|
DIN No.: |
00249338 |
|
|
|
|
Name : |
Mr. Choudhury Kamalkant Sadhana |
|
Designation : |
Whole Time Director |
|
Address : |
17th Floor, Wing C-3, Flat 1706, Oberoi Springs, Off. Link
Road, Near Monginis Cake Factory, Andheri (West), Mumbai – 400058,
Maharashtra, India |
|
Date of Birth/Age : |
23.03.1961 |
|
Date of Appointment : |
10.02.1999 |
|
DIN No.: |
00249442 |
|
|
|
|
Name : |
Mr. Choudhury Biswanath Subhas Chandra |
|
Designation : |
Whole Time Director |
|
Address : |
Commissioner of Custom, House, Port Area, Visakhapatnam – 530002,
Andhra Pradesh, India |
|
Date of Birth/Age : |
02.12.1946 |
|
Date of Appointment : |
26.09.2008 |
|
DIN No.: |
01174235 |
|
|
|
|
Name : |
Mr. Patnaik Gopinath Jitendra Kumar |
|
Designation : |
Director |
|
Address : |
D/1D3, Income Tax Colony, Peddar Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
22.06.1946 |
|
Date of Appointment : |
04.11.2008 |
|
DIN No.: |
02242148 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 21.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Kamal Kant Choudhury |
|
1397934 |
|
Sadhna K. Choudury |
|
639233 |
|
Devahuti K. Choudury |
|
300 |
|
Vedant K. Choudury |
|
16633 |
|
Pravat Kumar Mohanty |
|
300 |
|
Kalyan Kumar Jena |
|
300 |
|
Alpesh B. Shah |
|
300 |
|
Sanjivan R. Santakke |
|
300 |
|
Sanjay D. Chandane |
|
300 |
|
Suchita Shirodkar |
|
300 |
|
Nawal Kapur |
|
300 |
|
Nilkanth Prasad Sahu |
|
300 |
|
|
|
|
|
Total |
|
2056500 |
Equity Share Break up (Percentage of Total Equity)
As on: 21.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
99.89 |
|
Other top fifty shareholders |
|
0.11 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Coastal Logistics, Offshore Logistics, Security
of Ports and Ship Management. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||
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Bankers : |
Bank of India, MID Corporate Branch, Bank of India Building, Mezzanine Floor, 70-80, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Z M Bhathena and Company Chartered Accountants |
|
Address : |
V. T. Mansion, 1st Floor, 144, Perin Nairman Street, Fort,
Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22699399 / 22657599 |
|
Fax No.: |
91-22-22691492 |
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E-Mail : |
|
|
PAN No.: |
AADPB6787E |
CAPITAL STRUCTURE
As on: 21.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4900000 |
Equity Shares |
Rs.10/- each |
Rs. 49.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2056500 |
Equity Shares |
Rs.10/- each |
Rs. 20.565
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
20.565 |
18.630 |
18.630 |
|
(b) Reserves & Surplus |
109.623 |
60.290 |
46.641 |
|
(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) |
130.188 |
78.920 |
65.271 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
321.061 |
112.612 |
99.470 |
|
(b) Deferred tax liabilities (Net) |
28.011 |
13.939 |
10.574 |
|
(c) Other long
term liabilities |
13.365 |
11.647 |
8.570 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
362.437 |
138.198 |
118.614 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
42.601 |
52.030 |
25.510 |
|
(b) Trade
payables |
38.930 |
27.428 |
17.488 |
|
(c)
Other current liabilities |
9.698 |
3.228 |
2.078 |
|
(d) Short-term
provisions |
0.658 |
0.857 |
0.986 |
|
Total Current
Liabilities (4) |
91.887 |
83.543 |
46.062 |
|
|
|
|
|
|
TOTAL |
584.512 |
300.661 |
229.947 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
493.175 |
180.421 |
102.740 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
64.150 |
71.178 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
11.548 |
0.178 |
0.197 |
|
Total Non-Current
Assets |
504.723 |
244.749 |
174.115 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
48.806 |
32.895 |
36.511 |
|
(d) Cash
and cash equivalents |
4.410 |
2.713 |
3.053 |
|
(e)
Short-term loans and advances |
26.573 |
20.304 |
16.268 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
79.789 |
55.912 |
55.832 |
|
|
|
|
|
|
TOTAL |
584.512 |
300.661 |
229.947 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
320.504 |
320.116 |
330.191 |
|
|
|
Other Income |
1.541 |
1.805 |
1.275 |
|
|
|
TOTAL (A) |
322.045 |
321.921 |
331.466 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
25.426 |
24.430 |
26.853 |
|
|
|
Employees benefits expense |
34.993 |
28.021 |
20.609 |
|
|
|
Other expenses |
203.178 |
222.735 |
238.880 |
|
|
|
TOTAL (B) |
263.597 |
275.186 |
286.342 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
58.448 |
46.735 |
45.124 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.700 |
13.151 |
8.791 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.748 |
33.584 |
36.333 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.733 |
12.427 |
10.596 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
9.015 |
21.157 |
25.737 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.797 |
7.508 |
8.765 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(6.782) |
13.649 |
16.972 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.30) |
7.33 |
9.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(2.11) |
4.24 |
5.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.81 |
6.61 |
7.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.54 |
8.95 |
16.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.27 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.79 |
2.09 |
1.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.67 |
1.21 |
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 |
18.630 |
18.630 |
20.565 |
|
Reserves & Surplus |
46.641 |
60.290 |
109.623 |
|
Net worth |
65.271 |
78.920 |
130.188 |
|
|
|
|
|
|
long-term borrowings |
99.470 |
112.612 |
321.061 |
|
Short term borrowings |
25.510 |
52.030 |
42.601 |
|
Total borrowings |
124.980 |
164.642 |
363.662 |
|
Debt/Equity ratio |
1.915 |
2.086 |
2.793 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
330.191 |
320.116 |
320.504 |
|
|
|
(3.051) |
0.121 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
330.191 |
320.116 |
320.504 |
|
Profit |
16.972 |
13.649 |
(6.782) |
|
|
5.14% |
4.26% |
(2.12)% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBT: NOT AVAILABLE
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from other parties |
7.265 |
0.000 |
|
|
0.072 |
10.394 |
|
|
|
|
|
Total |
7.337 |
10.394 |
OPERATIONS
The company has diversified into Offshore Logistics Business. It has acquired an Anchor Handling Tug cum Supply Vessel (AHTSV) Aadya at a total project cost about Rs. 280.000 millions. The vessel has been charted to ONGC Limited for a period of 3 years. This paves the way for a new lucrative line of business for our company.
The company continues to carry out business with public sectors undertaking such as Paradip Port Trust, Shipping Corporation of India and ONGC Limited.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10461961 |
30/10/2013 |
7,466,000.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA |
B90252065 |
|
2 |
10462011 |
30/09/2013 |
11,300,000.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA |
B90251646 |
|
3 |
10434196 |
11/06/2013 |
49,000,000.00 |
BANK OF INDIA |
CUMBALA HILL BRANCH, ''KEMP'S SHOPPE'', 1ST FLOOR, NEAR HOTEL,' SHALIMAR', KEMP'S CORNER, MUMBAI, MAHARASHTRA - 400036, INDIA |
B78443280 |
|
4 |
10402568 |
14/01/2013 |
205,000,000.00 |
BANK OF INDIA |
MID CORPORATE BRANCH, BANK OF INDIA BUILDING, MEZZANINE FLOOR, 70-80, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B67931733 |
|
5 |
10402569 |
29/12/2012 |
205,000,000.00 |
BANK OF INDIA |
MID CORPORATE BRANCH, BANK OF INDIA BUILDING, MEZZANINE FLOOR, 70-80, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B67931758 |
|
6 |
10402566 |
29/12/2012 |
235,000,000.00 |
BANK OF INDIA |
MID CORPORATE BRANCH, BANK OF INDIA BUILDING, MEZZANINE FLOOR, 70-80, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B67931543 |
|
7 |
10402576 |
29/12/2012 |
235,000,000.00 |
BANK OF INDIA |
MID CORPORATE BRANCH, BANK OF INDIA BUILDING, MEZZANINE FLOOR, 70-80, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B67931790 |
|
8 |
10403216 |
29/12/2012 |
396,500,000.00 |
BANK OF INDIA |
MID CORPORATE BRANCH, BANK OF INDIA BUILDING, MEZZANINE FLOOR, 70-80, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B67046664 |
|
9 |
10363179 |
13/06/2012 * |
20,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE, 70/80, M.G. ROAD,, BANK OF |
B42797415 |
|
10 |
10256903 |
09/11/2010 |
109,800,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE BRANCH, 70/80, M.G. ROAD, BANK OF INDIA BUILDING, MEZZANINE FLOOR, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A99917874 |
* Date of charge modification
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. 60.81 |
|
|
1 |
Rs. 100.06 |
|
Euro |
1 |
Rs. 78.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.