MIRA
INFORM REPORT
|
Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ESSAR LOGISTICS LIMITED |
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Formerly Known
As : |
ESSAR LOGISTICS PRIVATE LIMITED |
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Registered
Office : |
Essar House, 11 K K Marg, Mahalaxmi, Mumbai – 400034, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.10.2004 |
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Com. Reg. No.: |
11-149214 |
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Capital Investment
/ Paid-up Capital : |
Rs. 730.000 Millions |
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CIN No.: [Company Identification
No.] |
U63000MH2004PLC149214 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05750D |
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PAN No.: [Permanent Account No.] |
AABCE4028N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company is engaged in rendering all types of Logistics
and allied services for all types of Cargo. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an Essar Group Company It is established company having moderate track record. The rating takes into consideration deterioration in financial profile
of the company as reflected by declining revenue in FY13 and weakening of
credit profile of its parent company Essar Shipping Limited (ESL) However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealings 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 |
CARE |
|
Rating |
Long Term Bank Facilities (BB) (Revised From (A-) ) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
January 20, 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 DENIED
Management Non-corporative (91-22-66601100)
LOCATIONS
|
Registered Office / Corporate Office : |
Essar House, 11 K K Marg, Mahalaxmi, Mumbai – 400034, Maharashtra,
India |
|
Tel. No.: |
91-22-50011100/ 66601100 |
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Fax No.: |
91-22-23544312/ 66601809 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at: · Mumbai · Ahmedabad · Chennai · Hazira · New Delhi · Vadinar · Vishakhapatnam |
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Overseas Offices : |
Located at: · Africa · Canada · Czech Republic · China · Indonesia · Kenya · Korea · Madagascar · Mauritius · United Kingdom · Qatar · UAE · USA · Vietnam |
DIRECTORS
AS ON 23.08.2012
|
Name : |
Mr. Arun Kumar Musaddy |
|
Designation : |
Whole Time Director |
|
Address : |
Panhar, Flat 4-B, Plot No. 5, Khan Abdul Gafar Khan Road, Worli Sea
Face, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
04.05.1945 |
|
Qualification : |
BSc |
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Date of Appointment : |
20.05.2013 |
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DIN No.: |
00055534 |
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Name : |
Mr. Rahul Himatsingka |
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Designation : |
Whole-time director |
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Address : |
H-2-13, Nand Niketan, Essar Township, Hazira – 394270, Gujarat, India |
|
Date of Birth/Age : |
04.07.1972 |
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Qualification : |
MBA |
|
Date of Appointment : |
08.08.2011 |
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DIN No.: |
03633751 |
MAJOR SHAREHOLDERS
As on 23.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Essar Shiiping Limited, India |
|
72999994 |
|
Essar Shiiping Limited, India Jointly With Raghavan Jagannathan |
|
1 |
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Essar Shiiping Limited, India Jointly With Ravi Vaidyanathan |
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1 |
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Essar Shiiping Limited, India Jointly With Ashok Vaidyanathan |
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1 |
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Essar Shiiping Limited, India Jointly With A R Ramakrishnan |
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1 |
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Essar Shiiping Limited, India Jointly With Shivanna A Shetty |
|
1 |
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Essar Shiiping Limited, India Jointly With Raman Subramanian |
|
1 |
|
Total |
|
73000000 |
As on 23.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in rendering all types of Logistics
and allied services for all types of Cargo. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· Kotak Mahindra Bank Limited, 36-38, Nariman Bhavan, 227 D, Nariman Point, Mumbai – 40021, Maharashtra, India · Yes Bank Limited, 9th floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India · Dhanlaxmi Bank Limited, Dhanalakshmi Bank Building Naickanal, Naickanal, Trichur - 680001, Kerala, India · UTI Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India |
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Facilities : |
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Financial Institute |
· India securities limited, Essar house, K.K. Marg, Mahalaxmi, Mumbai - 400034, Maharashtra, India |
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Banking
Relations : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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PAN No.: |
AABFD7919A |
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Holding Companies |
· Essar Global Limited, Cayman Island (ultimate holding company) · Essar Shipping and Logistics Limited, Cyprus · Essar Shipping Limited (immediate holding company) |
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Fellow
subsidiaries: |
· Essar Oilfields Services Limited · Essar Oilfields Services (India) Limited · Energy II Limited · Energy Transportation International Limited |
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Other related
parties / affiliates |
· Essar Steel Limited · Vadinar Oil Terminal Limited · Essar Bulk Terminal Limited · Essar Oil Limited · Essar Projects (India) Limited · Aegis Limited · Essar Power M.P. Limted · Essar Power Gujarat Limited · Essar project (PNG) Limited · Essar Power Limited · Essar Ports Limited · Vadinar Power Company Limited · Essar Bulk Terminal Paradip Limited · Essar Offshore Sub Sea Limited · Essar Bulk Terminal (Salaya) Limited · Essar Power Jharkhand Limited · Essar Windpower Private Limited · Vadinar Ports and Terminal Limited · Essar Steel Minnesota LLC · Aegis Limited |
CAPITAL STRUCTURE
As on 23.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
73000000 |
Equity Shares |
Rs.10/- each |
Rs.730.000 Millions |
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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 |
730.000 |
730.000 |
730.000 |
|
(b) Reserves &
Surplus |
1432.400 |
1321.300 |
1215.300 |
|
(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) |
2162.400 |
2051.300 |
1945.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
228.800 |
407.100 |
1809.900 |
|
(b) Deferred tax
liabilities (Net) |
281.100 |
272.900 |
222.600 |
|
(c) Other long term
liabilities |
64.200 |
65.600 |
67.200 |
|
(d) long-term provisions |
0.000 |
0.000 |
25.500 |
|
Total Non-current
Liabilities (3) |
574.100 |
745.600 |
2125.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.100 |
30.100 |
|
(b) Trade payables |
4107.100 |
3354.100 |
2456.400 |
|
(c) Other current
liabilities |
277.800 |
2090.500 |
277.200 |
|
(d) Short-term provisions |
21.400 |
22.200 |
9.000 |
|
Total Current Liabilities
(4) |
4406.300 |
5466.900 |
2772.700 |
|
|
|
|
|
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TOTAL |
7142.800 |
8263.800 |
6843.200 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1616.600 |
1838.600 |
2148.700 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
270.300 |
255.900 |
138.300 |
|
(e) Other Non-current
assets |
0.000 |
8.100 |
0.000 |
|
Total Non-Current Assets |
1886.900 |
2102.600 |
2287.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
15.600 |
7.800 |
106.400 |
|
(c) Trade receivables |
1364.400 |
3015.700 |
1366.400 |
|
(d) Cash and cash
equivalents |
29.800 |
1483.000 |
1270.200 |
|
(e) Short-term loans and
advances |
3420.700 |
869.700 |
866.700 |
|
(f) Other current assets |
425.400 |
785.000 |
946.500 |
|
Total Current Assets |
5255.900 |
6161.200 |
4556.200 |
|
|
|
|
|
|
TOTAL |
7142.800 |
8263.800 |
6843.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
10144.300 |
11312.900 |
12670.000 |
|
|
Other Income |
211.900 |
264.900 |
196.500 |
|
|
TOTAL (A) |
10356.200 |
11577.800 |
12866.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits
expense |
86.500 |
133.100 |
161.200 |
|
|
Other expenses |
9619.000 |
10764.200 |
12053.800 |
|
|
TOTAL (B) |
9705.500 |
10897.300 |
12215.000 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
650.700 |
680.500 |
651.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
125.000 |
201.800 |
106.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
525.700 |
478.700 |
545.400 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
338.500 |
324.400 |
360.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
187.200 |
154.300 |
184.600 |
|
|
|
|
|
|
|
Less |
TAX (H) |
76.100 |
48.200 |
53.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
111.100 |
106.100 |
130.900 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
1321.300 |
1215.200 |
1084.300 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J) (k) |
1432.400 |
1321.300 |
1215.200 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
292.000 |
130.900 |
3.100 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Stores parts |
0.800 |
6.100 |
27.800 |
|
|
Capital Goods |
26.900 |
23.200 |
5.900 |
|
|
TOTAL IMPORTS |
27.700 |
29.300 |
33.700 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
1.52 |
1.45 |
1.79 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
1.07 |
0.92 |
1.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.85 |
1.36 |
1.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.62 |
1.87 |
2.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.08 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.11 |
0.20 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.13 |
1.64 |
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 |
730.000 |
730.000 |
730.000 |
|
Reserves & Surplus |
1215.300 |
1321.300 |
1432.400 |
|
Net worth |
1945.300 |
2051.300 |
2162.400 |
|
|
|
|
|
|
long-term borrowings |
1809.900 |
407.100 |
228.800 |
|
Short term borrowings |
30.100 |
0.100 |
0.000 |
|
Total borrowings |
1840.000 |
407.200 |
228.800 |
|
Debt/Equity ratio |
0.946 |
0.199 |
0.106 |
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 |
12670.000 |
11312.900 |
10144.300 |
|
|
|
(10.711) |
(10.330) |
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 |
12670.000 |
11312.900 |
10144.300 |
|
Profit |
130.900 |
106.100 |
111.100 |
|
|
1.03% |
0.94% |
1.10% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current maturities of long-term debt |
177.200 |
1977.700 |
111.000 |
|
Total |
177.200
|
1977.700 |
111.000 |
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
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 |
FINANCIAL ANALYSIS
During the year the Company earned a Total Income of Rs. 10356.200 Millions as compared to Rs. 11577.800 Millions during the previous year, representing an decrease of 10.55%. The decrease in Total Income has been on account of decrease in the revenue from surface logistics during the year.
The Net Profit for the year increased to Rs. 111.100 Millions as compared to Rs. 106.100 Millions in the previous year.
The Directors are of the view that considering the requirement of capital for growth in a highly competitive industry and also the need to plough back the resources for expansion, no dividend is recommended.
OPERATIONS
The Company has been providing wet bulk and dry bulk logistics services in the areas of stevedoring, lighterage, trans-shipment, sea and land transportation and project cargo handling to various clients.
During the year, the Company handled about 17.5 MMT (Million Metric Tonne) of cargoes. This was possible due to effective utilisation of the assets and by using systems which helped in vehicle planning, placement and movement.
The Company has entered into contracts for movement of several heavy equipment over the next two years which include power plants to Mahan and Salaya, expansion of oil refinery at Vadinar, pipe and plate mills and blast furnaces for the steel plants at Hazira. These assignments include undertaking the movement of the project equipment from manufacturers worldwide to the project sites by land and sea.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10475983 |
29/03/2014 * |
300,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
C05264403 |
|
2 |
10466152 |
29/03/2014 * |
560,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
C05264601 |
|
3 |
10471923 |
29/03/2014 * |
1,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
C05264684 |
|
4 |
10387506 |
26/09/2012 |
7,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building,
Ground Floor, 17, R. Kamani Marg, |
B62339502 |
|
5 |
10273594 |
18/02/2011 |
49,101,975.00 |
DHANLAXMI BANK LIMITED |
DHANALAKSHMI BANK BUILDINGNAICKANAL, Naickanal, TRICHUR, Kerala - 680001, INDIA |
B07832710 |
|
6 |
10179773 |
23/09/2010 * |
450,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D, NARIMAN POINT, M |
A98591720 |
|
7 |
10077733 |
10/12/2007 |
195,000,000.00 |
STATE BANK OF TRAVANCORE |
112-115, TULSIANI CHAMBERS, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A27886662 |
|
8 |
10061971 |
26/11/2009 * |
1,000,000,000.00 |
Axis Bank Limited |
CREDIT MANAGEMENT CENTRE,UNIT NO.6, CORPORATE PARK, SION-TROMBAY ROAD, CHEMBUR, MUMBAI, Maharashtra - 400071, INDIA |
A75072959 |
|
9 |
10096158 |
30/03/2007 |
316,000,000.00 |
INDIA SECURITIES LIMITED |
ESSAR HOUSE,K.K.MARG, MAHALAXMI, MUMBAI, Maharashtra - 400034, INDIA |
A16980302 |
* Date of charge modification
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Guarantees given by banks on behalf of the company |
0.000 |
8.100 |
|
Bills discounted with bank |
970.000 |
970.000 |
|
Disputed service tax demand |
613.400 |
613.000 |
|
Total |
1583.400 |
1591.100 |
FIXED ASSETS
· Freehold Land
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Ships vessels
· Motor vehicles
· Office equipment
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. 60.78 |
|
|
1 |
Rs. 99.29 |
|
Euro |
1 |
Rs. 78.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.