MIRA INFORM REPORT
|
Report No. : |
316801 |
|
Report Date : |
10.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ABP NEWS NETWORK PRIVATE LIMITED (w.e.f. 16.01.2015) |
|
|
|
|
Formerly Known
As : |
MEDIA CONTENT AND COMMUNICATIONS SERVICES (INDIA) PRIVATE
LIMITED |
|
|
|
|
Registered
Office : |
301, 3rd Floor, Boston House, Suren Road, Western Express
Highway, Andheri (East), Mumbai –
400093, Maharashtra |
|
Tel. No.: |
91-22-66630208/ 66160200/ 66630000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.05.2002 |
|
|
|
|
Com. Reg. No.: |
11-136072 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2914.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92132MH2002PTC136072 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AADCM0507A |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject is in the business of content production and
broadcasting three news channels through the television and digital media
which includes internet, mobile and Direct-to-Home. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is stepdown subsidiary of “ABP private limited”. It is an
established company having satisfactory track record. The company has incurred huge accumulated losses over a year. However, the rating takes into consideration company’s established
position in media content segment backed by promoter extensive industry experience
and strong financial as well as managerial support that company receives from
its parent company. Trade relations are fair. Business is active. Payments are reported to
be slow but correct. In view of strong parent company support backed by strong promoter
background, the company can be considered for business dealings at usual
trade terms and condition. Note: 23 AC documents
for the year 2014 are not available from any source. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB+ (Term Loan) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
August 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 PARTED BY
|
Name : |
Mr. Ananda |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-66160200 |
|
Date : |
09.04.2015 |
LOCATIONS
|
Registered Office : |
301, 3rd Floor, Boston House, Suren Road, Western Express
Highway, Andheri (East), Mumbai –
400093, Maharashtra, India |
|
Tel. No.: |
91-22-66630208/ 66160200/ 66630000 |
|
Fax No.: |
91-22-66661022/ 66631029/ 66160243 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branches |
Located At:
|
DIRECTORS
As on: 13.08.2014
|
Name : |
Mr. Arup Kumar Sarkar |
|
Designation : |
Director |
|
Address : |
20, Madan Mohantola Street, Kolkata – 700005, West Bengal, India |
|
Date of Birth/Age : |
16.08.1946 |
|
Date of Appointment : |
19.09.2003 |
|
DIN No.: |
00200053 |
|
|
|
|
Name : |
Mr. Dipankar Das Purkayastha |
|
Designation : |
Director |
|
Address : |
Flat-2A, 23-B, Ballygunge Circular Road, Kolkata – 700019, West
Bengal, India |
|
Date of Birth/Age : |
01.09.1947 |
|
Date of Appointment : |
24.11.2005 |
|
DIN No.: |
00194147 |
|
|
|
|
Name : |
Mr. Avijit Deb |
|
Designation : |
Director |
|
Address : |
1 Rajendra Deb Road, Bura Bazar, Kolkata – 700007, West Bengal, India |
|
Date of Birth/Age : |
23.09.1947 |
|
Date of Appointment : |
01.09.2005 |
|
DIN No.: |
00047233 |
|
|
|
|
Name : |
Mr. Aveek Kumar Sarkar |
|
Designation : |
Director |
|
Address : |
12/4, Ballygunge Park Road, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
09.06.1945 |
|
Date of Appointment : |
19.09.2003 |
|
DIN No.: |
00224290 |
KEY EXECUTIVES
|
Name : |
Mr. Ananda |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Ashok Venkatramani |
|
Designation : |
Manager |
|
Address : |
A – 62, 6th Floor, Meherina Apartments, 51 C, Napean Sea Road, Mumbai
– 400026, Maharashtra, India |
|
Date of Birth/Age : |
24.02.1964 |
|
Qualification : |
BE(Mech), PGDM |
|
Experience : |
26 Years |
|
PAN No. : |
ADXPA6170D |
|
|
|
|
Name : |
Mr. Anupam Kumar Chugh |
|
Designation : |
Company Secretary |
|
Address : |
152, Kewal Kunj Appartments, Plot No. 46, Sector – 13, Rohini, Delhi –
110085, India |
|
Date of Birth/Age : |
01.09.1959 |
|
Date of Appointment : |
10.04.2007 |
|
PAN No. : |
AABPC8344E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 13.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
ABP TV Private Limited, India |
|
291399999 |
|
Siddhartha Ghosh |
|
1 |
|
|
|
|
|
Total |
|
291400000 |
Equity Share Break up (Percentage of Total Equity)
As on: 13.08.2014
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
99.99 |
|
Other top fifty shareholders |
|
0.01 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is in the business of content production and
broadcasting three news channels through the television and digital media which
includes internet, mobile and Direct-to-Home. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Bengal Intelligent, Park Building, Alpha,1st Floor, Block- EP and GP, Sector – V, Salt lake Electronics Complex, Kolkata-700091, West Bengal, India |
|
Email: |
|
|
PAN No.: |
AADFD5357J |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate Holding Company : |
ABP Private Limited U22219WB1922PTC004503 |
|
|
|
|
Holding Company : |
ABP TV Private Limited U92113WB2000PTC092157 |
|
|
|
|
Companies holding substantial interest in voting power of the Company
: |
Star News Broadcasting Limited (SNBL) (Upto October 20, 2012) |
CAPITAL STRUCTURE
As on: 13.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs.4000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
291400000 |
Equity Shares |
Rs.10/- each |
Rs.2914.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
2914.000 |
2865.300 |
2865.300 |
|
(b) Reserves & Surplus |
(2640.457) |
(2379.315) |
(2508.994) |
|
(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) |
273.543 |
485.985 |
356.306 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
145.313 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
61.839 |
48.690 |
35.177 |
|
Total
Non-current Liabilities (3) |
207.152 |
48.690 |
35.177 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
112.885 |
49.791 |
85.308 |
|
(b) Trade payables |
429.245 |
435.441 |
504.614 |
|
(c) Other current liabilities |
217.704 |
224.624 |
285.664 |
|
(d) Short-term provisions |
16.764 |
6.239 |
2.579 |
|
Total
Current Liabilities (4) |
776.598 |
716.095 |
878.165 |
|
|
|
|
|
|
TOTAL |
1257.293 |
1250.770 |
1269.648 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
304.567 |
296.734 |
299.232 |
|
(ii) Intangible Assets |
5.192 |
5.537 |
3.461 |
|
(iii) Capital work-in-progress |
22.891 |
0.435 |
30.587 |
|
(iv) Intangible assets under
development |
0.398 |
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 |
161.801 |
97.116 |
109.122 |
|
(e) Other Non-current assets |
0.055 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
494.904 |
399.822 |
442.402 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.249 |
0.338 |
0.081 |
|
(c) Trade receivables |
585.141 |
548.295 |
639.236 |
|
(d) Cash and cash equivalents |
106.124 |
158.628 |
75.337 |
|
(e) Short-term loans and
advances |
68.869 |
133.237 |
106.895 |
|
(f) Other current assets |
2.006 |
10.450 |
5.697 |
|
Total
Current Assets |
762.389 |
850.948 |
827.246 |
|
|
|
|
|
|
TOTAL |
1257.293 |
1250.770 |
1269.648 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
2443.623 |
2507.896 |
2288.500 |
|
|
Other Income |
66.927 |
105.270 |
47.800 |
|
|
TOTAL
(A) |
2510.550 |
2613.166 |
2336.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
828.701 |
782.198 |
647.100 |
|
|
Onetime Expenses for Brand
Migration |
141.870 |
1608.060 |
0.000 |
|
|
Other expenses |
1717.041 |
0.000 |
1500.400 |
|
|
TOTAL
(B) |
2687.612 |
2390.258 |
2147.500 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION
(C) |
(177.062) |
222.908 |
188.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES
(D) |
16.773 |
15.671 |
30.300 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(193.835) |
207.237 |
158.500 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
67.307 |
77.558 |
64.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(261.142) |
129.679 |
94.300 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(261.142) |
129.679 |
94.300 |
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2379.315) |
(2508.994) |
(2603.300) |
|
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
(2640.457) |
(2379.315) |
(2509.000) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
9.963 |
11.147 |
14.795 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
( 0.90) |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(10.69) |
5.17 |
4.12 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(7.25) |
8.89 |
8.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(21.16) |
10.37 |
7.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.95) |
0.26 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.94 |
0.10 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.19 |
0.94 |
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 |
2865.300 |
2865.300 |
2914.000 |
|
Reserves & Surplus |
(2508.994) |
(2379.315) |
(2640.457) |
|
Net
worth |
356.306 |
485.985 |
273.543 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
145.313 |
|
Short term borrowings |
85.308 |
49.791 |
112.885 |
|
Total
borrowings |
85.308 |
49.791 |
258.198 |
|
Debt/Equity
ratio |
0.239 |
0.102 |
0.944 |
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 |
2288.500 |
2507.896 |
2443.623 |
|
|
|
9.587 |
(2.563) |
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 |
2288.500 |
2507.896 |
2443.623 |
|
Profit |
94.300 |
129.679 |
(261.142) |
|
|
4.12% |
5.17% |
(10.69%) |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBT:
|
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 |
4.687 |
0.000 |
109.892 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
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 |
Yes |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED
LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Other loans and advances |
0.000 |
49.791 |
|
|
|
|
|
Total |
0.000 |
49.791 |
NOTE:
Registered Office Address of the company has been shifted from “Star News
Centre, Off. Dr. E. Moses Road, Mahalaxmi, Mumbai - 400011, Maharashtra, India”
to present w.e.f. 09.03.2012.
PERFORMANCE
During the financial year 2012-13, Company’s total revenue has been Rs. 2510.500 Million compared to Rs. 2613.200 Million in the previous year, a decline of 3.93%. The Company registered a loss of Rs. 261.100 Million as compared to the profit of Rs. 129.700 Million in the previous year, a decline of 301.38%.This loss includes onetime expenses amounting to Rs. 141.900 Million for brand migration and break-up fee of Rs. 50.000 Million paid to Star India Private Limited.
The first half of the year saw an investment in the acquiring of and building of the brand ABP - with a view to migrating the current equity of the channels from the old brand names to the new ones and ensure that the changeover of brand name from `STAR to `ABP does not impact the business:
a. The viewership of ABP News increased from a 6 month average market share of 14% before rebranding to 16% (6 month average) post rebranding. Similarly, the viewership of ABP Ananda, already the leader in West Bengal moved from market share of 36% before rebranding to 38% post rebranding. ABP Majha, the No. 1 news channel in Maharashtra and in Mumbai, held firmly at the market share of 44%.
b. As per a third party research, viewers echoed the selling point with 92% of those surveyed saying other than the name, nothing had changed in the channel, thus indicating a successful migration of the brands from the old to the new names without any loss in equity.
Despite of change in the brand, the Company maintained the market shares and hence the market rates.
However, the anticipated benefits on account of digitization in terms of like lower carriage and placement fees did not fully materialize due to delayed implementation.
Though, the Company took proactive measures and cut costs to keep the increase to a minimum.
Background
Subject was incorporated in India on 30 May, 2002 and set up its business on 1 March, 2003. The Company is in the business of content production and broadcasting three news channels through the television and digital media which includes internet, mobile and Direct-to-Home.
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10476595 |
15/10/2013 |
600,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B92074582 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2013 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
41.093 |
|
Total |
41.093 |
FIXED ASSETS
- Leasehold
Improvements
- Plant and
Machinery
- Computers
- Office
Equipment
- Furniture and
Fixtures
- Software
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.62.26 |
|
|
1 |
Rs.92.49 |
|
Euro |
1 |
Rs.66.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
42 |
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.