MIRA INFORM REPORT
|
Report No. : |
336056 |
|
Report Date : |
11.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
JSW SEVERFIELD STRUCTURES LIMITED |
|
|
|
|
Registered
Office : |
Office No. 502, B-Wing, Pinnacle Corporate Park, Next to Trade Bandra
Kurla Complex, Bandra, Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-67317000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
19.03.2009 |
|
|
|
|
Com. Reg. No.: |
11-191045 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1968.759 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28112MH2009PLC191045 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ14280A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCJ4173D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of design, fabrication and erection of structural steel works. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a 50:50 joint venture company of FSW steel Limited and
Severfield Rowen Mauritius Limited. Subject is an established company having satisfactory track. Company has incurred huge losses from its operations in FY14 as over
previous year, which has resulted in to accumulated losses. Further company
has taken huge external borrowings in FY 14. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. In view of strong support from its joint venture entities, the company
can be considered for business dealings with usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
June 24, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
June 24, 2015 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Dadheech |
|
Designation : |
Account Executive |
|
Date : |
10.08.2015 |
LOCATIONS
|
Registered Office : |
Office No. 502, B-Wing, Pinnacle Corporate Park, Next to Trade Bandra
Kurla Complex, Bandra, Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-67317000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 22.09.2014
|
Name : |
Randall Derek |
|
Designation : |
Managing Director |
|
Address : |
5, Abbey Close, Alcester, United Kingdom, B495QW |
|
Date of Birth/Age : |
16.061961 |
|
Date of Appointment : |
19.03.2009 |
|
DIN No.: |
02433966 |
|
|
|
|
Name : |
Acharya Rabindranath Jayant |
|
Designation : |
Director |
|
Address : |
F-303, Great Eastern, Garden LBS Marg, Kanjur Marg (West), Mumbai –
400078, Maharashtra, India |
|
Date of Birth/Age : |
25.01.1963 |
|
Date of Appointment : |
19.03.2009 |
|
|
|
|
Name : |
Mr. Alan Kenneth David Dunsmore |
|
Designation : |
Director |
|
Address : |
31, Northway, London, United Kingdom, NW116PB |
|
Date of Birth/Age : |
02.09.1969 |
|
Date of Appointment : |
18.02.2010 |
|
DIN No.: |
03020101 |
|
|
|
|
Name : |
Rajeev Madhusudan Pai |
|
Designation : |
Director |
|
Address : |
Flat No 104, 10th Floor, Shravan - A, Tarangan Society, Pokhran Road No.1, Near Cadbury, Thane – 400606, Maharashtra, India |
|
Date of Birth/Age : |
15.01.1962 |
|
Date of Appointment : |
08.09.2011 |
|
DIN No.: |
00045604 |
|
|
|
|
Name : |
Jugal Kishore Tandon |
|
Designation : |
Director |
|
Address : |
B-201 Mon Repos 45, H K Bhabua Road Lands End, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Appointment : |
20.07.2015 |
|
DIN No.: |
01282681 |
|
|
|
|
Name : |
Mohammad Inamur Rashdeen |
|
Designation : |
Director |
|
Address : |
Panchsheel Nagar, Sangam Soci, Charoda – 490025, Chhattisgarh, India |
|
Date of Appointment : |
14.01.2015 |
|
DIN No.: |
03607306 |
|
|
|
|
Name : |
Anuradha Ambar Bajpai |
|
Designation : |
Director |
|
Address : |
206, Eureka Hiranandani Estate, Ghod Bunder Road, Thane – 400607, Maharashtra, India |
|
Date of Appointment : |
20.07.2015 |
|
DIN No.: |
07128141 |
KEY EXECUTIVES
|
Name : |
Aletta Alexander Fernandes |
|
Designation : |
Secretary |
|
Address : |
301, 75/A, Shubham Bldg, Opp. Poonam Complex,, Shanti Park, Mira Road (East), Thane – 401107, Maharashtra, India |
|
Date of Appointment : |
20.07.2015 |
|
PAN No.: |
AARPF7371G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Rajeev Madhusudan Pai |
|
10 |
|
Acharya Rabindranath Jayant |
|
10 |
|
Randall Derek |
|
10 |
|
Severfield Rowen Mauritius Limited, Mauritius |
|
108437910 |
|
Jsw Steel Limited, India |
|
108437910 |
|
Dunsmore Kenneth David Alan |
|
10 |
|
John Dods |
|
10 |
|
Kantilal Nandas Patel |
|
10 |
|
|
|
|
|
Total |
|
216875880 |
Equity Share Break up (Percentage of Total Equity)
AS ON 22.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of design, fabrication
and erection of structural steel works. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
|
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
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||||||||||||||||||||||||
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||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountant |
|
Address : |
Tower 3, 27th - 32nd Floor, Indiabulls Finance Centre,Senapati Bapat Marg, Elphinstone (West), Mumbai, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Joint venture : |
JSW Steel Limited Severfield Rowen Mauritius Limited |
|
|
|
|
Subsidiary company
: |
JSW Structural Metal Decking Limited |
|
|
|
|
Enterprises which
are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
|
CAPITAL STRUCTURE
AS ON 22.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs. 2500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
216875880 |
Equity Shares |
Rs.10/- each |
Rs. 2168.759
Million |
|
|
|
|
|
AFTER 22.09.2014
Authorised Capital : Rs. 2500.000 Million
Issued, Subscribed & Paid-up Capital: Rs. 2308.759
Million
AS ON 22.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs. 2000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
196875880 |
Equity Shares |
Rs.10/- each |
Rs. 1968.759
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1968.759 |
1305.968 |
790.759 |
|
(b) Reserves & Surplus |
(1585.443) |
(726.936) |
(641.213) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.290 |
1.395 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
383.606 |
580.427 |
149.546 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1415.865 |
930.554 |
1057.600 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
50.000 |
50.000 |
50.000 |
|
(d) long-term
provisions |
4.467 |
4.645 |
4.401 |
|
Total Non-current
Liabilities (3) |
1470.332 |
985.199 |
1112.001 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
639.104 |
535.654 |
435.574 |
|
(b) Trade
payables |
1117.691 |
820.191 |
672.605 |
|
(c) Other
current liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Short-term
provisions |
1019.247 |
744.516 |
609.705 |
|
Total Current
Liabilities (4) |
2776.042 |
2100.361 |
1717.884 |
|
|
|
|
|
|
TOTAL |
4629.980 |
3665.987 |
2979.431 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2013.696 |
1787.569 |
1836.171 |
|
(ii)
Intangible Assets |
6.431 |
11.518 |
19.386 |
|
(iii)
Capital work-in-progress |
149.115 |
58.796 |
22.654 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
89.659 |
89.659 |
71.926 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
98.498 |
74.790 |
40.646 |
|
(e) Other
Non-current assets |
10.200 |
15.101 |
20.200 |
|
Total Non-Current
Assets |
2367.599 |
2037.433 |
2010.983 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
68.224 |
63.913 |
108.097 |
|
(c) Trade
receivables |
1092.542 |
620.778 |
218.986 |
|
(d) Cash
and cash equivalents |
139.145 |
90.968 |
67.713 |
|
(e)
Short-term loans and advances |
153.869 |
141.792 |
189.627 |
|
(f) Other
current assets |
808.601 |
711.103 |
384.025 |
|
Total
Current Assets |
2262.381 |
1628.554 |
968.448 |
|
|
|
|
|
|
TOTAL |
4629.980 |
3665.987 |
2979.431 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2593.892 |
2547.170 |
307.526 |
|
|
Other Income |
8.936 |
7.048 |
8.423 |
|
|
TOTAL |
2602.828 |
2554.218 |
315.949 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2308.937 |
1548.646 |
0.000 |
|
|
Purchases of Stock-in-Trade |
0.000 |
29.448 |
77.637 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
0.000 |
0.000 |
-1424.482 |
|
|
Employees benefits expense |
459.965 |
390.890 |
291.552 |
|
|
Other expenses |
198.473 |
251.872 |
1338.587 |
|
|
Exceptional Items |
41.225 |
43.575 |
58.559 |
|
|
TOTAL |
3008.600 |
2264.431 |
341.853 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(405.772) |
289.787 |
(25.904) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
332.548 |
261.788 |
265.660 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(738.320) |
27.999 |
(291.564) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
120.187 |
113.721 |
107.648 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(858.507) |
(85.722) |
(399.212) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(858.507) |
(85.722) |
(399.212) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
170.615 |
|
|
Capital Goods |
38.098 |
34.746 |
33.699 |
|
|
TOTAL IMPORTS |
38.098 |
34.746 |
204.314 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.96) |
(0.39) |
(1.84) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(33.10) |
(3.37) |
(129.81) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(15.64) |
11.38 |
(8.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.55) |
(2.44) |
(13.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.24) |
(0.15) |
(2.67) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.36 |
2.53 |
9.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81 |
0.78 |
0.56 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
790.759 |
1305.968 |
1968.759 |
|
Reserves & Surplus |
(641.213) |
(726.936) |
(1585.443) |
|
Share Application money
pending allotment |
0.000 |
1.395 |
0.290 |
|
Net
worth |
149.546 |
580.427 |
383.606 |
|
|
|
|
|
|
long-term borrowings |
1057.600 |
930.554 |
1415.865 |
|
Short term borrowings |
435.574 |
535.654 |
639.104 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
1493.174 |
1466.208 |
2054.969 |
|
Debt/Equity
ratio |
9.985 |
2.526 |
5.357 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
307.526 |
2547.170 |
2593.892 |
|
|
|
728.278 |
1.834 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
307.526 |
2547.170 |
2593.892 |
|
Profit |
(399.212) |
(85.722) |
(858.507) |
|
|
(129.81%) |
(3.37%) |
(33.10%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
----- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---- |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND
JSW Severfield Structures Limited was incorporated on 19 March 2009. The main object of the company is to carry on business of design, fabrication and erection of structural steel works, including decking, for construction projects and allied activities.
MANAGEMENT DISCUSSION
AND ANALYSIS
JSW Severfield Structures Limited (JSSL) has a unique business model which has been implemented in India for the 1st time. The entire steel structure being fabricated in an automatic fabrication facility at JSSL premises in Bellary, Karnataka. The Company is a complete service provider, offering engineering solutions at a conceptual stage together with its complete range of services, incorporating Connection Design, Detailed Drawings, Fabrication, Surface Protection, Delivery and Erection with a total plant capacity of 54,000 tonnes per annum at Bellary in Karnataka.
The company has produced a total of 26,099 Tons including 25,958 Tonnes produced at Bellary during the year. The company Order book stood at 431 Crores (43,402 Tonnes) as on March 31, 2014. In the recent past, the Company has also secured Orders a total of about 34,921 Tonnes from Express Devcon (Shakespeare), L&T Ghaziabad Hanger, JSW Growth Shop, Netapp, K Raheja - Metal Box and JSW Dolvi
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10558041 |
26/03/2015 |
500,000,000.00 |
RBL Bank Limited |
SHAHUPURI,KOLHAPUR, KOLHAPUR, Maharashtra - 416001, INDIA |
C48324362 |
|
2 |
10457868 |
21/03/2014 * |
1,500,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C03019122 |
|
3 |
10294981 |
03/10/2013 * |
1,030,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B88009311 |
|
4 |
10295547 |
23/04/2013 * |
500,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK TOWERS, REGIONAL OFFICE, SHOBHA PEARL 1, COMMISSIARIAT RD, BENGALURU, Karnataka - 560001, INDIA |
B73629081 |
|
5 |
10182489 |
01/10/2014 * |
2,000,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW, GARDEN ELLISBRIDGE, AHMEDABAD, AHMEDABAD, Gujarat - 380006, INDIA |
C31088099 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and
Equipment
- Furniture and
Fixture
- Vehicle
- Office
Equipment
- Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 63.76 |
|
UK Pound |
1 |
Rs. 98.76 |
|
Euro |
1 |
Rs. 69.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
KIN |
|
|
|
|
Analysis Done by
: |
DIP |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
41 |
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.