MIRA INFORM REPORT
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Report No. : |
308123 |
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Report Date : |
14.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
S. No. 49 Industry House, Opposite Kalyani Steels Limited, Mundhwa, Pune-411036,
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.10.2007 |
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Com. Reg. No.: |
11-130881 |
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Capital
Investment / Paid-up Capital : |
Rs. 2301.222 Millions |
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CIN No.: [Company Identification
No.] |
U40102PN2007PTC130881 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK08064A |
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PAN No.: [Permanent Account No.] |
AADCK2089H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in the business of Supply,
Erection, Installation, Operations and maintenance of Wind Turbine Generators
(WTG) and is also engaged in Development of Wind Farm. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 established company having moderate track record. The company has incurred a loss from its operations during 2014. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
Bank Lines (Term Loan) = B- |
|
Rating Explanation |
Have high risk of default and carry very high credit risk. |
|
Date |
May 2014 |
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|
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Rating Agency Name |
ICRA |
|
Rating |
Bank Lines (Fund based) = A4 |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
May 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 BY
|
Name : |
Mr. Anant Verma |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-20-67073299 |
|
Date : |
14.02.2015 |
LOCATIONS
|
Registered Office : |
S. No. 49 Industry House, Opposite Kalyani Steels Limited, Mundhwa,
Pune-411036, Maharashtra, India |
|
Tel No : |
91-20-30473100/67073299 |
|
Fax No. |
91-20-30473133/67073259 |
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E-Mail : |
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|
Website : |
http://www.kenersys.com http://www.kalyanigroup.com
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Corporate Office : |
Survey No.15, Keshavanagar, Pune – 411036, Maharashtra, India |
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Tel No : |
91-20-30462899/ 40362888 |
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Fax No : |
91-20-41061999 |
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E-Mail : |
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Factory : |
Located at B-15/1, Baramati, Maharashtra, India |
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Corporate Office 2: |
Business Plaza Next to Westin Hotel, 7th Floor, 36/3B, North Main Road, Koregaon Park Annexe, Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-30473100 |
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Fax No.: |
91-20-30473130 |
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E-Mail : |
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Overseas Office : |
Located At: Europe Office: Address: Kenersys Europe GmbH, Portal 10, Albersloher Weg 10, 48155 Munster, Germany Tel No.: +49-0-251-21099-0 Fax No.: +49(0)-251-21099-200 E-mail: andreas.reuter@kenersys.com Sweden Office: Address: Magnus Fjelde, Tallstigen11, 18235 Danderyd, Sweden Tel. No.: +46-8-753.-05-35 E-Mail: nfo@kenersys.com
America Office: Address: Kenersys Americas LLC, 50W. Big Weaver Road, Suite 120, Troy. MI 48084, USA |
DIRECTORS
As on 26.09.2014
|
Name : |
Mr. Ganesh Charuchandra Patankar |
|
Designation : |
Director |
|
Address : |
616, Sindh Housing Society, Road 6, Aundh, Pune – 411007, Maharashtra,
India |
|
Date of Birth/Age : |
0606.1956 |
|
Date of Appointment : |
26.09.2013 |
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DIN No.: |
00136573 |
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Name : |
Mr. Parthasarathy Pradeep Kumar Tumkur |
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Designation : |
Director |
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Address : |
C 23054, Mantri Lawns, Anand Park, Aundh, Pune – 411007, Maharashtra,
India |
|
Date of Birth/Age : |
12.09.1955 |
|
Date of Appointment : |
20.02.2014 |
|
DIN No.: |
06594892 |
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|
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|
Name : |
Mr. Francesco Giuliani |
|
Designation : |
Director |
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Address : |
66 Prospect Street, Apartment A, Greenwich, 06830, United State of
America |
|
Date of Birth/Age : |
16.03.1972 |
|
Qualification : |
MBA |
|
Date of Appointment : |
09.07.2008 |
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DIN No.: |
02153917 |
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Name : |
Mr. Shriniwas Balwant Kanade |
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Designation : |
Director |
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Address : |
20, Nityanand Co-operative HSG Society, Pune, Satara Road, Dhankawadi,
Pune – 411043, Maharashtra, India |
|
Date of Birth/Age : |
04.03.1953 |
|
Qualification : |
BCom |
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Date of Appointment : |
20.10.2007 |
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DIN No.: |
00089063 |
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Name : |
Mr. Vidhyadhar Sanjay Deshpande |
|
Designation : |
Director |
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Address : |
Flot No. 36, Abhishilp Apaertment Hissa No A/2, S/R No.24, Shilp
Society Road, Kothrud, Pune – 411029, Maharashtra, India |
|
Date of Birth/Age : |
19.05.1970 |
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Date of Appointment : |
29.03.2014 |
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DIN No.: |
06844135 |
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|
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|
Name : |
Mr. Babu Chandra Sekar |
|
Designation : |
Nominee Director |
|
Address : |
No. 2-B, Fantasy Apartments, 26 First Avenue Indira Nagar Adyar, Chennai
– 600020, Maharashtra, India |
|
Date of Birth/Age : |
12.02.1953 |
|
Date of Appointment : |
26.09.2014 |
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DIN No.: |
06959341 |
KEY EXECUTIVES
|
Name : |
Mr. Limaye Anirudha Kanchan |
|
Designation : |
Secretary |
|
Address : |
Flat No. 201, S. No.23/1/2/1, Sankalpa Rachana, Dhayari, Pune- 411041,
Maharashtra, India |
|
Date of Birth/Age : |
03.04.1990 |
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Date of Appointment : |
01.11.2013 |
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PAN No. |
AOLPG8645N |
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|
Name : |
Mr. Anant Verma |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2014
|
Names of Shareholders |
No. of Shares |
No. of
Preferences Shares |
|
Kenersys Mauritius Private Limited, Mauritius |
66962403 |
-- |
|
DAT Trading Private Limited, Mumbai |
786087 |
-- |
|
IFCI Limited, India |
8373440 |
-- |
|
Kishore Saletore |
250 |
-- |
|
Kalyani Investment Company Limited, India |
-- |
85000000 |
|
Azalea Enterprises Private Limited |
|
29000000 |
|
Vishwasarh Finance Private Limited, India |
|
40000000 |
|
TOTAL
|
76122180 |
154000000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Public Financial Companies |
11.00 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
87.97 |
|
Bodies corporate |
1.03 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Supply,
Erection, Installation, Operations and maintenance of Wind Turbine Generators
(WTG) and is also engaged in Development of Wind Farm. |
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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 : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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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 : |
·
State Bank of India Industrial Finance Branch, 2nd
Floor, Tara Chambers, Pune - Mumbai Highway,
Wakdewadi, Pune – 411003, Maharashtra, India ·
HDFC Bank Limited, Pune, Maharashtra, India ·
Axis Bank, Deccan Gymkhana |
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Facilities : |
(Rs.
In Millions)
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Auditors : |
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Name : |
S.R Batliboi and Company Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchshil Tech Park, Yerwada, (Near Don Bosco School), Pune – 411006, Maharashtra, India |
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Tel. No.: |
91-22-40356300 |
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Fax No.: |
91-22-40356400 |
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PAN No: |
AABFS3421N |
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Cost Auditors : |
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Name: |
S. R. Bhargave and Company |
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Ultimate Holding Company: |
Kalyani Mauritius Private Limited, Mauritius |
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Holding Company: |
Kenersys Mauritius Private Limited, Mauritius |
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Fellow Subsidiary: |
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CAPITAL STRUCTURE
As on 26.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs. 800.000 Millions |
|
154000000 |
Preference Shares |
Rs.10/- each |
Rs. 1540.000 Millions |
|
|
Total |
|
Rs. 2340.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76,122,180 |
Equity Shares |
Rs.10/- each |
Rs. 761.222
Millions |
|
154,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 1540.000
Millions |
|
|
Total |
|
Rs. 2301.222 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2012 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2301.222 |
1611.222 |
761.222 |
|
(b) Reserves & Surplus |
(2124.255) |
(1252.790) |
(679.262) |
|
(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) |
176.967 |
358.432 |
81.960 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
205.000 |
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 |
83.376 |
72.449 |
25.849 |
|
Total Non-current
Liabilities (3) |
288.376 |
72.449 |
25.849 |
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1564.494 |
1318.806 |
1189.891 |
|
(b) Trade
payables |
1349.785 |
821.769 |
1070.758 |
|
(c) Other
current liabilities |
1836.894 |
597.115 |
538.377 |
|
(d) Short-term
provisions |
271.251 |
40.386 |
57.099 |
|
Total Current
Liabilities (4) |
5022.424 |
2778.076 |
2856.125 |
|
|
|
|
|
|
TOTAL |
5487.767 |
3208.957 |
2963.934 |
|
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|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
249.135 |
284.683 |
307.284 |
|
(ii)
Intangible Assets |
20.270 |
25.900 |
27.085 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
1.060 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
1.639 |
|
(b) Non-current Investments |
400.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
111.108 |
229.243 |
0.000 |
|
(d) Long-term Loan and Advances |
1.603 |
7.543 |
28.730 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
3.133 |
|
Total Non-Current
Assets |
782.116 |
547.369 |
368.931 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1550.223 |
1116.012 |
1312.880 |
|
(c) Trade
receivables |
1592.437 |
541.840 |
391.052 |
|
(d) Cash
and cash equivalents |
62.019 |
41.459 |
8.818 |
|
(e)
Short-term loans and advances |
1494.220 |
960.433 |
882.190 |
|
(f) Other
current assets |
6.752 |
1.844 |
0.063 |
|
Total Current
Assets |
4705.651 |
2661.588 |
2595.003 |
|
|
|
|
|
|
TOTAL |
5487.767 |
3208.957 |
2963.934 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
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|
|
|
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|
|
|
|
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Other Income |
|
|
|
|
|
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TOTAL |
2240.600 |
1831.400 |
2194.200 |
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
3071.200 |
2366.600 |
2832.900 |
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(830.600) |
(535.200) |
(638.700) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
40.800 |
38.300 |
36.100 |
|
|
|
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|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(871.400) |
(573.500) |
(674.800) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
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|
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|
|
PROFIT/ (LOSS)
AFTER TAX |
(871.400) |
(573.500) |
(674.800) |
|
|
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
|
Export Earnings |
7.000 |
NA |
0.700 |
|
|
|
TOTAL EARNINGS |
7.000 |
NA |
0.700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
Per Share (Rs.) |
(11.45) |
(7.53) |
(8.86) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
(38.89) |
(31.31) |
(30.75) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
10.00 |
3.68 |
14.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
0.96 |
0.91 |
FINANCIAL ANALYSIS
[All figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
761.222 |
1611.222 |
2301.222 |
|
Reserves & Surplus |
(679.262) |
(1252.790) |
(2124.255) |
|
Net worth |
81.960 |
358.432 |
176.967 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
205.000 |
|
Short term borrowings |
1189.891 |
1318.806 |
1564.494 |
|
Total borrowings |
1189.891 |
1318.806 |
1769.494 |
|
Debt/Equity ratio |
14.518 |
3.679 |
9.999 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
2194.200 |
1831.400 |
2240.600 |
|
|
|
(16.535) |
22.344 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
2194.200 |
1831.400 |
2240.600 |
|
Profit/Loss |
(674.800) |
(573.500) |
(871.400) |
|
|
(30.75%) |
(31.31%) |
(38.89%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: 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 |
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
No |
|
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 |
CORPORATE INFORMATION:
Subject was incorporated as
a Private Limited Company under the Companies Act, 1956 on October 20, 2007.
The Company is engaged in the business of supply, erection, installation,
operations and maintenance of wind turbine generators (WTG) and is also engaged
in other related activities including development of wind farm.
BUSINESS PERFORMANCE:
The Company has generated total turnover of Rs. 2240.600 Millions during the period under review. During the financial year 2013-14 the Company has commissioned 30 WTGs with 60 MW capacities at the sites located in the state of Maharashtra and Tamil Nadu.
Pursuant to the provisions of Sick Industrial Companies (Special Provisions) Act, 1985, the Company has been categorized as a sick company. The Board of Directors have taken many measures to arrest the losses and the same are reported to the Board for Industrial and Financial Reconstruction (BIFR) on quarterly basis.
There is inflow of enquiries for orders from customers; however, The Management is not in a position to accept the orders as there is no land bank balance in hand. Customer places an order at the beginning of a financial year and expects the commissioning to be completed at the end of the financial year. Effective and timely completion of work order becomes tedious task due to non-availability of land banks, delayed decision making process and as a result the Company suffers from liquidated damages.
The management has made repetitive representations in the board meetings and general meetings regarding immediate need for funds. Because of the lack of financial support the Management has to say no to the customers, which has a negative impact on the business.
The Management requests the shareholders to grant more funds to the Company to bridge the gap between orders in hand and land banks.
FUTURE OUTLOOK:
For any organization to prevail and grow in this razor edged competitive environment, innovation is the tried and tested mantra. The Company believes in constant change for better, that is why innovation and high quality standards are at core of the business philosophy. With an ever increasing price of oil and other conventional energy resources, there subsists an un-taped potential in the renewable energy market. R & D team of the Company is coming up with efficient and advance models of windmills to seize the niche in the renewable energy provider’s market. With an introduction of K110 model, the order book status of the Company is growing.
To revive from the bracket of sick companies, the management is adopting various measures to control cost and increase profit margins. The Company has evaluated component cost from various Indian suppliers for sourcing components at a competitive cost. The management has successfully change the supply source from import to indigenization which has resulted in reduction of cost for components such as towers, controllers, casting, generator and cables. As a result of Indigenization, The Company expects to achieve positive margins in future.
UNSECURED
LOAN
(Rs. in Millions)
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Short Term
Borrowing |
|
|
|
Interoperate borrowings |
50.000 |
50.000 |
|
Other loans and advances, others |
83.194 |
147.160 |
|
|
|
|
|
Total |
133.194 |
197.160 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10496233 |
28/05/2014 |
700,000,000.00 |
Union Bank of India Industrial Finance Branch |
619, Sachapir Street, Cantonment Area, Camp, Pune, Maharashtra - 411001, India |
C04920252 |
|
2 |
10438340 |
29/06/2013 |
250,000,000.00 |
State Bank of India |
Industrial Finance Branch, Tara Chambers, Mumbai |
B80242274 |
|
3 |
10130065 |
19/06/2013 * |
2,925,000,000.00 |
State Bank of India |
Industrial Finance Branch, Tara Chambers, Mumbai |
B79517637 |
* Date of charge modification
FIXED ASSETS:
- Plant and
Machinery
- Office
Equipments
- Computers
- Building
- Plant and
Machinery
- Motor
Vehicles
- Land
- Furniture and
Fixture
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.62.14 |
|
|
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.