MIRA INFORM REPORT
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Report Date : |
03.01.2015 |
IDENTIFICATION DETAILS
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Name : |
INDRANI PATNAIK |
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Registered
Office : |
A/6, Commercial Estate, Civil Township, Rourkela – 769 004, Orissa |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Year of
Establishment : |
2008 |
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Capital
Investment : |
Not Divulged |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Sole Proprietary Concern |
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Line of Business
: |
Raising and Supplying of Iron Ore. |
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No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is a part of “ALTRADE GROUP OF COMPANIES”. It is a
well-established proprietary concern having satisfactory track record. Management has reported a dip in its revenue as they have stopped
exporting the iron ore from their mines. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of vast experience of the promoters and their strong support, the
concern can be considered for business dealing at 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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
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Name : |
Mr. Sashi Vwivedy |
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Designation : |
Senior Accountant |
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Contact No.: |
91-9777705751 |
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Date : |
02.01.2015 |
LOCATIONS
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Registered Office : |
A/6, Commercial Estate, Civil Township, Rourkela – 769 004, Orissa, India |
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Tel. No.: |
91-661-2402227/ 2400139 |
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Mob. No.: |
91-9937711645 (Mr. Venudhar Mishra – Joda Office) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
HIG-43, BDA Colony, Jaydev Vihar, Bhubaneswar – 751 013,
Orissa, India |
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Tel. No.: |
91-674-3270070 |
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Mining Office : |
Boneikela, Joda, District Keonjhar – 758 038, Orissa,
India |
SOLE PROPRIETOR
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Name : |
Mr. Indrani Patnaik |
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Designation : |
Proprietor |
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Date of Birth / Age : |
60 Years |
KEY EXECUTIVES
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Name : |
Mr. Sashi Vwivedy |
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Designation : |
Senior Accountant |
BUSINESS DETAILS
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Line of Business : |
Raising and Supplying of Iron Ore. |
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Products : |
Iron Ore |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
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Products : |
Machines |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Advance Payment |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
R Gopal and Associates Chartered Accountants |
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Address : |
Orissa, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Parent Company : |
Altrade Group |
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Sister Concerns : |
·
D R Patnaik ·
Tarini Minerals Private Limited ·
Altrade Minerals Private Limited |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2014 |
31.03.2013 |
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Sales Turnover (Approximately) |
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10880.000 |
14290.000 |
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(Turnover has
been decreased as they have stopped exporting) |
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Expected Sales (2014-2015): More than Rs.12000.000 millions
The above information has been parted by Mr. Sashi Vwivedy (Senior
Accountant).
Note: Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
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Year on Year Growth |
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31.03.2013 |
31.03.2014 |
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(INR in Mlns) |
(INR in Mlns) |
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Sales Turnover (Approximately) |
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14290.000 |
10880.000 |
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(23.863) |
LOCAL AGENCY FURTHER INFORMATION
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Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
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1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
No |
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8] |
No. of employees |
Yes |
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9] |
Name of person contacted |
Yes |
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10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
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12] |
Profitability for last
three years |
No |
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13] |
Reasons for variation
<> 20% |
Yes |
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14] |
Estimation for coming financial
year |
Yes |
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15] |
Capital in the business |
No |
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16] |
Details of sister
concerns |
Yes |
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17] |
Major suppliers |
No |
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18] |
Major customers |
Yes |
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19] |
Payments terms |
Yes |
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20] |
Export / Import details
(if applicable) |
Yes |
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21] |
Market information |
----- |
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22] |
Litigations that the firm
/ promoter involved in |
Yes |
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23] |
Banking Details |
Yes |
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24] |
Banking facility details |
No |
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25] |
Conduct of the banking
account |
----- |
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26] |
Buyer visit details |
----- |
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27] |
Financials, if provided |
Yes |
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28] |
Incorporation details, if
applicable |
No |
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29] |
Last accounts filed at
ROC |
No |
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30] |
Major Shareholders, if
available |
No |
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31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
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33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
WEBSITE DETAILS:
PRESS RELEASES/ ARTICLES
INDRANI PATNAIK TOPS TAXPAYERS
LIST AGAIN
April 7, 2014
Miner Indrani Patnaik has emerged as the top tax payer from the state in the individual category for 2013-14, according to the office of the Income Tax department, here.
The mine owner has paid Rs.1650.000 Millions as advance tax for the year under
assessment. She is followed by another miner KJS Ahluwalia, who paid
Rs.1545.000 Millions as advance tax in 2013-14, over and above Rs.760.000
Millions paid in 2012-13.
Patnaik, who paid Rs.1850.000 Millions in 2012-13, has been topping the list of
individual tax payers from the state for last few years.
Mahanadi Coalfields Limited (MCL), a 100 per cent subsidiary of Coal India limited, state run PSU Odisha Mining Corporation and central PSU, National Aluminium Company Limited are the highest tax payers in the corporate tax bracket, sources said. The income tax collection in the state has risen by 8.7 per cent to Rs.92603.000 Millions against Rs.85174.000 Millions collected by Odisha region of Income Tax department in 2012-13.
Similarly, the collection for the last fiscal has also surpassed the target of
Rs.90170.000 Millions allotted to the region.
Corporate tax collection has risen to Rs.73460.000 Millions in 2013-14 from
Rs.70996.000 Millions in 2012-13 and individual income tax has increased to
Rs.33789.000 Millions from Rs.31655.000 Millions in 2012-13.
Gross collection during 2013-14 has gone up to Rs.107294.000 Millions against
Rs.102682.000 Millions in 2012-13, posting a growth of 4.5 per cent.
"Odisha region has been able to achieve the target fixed at Rs.90170.000
Millions in spite of declining trend of collection in the first nine months of
the year 2013-14 and slowdown in the mining industry," read an official
release.
The investigation directorate in Odisha under the Income Tax department has
intensified its search and seizure operations. During 2013-14, the directorate
has conducted 11 search and seizure operations compared to seven in 2012-13.
The raids resulted in cash seizure of Rs.28.200 Millions, jewellery of
Rs.10.000 Millions and other assets worth Rs.123.700 Millions.
SHAH PANEL ASKS
MINERS TO IMPROVE CSR WORK IN ODISHA
March 18th, 2013
BHUBANESWAR: The M B Shah Commission, inquiring into illegal mining in Odisha, on Saturday asked mining companies to prepare a blueprint for development of Keonjhar and Sundargarh districts.
“The commission has asked the companies to prepare a comprehensive plan for development of Keonjhar and Sundargarh districts and submit it on April 3. The commission would take it up on April 13,” state director of mines Deepak Mohanty said after the commission held a fresh round of hearing at its headquarters in Ahmedabad.
Sources said the commission has asked the mining companies to take up development works in Keonjhar and Sundagarh, two of the most mineral-rich districts in the state, as part of their corporate social responsibility. “Let there be development in Odisha’s mine areas. The lessees need to come out with a detailed plan,” Justice Shah told journalists.
The commission’s hearings on violation of the contentious Rule-37 of Mineral Concession Rules, 1960, remained inconclusive with the state government not getting an opportunity to put forth its views. The government will give its views on April 3, the next date of hearing, source said.
Justice Shah, who had visited Odisha from February 27 to March 4, did not comment on the rule 37 issue. “There was discussion on the matter. But I cannot disclose anything at the moment since hearing is not yet complete,” he added.
The commission had invited the state government, state-owned Odisha Mining Corporation and mine lessees found guilty of contravening rule 37 for hearing in Ahmedabad.
Rule 37 has attracted controversy as it debars any lessee to assign, sub-let, mortgage or in any other manner transfer the mining lease or any right, title or interest therein without previous written consent of the state government. In Odisha, at least eight mining lessees – Indrani Patnaik, K J S Ahluwalia, R P Sao, Sarada Mines, Aryan Mines (Koira), Mala Ray Mines (Keonjhar), Kabita Agrawal (Koira) and Mideast Integrated Steel’s (Mesco) Barbil mines – have allegedly contravened Rule 37. The Union Central mines ministry has proposed amending the rule and sought comments from mineral bearing states.
CEC DISAGREES WITH
ODISHA GOVERNMENT’S DECISION TO PAY COMPENSATION OF 30 %
June 11, 2014
BHUBANESWAR: A Supreme Court-appointed panel investigating illegalities in Odisha's iron ore and manganese mining has disagreed with the state's decision to claim a market rate of all ore mined in excess of permits that adds up to Rs.590000.000 millions.
The Central Empowered Committee (CEC), in a meeting with miners and officials in Bhubaneswar, said in its reading of the country's mining laws the particular clause invoked, Section 21(5) of the MMDR (mines and minerals, development and regulation) Act, did not provide for recovery claims. "Unless rule 21(5) is set aside by the courts we will follow the law of the land," said a member of the panel, requesting anonymity.
The CEC suggested it could, when it submits its final report to the Supreme Court before July 30, ask miners to pay instead a compensation possibly of 30% of the weighted average of what was mined in excess of various permits.
The sum of Rs.590000.000 millions, highlighted by the mines ministry's MB Shah commission in respect of illegal mining of iron and manganese, had come to symbolise the alleged iron ore scam in Odisha and made an election issue by opposition parties against Naveen Patnaik's BJD government in the state. The estimate, however, originates from a November 2012 decision by Odisha's mines ministry.
Acting on a state auditor general report, the state had asked miners to pay the government a value of all ore exceeding any of its permits - as prescribed under the environment clearance, pollution control board clearance and the Indian Bureau of Mines' approved mining plan - for the decade from 2001 to 2010.
Notices for claims of thousands of crore of rupees were shot off to Steel Authority of India Limited, Tata Steel, Aditya Birla's Essel Mining, Rungta Mines, KJS Ahluwalia, Indrani Patnaik and even the state-owned Orissa Mining Corporation.
Incidentally, the mines ministry had similarly objected to the state's claim of recovery under Section 21(5). The clause says recovery can only be made from "illegally mined ore". The debate is whether violations under the respective environment, forest and pollution control laws amount to a violation of MMDR Act.
The meeting was attended by the secretary of steel and mines department, other state officials, promoters and senior officials of some of the country's biggest mining houses, besides steelmakers such as SAIL andTata Steel whose plants are fed by their captive leases in Odisha.
Rule 37 and Stemcore sale
The other contentious issue discussed was Rule 37 of MMDR. The rule bars transfer of mining rights or interest. The CEC warned that established violations would lead to the lease being revoked and put up for auction as was done with the more serious violators in Karnata-ka's iron ore belt.
The state was asked "to take to its final conclusion" eight cases it had initiated including those of KJS Ahluwalia, RP Sao, Indrani Patnaik, Sirauddin, Sarda Mines and Kabita Agrawal and Aryan Mining and Trading Corporation (AMTC) and asked for prima facie investigations of another four leases.
With regards to AMTC, the CEC pointed out that UK-based Stemcor had acquired majority interest in AMTCin a $2 billion deal, valuing the company's iron ore leases at $1.5 billion. The global traders' Indian assets are up for sale, even as potential buyers interested primarily in its access to iron ore are worried over it retaining its rights to these leases.
23 MINES IN ODISHA
UNDER THE SCANNER
August 9, 2014
BHUBANESHWAR: A mines ministry appointed fact finding committee has noted serious violations of mining and green laws in the operations of 23 mines in Odisha.
The iron and manganese mines covered in the second report of a commission led
by former Supreme Court judge
MB Shah include those of Essel Mining, Sarda Mines, Indrani Patnaik, Serajudin
and Co, Mideast Integrated Steel, Aryan Mining and Trading Corporation and
Rungta Mines.
It lists out a range of violations, from excess production, evasion of tax, to working without environmental and forest clearances, and in many cases without valid leases. The reports covering Odisha and Jharkhand were tabled in the Parliament recently.
According to the 98-page action taken report of the ministry, in several cases, mine owners managed to get permission from various government authorities - the state mining department or from the MoEF in the Centre.
Many of the lessees have also moved revisional authority at the Centre and received stay orders against Odisha government's notices.
In some cases the commission believes the authority "ignored hard facts and legal provisions." The commission, whose term the former UPA government refused to extend, has in several cases recommended an investigation by the Central Bureau of Investigation.
The Odisha government has, however, argued that action had been taken and thus handing over the matter to the central agency would not be required.
A panel of the forest bench of the Supreme Court, the Central empowered Committee, has been hearing the state and miners in a related petition.
Its mandate is to investigate, independent of the commission's findings, allegations of illegal mining and other violations in the state.
The report is expected to have political repercussions in Odisha.
SC PANEL ON ILLEGAL
MINING TO MEET MEMBERS OF 25 MINING FIRMS
June 10, 2014
BHUBANESHWAR: A Supreme Court appointed panel arrived in Bhubaneshwar to meet state officials and representatives from the mining industry, to investigate charges of illegalities in iron-ore and manganese mining.
The panel's final report to be submitted before 30 July could have a significant influence over the course of mining or iron ore and manganese in the state, and given Odisha's contribution to the minerals' production, have a significant bearing on India's iron and steel sector.
Till the panel comes up with its final report, about 102 iron and manganese mines in the state, including those of Essel Mining, OMC, Sarada Mines, KJS Ahluwalia, Rungta and Sons will remain suspended.
The panel members are also likely to return to Odisha for site visits in July, those in the know told ET. Meanwhile, the Odisha government has agreed to renew nine of 26 other leases which had been ordered shut.
These mines are owned by Tata Steel, Steel Authority of India and one of Odisha Mining Corporation. Widespread illegalities, at times patronised by politicians and with officials turning a blind eye and regulatory lapses, has in the last few years forced the apex court to come down hard on the mining industry in the iron ore rich states such as Karnataka and Goa.
The SC's forest bench, now investigating similar allegations against Odisha's miners, has asked the Central Empowered Committee to submit a report. The panel's members met state officials on Monday and will meet 25 mining firms on Tuesday.
In a letter to the chief secretary dated June 2, the CEC had sough leasewise details on all aspects suggesting that the committee will undertake its own analysis of violations. A central appointed fact findingcommission, under former Justice MB Shah, had been scathing in its reports regarding Odisha's mining sector.
It had, as has the state government, claimed from miners a value of all such production that had exceeded permits amounting to nearly Rs.600000.000 millions which ended up defining the scale of the alleged scam. The CEC has also sought from the state details of Rule 37 violations - a mining clause that bars companies from subleasing or transferring control without prior government permission.
It has also sought specific information on Sarada Mines, whose term of supplies to Jindal Steel and PowerLimited is under scrutiny.
And it is probably in this context that the committee has called mining contractor Thriveni Earth movers along with mine owners such as KJS Ahluwalia, Indrani Patnaik, and Sirajuddin.
Aditya Birla Group's Essel Mining, Rungta Sons and Rungta Mines and Mesco, Tata Steel and SAIL have also been asked to be present at the meeting on Tuesday. Information on encroachments, details of every lease - status of their surface rights, lease agreements, forest, environment a pollution control board clearances, details of iron ore and manganese production since 2001-02 against corresponding permits has been sought from the state.
In addition the CEC also wants to know the status of an earlier SC order, based on its own report, under which a special purpose vehicle was to be set up and the money that miners paid as compensation be transferred into it.
MINES MINISTRY
COMMISSION ALLEGES VIOLATIONS OF MINING AND ENVIRONMENTAL LAWS IN ODISHA
August 8, 2014,
BHUBANESHWAR: A fact-finding committee appointed by the Union mines ministry has alleged serious violations of mining and environmental laws have been committed in the operations of 23 big mines in Odisha.
The iron and manganese mines covered in the second report of a commission led by former Supreme Court judge, MB Shah, include those of Essel Mining, Sarda Mines, Indrani Patnaik, Serajudin and Co, Mideast Integrated Steel, Aryan Mining and Trading Corporation and Rungta Mines. The report lists a range of violations from excess production and evasion of tax to working without environmental and forest clearances, and in many cases without holding valid leases.
The reports covering Odisha and Jharkhand were tabled in Parliament recently.
In several cases, according to the report, owners of mines have managed to get permissions from various government authorities, which include the state mining department or the central ministry of environment and forests, according to the 98-page action taken report of the ministry.
Many of the lessees have also moved revisional authority at the centre and received stay orders against Odisha government's notices; in some cases, the commission believes the authority "ignored hard facts and legal provisions".
The commission, whose term the former UPA government refused to extend, has in several cases recommended an investigation by the Central Bureau of Investigation. The Odisha government has, however, argued that action had been taken and therefore handing over the matter to the central agency would not be required.
A panel of the forest bench of the Supreme Court, the Central Empowered Committee, has been hearing the state and miners in a related petition. Its mandate is to investigate, independent of the commission's findings, allegations of illegal mining and other violations in the state. The report is expected to have political repercussions in Odisha, where opposition has been using the mining controversy to attack Naveen Patnaik's Biju Janata Dal government. Some recorded violations, however, date back to the 1990s when the Congress was in power in Odisha.
The report says Serajudin does not hold a valid lease for Balda iron ore mines since 1979. The government of India had rejected a renewal application and the state ordered it shut, but it was allowed to continue on the orders of a deputy secretary to the state that pre-empted a court order. The state government is also pursuing sales and income tax claims against Serajudin, which the report points out had never filed IT returns till March 31, 2011. At the peak of the iron ore boom in 2008-09, Serajudin reported a 4% profit.
One of its contractors, Thriveni Earthmovers (TEMPL), also figures in the report for alleged violation of Rule 37 of the Mineral Concession Rules or MCR, which prohibit transfer of mining rights without prior consent of the state. It points out that while a contractor, TEMPL made considerable payments to group companies of Serajuddin.
Sarda Mines has also been found to be in violation of Rule 37 for, among other reasons, selling all of its unprocessed iron ore to Jindal Steel and Power, which set up crushers in its mine.
The report has recommended that because of the "long pending issue of rule 37 violation and other irregularities" the case be handed over to the CBI.
The state government believes this is unnecessary since the matter is being investigated separately by the Central Empowered Committee.
A Jindal spokeswoman had earlier told ET, "The allegations are not correct."
Alleged transfer of lease from MISL to Mesco and the acquisition of Aryan Mining by Stemcore Holdings also figures in the report. The state has been directed towards the fact that UK-based trader is now looking for buyers for its Indian assets.
The panel has also slammed Aditya Birla group's Essel Mining and Rungta Mines for evading the 10 sq km ownership cap on mineral resources.
The state has promised to look into the charges. Of Essel Mining's leases, the report says "that the lessee has of late attempted successfully to delete leased land for lesser area during the time of renewals with full cooperation and collaboration of officials of the state government at all levels ... and is presently holding all leases in his possession within the 10 sq km.
The commission has similarly noted that the SR Rungta group controls a combined area of 3339.23 ha in Odisha alone, with another 322.94 ha in Jharkhand, or 14-15 leases through various group companies and partnership firms in violation of the same Section 6 of the Mines and Mineral (Development and Regulation) Act.
A sister concern of TEMPL, Orwin Engineering company, along with Arvind Constructions, now hold iron ore an manganese leases, broken up from an original lease granted only to mine manganese in Jurudi area of Keonjhar allotted to Kalinga Mining corporation in violation of Rule 37, the report says.
Among other shortcomings noted in the operations of Indrani Patnaik, the report says that "file notings, sent to the central government in 1998, were manipulated" to change the lease period from 20 to 30 years were while recommending renewal of the lease.
COMMERCIAL TAX DEPT
GUNS FOR UNSCRUPULOUS MINERS
February 4, 2014
Asks vigilance probe team to provide details of four miners
The commercial tax department of the Odisha government is planning to recover sales taxes and
other dues from miners who have been named by the state vigilance team in its
reports on illegal mining.
It has requested the vigilance team to provide the details
of such malicious transactions of four miners.
"The officials of the Directorate of Vigilance have conducted enquiries
and have submitted reports on illegal mining of iron and manganese ores in the
state of Odisha. It is, therefore, requested that relevant information may
please be shared with Commercial Tax Department so as to take necessary action
on evasion of government revenues under OVAT Act, 2004 and CST Act, 1956,"
the letter from commercial tax department to the vigilance wing of state police
said. The lessees whose details have been sought by department are Indrani
Patnaik (Unchabali mines), Rungta (Silijora Kalimati mines), Sirajuddin and Co
(Bagda mines) and one Basant Kumar Das (Kasia Beda mines).
The vigilance department, which was assigned the task of investigating illegal
mining activities in 2009, has so far booked cases against 59 government
officials and 10 firms. In the last winter session, Steel and Mines minister,
Rajnikant Singh had said that the vigilance wing was fighting 10 cases which
are pending at different courts against some firms and individuals. The firms
included Indrani Patnaik, B D Patnaik, Thriveni Earthmovers, Sirajuddin and Co,
and Mangilal Rungta. The department has also filed cases against two private
persons-Sajiad Yusuf Bhat and Satya Priya Mishra in connection with illegal
mining, the minister had said in a written reply. However, the details of the
tax evasion due to alleged mineral theft has not been made public by the
vigilance probe. Recently, leaked reports of Shah Commission suggested that
several miners, who excavated iron ore and manganese without necessary forest
and environment clearances, owe the state exchequer nearly Rs.600000.000
millions in terms of the market value of the minerals.
The commercial tax department will collect value added tax and central sales
tax over and above the mineral value, said an official source.
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 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.63.29 |
|
|
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
49 |
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.