MIRA INFORM REPORT
|
Report No. : |
330868 |
|
Report Date : |
08.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
BLUE DART AVIATION LIMITED (w.e.f. 17.06.1994) |
|
|
|
|
Formerly Known
As : |
BLUE DART AVIATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Blue Dart Centre, |
|
Tel. No.: |
91-22-28396444 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
31.05.1994 |
|
|
|
|
Com. Reg. No.: |
11-078691 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.240.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35303MH1994PLC078691 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN06649G / MUMB06173G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB0482A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged pilots, air hostesses, port captains, navigators
and other executive, engineers, officer, managers, superintendents,
assistance, clerk, coolies and other staff, servants and labourers. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track. Company has reported less reserves and less profit margin further it has
recorded increasing external borrowings in FY14. However, the company
receives good support from its group companies. Trade relations are fair. Business is active. Payments terms are
reported to be regular and as per commitments. In view of strong promoters, the company can be considered normal for
business dealings 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits (AA) |
|
Rating Explanation |
High degree of safety and carry very low credit risk |
|
Date |
February 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based (A1+) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
February 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 DENIED
Management no co-operative (91.22-28396444)
LOCATIONS
|
Registered Office / Corporate Office
: |
Blue Dart Centre, |
|
Tel. No.: |
91-22-28396444 |
|
Fax No.: |
91-22-28311184 / 28244131 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
88-89, |
|
Tel. No.: |
91-44-22568200 / 22561112 |
|
Fax No.: |
91- 44-22568385 / 8389 / 8320 |
|
E-Mail : |
DIRECTORS
As on 22.07.2014
|
Name : |
Mr. Tushar Kumudari. Jani |
|
Designation : |
Director |
|
Address : |
201, Navrattan Building, First Floor, 69. P.D. Mello Road, Masjid (East),
Behind Tata Power Company, Mumbai – 400099, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1953 |
|
Date of Appointment : |
31.05.1994 |
|
DIN : |
00192621 |
|
|
|
|
Name : |
Ms. Tulsi Nowlakha Mirchandaney |
|
Designation : |
Managing Director |
|
Address : |
1302, B Bianca, Panchmarg, Yari Road, Versova, Andheri (West), Mumbai
– 400061, Maharashtra, India |
|
Date of Birth/Age : |
24.07.1950 |
|
Date of Appointment : |
15.02.2008 |
|
DIN : |
01842520 |
|
|
|
|
Name : |
Mr. Clyde Christopher Cooper |
|
Designation : |
Director |
|
Address : |
575 A, Riddell Road, Glendowie, Auckland, 1071 |
|
Date of Birth/Age : |
11.08.1953 |
|
Date of Appointment : |
25.04.2005 |
|
DIN : |
00382001 |
|
|
|
|
Name : |
Mr. Michael Mcmahon |
|
Designation : |
Director |
|
Address : |
34, Cunningham Apts, |
|
Date of Birth/Age : |
27.09.1944 |
|
Date of Appointment : |
25.04.2005 |
|
DIN : |
00234293 |
|
|
|
|
Name : |
Mr. Robert John Hyslop |
|
Designation : |
Director |
|
Address : |
DHL Central Asia HUB, 6 South Permeter Road, Hong Kong, International
Airport, Hong Kong |
|
Date of Birth/Age : |
27.04.1963 |
|
Date of Appointment : |
11.01.2012 |
|
DIN : |
05109988 |
KEY EXECUTIVES
|
Name : |
Mr. Palaniappan Nachiappan |
|
Designation : |
Secretary |
|
Address : |
13/7, BF2, |
|
Date of Birth/Age : |
30.11.1982 |
|
PAN : |
AMNPP4660L |
|
Date of Appointment : |
19.07.2007 |
|
|
|
|
Name : |
Ms. Esha Krishna Reddy |
|
Designation : |
Office Manager |
|
E-mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.07.2014
|
Names of Shareholders |
|
No. of Shares |
|
Blue Dart Express Limited, |
|
11759996 |
|
Tushar Kumudari Jani |
|
4080000 |
|
Clyde Christopher Cooper |
|
4080000 |
|
Unilazer Ventures Private Limited, India |
|
4080000 |
|
Suresh Girdhar Sheth |
|
1 |
|
Yogesh Dhingra |
|
1 |
|
Anil Khanna |
|
1 |
|
Rajesh Joshi |
|
1 |
|
Total |
|
24000000 |
Equity Share Break up (Percentage of Total Equity)
As on 22.07.2014
|
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 |
17.00 |
|
Bodies corporate |
66.00 |
|
Directors or relatives of Directors |
17.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged pilots, air hostesses, port captains, navigators
and other executive, engineers, officer, managers, superintendents,
assistance, clerk, coolies and other staff, servants and labourers. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Savarkar Marg, Shivaji Parak, Next To Mayor's Bungalow, Mumbai-400028, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAEFP5579P |
|
|
|
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Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
L61074MH1991PLC061074 |
|
|
|
|
Other related
parties : |
U64120MH2001PTC131743
|
CAPITAL STRUCTURE
As on 22.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs.240.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
240.000 |
240.000 |
240.000 |
|
(b) Reserves & Surplus |
174.000 |
141.800 |
89.500 |
|
(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) |
414.000 |
381.800 |
329.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2193.000 |
1949.900 |
2018.800 |
|
(b) Deferred tax liabilities
(Net) |
15.300 |
38.300 |
57.700 |
|
(c) Other long term
liabilities |
355.900 |
373.000 |
233.000 |
|
(d) long-term provisions |
13.700 |
14.800 |
13.500 |
|
Total
Non-current Liabilities (3) |
2577.900 |
2376.000 |
2323.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
412.200 |
284.200 |
184.100 |
|
(c) Other current liabilities |
482.300 |
579.100 |
386.200 |
|
(d) Short-term provisions |
6.100 |
13.900 |
0.800 |
|
Total
Current Liabilities (4) |
900.600 |
877.200 |
571.100 |
|
|
|
|
|
|
TOTAL |
3892.500 |
3635.000 |
3223.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2838.900 |
3125.700 |
2850.300 |
|
(ii) Intangible Assets |
90.200 |
31.800 |
14.900 |
|
(iii) Capital work-in-progress |
77.500 |
148.000 |
12.800 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
86.400 |
103.600 |
91.700 |
|
(e) Other Non-current assets |
0.500 |
1.200 |
2.300 |
|
Total
Non-Current Assets |
3093.500 |
3410.300 |
2972.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
162.400 |
135.800 |
141.700 |
|
(c) Trade receivables |
91.100 |
15.900 |
0.000 |
|
(d) Cash and cash equivalents |
98.300 |
2.800 |
7.400 |
|
(e) Short-term loans and
advances |
445.700 |
69.100 |
102.200 |
|
(f) Other current assets |
1.500 |
1.100 |
0.300 |
|
Total
Current Assets |
799.000 |
224.700 |
251.600 |
|
|
|
|
|
|
TOTAL |
3892.500 |
3635.000 |
3223.600 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
6317.300 |
7190.200 |
5299.500 |
|
|
Other Income |
22.700 |
83.700 |
38.200 |
|
|
TOTAL
(A) |
6340.000 |
7273.900 |
5337.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
934.000 |
1148.400 |
826.800 |
|
|
Other expenses |
4571.200 |
5262.400 |
3890.900 |
|
|
TOTAL
(B) |
5505.200 |
6410.800 |
4717.700 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
834.800 |
863.100 |
620.000 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
251.700 |
272.300 |
193.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
583.100 |
590.800 |
426.300 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
542.400 |
548.900 |
394.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
40.700 |
41.900 |
31.800 |
|
|
|
|
|
|
|
Less |
TAX (H) |
8.500 |
(10.400) |
3.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
32.200 |
52.300 |
28.800 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
32.200 |
52.300 |
28.800 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.269 |
0.700 |
0.000 |
|
|
TOTAL
EARNINGS |
0.269 |
0.700 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.34 |
2.18 |
1.2 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2011 |
|
Current Maturities of Long term debt |
356.900 |
326.600 |
16.800 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.51 |
0.73 |
0.54 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.21 |
12.00 |
11.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.07 |
1.20 |
0.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.11 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
6.16 |
5.96 |
6.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89 |
0.26 |
0.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
240.000 |
240.000 |
240.000 |
|
Reserves & Surplus |
89.500 |
141.800 |
174.000 |
|
Net
worth |
329.500 |
381.800 |
414.000 |
|
|
|
|
|
|
long-term borrowings |
2018.800 |
1949.900 |
2193.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of
Long-Term Debts |
16.800 |
326.600 |
356.900 |
|
Total
borrowings |
2035.600 |
2276.500 |
2549.900 |
|
Debt/Equity
ratio |
6.178 |
5.963 |
6.159 |
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) |
|
Total Income |
5337.700 |
7273.900 |
6340.000 |
|
|
|
36.274 |
(12.839) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
5337.700 |
7273.900 |
6340.000 |
|
Profit |
28.800 |
52.300 |
32.200 |
|
|
0.54% |
0.72% |
0.51% |
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 |
No |
|
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 |
|
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
|
|
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 |
No |
|
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 |
REVIEW OF OPERATIONS
The Company, the only scheduled domestic cargo airline network in the Indian skies, with a fleet of five Boeing 757-200 and one Boeing 737-200 freighters, has continued to support the air express leadership position of Blue Dart Express Limited during the year with a sustained focus on safety and high standards of service quality. Your Company has posted an excellent Technical Dispatch Reliability (TDR) of 98.58% for the older B737 fleet and 99.04 % for the B757 fleet, with an overall TDR of 98.98 %, during the year. Within the constraints of the developing airport environment, the shortage of parking bays and the frequent non-availability of adjacent parking bays that adversely impact smooth ground operations, the Company has posted an On-Time Performance (OTP) of 92.42% for the B737 and 92.86 % for the B757 fleet, with an overall OTP of 92.87%, amongst the highest in the Indian skies. With the existing resources, your Company has handled 48 charters during the year and has uplifted 89,034 tonnes on its network during the period of 12 months ended March 31, 2014.
REVIEW OF PERFORMANCE
In the year gone by, the prolonged economic crisis has thrown up many challenges for the global aviation industry. Indian aviation companies too, were no exception to these turbulent times. Sharp depreciation of the rupee, high aviation fuel prices, increased landing and navigation charges at key metro airports in India and increased operational costs resulted in airlines incurring losses. These losses were exacerbated as airlines were unable to fully pass on these incremental costs to the customers. Despite these trying circumstances, your Company has taken various steps to reduce costs and improve productivity.
During the year, the Company has continued its focus on safety which forms the bedrock for all aviation activities. Further, the Company has rolled out the package level tracking successfully at Chennai, Bangalore, Mumbai, Delhi, Kolkata and Hyderabad stations. The Company facilities, most of which are very old, were well protected and maintained safely and securely and facilitated for adequate emergency response.
During the year, the Company has replaced one C powered Boeing 757 aircraft with a fuel efficient E4 powered Boeing 757 aircraft. Further, the Company has undertaken 3 major checks including a B757 4C Check on the B757, and 1 phase check on the B737,. A major pylon modification was carried out on a B757 aircraft, a first in the Company, in a timely manner and cost effectively.
During the year, the Company continued its efforts in reduction of fuel consumption with Project Golden Drops and the Single Engine Taxi, bringing about significant cost savings in a difficult year. Your Company obtained 86% reduction in a high cost component through efficient negotiation. The company has successfully renegotiated rates for airlines and hotel. Further the Company successfully carried out 33 CAT III landings, to maintain high service quality and avert disruptive and expensive flight diversions.
During the year, the Company has successfully supported Blue Dart Express Limited towards disposal of VT-BDI to an international leasing company at a higher than expected market value and also handled auction and a parting out of VT-BDG to a domestic buyer. Both these activities were achieved through great teamwork across the Company’s various functions.
During the year, the Company has successfully carried out detailed audits on all its important functions to maintain regulatory compliance and approvals. The Company has received a commendation certificate from the Central Excise and Service Tax Department for compliance and providing timely and accurate information.
During the year, the Company has set up a Security Training Institute (ASTI) at Bangalore, which would help the Company conduct mandatory security training independently and would substantially reduce aviation security training costs. Safety Management System is implemented in compliance with regulatory requirements. The Safety Action Groups are formed at all stations and Head Office to encourage hazard identification and promotion of safety at all levels.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loan from Banks |
600.000 |
0.000 |
|
Term loan from others |
1593.000 |
1949.900 |
|
Total |
2193.000 |
1949.900 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80025030 |
13/12/2012 * |
460,000,000.00 |
IDBI Bank Limited |
IDBI Bank Ltd., OPUS Centre, Central Road,, MIDC, Andheri
(East),, MUMBAI, Maharashtra - 400093, INDIA |
B65671745 |
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Leasehold improvements
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.63.56 |
|
|
1 |
Rs.98.22 |
|
Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
5 |
|
--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 |
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 |
|
50 |
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.