MIRA INFORM REPORT
|
Report No. : |
343250 |
|
Report Date : |
01.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
KAMINENI STEEL AND POWER INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
“Kamineni”, 4th Floor, King Koti, Hyderabad – 500001, Telangana |
|
Tel. No.: |
91-40-23299987 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.10.2008 |
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|
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Com. Reg. No.: |
36-061482 |
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Capital
Investment / Paid-up Capital : |
Rs.1921.235 Million |
|
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|
|
CIN No.: [Company Identification
No.] |
U27100TG2008PTC061482 |
|
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IEC No.: |
0911001654 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDK04842F |
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PAN No.: [Permanent Account No.] |
AADCK7873M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Steel Billet and Power
Production. |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 2008 engaged in the manufacturer, exporter and importer of steel billet and it is also engaged in the power generation business. As per the director report of 2014, implementation of steel billet project is in advance stage of commissioning whereas, power project is under progress. The company has spent Rs. 10434.626 Million on the implementation of the project which includes pre operating expenditure of Rs. 2106.318 million. We ascertained from our investigation that the subject company has started its full-fledged business operations from December 2014 which was later confirmed by the company management as well. Rating remain constrained on account of its highly leveraged capital structure marked by huge borrowing along with negative reserves position and leverage business profile of the company. Payments are reported to be slow. In view of aforesaid, the company can be considered for business dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities= BB- |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
26.03.2015 |
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
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Abhijeet |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-9963999393 |
|
Date : |
30.09.2015 |
LOCATIONS
|
Registered Office : |
“Kamineni”, 4th Floor, King Koti, Hyderabad – 500001,
Telangana, India |
|
Tel. No.: |
91-40-23299987 |
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Mobile No.: |
91-9963994974 (Mr. Ram Sharma) |
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Fax No.: |
91-40-23230387 |
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E-Mail : |
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Website : |
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Factory : |
Sreepuram, Narketpally, Nalgonda – 508254, Andhra Pradesh, India |
DIRECTORS
AS ON 11.09.2014
|
Name : |
Mr. Kamineni Suryanarayanamr. |
|
Designation : |
Chairman |
|
Address : |
5-9-261/2, King Kothi Road, Hyderabad – 500001, Andhra Pradesh, India |
|
Date of Birth/Age : |
15.06.1936 |
|
Date of Appointment : |
20.10.2008 |
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DIN No.: |
00078950 |
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|
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|
Name : |
Ms. Kamineni Indira |
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Designation : |
Director |
|
Address : |
5-9-261/2, King Kothi Road, Hyderabad – 500001, Andhra Pradesh, India |
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Date of Birth/Age : |
01.07.1939 |
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Date of Appointment : |
20.10.2008 |
|
DIN No.: |
00332194 |
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|
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|
Name : |
Mr. Kamineni shashidhar |
|
Designation : |
Managing Director |
|
Address : |
5-9-261/2, King Kothi Road, Hyderabad – 500001, Andhra Pradesh, India |
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Date of Birth/Age : |
27.12.1959 |
|
Date of Appointment : |
20.10.2008 |
|
DIN No.: |
00332223 |
KEY EXECUTIVES
|
Name : |
Mr. Abhijeet |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
AS ON 11.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Kamineni Suryanarayana |
10000 |
0.01 |
|
Kamineni Indira |
10000 |
0.01 |
|
Kamineni Shashidhar |
10000 |
0.01 |
|
Kamineni Sridhar |
10000 |
0.01 |
|
United Steel Allied Industries Private Limited, India |
192083500 |
99.98 |
|
|
|
|
|
Total |
192123500 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 11.09.2014
|
Category |
Percentage |
|
Bodies corporate |
99.98 |
|
Directors or relatives of Directors |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Steel Billet and Power
Production. |
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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 : |
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Products : |
Finish Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
C K S Associates Chartered Accountants |
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Address : |
87, Maharjuna, Road No. 3, Gagan Mahal Colony, Hyderabad – 500029,
Andhra Pradesh, India |
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PAN No.: |
AABFC2043A |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Holding Company : |
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Company in which
Directors are interested : |
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Entity in which
Directors are interested : |
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CAPITAL STRUCTURE
AS ON 11.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 Million |
|
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|
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
192123500 |
Equity Shares |
Rs.10/- each |
Rs.1921.235 Million |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1921.235 |
1906.235 |
1191.800 |
|
(b) Reserves & Surplus |
(30.001) |
(22.233) |
(16.261) |
|
(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) |
1891.234 |
1884.002 |
1175.539 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7978.900 |
5700.896 |
2515.997 |
|
(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 |
2.259 |
1.148 |
0.315 |
|
Total Non-current
Liabilities (3) |
7981.159 |
5702.044 |
2516.312 |
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1102.998 |
0.000 |
0.000 |
|
(b) Trade
payables |
141.327 |
88.242 |
0.081 |
|
(c) Other
current liabilities |
663.810 |
563.516 |
44.525 |
|
(d) Short-term
provisions |
0.006 |
0.109 |
0.008 |
|
Total Current
Liabilities (4) |
1908.141 |
651.867 |
44.614 |
|
|
|
|
|
|
TOTAL |
11780.534 |
8237.913 |
3736.465 |
|
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|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
993.982 |
971.976 |
966.181 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
7470.504 |
4793.186 |
967.308 |
|
(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 |
1970.141 |
2223.428 |
1787.337 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
10434.627 |
7988.590 |
3720.826 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
345.851 |
100.130 |
0.000 |
|
(c) Trade
receivables |
0.000 |
0.147 |
0.000 |
|
(d) Cash
and cash equivalents |
184.207 |
30.635 |
2.354 |
|
(e)
Short-term loans and advances |
755.426 |
91.651 |
11.754 |
|
(f) Other
current assets |
60.423 |
26.760 |
1.531 |
|
Total Current
Assets |
1345.907 |
249.323 |
15.639 |
|
|
|
|
|
|
TOTAL |
11780.534 |
8237.913 |
3736.465 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(7.768) |
(5.972) |
(0.328) |
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(0.04) |
(0.03) |
0.00 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
352.200 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
97.272 |
246.498 |
(4.449) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.80 |
3.21 |
2.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71 |
0.38 |
0.35 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
1191.800 |
1906.235 |
1921.235 |
|
Reserves & Surplus |
(16.261) |
(22.233) |
(30.001) |
|
Net
worth |
1175.539 |
1884.002 |
1891.234 |
|
|
|
|
|
|
long-term borrowings |
2515.997 |
5700.896 |
7978.900 |
|
Short term borrowings |
0.000 |
0.000 |
1102.998 |
|
Current Maturities of Long term debt |
0.000 |
352.200 |
0.000 |
|
Total
borrowings |
2515.997 |
6053.096 |
9081.898 |
|
Debt/Equity
ratio |
2.140 |
3.213 |
4.802 |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
No |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE:
The Registered Office of the company has been shifted from Shop No. 7,
Kanchanjunga Complex, King Kothi, Hyderabad – 500001, Andhra Pradesh, India to
the present address w.e.f. 01.08.2011
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10588971 |
11/02/2015 |
4,350,000,000.00 |
Indian Bank |
Surabhi Arcade, Hyderabad Main Branch, Bank Street, Koti, Hyderabad, Telangana - 500001, India |
C63092324 |
|
2 |
10544732 |
13/12/2014 |
265,800,000.00 |
Bank of Maharashtra |
Kapra Branch, ECIL Road, Hyderabad, Telangana - 500062, India |
C41296690 |
|
3 |
10544193 |
08/12/2014 |
614,700,000.00 |
Andhra Bank |
Specialised Corporate Finance Branch,, Raj Bhavan Road, Somajiguda, Hyderabad, Telangana - 500016, India |
C40974271 |
|
4 |
10526620 |
21/10/2014 |
516,800,000.00 |
Central Bank of India Corporate Finance Branch |
Bank Street,, Koti, Hyderabad, Telangana - 500095, India |
C30259212 |
|
5 |
10523450 |
13/09/2014 |
528,600,000.00 |
Oriental Bank of Commerce |
Road
No-63, Jubilee Hills, Hyderabad, Telangana - |
C25061227 |
|
6 |
10485839 |
26/03/2014 |
706,700,000.00 |
Indian Overseas Bank |
Large
Corporate Branch, 8-2-120/117/S1, 1st Floor, |
C00823641 |
|
7 |
10477808 |
20/12/2013 |
653,500,000.00 |
Karur Vysya Bank Limited |
3-5-927
Main Road Himayat Nagar, Hyderabad, Andhra |
B96454145 |
|
8 |
10234700 |
21/04/2015 * |
13,050,800,000.00 |
Indian Bank |
Surabhi Arcade, Hyderabad Main Branch, Bank Street, Koti, Hyderabad, Telangana - 500001, India |
C54467253 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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.65.74 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--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.