MIRA
INFORM REPORT
|
Report No. : |
345491 |
|
Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
L&T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
L&T House, Ballard Estate, N M Marg,
Mumbai – 400001, |
|
Tel. No.: |
91-22-67525656 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.07.2009 |
|
|
|
|
Com. Reg. No.: |
11-193699 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5400.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109MH2009PTC193699 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL6291L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged mainly in manufacturing of Heavy
Forgings. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behavior : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Larsen and Toubro
Limited”. It is an established company having satisfactory track record. The company has incurred huge accumulated losses over a year. However, the rating takes into consideration strong financial and
managerial support that company receives from parent company marked by decent
capital base and long-term demand prospects for heavy forgings in India and
in the overseas markets. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. In view of strong holding support, the company can be considered for
business dealings at usual trade terms and conditions. Note: 23 AC Documents for the year 2014 are not available from any
source. |
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 |
CRISIL |
|
Rating |
Long Term Rating: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
October 30, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating: A1 |
|
Rating Explanation |
Very Strong Degree of safety and carry lowest credit risk |
|
Date |
October 30, 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
31-03-2015.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE
Contact No: 91-22-67525656
LOCATIONS
|
Registered Office : |
L&T House, Ballard Estate, N M Marg,
Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-67525656/67525617 |
|
Fax No.: |
91-22-67525893 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Gate No. 11, Hazira Manufacturing Complex,
Post: Bhata, District Surat
– 394510, Gujarat, India |
|
Tel. No.: |
91-261-2805000/2203200 |
|
Fax No.: |
91-261-2805050/2203300 |
DIRECTORS
AS ON 23.09.2014
|
Name : |
Mr. Satish Achyut Gune |
|
Designation : |
Director |
|
Address : |
302, B Wing, Siddhivinayak V P Varde Marg, Behind Copper Chimney Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
21.06.1953 |
|
Date of Appointment : |
23.09.2014 |
|
DIN No.: |
00274097 |
|
|
|
|
Name : |
Mr. Madhukar Vinayak Kotwal |
|
Designation : |
Director |
|
Address : |
Flat No. 803, Odyssey-2, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1948 |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
00001744 |
|
|
|
|
Name : |
Mr. Jayant Damodar Patil |
|
Designation : |
Director |
|
Address : |
2702, Torino, Cliff Avenue, Hiranandani Gardens, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1954 |
|
Date of Appointment : |
27.08.2012 |
|
DIN No.: |
01252184 |
|
|
|
|
Name : |
Mr. Preman Dinaraj |
|
Designation : |
Director |
|
Address : |
Flat No 2B, Zerlina Building, Dae Quarters, Malabar Hills, Smt Khadija Shatfi Tyabiji, Marg No.1, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
18.07.1957 |
|
Date of Appointment : |
27.08.2012 |
|
DIN No.: |
05190963 |
|
|
|
|
Name : |
Mr. Anilkumar Ramakrishnan Kattiparambil |
|
Designation : |
Director Appointed In Casual Vacancy |
|
Address : |
1-D, Udayagiri, Anushakti Nagar, Mumbai - 400094, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1959 |
|
Date of Appointment : |
22.01.2013 |
|
DIN No.: |
06478637 |
|
|
|
|
Name : |
Mr. Yogeshchandra Someshwar Trivedi |
|
Designation : |
Director |
|
Address : |
604, Mahima Heights, Building 2, Near Chandni Chok, City Surat - 395007, Gujarat, India |
|
Date of Birth/Age : |
19.02.1952 |
|
Date of Appointment : |
24.09.2013 |
|
DIN No.: |
06531751 |
|
|
|
|
Name : |
Mr. Arun Kumar Mukherji |
|
Designation : |
Additional Director |
|
Address : |
Ed Bunglow No.2, Jindal Garh, JSPL, Post Box No. 16, Kharsia Road, Raigarh - 496001, Chhattisgarh, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
02107326 |
|
|
|
|
Name : |
Mr. Mathew Joseph Poovakulathu |
|
Designation : |
Additional Director |
|
Address : |
#77, Eden Light, 1st 'B'cross, Ag's Layout, Arehalli, Subramanyapura, Bangalore - 560061, Karnataka, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
06431096 |
|
|
|
|
Name : |
Mr. Bhagyam Ramani |
|
Designation : |
Additional Director |
|
Address : |
501, Anand Co-Operative Housing Society, Juhu Versova Link Road, Andheri (West), Mumbai - 400058, Maharashtra, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
00107097 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Girdharilal Sankhla |
|
Designation : |
Company Secretary / Chief Financial Officer |
|
Address : |
Flat 1, First Floor, B Building, ""Ratna Jyoti"Apartments, Magdalla Road, Surat - 394507, Gujarat, India |
|
Date of Birth/Age : |
24.10.1968 |
|
Date of Appointment : |
23.04.2010 |
|
PAN No : |
AVHPS0479D |
|
|
|
|
Name : |
Mr. Ram Ganesh Kulkarni |
|
Designation : |
Manager |
|
Address : |
A 902, Surya Enclave, City Light Road, Surat - 395007, Gujarat, India |
|
Date of Birth/Age : |
02.07.1954 |
|
Date of Appointment : |
05.01.2015 |
|
PAN No : |
AAEPK5667R |
MAJOR SHAREHOLDERS
AS ON 23.09.2014
|
Names of Shareholders |
No. of Shares |
% of
holding |
|
Larsen and Toubro Limited, India |
419284000 |
74.00 |
|
Nuclear Power Corporation of India Limited, India |
147316000 |
26.00 |
|
Total |
566600000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 23.09.2014
|
Category |
Percentage |
|
Government Companies |
26.00 |
|
Bodies corporate |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged mainly in manufacturing of Heavy
Forgings. |
|
|
|
|
Products : |
·
Heavy Forgings |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
·
Andritz Hydro ·
Voith Hydro Power Generation ·
Areva Transnuclear
Inc. ·
Nagarjuna |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the Management |
||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||
|
Bankers : |
·
Axis Bank Limited ·
Canara Bank ·
State Bank of Hyderabad ·
DBS Bank Limited, Singapore |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institution : |
Axis Trustee Services Limited, 2nd Floor, “E”, Axis House,
Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra,
India |
|
|
|
|
Auditors : |
|
|
Name : |
M.P.Chitale and Company Chartered Accountants |
|
Address : |
1st Floor, Hamam House, Ambalal Doshi Marg, Fort, Mumbai, Maharashtra, India |
|
PAN. No.: |
AAAFM2282Q |
|
|
|
|
Memberships : |
----- |
|
|
|
|
Collaborators : |
----- |
|
|
|
|
Holding Company (as on
31.03.2013) : |
Larsen and Toubro Limited (L99999MH1946PLC004768) |
|
|
|
|
Others Related
Parties : |
· L&T - MHI Turbine Generators Private Limited (U31101MH2006PTC166541) · L&T - MHI Boilers Private Limited (U29119MH2006PTC165102) |
CAPITAL STRUCTURE
AS ON 23.09.2014
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
575000000 |
Equity Shares |
Rs.10/- each |
Rs.5750.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
566600000 |
Equity Shares |
Rs.10/- each |
Rs.5666.000 Million |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
575000000 |
Equity Shares |
Rs.10/- each |
Rs. 5750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
540000000 |
Equity Shares |
Rs.10/- each |
Rs. 5400.000 Million |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
5400.000 |
4500.000 |
3000.000 |
|
(b) Reserves & Surplus |
(1758.495) |
(190.663) |
(71.478) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
200.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3641.505 |
4509.337 |
2928.522 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11115.558 |
9572.102 |
4591.911 |
|
(b) Deferred tax liabilities (Net) |
2.653 |
1.821 |
1.124 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
11118.211 |
9573.923 |
4593.035 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1057.295 |
0.000 |
0.000 |
|
(b) Trade payables |
309.620 |
194.145 |
940.751 |
|
(c) Other current
liabilities |
1179.074 |
892.342 |
3.172 |
|
(d) Short-term provisions |
52.033 |
17.787 |
0.000 |
|
Total Current Liabilities (4) |
2598.022 |
1104.274 |
943.923 |
|
|
|
|
|
|
TOTAL |
17357.738 |
15187.534 |
8465.480 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
13960.147 |
326.682 |
37.480 |
|
(ii) Intangible Assets |
151.284 |
19.471 |
1.362 |
|
(iii) Capital
work-in-progress |
947.916 |
12558.713 |
5996.590 |
|
(iv)
Intangible assets under development |
18.461 |
33.755 |
33.755 |
|
(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 |
133.032 |
298.563 |
966.705 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
15210.840 |
13237.184 |
7035.892 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
127.261 |
0.000 |
1032.883 |
|
(b) Inventories |
930.236 |
319.977 |
0.000 |
|
(c) Trade receivables |
149.883 |
0.178 |
0.000 |
|
(d) Cash and cash
equivalents |
24.659 |
887.622 |
41.632 |
|
(e) Short-term loans and
advances |
27.687 |
19.713 |
6.994 |
|
(f) Other current assets |
887.172 |
722.860 |
348.079 |
|
Total Current Assets |
2146.898 |
1950.350 |
1429.588 |
|
|
|
|
|
|
TOTAL |
17357.738 |
15187.534 |
8465.480 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
TOTAL INCOME |
145.169 |
0.000 |
4.552 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
1702.553 |
112.786 |
52.273 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(1557.384) |
(112.786) |
(47.721) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
2.144 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(1557.384) |
(114.930) |
(47.721) |
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(3.19) |
(0.33) |
(0.09) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
149.285 |
0.000 |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
(1198.350) |
(221.823) |
(49.215) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
(1072.81) |
0.00 |
(1048.35) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.50) |
(4.35) |
(1.96) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.43) |
(0.03) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.34 |
2.12 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
1.77 |
1.51 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
3000.000 |
4500.000 |
5400.000 |
|
Reserves & Surplus |
(71.478) |
(190.663) |
(1758.495) |
|
Share Application money pending allotment |
0.000 |
200.000 |
0.000 |
|
Net worth |
2928.522 |
4509.337 |
3641.505 |
|
|
|
|
|
|
long-term borrowings |
4591.911 |
9572.102 |
11115.558 |
|
Short term borrowings |
0.000 |
0.000 |
1057.295 |
|
Total borrowings |
4591.911 |
9572.102 |
12172.853 |
|
Debt/Equity ratio |
1.568 |
2.123 |
3.343 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4.552 |
0.000 |
145.169 |
|
|
|
(100.000) |
|
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
4.552 |
0.000 |
145.169 |
|
Profit |
(47.721) |
(114.930) |
(1557.384) |
|
|
(1048.35%) |
|
(1072.81%) |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
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 |
FINANCIAL RESULTS (AS
ON 31.03.2013)
The Company has commenced its commercial operations for Phase I from 1st October 2012. As per the extant accounting policy pre-operative expenditure (including staff cost) incurred during the first 6 months of current year Rs. 221.638 Million (Prev. Year Rs. 77.893 Million) respectively has been charged to the Profit and Loss Account for period ended March 31, 2013.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs. in Million) |
31.03.2012 (Rs. in Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
458.000 |
0.000 |
|
Total |
458.000 |
0.000 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10272218 |
28/03/2012 * |
10,000,000,000.00 |
Axis Trustee Services
Limited |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS
COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B37563590 |
|
2 |
10260226 |
23/12/2010 |
3,500,000,000.00 |
NUCLEAR POWER CORPORATION
OF INDIA LIMITED |
16TH FLOOR, CENTRE -1, WORLDTRADE CENTRE,
CUFFE P |
B03222775 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
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. 64.97 |
|
|
1 |
Rs. 100.55 |
|
Euro |
1 |
Rs. 73.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SANS |
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 |
-- |
|
--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 |
|
43 |
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
unfavorable 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.