MIRA INFORM REPORT
|
Report
Date : |
19th
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
HBL NIFE POWER SYSTEMS LIMITED |
|
|
|
|
Formerly
Known As : |
SAB NIFE POWER SYSTEMS LIMITED |
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|
|
|
Registered
Office : |
8-2-601, Road No. 10, Banjara Hills, Hyderabad – 500 034,
Andhra Pradesh, India |
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|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2005 |
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|
|
|
Date
of Incorporation : |
29th August, 1986 |
|
|
|
|
Com.
Reg. No.: |
01-6745 |
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|
|
|
CIN
No.: [Company
Identification No.] |
L40109AP1986PLC006745 |
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|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
HYDH00591D |
|
|
|
|
Legal
Form : |
Public limited liability company. The company's shares are listed on the
Stock Exchanges. |
|
|
|
|
Line
of Business : |
Manufacturing
of wide range of specialised batteries and electronic products for Defence,
Railways, Telecom and Industrial applications. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
4500000 |
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|
|
|
Status
: |
Good |
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|
|
|
Payment
Behaviour : |
Regular |
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|
|
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Litigation
: |
Clear |
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|
Comments
: |
Subject
is a well established and reputed company having fine track. Directors are
reported as experienced, respectable and resourceful industrialist. Their
trade relations are fair. Financial position is satisfactory. Payments are
usually correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered
Office : |
8-2-601,
Road No. 10, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India |
|
Tel.
No.: |
91-40-2335
5038 / 2335 5048 / 5575 / 5147 |
|
Fax
No.: |
91-40-2335
3189 |
|
E-Mail
: |
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|
Website
: |
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Factory
1 : |
Ø
Lalgadi Malakpet, Aliabad Village, Shameerpet Mandal Area : 100,000 sq.fts.. Ø
Ø
Survey
Nos. 100 & 101, Kothur Village, Kothur Mandal, Mahboob Nagar, Andhra
Pradesh. Ø
F-14
and B-10, IDA, Jeedimetla, Hyderabad – 500 055, Andhra Pradesh Ø Nandigaon
Village, Kothur Mandal, Mahaboobnagar Dist. Area :
190,000 sq.fts |
|
|
|
|
Regional
Offices.: |
²
7/9,
Basement, Sarva Priya Vihar, Hauz Khas, New Delhi – 110 016. Tel. No. 91-11-2652
1997 Fax No. 91-11-2652
1957 ²
BD-79
(Ground Floor), Sector – I, Salt Lake City, Kolkata – 700 064, West Bengal. Tel. No. 91-33-2359
9174 Fax No. 91-33-2359
9173 ²
No.
29, Mahaveer Centre, 2nd Floor, Sector – 17, Vashi, Navi Mumbai –
400 703, Maharashtra. Tel. No. 91-22-2789
3498 Fax No. 91-22-2789
3512 ²
Plot
No. 3055, 5th Street, Nehru Nagar, 13th Main Road, Anna
Nagar, Chennai – 600 040, Tamilnadu. Tel. No. 91-44-2620 0073 ²
No.
44, Central Street, Shivaji Nagar, Bangalore – 560 001, Karnataka. Tel. No. 91-80-2289
9254 Fax No. 91-80-2289
9255 |
DIRECTORS
|
Name : |
Dr. A J
Prasad, |
|
Designation
: |
Chairman
& Managing Director |
|
|
|
|
Name : |
Mr. Ashok
Nagarkatti, |
|
Designation
: |
Director
(Battery Technology) |
|
Date
of Birth/Age : |
20.05.1950 |
|
Date
of Appointment : |
11.05.2000 |
|
Qualification
: |
M. Tech.
from NT, |
|
Other
Directorship : |
Ø
Kairos Engineering Limited., Ø
HBL Nife (UK) Limited, UK |
|
|
|
|
Name : |
Mr. P
Satish Kumar, |
|
Designation
: |
Director
(Finance) |
|
Date
of Birth/Age : |
14.01.1961 |
|
Date
of Appointment : |
31 .01
.2002 |
|
Qualification
: |
B. Com.,
FCA |
|
Other
Directorship : |
Kairos
Engineering Limited |
|
|
|
|
Name : |
Mr. P
Ganapati Rap |
|
Designation
: |
Director |
|
Date
of Birth/Age : |
01.09.1955 |
|
Date
of Appointment : |
25.04.2005 |
|
Qualification
: |
FCA |
|
|
|
|
Name : |
Ms.
Kavita Prasad |
|
Designation
: |
Director |
|
|
|
|
Name : |
Dr. Bernd
T Cans |
|
Designation
: |
Director |
|
|
|
|
Name : |
Dr. Prof.
(Smt.) D Chitra Rao |
|
Designation
: |
(IDBI
Nominee Director) |
|
|
|
|
Other
Personal |
|
|
Name : |
Mr. C N V
Ranga Kumar |
|
Designation
: |
Company
Secretary |
KEY EXECUTIVES
|
Name |
Dr. A. J.
Prasad |
|
Designation |
Chairman
and Managing Director |
|
Address |
8-2-601,
Road No. 10, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh |
|
|
|
|
Name |
Mr. Ashok
Nagarkatti |
|
Designation |
Director
(Battery Technology) |
|
Address |
H. No.
3-6-375/1, Street No. II, Himayathnagar, Hyderabad – 500 029, Andhra Pradesh |
|
|
|
|
Name |
Mr. M. S.
Ramakrishna |
|
Designation |
Director |
|
Address |
Karve
Consultants, Banjara Hills, Hyderabad -
500 034, Andhra Pradesh |
|
|
|
|
Name |
Ms.
Kavita Prasad |
|
Designation |
Director |
|
Date
of Birth |
11.12.1971 |
|
Date
of Appointment |
28.09.2000 |
|
Other
Directorships :- |
·
Beaver
Engineering Limtied ·
Kairos
Engineering Limited ·
HBL
Nife (Mall) Sdn. Bhd. ·
HBL
Nife (UK) Limited |
|
Qualification
|
Graduate
in Commerce, Post Graduate in Diploma in Computer Application From NIIT |
|
Address |
8-2-601,
Road No. 10, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh |
|
|
|
|
Name |
Mr. P.
Satish Kumar |
|
Designation |
Director (Finance) |
|
Qualification |
B.Com.,
FCA. |
|
|
|
|
Name |
Dr. Bernd
T. Gans |
|
Designation |
Director |
|
Date
of Birth |
15.12.1940 |
|
Date
of Appointment |
27.09.2001 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Indian
Promoters and relatives |
1,68,91,971 |
84.15 |
|
Others(Public,
Bodies Corporates, etc.) |
31,80,352 |
15.85 |
|
Total |
2,00,72,323 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing
of wide range of specialised batteries and electronic products for Defence,
Railways, Telecom and Industrial applications. |
|
|
|
|
Products
: |
Product Description ITC CODE Lead Acid Batteries 850720.00 Nickel Cadmium Batteries 850730.00 Silver Zinc and other Silver based Batteries (Torpedo) 850620.00 Silver Zinc Batteries (Aircraft) 850780.00 Power Electronic Rectifiers 850440.00 Uninterrupted Power Supply Systems 847199.05 Perforated Steel Strip 721250.09 Lithium Batteries 850620.00 Battery Materials 850790.09 |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
|
Valve
Regulated Lead Acid Batteries |
Mil AH |
240 |
|
Nickel
Cadmium Pocket Plate Batteries |
Mil AH |
24 |
|
Chargers/Rectifiers |
Nos. |
1500 |
|
Active
Materials |
Kgs. |
160000 |
|
Lithium
Thionyl Chloride Cells |
Nos. |
16000 |
|
Others |
|
In view
of the items being manufactured as per the customers orders it is not
possible to ascertain installed capacity. |
GENERAL INFORMATION
|
No. of
Employees : |
1471 |
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Bankers
: |
Ø
State Bank of India Commercial Branch, Patny Circle, Secunderabad – 500 003,
Andhra Pradesh Ø
State Bank of Hyderabad Industrial Finance Branch, Punjagutta, Hyderabad – 500
042, Andhra Pradesh, India Ø
IDBI Bank Ø State
Bank of Indore |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
Secured
Loans (Rs. in millions)
Unsecured
Loans
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
Satyanarayana
& Company Chartered
Accountants Amar
Mansion, Ranigunj, Secunderabad – 500 003, Andhra Pradesh |
|
|
|
|
Subsidiaries
: |
Ø
Bhagirath Energy Systems Limited, Nepal Ø
HBL Nife (UK) Limited, UK Ø HBL
NIFE(M) SON BHD, Malaysia |
|
|
|
|
Associates
: |
Ø
Kautilya
Decision Support Systems Private Limited, Hyderabad, Andhra Pradesh Ø
Kairos
Engineering Limited, Hyderabad, Andhra Pradesh Ø
Dastan
Systems Limited, Hyderabad, Andhra Pradesh |
|
|
|
|
Holding Company |
Beaver Engineering Limited |
|
|
|
|
Proposed
Joint Venture |
HBL Elta
Avionics Systems Private Limited, Hyderabad |
|
|
|
|
Controlled
Compaines |
Ø
Kairos Engineering Limited, Hyderabad |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
20072323 |
Equity Shares |
Rs. 10/- each |
Rs. 200.723 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
200.723 |
200.723 |
200.723 |
|
|
3]
Reserves & Surplus |
967.525 |
817.376 |
773.233 |
|
NETWORTH
|
1168.248 |
1018.099 |
973.956 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
928.323 |
496.450 |
570.415 |
|
|
2]
Unsecured Loans |
193.815 |
132.817 |
124.534 |
|
TOTAL
BORROWING
|
1122.138 |
629.267 |
694.949 |
|
|
DEFERRED
TAX LIABILITIES |
67.108 |
47.845 |
31.400 |
|
|
|
|
|
|
|
TOTAL
|
2357.494 |
1695.211 |
1700.305 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
955.465 |
840.479 |
742.286 |
|
Capital work-in-progress
|
76.354 |
50.247 |
80.729 |
|
|
|
|
|
|
|
INVESTMENT
|
14.436 |
13.595 |
18.684 |
|
DEFERREX TAX ASSETS
|
5.585 |
10.791 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
531.872
|
331.698 |
344.302 |
|
|
Receivables
|
1156.229
|
658.179 |
556.441 |
|
|
Cash & Bank Balances
|
123.871
|
120.869 |
174.701 |
|
|
Other Current Assets
|
109.037
|
94.548 |
88.126 |
|
|
Loans & Advances
|
1921.009 |
1205.294 |
1163.570 |
Total Current Assets
|
|
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
567.167
|
386.257 |
271.603 |
|
|
Provisions
|
48.188 |
38.938 |
49.359 |
Total Current Liabilities
|
615.355
|
425.195 |
320.962 |
|
Net
Current Assets
|
1305.654
|
780.099 |
842.608 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
15.998 |
|
|
|
|
|
|
|
TOTAL
|
2357.493 |
1695.211 |
1700.305 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
2859.865 |
1711.134 |
1776.076 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
258.899 |
124.682 |
138.192 |
Provision for Taxation
|
74.410 |
38.074 |
35.250 |
Profit/(Loss) After Tax
|
184.480 |
86.608 |
102.942 |
|
|
|
|
|
Export Value
|
442.100 |
226.400 |
197.456 |
|
|
|
|
|
Import Value
|
136.600 |
147.100 |
201.392 |
|
|
|
|
|
Total Expenditure
|
2587.337 |
1585.453 |
1601.732 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2005 |
30.09.2005 |
31.12.2005 |
|
Type |
1st Qtr |
2nd Qtr |
3rd Qtr |
|
Sales Turnover |
746.80 |
772.800 |
1002.300 |
|
Other Income |
01.60 |
1.400 |
4.100 |
|
Total Income |
748.40 |
774.200 |
1006.400 |
|
Total Expenditure |
651.20 |
647.200 |
825.200 |
|
Operating Profit |
97.20 |
127.000 |
181.200 |
|
Interest |
27.90 |
35.200 |
33.800 |
|
Gross Profit |
69.30 |
91.800 |
147.400 |
|
Depreciation |
16.50 |
16.500 |
17.500 |
|
Tax |
11.00 |
23.800 |
35.100 |
|
Reported PAT |
38.30 |
49.600 |
92.500 |
200509 Quarter 2 :-- Net Sales includes Gross
Sales/income from Operations Rs 896.10 million Excise duty and sales tax Rs
(123.30) million Expenditure Includes (Increase) / Decrease in Stock in Trade
Rs (82.30) million Consumption of Raw Materials Rs 543.30 million Staff Cost Rs
61.40 million Other Expenditure Rs 124.80 million Tax Includes Provision for
Current Tax Rs 21.00 million Deferred Tax Rs 1.90 million Fringe Benefit Tax Rs
2.80 million EPS is Basic and Diluted Status of Investor Complaints for the
quarter ended September 30, 2005 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter 25 Complaints disposed off
during the quarter 25 Complaints unresolved at the end of the quarter Nil 1.
The above results were taken and approved by the Board of Directors at their
meeting held on October 28, 2005. 2. Other Expenses include Rs 7.638 million
provided towards warranties in accordance with (Accounting Standard) AS-29. 3.
As per the Provisions of (Accounting Standard) AS-26 Rs 12.749 million has been
recognised as Intangible Assets.
200512 Quarter 3 :-- Net Sales Includes Gross
Sales/income from Operations Rs 1142.80 million Less: Excise duty and sales tax
Rs (140.50) million Expenditure Includes (Increase) / Decrease in Stock in
Trade Rs (37.10) million Consumption of Raw Materials Rs 620.30 million Staff
Cost Rs 73.50 million Other Expenditure Rs 168.50 million Tax Includes
Provision for Current Tax Rs 32.70 million Deferred Tax Rs 2.30 million Fringe
Benefit Tax Rs 2.30 million Previous Year Rs 0.10 million.
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt-Equity Ratio |
0.80 |
0.66 |
0.69 |
|
Long Term Debt-Equity Ratio |
0.33 |
0.32 |
0.37 |
|
Current Ratio |
1.40 |
1.53 |
1.66 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.75 |
1.88 |
2.31 |
|
Inventory |
7.54 |
5.69 |
6.23 |
|
Debtors |
3.59 |
3.17 |
3.43 |
|
Interest Cover Ratio |
3.67 |
2.84 |
2.33 |
|
Operating Profit Margin(%) |
12.66 |
12.57 |
12.32 |
|
Profit Before Interest And Tax Margin(%) |
10.92 |
10.00 |
10.22 |
|
Cash Profit Margin(%) |
7.40 |
7.08 |
6.45 |
|
Adjusted Net Profit Margin(%) |
5.66 |
4.50 |
4.36 |
|
Return On Capital Employed(%) |
18.15 |
11.69 |
13.22 |
|
Return On Net Worth(%) |
16.88 |
8.69 |
9.42 |
STOCK PRICES
|
Face Value |
Rs. 10/- |
|
High |
Rs. 275.00 |
|
Low |
Rs. 275.00 |
LOCAL AGENCY FURTHER INFORMATION
History
SAB Nife
Power Systems Limited was incorporated on 29th August 1986 at
Hyderabad in Andhra Pradesh having Company Registration Number 6745.
Incorporated
by Mr. A. J. Prasad in a joint venture with Nife, Sweden, Sab Nife Power
Systems Limited went public in 1992.
The
company’s commercial production commenced in August 1988.
In 1992,
the company diversified into manufacturing uninterrupted power systems, which
was financed by a public issue in February 1992. In 1993-94, it also started manufacturing storage batteries to
include sealed lead acid (SLA) batteries.
In 1998-99,
HBL Limited was merged with the company and established a manufacturing
facility for switch mode rectifiers at Kothu, Mahaboobnagar District and the
division started commercial production.
During
1999-2000, the name of the company was changed to HBL Nife Power Systems
Limited.
The company
set up two 100% export oriented units, one for nickel Cadmium Products and
another of Lead Acid Products. Since the market conditions for Nickel Cadmium
Batteries is unfavourable the company could not progress ahead and the same has
been deferred. The Board of company has decided to amalgamate Compact Power
Sources Private Limited, but subject to approval of High Court of Mumbai.
The first division
was expected to commence its operation before the end of the current financial
year 2002-2003. The company was also planning a new industrial undertaking at
Nandigaon, in company’s own buildings for commercialisation of electronic
systems (embedded systems) during 2000-2001.
During
2001-02 the company has allotted shares to HBL Engineering Pte limited,
Singapore subsequently it had become a wholly owned subsidiary of HBL Nife
Power Systems Limited. The company’ buy back programme has been refused by SEBI
and hence the proposal has been dropped.
In April,
2002 the company has passed resolution for buy back of 2815000 shares of Rs.
10/- each, price fixed at Rs. 57 per share and approval is awaited from SEBI.
Performance
Review 2004-05:
The Sales of
VRLA Batteries in Telecom Sector has grown up and has increased 120% over the
last year. The sale of NCPP Batteries has registered a growth of 48% over last
year. The demand for your Company's products is continuing. Over all
performance of the Company is expected to grow manifold. This will be the case
with both VRLA batteries for domestic market and NCPP batteries for export
market. The demand has necessitated for an increase in additional capacities of
VRLA and NCPP batteries over last year. The Company has already approached M/s
State Bank of India, who sanctioned a loan of Rs.300.000 millions for expansion
in VRLA, Tubular, NCPP, Silver Zinc and Torpedo Divisions. The creation of
additional capacities is in progress and is expected to be completed by 31st May, 2006
Your
Company proposes a rights issue in the ratio 1:15 and the issue is in progress.
The proceeds of the Rights Issue will be utilized for creation of additional
capacity for manufacture of Nicad batteries to cater to the export market by setting
up a unit at Special Economic Zone, Vishakapatnam, where land has already been
allotted. This unit should commence production in September, 2006.
Subsidiary
Companies:
HBL NIFE
(UK) Limited a 100% subsidiary in UK has made a nominal profit before taxes of
Rs.612.40 millions in the year 2004-05 as against a loss of Rs.534.70 millions
in 2003-04.
HBL NIFE
(M) SON BHD a 80% subsidiary company in Malaysia has commenced commercial
operations in 2004-05 and the Company has made a turn over of Rs.662.30 millions.
Fixed Assets :
Ø
Land
Ø
Buildings -Factory
Ø
Buildings -Others
Ø
Rant & Machinery
Ø
Office Equipment
Ø
Furnitures Fixtures
Ø
Vehicles
Ø
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Tandon
Metals Private Limited
˜
Venkatesh
Industrial Products
˜
Orgachem
Industries
˜
Rato
Communications & Controls
˜
Royal
Wood Works
˜
Flucon
Polymers
˜
Godavari
Industrial Products
˜
Shipla
Engineering Company
˜
Harika
Packages Private Limited
˜
Harinam
Wires
˜
Hindu
Plastics
˜
Hi-Tech
India Private Limited
˜
Hyderabad
Maching Works
˜
Hyquip
Automation
˜
India
Extrusions
˜
Jai
Jalaram Traders
˜
Jai
Vishnu Enterprises
˜
N. B.
Engineering
˜
N. G.
Engineering Works
˜
Navodaya
Packing Industries
˜
O K
Process
˜
Orgachem
Industries
˜
Paramount
Powders Private Limited
˜
Perfect
Auto Mats
˜
Perfect
Fabrications
˜
Plastic
Shilp Udyog
˜
Prasanna
Dies and Components
˜
Priya
Engineering
˜
Priya
Rubbers
˜
Prakash
Industries
˜
Pavan
Industrial Absorbants
˜
Rato
Communications and Controls
˜
Rams
Engineers Works
˜
Royal
Wood Works
˜
Roopesh
Enterprises
˜
Sara
Industries
˜
Santosh
Engineers
˜
S V
Heat Engineering
˜
S V R
Enterprises
˜
Senor
Metals Private Limited
˜
Shanmukha
Engineering Works
˜
Shanthi
Packaging
CMT REPORT
[Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts, India Prisons
Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No
records 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.45.52 |
|
UK Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.46 |
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 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
56 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |