MIRA
INFORM REPORT
|
Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
TVS INTERCONNECT SYSTEMS LIMITED |
|
|
|
|
Registered Office : |
7- B, West Veli
Street, Madurai – 625001, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
25.09.1997 |
|
|
|
|
Com. Reg. No.: |
18-39110 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72300TN1997PLC039110 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MRIT01435A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAATT6413G |
|
|
|
|
Legal Form : |
A closely
held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturing, Importing, Distributing and
Selling Interconnect Systems such as RF/COAX, Photonics, connectors, cable
assemblies, electronic connectors and other related products used in telecom
industry. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
90000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
7- B, West Veli Street, Madurai – 625001,
Tamilnadu, India |
|
Tel. No.: |
91-452-22420215/22420216/22420249/22343801 |
|
Fax No.: |
91-452-22420381/22341587/2343801 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
No.14,Domlur
Extn, II Stage, III Phase, Bangalore – 560071 |
|
Tel.
No.: |
91-80-51254488 /
51254489 |
|
Fax
No.: |
91-80-51254490 |
|
E-Mail
: |
|
|
|
|
|
Factory
1 : |
Madurai – Melur Road, Vellarapatty,
Madurai-625122, Tamilnadu, India |
|
Tel.
No.: |
91-452-2420215/2420216/2420249 |
|
Fax
No.: |
91-452-2420381/2541587 |
|
E-Mail
: |
|
|
Website
: |
|
|
|
|
|
Branches
: |
#806, Vikram
Towers, 16, Rajendra Palace, New Delhi 110008. #5C1, Gundecha
Onclave, Kherani Road, Next to Saki Naka P.O., Andheri (East), Mumbai 400
072. Tel No. : 91-22-28521444 / 28521445 No-130 Rathinam
Street, Jafferkhanpet, Ashok Nagar, Chennai – 600 083 TVS Interconnect
Systems E-mail: ravi@tvsics.com |
|
|
|
|
Overseas
Office : |
17,Burgundy
Street, Heidelberg VIC 3084, Australia Tel: 61-3 9458 55
88 TVS Interconnect
Systems Limited, “HAL MARS”,66,Outer Ring Road, Fax:
91-88-2-8321365 iTEC Technologies
Limited, 3F Youngsun BLDG. , 108-8 Karak-dong, Songpa-gu, |
DIRECTORS
|
Name : |
Mr. R. Haresh |
|
Designation : |
Chairman |
|
Address : |
16 Jawahar
Road, Chokkikulam, Madurai - 625002,
Tamil Nadu, India. |
|
Date of Birth/Age : |
29.11.1954 |
|
Date of Appointment : |
10.11.1999 |
|
|
|
|
Name : |
Mr. R. Naresh |
|
Designation : |
Director |
|
Address : |
16 Jawahar
Road, Chokkikulam, Madurai - 625002,
Tamil Nadu, India. |
|
Date of Birth/Age : |
28.02.1957 |
|
Date of Appointment : |
07.10.1999 |
|
|
|
|
Name : |
Mr. R. Dinesh |
|
Designation : |
Director |
|
Address : |
16 Jawahar
Road, Chokkikulam, Madurai - 625002,
Tamil Nadu, India. |
|
Date of Birth/Age : |
25.02.1965 |
|
Date of Appointment : |
28.09.1998 |
|
|
|
|
Name : |
Mr. Thomas
Schmocker |
|
Designation : |
Director |
|
Address : |
130 Queen
Parade East, New Port, New South Wales 2106, Australia. |
|
Date of Birth/Age : |
19.05.1945 |
|
Date of Appointment : |
30.09.2000 |
|
|
|
|
Name : |
Mr.
Keshavamurthy Dhruva |
|
Designation : |
Director
|
|
Address : |
No.
20/2, Vinayaka Layout, 8th Main, Opp. Everest Apartment,
Malleswaram, Bangalore – 560003 |
|
Date of Birth/Age : |
15.10.1940 |
|
Date of Appointment : |
21.11.2002 |
|
|
|
|
Name
: |
Mr.
Varadarajan Babuji |
|
Designation
: |
Director
|
|
Address
: |
F-1,
Supriya Residency, 93/8, 4th Main, Malleswaram, Bangalore – 560003 |
|
Date
of Birth/Age : |
12.06.1942 |
|
Date
of Appointment : |
15.03.2003 |
|
|
|
|
Name
: |
Mr. M.
G. Sivasubramanian |
|
Designation
: |
Company
Secretary |
|
Address
: |
Sector
– 6, Rathnasamy Nadar Road, Chokkikulam, Madurai – 625002, Tamilnadu, India |
|
Date
of Birth/Age : |
02.07.1957 |
|
Date
of Appointment : |
08.10.2001 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
T. V. Sundaram Iyengar and Sons Limited, Madurai |
|
2749994 |
|
Mr. R.
Haresh and T. V. Sundaram Iyengar
and Sons Limited |
|
1 |
|
Mr. R.
Naresh and T. V. Sundaram Iyengar and
Sons Limited |
|
1 |
|
Mr. R.
Dinesh and T. V. Sundaram Iyengar
and Sons Limited |
|
1 |
|
Ms.
Shobhana Ramachandhran and T. V.
Sundaram Iyengar and Sons Limited |
|
1 |
|
Mr. B
Ganapathi Sarma and T. V. Sundaram
Iyengar and Sons Limited |
|
1 |
|
Mr. E.
Sivaraman and T. V. Sundaram Iyengar
and Sons Limited |
|
1 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Importing, Distributing and
Selling Interconnect Systems such as RF/COAX, Photonics, connectors, cable
assemblies, electronic connectors and other related products used in telecom
industry. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Imports from : |
Germany, Switzerland, Finland, Australia, Italy,
UK, South Korea and USA |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Purchasing : |
L/C or open credit and 60 days credit for local
suppliers |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
|
Actual Production |
|
Cable
Assemblies |
Nos. |
|
|
31720 |
|
Electronic
Connector |
Nos. |
|
|
621490 |
|
RF COAX |
Nos. |
|
|
97100 |
|
Fibre Optics
Products |
Nos. |
|
|
149717 |
|
Networking Products |
Nos. |
|
|
2957 |
GENERAL
INFORMATION
|
Suppliers : |
Ř NK
Cables, Finland Ř Fimo
Tec SRL, Italy Ř Photonic
Technologies, Australia Ř Nortel
OptoElectronics, UK Ř ITEC,
Australia/South Korea Ř Virtual
Photonics, Australia Ř Redfern
Fibres, Australia Ř Storm
Products Company, USA Ř PPC
Electronic AG, Switzerland Ř Telegaertner,
Germany Ř FCT
Electronic GMBH, Germany Ř Dyconex,
Switzerland Ř
Methode Electronics Inc, USA |
|
|
|
|
Customers : |
Partial client List ::TVS NET Narayana
Hrudayalaya, Bangalore
IBM,
Bangalore, Delhi, Kolkatta, Pune, Hyderabad
Swiss-Re
Shared Services, Bangalore
Ashok
Leyland, Hosur, Ennore |
|
|
|
|
No. of Employees : |
400 |
|
|
|
|
Bankers : |
Ř State
Bank of India Industrial
Finance Branch, Madurai – 625001, Tamil Nadu, India. Ř ICICI
Bank Limited Coimbatore,
Tamil Nadu, India. Ř Corporation
Bank Limited Ř
UTI Bank Ř Development Credit Bank Limited Chennai Branch, New No. 61,
Nungambakkam, Chennai – 600034 |
|
|
|
|
Facilities : |
Secured
Loan Rs. 215.803 millions |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Price Waterhouse and Company, Chartered Accountants 601 Anna Salai, Chennai 600006, Tamilnadu, India |
|
|
|
|
Subsidiaries : |
Ř Lucas
India Services Limited Ř Southern
Roadways Limited Ř Sundaram
Industries Limited Ř Sundaram
Textiles Limited Ř TVS
Automotive Europe Limited Ř Lucas
– TVS Limited Ř TVS
Logistics Services Limited Ř TVS
Lean Logistics Limited Ř TVS
CJ Components Limited, UK Ř Sundaram
Textiles Overseas Inc. , USA Ř Madras
Systems and Allied Services Private Limited Ř
TVS
Logistics Iberia S L, Spain |
|
|
|
|
Associates : |
Ř TVS
Srichakra Limited Ř TVS
R&M Limited Ř TVS
Cherry Private Limited |
|
|
|
|
Holding Company : |
Ř T V
Sundram Iyengar and Sons Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
4,500,000 |
Equity Share |
Rs.10/- each |
Rs. 45.000
million |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2,750,000 |
Equity Share |
Rs.10/- each |
Rs. 27.500
million |
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 |
27.500 |
27.500 |
27.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[4.651] |
[25.546] |
[25.689] |
|
|
NETWORTH |
22.849 |
1.954 |
1.811 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
215.803 |
80.877 |
46.425 |
|
|
2] Unsecured Loans |
30.000 |
16.400 |
2.400 |
|
|
TOTAL BORROWING |
245.803 |
97.277 |
48.825 |
|
|
DEFERRED TAX LIABILITIES |
0.195 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
268.847 |
99.231 |
50.636 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
34.977 |
32.848 |
31.320 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.012 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
50.091
|
52.557 |
15.244 |
|
|
Sundry Debtors |
267.916
|
65.763 |
10.422 |
|
|
Cash & Bank Balances |
21.063
|
10.881 |
0.761 |
|
|
Other Current Assets |
13.512
|
2.151 |
0.068 |
|
|
Loans & Advances |
22.190
|
10.406 |
3.733 |
|
Total Current Assets |
374.772
|
141.758 |
30.228 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
140.078
|
76.151 |
11.380 |
|
|
Provisions |
1.842
|
1.260 |
0.930 |
|
Total Current Liabilities |
141.920
|
77.411 |
12.310 |
|
|
Net Current Assets |
232.852
|
64.347 |
17.918 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.018 |
2.036 |
1.386 |
|
|
|
|
|
|
|
|
TOTAL |
268.847 |
99.231 |
50.636 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
484.010 |
190.994 |
50.660 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
22.521 |
0.142 |
[9.516] |
|
Provision
for Taxation |
1.626 |
-- |
-- |
|
Profit/(Loss)
After Tax |
20.895 |
0.142 |
[9.516] |
|
|
|
|
|
|
Export
Value |
9.124 |
2.912 |
10.590 |
|
|
|
|
|
|
Import
Value |
154.191 |
125.949 |
24.620 |
|
|
|
|
|
|
Total
Expenditure |
461.489 |
190.852 |
60.175 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
4.32
|
0.07 |
[18.78] |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
4.32
|
0.07 |
[18.78] |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
5.50
|
0.08 |
[15.46] |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.99
|
0.07 |
[5.25] |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
16.97
|
89.40 |
33.75 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.64
|
1.83 |
2.46 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
Ř Freehold land
Ř Buildings
Ř Plant and machinery
Ř Office and other equipment
Ř Furniture and fittings
Ř
Vehicles
Review
of Operation
The
company achieved a sales turnover of Rs. 475.200 millions as against Rs.
184.500 millions last year. The volume on indent basis has also increased to
Rs. 25.900 millions as against Rs. 12.700 millions last year. By entering into
the high growth digital infrastructure arena, the company was able to achieve a
substantial increase in the turnover. The projects executed by the company
entailed supply, erection and commission of cellular towers on a turnkey basis.
The company continues to operate in a price sensitive market and has
experienced price pressure on various products.
Business
outlook
With the
ongoing in the telecom industry the company is expected to grow substantially
in the current year. The company has started executing projects with leading
customers in India besides exploring opportunities in neighbouring countries.
The company is executing turnkey contract in Bangladesh and is expecting
further orders. The networking division is also examining entry into project
executing and maintenance related contracts and is expected to make a
breakthrough shortly. The company also continues to explore various
manufacturing opportunities.
Its product range include :-
a. RF
products:
1.
RF – Coax Connectors
2.
RF – Coax Cables
3.
Wall Entries and Cushions
4.
Patch Antennas
5.
RF Passive Components
6.
Grounding kits
7.
Cable Clamps
8.
RHFO Passive and Active systems
9.
Network components as a powerful Network Simulation
Software
b. Fibre
Optic products:
1. Opto
electronic components
2. Accessories
3. Adapters
4. Alternators
5. Splice
protection systems
c. Connectors:
- Leaded
Modular Jacks
- Wiring
harness
- High
speed system interconnect assemblies
d. D-Sub and Miniature D-Sub Connectors:
- Crimp
to wire connectors 2.54 mm.
- Crimp
to wire connectors 3.96 mm.
- Crimp
to wire connectors 5.00 mm.
- Crimp
to wire connectors 8.00 mm.
e.
Photonics:
- Photonics
Network and components
- Simulation
software
f.
Broadband communications equipment and components
TVS Interconnect Systems Limited forms part of the TVS Group established
in 1911 with a group revenue of over $3 billion and employing more than 25,000
people. The company has its Manufacturing plant in Madurai, Corporate Office in
Bangalore, and Regional marketing offices in Delhi, Mumbai, Chennai, Hyderabad
and Pune.
With a start towards manufacturing low end components like electronic
connectors, RF (Radio frequency) connectors, cable assemblies, Fibre optic
products & other accessories for telecommunication, consumer electronics
& automobile industries, the company has transformed itself into providing
solutions such as Wireless, Carrier, Enterprise and Project Management Services
both in India & overseas. To add more to this, it was the 1st Indian
company to brand its own RF cables. It has also achieved a phenomenal growth in
revenue (over 400% in the year 2003-2005).
In addition, it has a broad product range designed to fulfill the needs
of business ranging from SOHO (Small Office/Home Office) users to Key
Enterprises. The client list gives a clear picture of the scale of its
operation. Companies like Reliance, Airtel, Hutch, Idea, BSNL, Hughes Software,
Nortel, Ericsson, IBM, Biocon, TVS Sons, TVS Electronics, Toyota and other
companies big and small have put their faith in products and services offered
and continue to be associated with TVSICS. TVSICS believes in offering
customized solutions to its customers. It has made its mark in the field of
Installation, Commissioning, Civil structuring and Project implementation.
TVSICS has also strengthened its focus on Networking under the brand
TVSnet. This has enabled the group to offer a complete integrated comprehensive
solutions on voice/data/video and wireless across the country. TVSnet offers a
single window approach towards turnkey solutions in broadband deployment,
campus wide area network, enterprise LAN/WAN networks in design, supplies,
installation and maintenance of the networks. This way the customer is assured
of his “investment protection”.
TVSNet delivers quality and cost effective solutions across India and
presents a wide range of services like
Technical
Support
On-site repair
Project Management
Warranties Management
Installation services
Differentiators
Authentic Ability
Leverage
of TVS Group expertise
Large IT & Telecom Customers
Human Resources IT & Telecom domain expertise
Customised Delivery Process
Three
stage onsite-offsite-offshore model
Collaborative Project Management System
Exposure to quality culture: Six Sigma, ISO
Smart Resourcing
Ready to
Scale, Infrastructure in place
Multi Skilled expertise
Optmised cost-competence ratio
Close to a century of Trust with Customers, Vendors and Partners
Single Window Approach
Comprehensive service offerings
Multi language capability – 7 languages
Previous supply and service track record for multi-location sites.
Image
Business
Wireless
Solutions
Carrier Solutions
Networking Solutions
Project Management Services
Telecom / Network Infrastructure Management
Manufacturing
Focus
To
provide innovative Best-in-Class products and services
Strength
Manufacturing
support to their services
Business Partners globally acclaimed
95 years of proven credibility
|
Name of the company |
TVS INTERCONNECT SYSTEMS LIMITED |
|
Presented By |
M G Sivasubramanian |
|
1) Date and description of instrument creating the change |
Term loan agreement – Form CCD 5 Agreement for hypothecation of current assets form CCD 13 Deed of hypothecation of machinery and other moveable fixed assets All dated 27.12.2003 executed with UTI Bank Limited, Madurai |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 33.500 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable mortgage of land and building situated of modurai Melur Road, Vellaripatti, Madurai – 6251122 Hypothecation of entire moveable fixed assets of the company – first charged Second charge over the entire current assets of the company |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge is to secure for the payment and discharge of terms loan of the borrower to the bank This loan was raised for the purpose of setting in full the eerier term loan of Rs. 33.500 millions received form ICICI Bank Loan is repayable in 15 quarterly instalments commencing from 30.6.2004 and ending on or before 31.03.2007 Rate of interest is 0.50 % below UTI Banks PLR |
|
5) Name and Address and description of the person entitled to the charge. |
UTI Bank Limited 80, Feet Road, K. K. Nagar Madurai – 625020 |
|
6) Date and brief description of instrument modifying the charge |
Declaration cum confirmation deed – New CCD 10 [A - 1] I and Declaration cum confirmation deed – New CCD 10 [A - 1] II and both dated 03.02.2005 executed with UTI Bank Limited Madurai |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Equitable mortgage of immovable properties is now created. |
|
|
|
|
Name of the company |
TVS INTERCONNECT SYSTEMS LIMITED |
|
Presented By |
M G Sivasubramanian |
|
1) Date and description of instrument creating the change |
Hypothecation of Tangible Moveable Property and Hypothecation of Book Debts Both dated 07.01.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Short term Loan : Rs. 90.000 millions and Rs. 20.000 millions torards LC |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable mortgage of land and building situated of modurai Melur Road, Vellaripatti, Madurai – 6251122 Hypothecation of entire moveable fixed assets of the company – first charged Second charge over the entire current assets of the company |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charges is created to meet cost of telecom infrastructure equipment etc and cost of services required to execute the order received form BPL Loan is repayable in Monthly instalments commencing from April 2005 Rate of interest is 9.75 % p.a. with monthly rests |
|
5) Name and Address and description of the person entitled to the charge. |
Development Credit Bank Limited Chennai Branch, New No. 61, Nungambakkam Chennai – 600034 |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
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.44.86 |
|
UK
Pound |
1 |
Rs.85.24 |
|
Euro |
1 |
Rs.56.99 |
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 |
6 |
|
--PROFITABILIRY |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|