MIRA INFORM REPORT
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Report Date : |
07.11.2006 |
IDENTIFICATION DETAILS
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Name : |
AUTOLINE
INDUSTRIES LIMITED |
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Formerly Known As : |
AUTOLINE
STAMPINGS PRIVATE LIMITED |
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Registered Office : |
S. No. 291, Nanekarwadi,
Post – Chakan, Taluka Khed, District Pune – 410501, Maharashtra |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
16.12.1996 |
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Com. Reg. No.: |
11-104510 |
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CIN No.: [Company Identification No.] |
U34300PN1996PLC104510 |
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TAN No.: [Tax Deduction & Collection Account No.] |
PNEA07017D |
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PAN No.: [Permanent Account No.] |
AABCA4634D |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Manufacturers
of Auto Components and Subassemblies.
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 350000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established company having satisfactory track. Directors are
reported as experienced, respectable and resourceful industrialists. Their
trade relations are fair. Financial position is satisfactory. Payments are
reported as slow but correct. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
S. No. 291, Nanekarwadi,
Post – Chakan, Taluka Khed, District Pune – 410501, Maharashtra, India |
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Tel. No.: |
91-20-27120429 /62 / 30682011/12 |
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Mobile : |
91-9890042576 |
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Fax No.: |
91-20-27110540 / 27490022 |
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E-Mail.: |
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Website : |
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Factory |
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CHAKAN UNIT |
Plot No 6; S No 291 to 298 Nanekarwadi, Post Chakan, Taluka
Khed, District Pune-410501, INDIA |
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Tel. No.: |
91-20-24102335 |
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Fax No.: |
91-20-24102334 |
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BHOSARI UNIT |
T-135, MIDC, Bhosari, Pune - 411026, Maharashtra, India |
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Tel. No.: |
91-2135-563035 |
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Unit III |
S. No. 825, Kudalwadi, Post Chikhali, Taluka Haveli, Pune –
412114, Maharashtra, India |
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Tel. No. : |
91-20-27490022 / 56102105 / 6 |
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Fax No. : |
91-20-27490092 |
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Unit IV |
S. No. 313, 314, 320 to 323, Nanekarwadi, Chakan, Taluka Khed,
Pune – 410501, Maharashtra, India |
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Tel. No. : |
91-2135-563035 |
DIRECTORS
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Name : |
Mr.
Vilas Vithoba Lande |
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Designation : |
Chairman |
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Address : |
Hotel
Vishwavilas, Landewadi Bhosari, Pune – 411039 |
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Date of Birth/Age : |
01.06.1960 |
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Date of Appointment : |
16.12.1996 |
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Name : |
Mr.
Shivaji Tukaram Akhade |
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Designation : |
Managing
Director |
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Address : |
Vikas
Colony, Landewadi, Bhosari, Pune – 411039 |
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Date of Birth/Age : |
07.01.1966 |
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Date of Appointment : |
16.12.1996 |
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Name : |
Mr.
Sudhir Vithal Mungase |
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Designation : |
Director |
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Address : |
Landewadi,
Bhosari, Pune – 411039 |
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Date of Birth/Age : |
01.04.1975 |
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Date of Appointment : |
16.12.1996 |
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Name : |
Mr.
Chavhan Shidatta L |
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Designation : |
Director |
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Address : |
Nehru
Nagar, Pimpri, Pune – 411039 |
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Date of Appointment : |
16th
December, 1996 |
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Name : |
Mr.
M. Radhakrishnan |
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Designation : |
Director |
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Address : |
A
– 5, 603, Kohinoor Estate, Wakdewadi, Pune – 411003, Maharashtra, India |
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Date of Birth/Age : |
01.11.1954 |
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Date of Appointment : |
30.09.2002 |
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Name : |
Mr.
Gopalrao Gangadhar Patwardhan |
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Designation : |
Director
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Address : |
Miraj
House, Fergusson Road, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
31.03.1970 |
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Date of Appointment : |
31.03.2006 |
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DIN / PAN No. : |
00086757 |
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CIN of company, Name of
the company and Director : |
U72200PN2000PTC015259 Indiaco
Com Private Limited - Director U74140PN2004PTC019871 Duke
Advisors Private Limited – Director U74140PN2005PTC020624 Girvan
Management Services Private Limited – Director U72200PN2001PTC016112 Indiaco
Capital Private Limited – Director U29299MH1990PTC112830 Moffett
Management Services Private Limited – Director U74140PN2005PTC020691 Gunika
Advisers Private Limited – Director U74140PN2005PTC020690 Akula
Advisers Private Limited – Director U65999PN2005PTC020957 IndiaCo
Duke Trusteeship Company Private Limited – Director |
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Name : |
Mr.
Ajit Balkrishna Karnik |
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Designation : |
Additional
Director |
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Address : |
505-506,
Payal Apartments, Off Yari Road, Seven Bunglows, Versova, Andheri [West],
Mumbai – 400061, Maharashtra, India Tel.
No. 91-22-26312087 Fax
No. 91-22-26312518 E-mail
: aeroturbines@vsnl.com |
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Date of Birth/Age : |
21.02.1948 |
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Date of Appointment : |
15.06.2006 |
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DIN / PAN No. : |
00251214 |
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CIN of company, Name of
the company and Director : |
U29111MH1999PTC121302 Aero
Turbines [India] Limited – Chairman and Managing Director |
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Name : |
Mr.
Vijay Kantilal Thanawala |
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Designation : |
Additional
Director |
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Address : |
304
– A, Deep Jyoti Co-operative Society, Veer Savorkar Marg, Naupada, Thane –
400601, Maharashtra, India |
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Date of Birth/Age : |
24.04.1947 |
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Date of Appointment : |
15.06.2006 |
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DIN / PAN No. : |
00001974 |
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CIN of company, Name of
the company and Director : |
U25209MH1995PLC092509 |
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Name : |
Mr.
Prakesh Baburao Nimbalkar |
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Designation : |
Additional
Director |
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Address : |
Flat
No. B 221, 2nd Floor, Vikasini Cooperative Housing Society, Plot
No. 1C, Sector No. 8B, CBD Belapur, Navi Mumbai – 400614, Maharashtra |
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Date of Birth/Age : |
12.02.1943 |
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Date of Appointment : |
15.06.2006 |
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DIN / PAN No. : |
00109947 |
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CIN of company, Name of
the company and Director : |
L65990MH1966PLC013459 Sicom
Limited – Director L651110MH1936PLC002550 The
United Western Bank Limited - Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mr.
Shivaji Tukaram Akhade |
1275847 |
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Mr.
Sudhir Vithal Mungase |
1278547 |
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Mr.
Vilas V. Lande |
1278547 |
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Mr.
Radhakrishnan Rema |
1278547 |
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Linc Wise Software Private
Limited |
900000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Auto Components and Subassemblies.
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GENERAL INFORMATION
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Bankers : |
Rupeee
Cooperative Bank Limited, Chinchved branch, Pune – 411019 HDFC HSBC Bank
of India Bank
of Baroda, Specialised SSI Branch, Pimpri, Pune – 411018, Maharashtra, India Vasant
Data Bank |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Gujar
Rawat Sheth & Associates Chartered
Accountants, |
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Address : |
4/1st
Floor, Shivdarshan Chambers, 457/58, Market Yard, Pune – 411037, Maharashtra,
India |
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Tel. No.: |
91-20-24269496
/ 24269497 |
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Fax No.: |
91-20-24269496
/ 24269497 |
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E-Mail : |
vbsheth_ca@vsnl.net |
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Associates : |
Amogh Engineers Private Limited Telephone : 91-20-7128961 / 62 Autoshine Coaters Balaji Enterprises Shreeja Enterprises Fourtech Enterprises Hotel Vishwavilas Aishwarya Biryani House |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 100.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6014188 |
Equity
Shares |
Rs. 10/- Each |
Rs. 60.141 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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60.141 |
51.659 |
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2] Share Application Money |
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11.605 |
0.000 |
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3] Reserves & Surplus |
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20.039 |
25.048 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH
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91.785 |
76.707 |
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LOAN FUNDS |
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1] Secured Loans |
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216.911 |
178.206 |
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2] Unsecured Loans |
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82.377 |
26.599 |
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TOTAL
BORROWING
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299.288 |
204.805 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL
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391.073 |
281.512 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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304.401 |
196.954 |
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Capital work-in-progress
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4.654 |
17.954 |
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INVESTMENT
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|
6.206 |
6.206 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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94.650 |
75.143 |
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Sundry Debtors
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27.769 |
19.734 |
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Cash & Bank Balances
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|
1.000 |
0.163 |
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Other Current Assets
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18.651 |
8.708 |
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Loans & Advances
|
|
3.434 |
3.167 |
Total Current Assets
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145.504 |
106.915 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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61.615 |
37.446 |
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Provisions
|
|
9.046 |
10.361 |
Total Current Liabilities
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70.661 |
47.807 |
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Net Current
Assets
|
|
74.843 |
59.108 |
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MISCELLANEOUS EXPENSES
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0.969 |
1.290 |
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TOTAL
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391.073 |
281.512 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
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685.916 |
511.900 |
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Profit/(Loss) Before Tax
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|
19.803 |
5.934 |
Provision for Taxation
|
|
1.600 |
0.500 |
Profit/(Loss) After Tax
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|
18.203 |
5.434 |
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Total Expenditure
|
|
635.151 |
480.566 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
|
2.65 |
1.06 |
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Net Profit Margin
(PBT/Sales) |
(%) |
|
2.88 |
1.15 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
|
4.40 |
1.95 |
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Return on Investment (ROI)
(PBT/Networth) |
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|
0.21 |
0.07 |
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Debt Equity Ratio
(Total Liability/Networth) |
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|
4.03 |
3.29 |
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Current Ratio
(Current Asset/Current
Liability) |
|
|
2.05 |
2.23 |
LOCAL AGENCY FURTHER INFORMATION
The
subject was originally incorporated as Autoline Stampings Private Limited,
later it was changed to the present name.
OPERATIONS
:
The
turnover at Rs. 684.800 millions has shown a growth of 34% against last year’s
turnover of Rs. 591.900 millions. The
company is consistent in making profits since inception and The Profit before
Tax for the year is Rs. 19.804 millions compared to last years Profit before
Tax of Rs. 5.934 millions, the Net Profit rose from Rs. 5.434 millions to Rs.
16.417 millions, a growth of 303%.
The
factory at T – 135, MIDC, Bhosari, was further expanded and is now
manufacturing parts for Bajaj Auto Limit, Fiat, Walker Exhaust [India] Private
Limited [Subsidiary of Fortune 500 Company – Tenneco, USA] and Tata Motors
Limited [commercial vehicle parts]. The
Chakan factory, which manufactures big assemblies got a boost due to larger
critical assemblies for cars developed as second source, [due to in-house
designing and manufacturing of Large Sized Dies using CAD / CAM facilities],
contributed in a big way to growth in sales.
The production of India cars, Indigo cars and the new Marina by TATA Motors
Limited [including production of Cars for Exports]. The factory at Kudalwadi also made its due contribution.
The
organization structure was strengthened to meet the increased production
demands with Quality and Cost Competitiveness at all the plants. The factories at T – 135, MIDC and Kudalwadi
are certified as ISO 9001:2000 while the factory at Chakan is certified as TS –
16949. Thus all the manufacturing
facilities are certified for International Standards.
Further
the company has got Term Loans from Bank of Baroda in FCNR [B] loans, which has
resulted in decrease in the Interest Costs.
FUTURE
PROSPECTS :
The
Auto Component Industry is surging ahead and India is emerging as the most
preferred Quality Manufacturing location for outsourcing by Global Auto
Majors. Exports of Auto components from
India have grown at a compounded growth rate of 19% over the past six
years. During the Financial Year
2003-04, the Industry achieved a milestone of USD 1 Billion worth of Exports.
Taking
into consideration the business development efforts in both domestic and export
markets and proposed outsourcing of Larger Components including aesthetic parts
by Tata Motors Limited, the turnover in 2005-2006 is expected to touch Rs. 3000
millions.
Considering
the future prospects, the company has already started the Expansion Project on
7 acres [out of 15 acres acquired last year] of the Land adjacent to the
existing Chakan Factory. The company
proposes to invest further Rs. 500 millions for the expansion. On completion of the expansion and
prospective further orders in the pipeline the annual turnover can go up to Rs.
7500 millions in the year 2007 – 08.
The
company has set up a Joint Venture in UAE under the name “Union Autoline Spare
Parts, L.L.C.” in the month of May, 2005 to tap the vast potential for Auto
Spares in the entire Gulf and African region.
The company has 49% share in this Joint Venture. This venture is mainly to trade in
Automobile Spare Parts out of U.A.E. from where the demand for Auto Spares for the
Gulf and African region. The strategy
will be to build Automobile Spares with a brand to be positioned between the
Low Quality cheaper spares coming from Iran, Iraq, etc., and the costly spares
coming from Germany / Japan. The
company also proposed to set up Manufactuirng facilities in due course.
The
company is eying inorganic growth for faster growth and diversification of
products and is negotiating with Auto Component manufacturers in Pune Region
for acquisition. The negotiation for
acquiring a company manufacturing Silencers and Exhaust Systems for commercial
vehicles is at advanced stage and is likely to be completed by December, 2005.
Event
Occurring After the Date of Balance Sheet :
The
company has entered into Joint Venture Agreement with Mr. Ali Mohammad Saeed Al
Badi, A UAE National for setting up Business in UAE under the name “Union
Autoline Spare Parts, L.L.C.” in the month of May, 2005. The company has 49% Share in this Joint
Venture.
Contingent
Liabilities ;
Contingent
Liabilities and claims against the company not acknowledged as debts :
- Export Obligation - Export
Obligation in respect of saving in Custom Duty on import of Machinery is
to be completed up to 23.05.2008.
Hence the liability for the year ending on 31.03.2005 is not
defined [Previous year Nil]
- Electricity Payment – Maharashtra State Electricity Board [MSEB] has
raised a demand of Rs. 1.643 millions for the Chakan Unit and the company
has disputed the demand and the matter is pending in the court.
Fixed
Assets :
Land
& Development, Building, Plant & Machinery, Tools and Dies, Computers
and Softwares, Electrical Fittings, Furniture, Vehicles, Office Equipments, etc
Form 8 Particular for creation or modification of
charges
|
Corporation identity
number or foreign company registrations number of the company |
U34300PN1996PLC104510 |
|
Name of the company |
AUTOLINE INDUSTRIES LIMITED |
|
Address |
T – 135 MIDC Bhosari, Pune – 411026,
Maharashtra, India |
|
This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the
charge holder |
Bank of Baroda Specialised SSI Branch,
Pimpri, Pune – 411018, Maharashtra, India E-mail : ssipim@bankofbaroda.com |
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Amount Secure by the
charge |
Rs. 165.000 millions |
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Description of the
property charge whether it is a charge on |
Plant & Machinery,
Furniture & Fixtures, Stock in trade and Book debts |
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Modification charge Charge identification
number of the charge to be modified |
80003586 |
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Date of instrument
modifying the charge |
03.05.2006 |
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Particulars of the
Property charged |
All
that company’s movable assets namely all the stock of goods including raw
materials, book debts, outstanding monies, receivable, claims, bills,
contracts, engagement and securities which are now due and become due and
owing to the company and all movable machinery, plants, tolls, spares etc
both present and future |
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Brief description of
the instrument modifying the charge |
Supplementary
composite agreement of hypothecation of goods, book debts, movable machinery
and vehicles |
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Particulars of the
present modification |
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Corporation identity
number or foreign company registrations number of the company |
U34300PN1996PLC104510 |
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Name of the company |
AUTOLINE INDUSTRIES LIMITED |
|
Address |
T – 135 MIDC Bhosari, Pune – 411026,
Maharashtra, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the
charge holder |
Bank of Baroda Specialised SSI Branch,
Pimpri, Pune – 411018, Maharashtra, India E-mail : ssipim@bankofbaroda.com |
|
Amount Secure by the
charge |
Rs. 165.000 millions |
|
Brief of the principal
terms and conditions and extent and operation of the charge |
Interest Rate : 11.50%
p.a. |
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Description of the
property charge whether it is a charge on |
Plant & Machinery |
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Modification charge Charge identification
number of the charge to be modified |
80003586 |
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Date of instrument
modifying the charge |
25.07.2006 |
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Particulars of the
Property charged |
All
movable property situated at the premises of the borrower |
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Brief description of
the instrument modifying the charge |
Third
Supplemental Composite Agreement of Hypothecation dated 25.07.2006 [of
Movable Assets of the Borrower] |
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Particulars of the
present modification |
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Name of the company |
AUTOLINE STAMPINGS PRIVATE
LIMITED |
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Presented By |
M. Radhakrishnan – Director
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1) Date and description of
instrument creating the change |
Composite Agreement of
hypothecation dated 30th January, 2004 |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Rs. 165.000 millions |
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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 |
All
that company’s movable assets namely all the stock of goods including raw
materials, book debts, outstanding monies, receivables, claims, bills,
contracts, engagements and securities which are now due and become due and
owing to the company and all movable machinery, plant, tools, spares etc.
both present and future, the assets more particularly described in Second
Schedule to the Agreement which are same as described in Annexure I attached
hereto. |
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4) Gist of the terms and
conditions and extent and operation of the charge. |
First charge by way of
Hypothecation of all the movable assets of the company described at Sr. No. 3
above created in favour of Bank of Baroda for securing the due repayment of
the loans and credit facilities aggregating to the sum of Rs. 165 millions
interalia on the following terms and conditions.
The terms and conditions
are more particularly prescribed in FIRST SCHEDULE to the Agreement |
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|
5) Name and Address and
description of the person entitled to the charge. |
Bank of Baroda Specialised SSI Branch,
Pimpri, Pune – 411018 |
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|
6) Date and brief description of instrument
modifying the charge |
Second Modification by : i. Deed of Simpl Mortgage
dated 28.03.2005 for Rs. 285.000 millions ii. Deed of further charge
in respect of immovable properties of borrower mortgage or & guarantors
mortgagors dated 28.03.2005 for Rs. 285.000 millions [Both these documents
constitute single charge] |
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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. |
Simple Deed of mortgage
dated 28.03.2005 and Deed of further charge dated 28.03.2005 were executed to
secure additional credit facility of Rs. 120 millions by providing additional
Term Loan facility of Rs. 90 millions and the Working Capital Finance by Rs.
30 millions details of the enhanced facilities are as under :
By providing additional security
on immovable properties of the company at Gat No. 313, 314, 320, 321, 322,
323 admeasuring 4 hectares 46.50 Are located at Nanekarwadi, Khed Taluka Pune
together with movable properties more specifically mentioned in Second
Schedule of the Agreement |
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Story
A
trailblazing story! That is how they could describe our journey in this highly
competitive, fast paced and ever changing auto industry.
Today,
as they are on the threshold of a challenging future, looking ahead at broader horizons
and global reach, they take a moment to glance backwards and take a re-cap of
their exciting journey.
More
than a decade ago, in 1995, Autoline was a little acorn, amongst the giants in
the auto industry. Set up in April 1995 as a partnership firm with a modest
capital, there has been no looking back since; with Autoline having grown into
a medium sized engineering and auto ancillary Company, supplying sheet metal
components, assemblies, sub assemblies and tubular assemblies like silencers
and exhaust systems to the Indian auto industry. Soon, however, they became a
trusted vendor to auto giant Tata Motors.
August 2004, was major turning point in Autoline's history. Tata Motors was
looking to entrust the manufacture of the load body of their new mini truck to
someone whose capabilities they believed in. It was a challenge, no doubt, to
their highly skilled yet small team that had hitherto handled designs and
manufacture of small and medium assemblies. However, being a team that enjoys
challenges, Autoline got cracking and tackled the job so efficiently that in
precisely 20 weeks, the first mini truck model named ACE load body came off the
assembly and six months later a 200 strong workforce was rolling out 150 load
bodies in a 3 shift day! As ACE became a runway success, six months down the
line another fully automated line had to be set up to meet the demand of 300
units per day.
The present
Today,
Autoline is one of the prime vendors to various Automobile Companies like, TATA
MOTORS LIMITED (TELCO), BAJAJ AUTO LIMITED, KINETIC ENGINEERING LIMITED,
MAHINDRA & MAHINDRA LIMITED, FIAT (INDIA) PRIVATE LIMITED, and WALKER
EXHAUST (INDIA) PRIVATE LIMITED (a Subsidiary of Tenneco, a fortune 500 U.S.
company). Autoline exports auto parts i.e. brake shoes for Mercedes Benz
Trailers to Saudi Arabia, Dubai etc. The future holds promise with negotiations
underway with various Detroit based Auto Component Makers for direct exports.
Autoline
has grown by leaps and bounds from a single plant, a modest capital and a small
staff to a company that can boast of 5 manufacturing units, over 1500 strong
human resource and an almost 100 percent growth each year for seven years.
Autoline Industries has traversed a growth path at an enviable pace; all thanks
to excellent work quality, cost competitiveness, timely deliveries and
state-of-the-art Tool Room with latest CAD / CAM facilities. To further enhance
design capabilities, Autoline has take a major stake in a design engineering
firm making it their subsidiary. With this acquisition, Autoline has the unique
capability of Offshore Designing & Manufacturing model (ODM). At Autoline,
they are continuously renewing technology and upgrading quality standards,
keeping in mind international benchmarks.
Today, more than 400 products from Autoline fit into a range of SUVs, LCVs,
HCVs and passenger cars besides 2 and 3 wheelers. Stringent quality controls
and timely deliveries have helped consolidate their position in the market as
one of the top 5 vendors of Sheet Metal components for Tata Motors.
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.44.15 |
|
UK
Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.53.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
TOTAL |
|
46 |
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
|
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 |