MIRA
INFORM REPORT
|
Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
G. E. MOTORS INDIA PRIVATE
LIMITED |
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Registered Office : |
Sector 11, Model Town, Faridabad-121006 Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.10.1994 |
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Com. Reg. No.: |
05-032429 |
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CIN No.: [Company
Identification No.] |
U31909HR1994FTC032429 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKG04154D |
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PAN No.: [Permanent
Account No.] |
AAACG5525H |
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Legal Form : |
PRIVATE LIMITED LIABILITY COMPANY |
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Line of Business : |
Manufacture of Electric Motors,
Electric Stampings and Cooler Pumps |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 7500000 |
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Status : |
Good |
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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 fine track. Available information indicates high financial responsibility of the company. Payments are correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office/ Factory : |
Sector - 11, Model Town,
Faridabad - 121 006, Haryana, India |
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Tel. No.: |
91-129-2286421/2281445/25286421/25265340 |
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Fax No.: |
91-129-2286423/2265833/25284855/22284855 |
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E-Mail : |
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Website : |
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Area : |
Large |
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Location : |
Leased- Industrial |
DIRECTORS
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Name : |
Mr. Shatadru Sen |
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Designation : |
Whole time Director |
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Address : |
C-504, First Floor, Chittaranjan Park New Delhi:110019 |
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Date of Birth/Age : |
11.12.1965 |
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Date of Appointment : |
29.03.2000 |
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Name : |
Mr. Willia Robert Causev |
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Designation : |
Director |
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Address : |
5515, Buckfield Court Fort Way Ne United States of Ame Rica |
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Date of Birth/Age : |
20.12.1945 |
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Date of Appointment : |
05.04.2000 |
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Name : |
Mr. Shantanu Ghosh |
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Designation : |
Director |
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Address : |
2nd Floor, L-1/8, Hauzkhas Enclave, New Delhi:110016 |
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Date of Birth/Age : |
13.09.1967 |
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Date of Appointment : |
29.01.2004 |
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Name : |
Mr. Gagan Palta |
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Designation : |
Secretary |
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Address : |
Flat-626, Sector-13, Pocket-A, Phase-II, Dharka, New Delhi:110075 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
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No. of Shares |
|
G E Pacific Mauritius Limited |
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3119994 |
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G E Pacific Private Limited |
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1 |
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Total: |
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3119995 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Electric Motors,
Electric Stampings and Cooler Pumps. |
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Products : |
Ø
AC Motors Ø
Air Compressor Ø
Air Moving Ø
Appliance Ø
Automotive Duty Ø
Brake Ø
Explosion Proof Ø
Farm duty Ø
General purpose Ø
Heat Exchanger Ø
Instant Reverse Ø
Inverter Duty Ø
New! Value Line Vertical
Hollow Shaft Motor Ø
Large AC Ø
Pump Ø
DC Motors Ø
Custom permanent Magnet Motors Ø
DIR Motor Ø
Explosion Proof Ø
Large DC Ø
Permanent Magnet Stock
Motors Ø
Separately Excited Motors Ø
Series Wound Motors Ø
Washdown permanent Magnet
Motors Ø
Washdown Duty Ø
ECM Motors Ø
GE ECM TM 142 Series Ø
GE ECM TM 2.3 Series Ø
GE ECM TM 58mm Commercial Refrigeration
Motors Ø
GE ECM TM 64mm
Refrigeration Motors Ø
GE ECM TM Draft Inducers
Motors (44 frame) Ø
GE ECM TM Ø
Industrial AC Ø
Medium AC Ø
Tachometer Generator |
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Brand Names : |
"AUE'’ |
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Exports : |
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Countries : |
U.S.A., Egypt, Saudi Arabia and Australia |
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Product: |
Raw materials and accessories |
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Countries : |
U. S.A and China |
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Terms : |
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Selling : |
Cash, Contract, L/C, Credit (30 days) |
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Purchasing : |
L/C, Credit (30/60 days) or
others |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed Capacity |
Actual Production |
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Electric Motors |
Nos |
|
5700000 |
4431365 |
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Electric Fan |
Nos |
|
500000 |
32616 |
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Room coolers/blower/housing
units |
Nos |
|
50000 |
Nil |
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Domestic Pumps |
Nos |
|
100000 |
Nil |
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Electric Stampings |
MT |
|
15000 |
13259 |
GENERAL
INFORMATION
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Suppliers : |
G.E. Electric Company, USA |
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Customers : |
Ø Wholesalers, Manufactures and Government Bodies Ø Voltas Limited, India Ø Carrier Aircon Limited, India |
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No. of Employees : |
700 |
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Bankers : |
The Hong Kong & Shanghai
Banking Corporation Limited New Delhi - 110 001 |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
3rd Floor, MCT house, One Okhila Centre Block-A, Okhla
Institutional Area, New Delhi:110025 Delhi |
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Holding Company: |
General Electric Company, USA |
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Group Company: |
REGAL-BELOIT It is a leading international
manufacturer of electrical and mechanical motion control products, serving an
expansive array of markets from heavy industry to high technology.
Regal-Bloit’s manufacturing and service facilities are located in United
States, Canada, Mexico, Europe and Asia. |
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Associates/Subsidiaries : |
(G. E. Power India was
established in 1998 with the transfer of GEC- Alsthom's low voltage component
business and AEG-NGEF's low voltage business in India to provide total
solutions in electrical distribution and control. GE Power Controls
manufactures, markets and sells a wide range of products that control and
distribute electricity in homes, commercial building, factories and
utilities. These include air and moulded case circuit breakers, fuses,
contractors, switches, etc. GE Power Controls also offers equipment like
switchboards and motor control centres. Its services division undertakes
turnkey electrification and erection and commissioning projects. A technical
development centre a has been set up to design and develop
Switchgear/Controlgear for world markets.)
90/B,
Electronic City, Hosur Road, Bangalore - 561 229, Karnataka Tel.
No. 91-80-8528337-41 Fax.
No. 91-80-8528329 E-mail.
hemant.joshi@geind.ge.com (GE Fanuc Systems ( a joint
venture of GE and Fanuc/Japan) designs, manufactures, assembles, distributes,
sells and supports a wide range of industrial automation control equipment
and software for both process automation and factory automation. These
products, including the comprehensive range of programmable logic controllers
and CIMPLICITY HMI (Human Machine Interface) Software products, incorporate
state-of- the-art components and technology including the Intel range of
microprocessors, Windows 95 and NT-based software systems. GE Fanuc has
historically been the first controls manufacture to feature the latest
technologies in its products.)
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 45.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,119,995 |
Equity Shares |
Rs.10/- each |
Rs. 31.200 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
31.199 |
31.200 |
31.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2212.462 |
1795.493 |
1311.223 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
2243.661 |
1826.693 |
1342.423 |
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LOAN FUNDS |
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1] Secured Loans |
6.125 |
75.466 |
2.305 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.011 |
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TOTAL BORROWING
|
6.125 |
75.466 |
2.316 |
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DEFERRED TAX LIABILITIES |
0.000 |
28.499 |
30.631 |
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TOTAL
|
2249.786 |
1930.658 |
1375.370 |
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APPLICATION OF
FUNDS
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FIXED ASSETS [Net
Block]
|
614.149 |
694.148 |
703.689 |
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Capital work-in-progress
|
37.841 |
15.292 |
19.072 |
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INVESTMENT
|
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
6.573 |
0.000 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES
|
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Inventories
|
276.762
|
257.733
|
191.190 |
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Sundry Debtors
|
707.720
|
738.437
|
438.253 |
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Cash & Bank
Balances
|
510.675
|
177.842
|
242.465 |
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Other Current
Assets
|
0.000
|
0.000
|
0.000 |
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Loans &
Advances
|
453.244
|
378.985
|
371.553 |
Total
Current Assets
|
1948.401
|
1552.997
|
1243.461 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
289.261
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273.154
|
542.094 |
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Provisions
|
67.917
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58.625
|
48.758 |
Total
Current Liabilities
|
357.178
|
331.779
|
590.852 |
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Net Current Assets
|
1591.223
|
1221.218
|
652.609 |
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MISCELLANEOUS
EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
2249.786 |
1930.658 |
1375.370 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover
[including other income]
|
|
4206.999 |
3657.024 |
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Profit/(Loss)
Before Tax
|
|
578.139 |
482.346 |
Provision for
Taxation
|
|
93.868 |
125.308 |
Profit/(Loss) After
Tax
|
|
484.271 |
357.038 |
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Export Value
|
|
2759.327 |
2467.486 |
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Import Value
|
|
473.510 |
294.465 |
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Total Expenditure
|
|
3506.335 |
3048.614 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA
|
11.51
|
9.76 |
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Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
15.01
|
14.08 |
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Return on Total
Assets
(PBT/Total Assets} |
(%) |
NA
|
25.55
|
24.53 |
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Return on
Investment (ROI)
(PBT/Networth) |
|
NA
|
0.32
|
0.36 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
0.15
|
0.22
|
0.44 |
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Current Ratio
(Current Asset/Current Liability) |
|
5.45
|
4.68
|
2.10 |
LOCAL AGENCY
FURTHER INFORMATION
SHARE HOLDING:
There has been a major change in the Capital Structure of the Company. Till 31st December, 2004, GE Pacific (Maturities) Limited was holding 3119994 shares in the Company and 1 share was held by GE Pacific Pte. During the year, the worldwide motor business of General Electric Company, USA was sold of to Regal Beloit Corporation of USA on 31st December, 2004. Accordingly, subsequent to take over the entire shareholding of GE Pacific (Mauritius) Limited was transferred to Regal Beloit Electric Motors Inc. and one share, held by GE Pacific pte. Was transferred to Regal Beloit Corporation (the ultimate holding company) w.e.f. Midnight of 31st December, 2004as of now the company is a 100 % subsidiary of Regal Beloit.
Incorporated in October 1994, the subject offers a full range of products including medium and large AC and DC machines from the worldwide GE range. It has a good position in fractional horsepower motors for Heating, Air-conditioning, refrigeration and washing machine applications.
The company was incorporated on 13th October, 1994 under the name and style of Dle Motors India Private Limited, name was changed to G E Motors India Limited in the year 2000 the company took over the electric motor business of Dle industries limited, known as American Universal as a going concern and a 50:50 joint ventures between Dle Industries Limited and General Electric Company of USA the Subject Company become wholly owned subsidiary (99.96 %) of GE Pacific Limited in 1998-1999
Segment Revenue:
Revenues from the geographic segments
|
Country |
31.03.2005 |
31.03.2004 |
|
|
(Units: Rupees
in Millions) |
|
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India |
1265.024 |
1128.403 |
|
USA |
2619.848 |
2298.208 |
|
Others |
139.479 |
169.277 |
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TOTAL |
4024.351 |
3595.888 |
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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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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|
--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 |
|
72 |
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 |
|