MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SANDVIK ASIA LIMITED |
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Registered Office : |
Mumbai – Pune Road, Dapodi, Pune – 411 012, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.07.1960 |
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Com. Reg. No.: |
11-11751 |
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CIN No.: [Company
Identification No.] |
L29299MH1960PLC011751 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES00125G |
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PAN No.: [Permanent
Account No.] |
AACCS6638K |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer of Tungsten Carbide Products used as Cutting Inserts in a Diverse range of Machine Tools and Drilling Equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 11000000 |
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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 and reputed multi-national company engaged in manufacturing and marketing of Tungsten Carbide Products, Co5romant Tool Taps and Solid Carbide Drills, etc. The company’s track are fine. Financial position of the company is good. Trade relations are fair. Payments are always correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered/Head Office/Factory : |
Mumbai – Pune Road, Dapodi, Pune – 411 012, Maharashtra, India |
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Tel. No.: |
91-20-27146491-93/94 / 27104715 |
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Fax No.: |
91-20-27145339 / 27149370/4339/736/423 / 27147031 / 27144736 |
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E-Mail : |
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Website : |
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Factory 2 : |
Lote, Chiplun, Ratnagiri, Maharashtra, India |
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Factory 3 : |
Village Rajpur, Kadi, Mehsana |
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Factory 4 : |
49 49-B, Sipcot Industrial Complex, Hosur – 635 126, Tamilnadu |
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Branches : |
Located at :-
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Overseas Office : |
Sandvik AB SE-811 81 Sandviken Sweden |
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Tel. No.: |
+46 (0)26 260000 |
DIRECTORS
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Name : |
Mr. Peter Gossas |
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Designation : |
Chairman |
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Name : |
Mr. S S Marathe |
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Designation : |
Vice Chairman |
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Name : |
Mr. S N Talwar |
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Designation : |
Director |
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Name : |
Mr. Anders Thelin |
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Designation : |
Director |
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Name : |
Mr. Hakan Kingstedt |
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Designation : |
Managing Director & President
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KEY EXECUTIVES
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Name : |
Mr. N P Achuthan |
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Designation : |
Divisional
Manager, Finance and Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tungsten Carbide Products used as Cutting Inserts in a Diverse range of Machine Tools and Drilling Equipments. |
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Products |
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Exports : |
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Countries : |
Indonesia, Nepal, Sri Lanka, Sweden and Switzerland. |
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Imports : |
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Countries : |
Canada, Germany, Hong Kong, Sweden and UK. |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Tungsten carbide
products including integral rock drill steels, bits, detachable bits,
extension drill steel equipments, inserts, tips, dies, Nibs and other
applications |
Tonnes Nos. in millions |
250 |
250 |
12.47 |
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Sandvik Coromant
tools, wear resisting parts and similar products |
Nos. in millions |
1.31 |
1.31 |
0.38 |
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Taps and Solid
Carbide Drills |
Nos. in millions |
0.54 |
0.54 |
0.17 |
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Specialised Tools such as precision Work holding and Tool holding devices |
Nos. in millions |
10 |
10 |
-- |
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Hydrogen gas |
Cu mtrs |
700,000 |
700,000 |
-- |
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Cobalt Metal and Compounds |
Tonnes |
70 |
70 |
758 |
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Thermostatic bimetal/strip |
Tonnes |
100 |
-- |
-- |
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High resistance electrical wires, strips and ribbons |
Tonnes |
600 |
200 |
2479 |
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Bimetal components.Heating elements and terminal rods |
Nos |
@ |
@ |
15,717 |
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Hot extruded steel pipes |
Tonnes |
-- |
7000 |
4864 |
GENERAL
INFORMATION
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No. of Employees : |
953 |
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Bankers : |
v Citibank N A v HSBC v HDFC Bank Limited v Standard Chartered Bank v Bank of Maharashtra v Corporation Bank v Canara Bank |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Messrs BSR & Company Chartered Accountant |
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Memberships : |
Confederation of Indian Industry |
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Parent Company : |
Sandvik AB SE-81181, Sandviken, Sweden |
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Tel. No.: |
91-46-26260000 |
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Fax No.: |
91-46-26261022 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,000,000 |
Equity
shares |
Rs.100/- |
Rs. 200.000 millions |
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87,788,000 |
2% redeemable
cumulative preference shares |
Rs.10/- |
Rs. 877.880 millions |
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3,145,000 |
2% redeemable
cumulative preference shares |
Rs.25/- |
Rs. 78.625 millions |
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1,232,000 |
9% redeemable
cumulative preference shares |
Rs.10/- |
Rs. 30.800 millions |
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Total |
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Rs.
1187.305 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,979,929 |
Equity shares |
Rs.100/- |
Rs. 197.993 millions |
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87,787,700 |
2% redeemable
cumulative preference shares |
Rs.10/- |
Rs. 877.877 millions |
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3,144,565 |
2% redeemable cumulative
preference shares |
Rs.25/- |
Rs. 78.614 millions |
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Total |
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Rs. 1154.484 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 (15th
Month) |
31.12.2004 |
31.12.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1154.484 |
1154.778 |
1186.230 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1836.073 |
1002.275 |
228.646 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2990.557 |
2157.053 |
1414.876 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
2.355 |
6.943 |
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2] Unsecured Loans |
6.875 |
10.193 |
261.968 |
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TOTAL BORROWING |
6.875 |
12.548 |
268.911 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2997.432 |
2169.601 |
1683.787 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1384.485 |
1201.084 |
1000.656 |
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Capital work-in-progress |
255.431 |
32.525 |
184.984 |
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INVESTMENT |
135.014 |
335.998 |
0.022 |
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DEFERREX TAX ASSETS |
35.585 |
39.247 |
5.487 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1064.760
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800.101 |
625.014 |
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Sundry Debtors |
1127.368
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945.146 |
695.727 |
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Cash & Bank Balances |
202.190
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163.502 |
220.238 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1307.342
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400.437 |
178.870 |
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Total
Current Assets |
3701.660
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2309.186 |
1719.849 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1487.053
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1311.305 |
1036.984 |
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Provisions |
1027.690
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437.134 |
190.227 |
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Total
Current Liabilities |
2514.743
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1748.439 |
1227.211 |
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Net Current Assets |
1186.917
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560.747 |
492.6.38 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2997.432 |
2169.601 |
1683.787 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 (15th
Month) |
31.12.2004 |
31.12.2003 |
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Sales Turnover |
7431.144 |
4793.071 |
4078.472 |
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Other Income |
1463.263 |
472.803 |
0.000 |
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Total Income |
8894.407 |
5265.874 |
4078.472 |
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Profit/(Loss) Before Tax |
1547.321 |
996.822 |
344.732 |
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Provision for Taxation |
582.462 |
1867.953 |
84.562 |
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Profit/(Loss) After Tax |
964.859 |
871.131 |
260.170 |
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Earnings in Foreign Currency : |
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Export Earnings |
3217.451 |
1671.205 |
0.000 |
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Commission Earnings |
0.223 |
0.204 |
0.000 |
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Other Earnings |
201.772 |
120.885 |
1086.257 |
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Total Earnings |
3419.446 |
1792.294 |
1086.257 |
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Imports : |
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Raw Materials |
2321.819 |
1463.678 |
0.000 |
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Stores & Spares |
55.654 |
40.404 |
0.000 |
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Capital Goods |
381.389 |
191.765 |
0.000 |
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Others |
1108.295 |
511.433 |
1675.273 |
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Total Imports |
3867.157 |
2207.280 |
1675.273 |
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Expenditures : |
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Manufacturing Expenses |
6439.330 |
3915.141 |
0.000 |
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Interest |
8.348 |
32.377 |
0.000 |
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Depreciation & Amortization |
420.755 |
321.534 |
3739.987 |
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Total Expenditure |
6868.433 |
4269.052 |
3739.987 |
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KEY RATIOS
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PARTICULARS |
31.03.2006 (15th
Month) |
31.12.2004 |
31.12.2003 |
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Debt Equity Ratio |
0.00 |
0.08 |
0.40 |
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Long Term Debt Equity Ratio |
0.00 |
0.08 |
0.34 |
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Current Ratio |
1.42 |
1.36 |
1.47 |
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TURNOVER RATIOS |
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Fixed Assets |
1.69 |
1.60 |
1.38 |
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Inventory |
6.79 |
7.32 |
6.07 |
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Debtors |
6.11 |
6.36 |
5.65 |
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Interest Cover Ratio |
187.43 |
31.77 |
7.85 |
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Operation Profit Margin (%) |
24.99 |
25.88 |
16.94 |
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Profit Before Interest and Tax Margin (%) |
19.67 |
19.72 |
9.75 |
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Cash Profit Margin (%) |
17.52 |
22.85 |
13.61 |
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Adjusted Net Profit Margin (%) |
12.20 |
16.69 |
6.42 |
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Return on Capital Employed (%) |
48.17 |
53.42 |
21.49 |
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Return on Net Worth (%) |
46.55 |
104.66 |
74.06 |
STOCK PRICES
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Face Value |
Rs.100/- |
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High |
Rs.830.00/- |
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Low |
Rs.820.00/- |
LOCAL AGENCY
FURTHER INFORMATION
History
Sandvik, Sweden, holds 73.22% of the equity in Sandvik Asia.
The company was founded in 1960 through negotiations between the Indian
government and Sandvik, Sweden. It achieved a commendable position in the
carbide tool segment through in-depth research and development. In 1994, the
company restructured itself into three product divisions -- coromat, rock tool
and hard material.
The company was awarded the ISO certification. In 1993, an additional
investment of Rs 60 mln was made in modernisation projects. In 1994, this
figure jumped to Rs 100 mln. In the same year, the company restructured its
activities under three divisions -- rock tools division, coromant division and
hard materials division. It introduced tooling products like U-max endmills,
die-making tools, coronite, cermets, U-lock and Q-cut inserts, T-max 290
cutters, waveline inserts, etc.
In 1994, Sandvik started promoting salpunite guide rolls directly to new
markets in south-east Asia and achieved a breakthrough in the export of latest
grade of hard material and other intermediate powders. New markets were
developed in the US, the UAE, Malaysia, Srilanka and Nepal.
During 1996-97, the company entered into a seven year technical collaboration
agreement with Sandvik AB for availing of the latest Sandvik technology
/knowhow for the purpose of designing and manufacturing of various cemented
carbide cutting tools and cutting tool systems. The company has merged Titex
India, a Sandvik Group Company, with itself with effect from Jan. 2001 and the
merger of Kanthal India was als completed in 2002.
A new business division, known as Sandvik Rock Processing Division, is being
established within the company. This is pursuant to Sandvik Group, through its
Mining and Construction business area, reaching a global agreement with Metso
Corporation of Finland covering acquisition of segment of Svedala Industri AB,
Sweden.
During 2001-02 Sandik,AB made an open offer to shareholders of Sandvik Asia
Limited at a price of Rs.850 per share. Subsequent to this the shareholding of
Sandik AB and its subsidiaries in the Company's paid-up capital went up above
90%.In consequence,the company was delisted from the Stock Exchanges in
compliance with the SEBI's takeover regulations.
Dividend
(1) Preference Shares
The Board has declared and paid the dividend due on 2% preference shares
as per the terms of issue of the shares for the period upto 31 December 2005.
This absorbed an amount of Rs. 22 Million, including dividend distribution tax
and education cess.
In view of the change of accounting year of the Company from calendar
year to financial year, the Board recommends payment of dividend for the period
1 January 2006 to 31 March 2006 on these preference shares. This will absorb a
further amount of Rs. 5 Million, including dividend distribution tax and
education cess.
(2) Equity Shares
The Board of Directors has already declared and paid an interim dividend
of Rs. 45 per share for the period 1 January 2005 to 31 March 2006 compared to
Rs. 30 per share for the year 2004. This absorbed an amount of Rs. 102 Million
from the current year's profit.
A sum of Rs. 100 Million will be transferred to General Reserve having
regard to the requirement of Section 205(2A) of the Companies Act, 1956. The
balance amount of Rs. 1,604 Million has been retained in the Profit & Loss
Account.
General Market Situation
There is increasing confidence in India's economic future led by a steady
7-8% GDP growth. Investments in infrastructure are being stepped up. The growth
in investments in infrastructure like Energy, Roads and Urban renewal,
Irrigation, Air-Sea ports etc. augurs well for the business areas of
Sandvik.
Manufacturing continues to grow in double digit particularly in the areas
relevant for Sandvik - engineering, petrochemicals, iron & aluminium mining
extraction, automobiles etc.
Investments
The Company's upgradation and expansion activities continued. The total
investments in fixed assets during the period were Rs. 849 Million. The major
investments were in Tooling Supply, Pune and Tube Mill, Mehsana.
The investments were financed through internal accruals.
Profitability
Sandvik Asia is gradually emerging as a significant source of high
quality products for the Sandvik Group. During the period, the Company's top
line grew by 24%, from Rs. 4,793 Million (2004) to Rs. 7,431 Million (1 January
2005 to 31 March 2006). The results before tax for the period ended on 31 March
2006 was Rs. 1,547 Million (20.8% of Sales) as against Rs. 997 Million (20.8%
of Sale) in 2004. Overall, the Company saw significant development during the
period under review.
De-Merger
The legal formalities for de-merger of Tools business
of Sandvik Smith Asia Limited into Sandvik Asia Limited with effect from 1
April 2006 were completed during the year, giving the possibilities for
synergies in Sandvik operations between different units in India.
Change of Accounting Year
The accounting year of the Company has been changed from `January to
December' to `April to March' resulting in the current accounting year getting
extended by three months, to end on 31 March 2006.
Business Continuity Plans
The Company's operations were partially affected due to flood during the last
monsoon. The Company has recovered its loss from the Insurance Company. The
Company has drawn up both long and short term plans to face any future
eventuality, based on a comprehensive hydrological study.
It is in trade terms
with :-
Ø Abrasive Technologies
Ø Accurate Industries
Ø Airotek Pollution Control Projects and Equipments
Ø Amol Enterprises
Ø Ashok Industries
Ø Avesta Polymer Private Limited
Ø Best Engineers
Ø Dip Moulding Works
Ø Deepak Plastics
Ø Deep Sagar Engineering
Ø Dhawale Packing Contractor
Ø GTR Private Limited
Ø Sai Ram Engineering
Ø Mirai Engineers
Ø Reliance Engineers
Ø Shree Plastics
Ø Tanuja Enterprises
Ø Tejas Electrics
Ø Vivek Enterprises
Ø Shreyas Industries
Ø Dharani Service
As per website details
PROFILE :
The Sandvik Group
Subject is a
high-technology, engineering group with advanced products and a world-leading
position within selected areas. Worldwide business activities are conducted
through representation in 130 countries. The Group has 38 000 employees and
annual sales of approximately SEK 55 billion.
The company’s business concept is based
on a unique competence in materials technology. This has resulted in a
world-leading position in three core areas:
- Cemented-carbide and high-speed steel tools for metalworking applications and blanks and components made of cemented carbide and other hard materials.
- Machinery, equipment and tools for rock-excavation.
- Stainless and high-alloy steels, special metals, resistance materials and process systems.
Business concept
The company shall develop,
manufacture and market highly processed products, which contribute to improve
the productivity and profitability of customers. Operations are primarily
concentrated on areas where Sandvik is – or has the potential to become – a
world leader.
Ownership
The largest shareholders, in percent of
voting rights 31 December 2003, were AB Industrivärden (8.2), Morgan Chase Bank
(6.1), Robur Investment Funds (3.5), Svenska Handelsbanken's Pension Foundation
(3.5), Svenska Handelsbanken's Investment funds (3.2) and AMF Pension (3.2).
Group executive management
Clas Åke Hedström is Chairman of the
Board and Lars Pettersson President and Chief Executive Officer of Sandvik AB.
Research and development
The Sandvik Group is firmly committed to
research. In 2003, SEK 1,900 M (4% of annual sales) was invested in research
and development and quality assurance, an area which employs 2,200 persons.
PRESS
RELEASES :
Delisting of Securities of Sandvik Asia Limited.
This is to inform that the securities of Sandvik Asia Limited. (Scrip Code No.500374) will be struck-off (delisted) from the list of Officially Quoted Securities with effect from Monday, the 9th September, 2002, pursuant to the compliance with Clause 21(3)(a) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 by the Acquirer (i.e. Sandvik AB).
The Acquirers have agreed to provide an exit option to the existing shareholders at Rs.850/- per share at any time during one year from the date of delisting. The shareholders who desire to opt for the exit option will have to send their shares to the undermentioned address:
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For shares in physical form |
For shares in demat form |
|
Sandvik Asia Limited. |
Karvy Consultants
Limited. |
The company has also agreed to resolve investor complaints (if any) pending and received hereafter for a period of one year from the date of delisting to the satisfaction of the Exchange.
P. S. Reddy
General Manager-Listing
September 5, 2002
Sandvik
AB Effects of transition to International Financial Reporting Standards (IFRS)
As of 1 January 2005, Sandvik is applying the International Financial Reporting Standards (IFRS).
In this document, the comparative figures from 1 January 2004 have been restated
from the accounting principles applied previously, “Swedish GAAP”, to IFRS. The
interim report for the first quarter of 2005 will be the first financial report
that Sandvik provides in accordance with IFRS.
For further information, contact:
Per Nordberg, Executive Vice President and CFO, +46 26 261061, per.nordberg@sandvik.com
Heléne Gunnarson, Senior Vice President Group Communications, +46 26 261025,
Jan Lissåker, Investor Relations Manager, +46 26 261023, jan.lissaker@sandvik.com
Sandvik is a high-technology engineering group with advanced products and world-leading positions in selected areas – tools for metalworking, machinery and tools for rock excavation, stainless steel, special alloys, metallic and ceramic resistance materials as well as process systems and sorting systems. The Group has 38,000 employees in 130 countries, with annual sales of approximately 55,000 SEK M.
SANDVIK
TUBING IN EUROPE
Sandvik Calamo, part of Sandvik Materials Technology, is offering stock availability of its high-purity tubing for semi-conductor manufacturing and clean gas applications from the new Sandvik distribution centre based at Venlo in the Netherlands. The new stock is designed to improve delivery service by being closer to customers, particularly in Benelux, Germany and France and to meet requirements for pipe-work, repair and refurbishment projects. Tubing is being held in imperial and metric sizes from 0.250" outside diameter x 0.035" thickness up to 1" x 0.065 and 6mm outside diameter x 1mm thickness up to 18mm x 1.5mm. The 12500 square meters, facility will service distributors and end users with not only high purity tubes, but also Sandvik’s standard, commercial range of stainless steel tube, pipe, bar, hollow bar, fittings and flanges.
PRECISION
PRESSURE TRANSMITTER
The new pressure transmitter ’x|act i’ from UK Instruments and Controls, has been developed with a basic element of a piezoresistive pressure sensor with high signal stability linearisation of the sensor signal and compensation of the thermal error, which is done by intelligent digital electronics. All media wetted parts are stainless steel 1.4435 (316L). Some key features include: 10:1 turndown ratio of pressure range, 170mbar through to 35 bar ranges, media temperatures up to 300C, full adjustability of zero, span and damping function by push buttons, 4-20mA output as standard with optional HART communication, integrated 3 level display with units, text and bar graph and stainless steel ball housing or die cast aluminium housing.
In November 2005 Stainless Steel World will organise
the fourth consecutive Stainless Steel World Conference & Expo in the MECC
Congress Centre in Maastricht, the Netherlands. The formula of this event will
be based on the successful formula of the Stainless Steel World 1999, 2001 and
2003 events in the Hague and Maastricht but will be extended with some new
elements in order to make it an even more attractive experience for the entire
industry.
- About 75 papers will be presented and about 15 workshops will be
organised by members of the Steering Committee and/or industry experts.
The end-user oriented Steering Committee will be chaired by Thierry
Cassagne, TotalFinaElf.
- Over 30 young engineers from major end users participated at the
so-called masterclasses which facilitated the exchange of information with
senior industry experts at the 2003 Conference. So again these
masterclasses will be part of the programme in 2005.
- Also Stainless Steel World will facilitate a special forum for
students who are involved in research work on corrosion resistant
alloys.The forum will be an informal get together where students will be
able to show their R & D work under progress that could be of interest
to users and/or producers of stainless steels.
- For the first time Stainless Steel World will organise a special
seminar on the application of stainless steels for Architectural Building
and Construction following on to the successful launch of the Stainless
Building Bulletin.
- For the first time both the promotion and simultaneous translations
in the English, German and French language will be offered during the
conference.
- The social programme including a plant tour and a partner programme
will be more comprehensive in order to facilitate networking
opportunities.Within this context the monumental city of Maastricht with
its bourgondian lifestyle, famous restaurants and museums is an obvious
choice for the venue.
- The largest exhibition purely dedicated to corrosion resistant
alloys will be organised in parallel with the Conference including
dedicated seminars statistics on product-market developments. Compared to
Stainless Steel World 2003 the Expo will be extended; they expect more
exhibiting companies, approximately 140-170 in total, and they expect to
attract around 3,500 visitors.
Based on the
organisers’ experience and the strong synergical effects of the Stainless Steel
World magazine, the Stainless Building Bulletin and associated websites more
than 350 conference delegates are expected.
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.43.13 |
|
UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.64 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
60 |
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 |
|