MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
INTERNATIONAL AUTO LIMITED |
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Registered Office : |
C-20, 21, 22, 26
& 27, Phase IV, Aditapur Industrial
Area, Gamharia, Jamshedpur – 832 108, Jharkhand, India |
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Country : |
India |
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Financials (as on) : |
31-03-2006 |
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Date of Incorporation : |
11-03-1992 |
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Com. Reg. No.: |
03-10470 |
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CIN No.: [Company
Identification No.] |
U00375JH1992PLC004825 |
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IEC No.: |
2195000121 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RCHI00067E |
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PAN No.: [Permanent
Account No.] |
AAACI00067E |
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Legal Form : |
A Closely Held Public
Limited Liability Company |
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Line of Business : |
Manufacturing of
fabricated and machined aggregates such as arms, booms and frames for
construction equipments; axle systems for tractors, commercial vehicles and others;
sheet metal stampings and assemblies. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 1000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established
company having satisfactory track. Directors are experienced, respectable and
resourceful businessmen. Their trade relations are reported as fair. Payments
are reported as correct and as per commitments.The company can be considered
normal for business dealings at usual trade terms and conditions. |
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LOCATIONS
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Registered Office : |
C-20, 21, 22, 26
& 27, Phase IV, Aditapur
Industrial Area, Gamharia, Jamshedpur – 832 108, Jharkhand, India |
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Tel. No.: |
91-657-2200481 |
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Fax No.: |
91-657-2200751 |
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E-Mail : |
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Website : |
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Corporate Office : |
Nyati Millennium,
2nd Floor, Viman Nagar, Pune – 411 014, India |
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Tel. No.: |
91-20-24024844/24024845 |
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Fax No.: |
91-20-26630411 |
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E-Mail : |
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Factory 1 : |
Plant No. I
Plant No. II
Plant No. III
Tel. No.: 91-2137-669200 Fax No.: 91-2137-669200 Website- http://www.rsbglobal.com Area – 745040 sq. ft Location – Owned |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. Rabindra Kumar Behera |
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Designation : |
Chairman |
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Address : |
Bunglow No. 132,
Clover Hills, NIBM Road, Kondwa, Pune – 411052 |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B.E. (Mechanical) |
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Experience : |
28 Years |
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Profile : |
He is graduate in
Mechanical Engineering from Regional Institute of Technology, Jamshedpur and undergone
specialised training in Industrial Management and Value Engineering. He is
Council Member of Indian Institute of Industrial Engineering, National
Council Member of Indian Value Engineering Society. He is a member of Indo
German Chamber of Commerce and Governing Council Member of Central Tool Room
and Training Centre. He is a Committee Member of Automotive Components
Manufacturers Associations of India. He has over 27 years of experience in
Auto Component Industry. |
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Name : |
Mr. Suvendra Kumar
Behera |
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Designation : |
Managing Director |
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Address : |
C-39, Cross Road
No. 15, CH Area, Jamshedpur, Jharkhand |
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Date of Birth/Age : |
47 Years |
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Qualification : |
B. Com. |
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Experience : |
26 Years |
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Profile : |
He is a Commerce Graduate
with specialised training in Management Production System and Time
Management. He is an Executive Committee Member of Automotive Components
Manufacturers Association of India and Indo-Danish Tool Room, Jamshedpur. He
has over 25 years of experience in Auto component Industry. |
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Name : |
Mr. Sailendra
Kumar Behers |
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Designation : |
Non-Executive
Director |
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Address : |
Bunglow No. 48,
Clover Hills, NIBM Road, Kondwa, Pune – 411052 |
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Date of Birth/Age : |
43 Years |
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Qualification : |
B.E. (Mechanical) |
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Experience : |
17 Years |
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Profile : |
He is a Bachelor
of Mechanical Engineering and undergone advance training in Cutting
Technology (Israel), Total Production Management (Japan), QS 9000 training in
TUV (USA), Gear Technology in Italy and Turnkey. He is associated with the
company since 1989. |
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Name : |
Mr. Nagarajan
Srinivasan |
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Designation : |
Nominee Director |
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Address : |
C/o CDC Advisors
Private Limited, 11, Golf Links, New Delhi – 110 003 |
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Date of Birth/Age : |
44 Years |
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Qualification : |
Master in
Economics, MBA |
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Experience : |
20 Years |
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Profile : |
He holds a
Masters Degree in Economics and a Post Graduate in Business Administration from
Warwick School of Business, UK. He is presently Investment Principal at ACTIS
Capital LLP, Managing Director a portfolio of investments in India and Sri
Lanka and has also worked for Standard Chartered Bank in Investment Banking. |
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Name : |
Mr. Donald M. Peck |
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Designation : |
Nominee Director |
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Address : |
C/o CDC Advisors
Private Limited, 11, Golf Links, New Delhi – 110 003 |
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Date of Birth/Age : |
52 Years |
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Qualification : |
MA and PhD |
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Experience : |
27 Years |
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Profile : |
He is a MA and
PhD from Oxford University and having specialization in Equity investments in
financial services and Equity mobilization for emerging markets. |
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Name : |
Mr. Dwijdas
Sanyal |
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Designation : |
Non-Executive
Director |
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Address : |
Marigold Flat No.
4, 26, Anand Park, Lane No. 5, Aundh, Pune – 411 007, Maharashtra |
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Date of
Birth/Age : |
67 Years |
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Qualification
: |
B.E. (Mechanical)
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Experience : |
38 Years |
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Profile |
He is a Bachelor of
Mechanical Engineering and expertise in Materials and General Management. He
has over 36 year of experience in a renowed Automobile Company viz. Tata
Motors Limited and retired as the General Manager (Materials). |
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Name : |
Mr. Jaysinh
Sakharam Konkar |
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Designation : |
Non-Executive
Director |
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Address : |
302, Vinspa
Apartment, 06-Boat Club Road, Pune – 411 001, Maharashtra |
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Date of
Birth/Age : |
63 Years |
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Qualification
: |
B.E. (Mechanical) |
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Experience : |
45 Years |
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Profile |
He is Bachelor of
Mechanical Engineering, Master of Engineering (Production) and Diploma in
Operation Management. He is having a good and varied experience of
Agriculture and Construction Equipments Industry for more than four decades. |
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Name : |
Mr. Ashish Tiwari |
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Designation : |
Company Secretary |
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Name : |
Mr. Narendra
Patwardhan |
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Designation : |
Vice President |
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Mobile No.: |
91-9822976398 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
2438702 |
Promoters |
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Family Members |
1080342 |
Family Members |
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Associate
Companies |
4346981 |
Associate
Companies |
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Others |
223075 |
Others |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing of
fabricated and machined aggregates such as arms, booms and frames for
construction equipments; axle systems for tractors, commercial vehicles and others;
sheet metal stampings and assemblies. |
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Products : |
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Imports : |
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Countries : |
Russia |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit (45 days) |
GENERAL
INFORMATION
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Customers : |
v
Tata Motors
Limited v
Telco
Construction Equipment Company Limited (Telcon) v
Piaggio
Vehicles Private Limited v
Mahindra and
Mahindra Limited v
Tata Cummins
Limited v
EJCB v
Fiat India
Private Limited v
Eicher
Tractors v
L & T – Case
Equipment Private Limited v
Caterpiller
India Private Limited v
New Holland
Tractors (India) Limited v
Volvo India
Limited v
L & T –
Komatsu Limited v
Hindustan
Motors Limited |
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No. of Employees : |
821 |
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Bankers : |
Jamshedpur, Jharkhand
Pune, Maharastra
Industrial Finance Branch, Tata Chambers, Wakade Wadi, Pune – Mumbai
Road, Pune – 411 003, Maharashtra
Jamshedpur, Jharkhand |
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Facilities : |
State Bank of
India – Term Loan – 129.417 Millions Kotak – Term Loan
– Rs. 12.500 Millions Allahabad Bank –
Term Loan – Rs. 178.973 Millions Bank of India –
Term Loan – Rs. 22.267 Millions Working Capital
(SBI - CC) - Working Capital – Rs.
165.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Price Waterhouse
& Company Chartered
Accountants |
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Name : |
Century Arcade,
N. B. Road, Pune – 411 001, Maharashtra
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E-Mail : |
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Associates : |
Nandi Investments
Limited Ceat Financial
Services Limited IAL Ventures
Private Limited I-Design
Engineering Solutions Limited (Formerly known as Garudadri Engineering
Private Limited) Pune Trade Center,
237/1 Kandhave Nagar, Nagar Road, Near Sai Satyam Park, Wagoli, Pune – 14 RSB Transmission
(India) Limited Nyati Millwenium,
2nd Floor, Viman Nagar, Pune – 411014 Tel. No.
91-20-56024844/45 Fax. No.
91-20-26630411 (Manufacturers of
transmission systems and gears.) IAL Construction
and Agri Equipments Private Limited (Manufacturers of
fabricated and machined aggregates of construction equipments) IAL Technologies
Private Limited (Providers of
software developments and other IT services.) I Design Services
Private Limited (Providers of
complete design solutions for components and systems.) IAL Technologies
Limited 3rd
Floor, Gama 1, Gega Space IT – Park, Viman Nagar, Pune – 411014 Tel. No.
91-20-56454300 Fax. No.
91-20-66454444 Subsidiaries: IAL Construction
and Agri Equipment Private Limited (Formerly known as IAL International
Private Limited Plot No. 184,
Belur Industrial Area, Dharwad – 588011 Tel. No.
91-836-2486037 Fax. No.
91-836-2486037 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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13000000 |
Equity Shares |
Rs. 10/-
|
Rs. 130.000 millions |
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4,00,000 |
15% Optionally
Convertible Cumulative Preference Shares |
Rs. 100/- |
Rs. 40.000 miliions |
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3000000 |
Occps |
Rs. 10/- |
Rs. 30.00 Millions |
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Total |
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Rs. 170.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8089100 |
Equity Shares |
Rs. 10/-
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Rs. 80.891 millions |
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1575190 |
15% Optionally Convertible
Cumulative Preference Shares |
Rs. 100/- |
Rs. 15.751 millions |
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Total |
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Rs. 96.642 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
124.642 |
58.612 |
58.612 |
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2] Share Application Money |
29.559 |
28.325 |
11.100 |
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3] Reserves & Surplus |
129.163 |
36.615 |
52.407 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
283.364 |
123.552 |
122.119 |
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LOAN FUNDS |
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1] Secured Loans |
326.154 |
317.192 |
192.481 |
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2] Unsecured Loans |
52.216 |
40.727 |
42.139 |
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TOTAL BORROWING |
378.370 |
357.919 |
234.620 |
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DEFERRED TAX LIABILITIES |
41.623 |
39.611 |
36.788 |
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TOTAL |
703.357 |
521.082 |
393.527 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
499.144 |
364.364 |
264.676 |
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Capital work-in-progress |
72.151 |
68.112 |
12.808 |
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INVESTMENT |
17.443 |
4.547 |
4.398 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories
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177.845
|
122.008 |
75.280 |
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Sundry Debtors
|
130.495
|
143.067 |
122.981 |
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Cash & Bank Balances
|
43.214
|
29.916 |
10.128 |
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Other Current Assets
|
0.516
|
1.107 |
62.226 |
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Loans & Advances
|
61.271
|
44.938 |
26.861 |
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Total
Current Assets |
413.341 |
341.036 |
297.476 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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293.777
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248.116 |
181.450 |
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4.945
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8.908 |
4.937 |
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Total
Current Liabilities |
298.722 |
257.024 |
186.387 |
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Net Current Assets |
114.619 |
84.012 |
111.089 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.047 |
0.556 |
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TOTAL |
703.358 |
521.082 |
393.527 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
1666.178 |
1478.125 |
924.218 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
1666.178 |
1478.125 |
924.218 |
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Profit/(Loss) Before Tax |
32.067 |
20.594 |
26.071 |
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Provision for Taxation |
4.712 |
5.123 |
12.105 |
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Profit/(Loss) After Tax |
27.355 |
15.471 |
13.966 |
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Total Expenditure |
1634.111 |
1457.530 |
898.147 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.64
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1.04 |
1.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.92
|
1.39 |
2.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.51
|
2.91 |
4.63 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.16 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.38
|
4.97 |
3.44 |
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Current Ratio (Current Asset/Current Liability) |
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1.38
|
1.32 |
1.59 |
LOCAL AGENCY
FURTHER INFORMATION
It is in trade terms with :-
v
John Deere
Zweibrcken, Germany
v
Intertractor,
Gevelsberg, Germany
v
AGCO, Jackson,
MN (U.S.A.)
v
Tata Motors
Limited
v
Tata Cummins
Limited
v
Piagio Vehicle
Private Limited
v
Duplex Light
Engineering Works
v
Explorer
Enterprises
v
Hosemanna Goa
Private Limited
v
Hydrokrimp A.
C. Private Limited
v
Iemco
Industries Private Limited
v
IIa Auto Works
and Services
v
Imperial
Fastners Private Limited
v
Indian
Forgings and Stamping Company
v
Indica
Composite Private Limited
v
Industrial
Enterprises
v
J. K . Rubber
Products
v
Jsr. Spring
and Engineering Company Private Limited
v
Jutindra &
Sons
v
Kamla
Enterprises
v
Kant
Enterprises
v
Khurana
Industries
v
MAchino Technocraft
v
Magadh
Engineering Works
v
Maharaj
Engineering Works
v
Manu Plastics
v
Maps
Enterprises
v
Matharu
Construction
v
Multitech Auto
Limited
v
Nalin Rubbers
Private Limited
v
Nu Carbonic
Gas Industries Private Limited
v
Orient
Engineering Woks
v
P. K.
Enterprises
v
P. R. B.
Associates
v
Rahul Springs
Private Limited
v
Raju Pattern
Works
v
Ranbir Polymer
Industries
v
Ratan
Enterprises
v
Reliance
Fabrications Private Limited
v
Roy Brothers
v
Ruber Auto
Industries
v
Diving
Engineering
v
A. Lakshmi
Press and Forge Works
v
Agra Metal Perforators
v
Alcalab
Private Limited
v
B. D.
Industries
v
B. K.
Enterprises
v
Bharat
Malleables
v
Bihar
Engineering Corporation
v
Bihar
Packaging Industries
v
BMC Metalcast
Limited
v
Bright
Engineering Works
v
Diana Foams
Private Limited
v
Dilip &
Company
v
Dipak Foundry
& Engineering Products
v
Art FFab
v
Dalane
Industries
v
Dynamic
Industries
v
El-Mech
Dygnostics Private Limited – CRS
v
Friends
Industries
v
Kuber
Engineering Private Limited
v
Maharashtra
Fasteners Private Limited
v
Neelachal
Engineering Company
v
Raj Shree
Industries
v
Sadguru Pressing
Works
v
Sanjay
Enterprises
v
Siddhant
Pressing
v
S. M. Rolling
Works
v
Universal
Enterprises
v
Yeshwant
Industries
v
Davi
Engineering
v
Mitter
Fasteners
v
Mould Craft
Engineers
v
PRavin Auto
Engineering Private Limited
v
Sang Fasteners
Private Limited
v
Shri Datta Founders
and Engineers
It’s products range include :-
- Sheet Metal Stampings and Aggregates
- Axle Systems, Chassis Systems and Floor
Plate Assemblies
- Machined Fabrications
- Main Frame & Track Frame
- Arm & Boom
- Bucket & Shovels
- Rear Frame
The company provides following services :-
- Safety Critical Fabrication
- Stampings and Aggregates
- Complete Systems Solutions
It exports
fabricated and machined aggregates and axles, etc.
It has no imports.
Industry outlook and business
overview
The company is the supplier
of components/aggregates in the following sectors of the industry :-
All these sectors
had witnessed substantial growth rate during the last five years and was
expected to maintain the same trend in the future company. Growth in these
sectors varies from 46% to 98%.
After IT sector
success, manufacturing industry has been recognized as the next sunrise area
for development. Auto Components industry has already made a mark for itself in
the international market and more and more multinational auto industry players
are eager to source their requirements from India.
The company is not
lagging behind in the race and has registered sales growth of 44% during the
financial year 2003-2004 as compared to previous year. The growth of company
implies that valued customers namely TATA Motors (TELCO), TELCON, TATA Cummins,
Caterpillar, JCB, John Deere, Ashok Leyland, Mahindra & Mahindra, Piaggio,
etc had confidence in capability, cost competitiveness and commitments.
During the
financial year 2003-2004, the company made a nominal export in the form of
trial order, valued at Rs. 0.100 million. However during the current financial
year 2004-2005, the company hope to export components/aggregates to Germany.
The negotiations are at the advanced for export to USA and France.
Thus considering
the potential, both in domestic as well as export market, the company are very
much confident that the company will enjoy a very good and wide market for its
product range in the coming year.
Quality standard
TS 16949
The company is
having a QS 9000 certification and in line with commitments towards quality of
the company has approached for TS 16949. The Pune plant has already complied
with the requirements of TS 16949 and recommended for TS 16949 Certificate. The
necessary steps had already been taken at Plant – 1 and Plant – 2 Jamshedpur to
get the TS 16949 certification.
The company
received the QS 9000 certification in 1999 and
prior to that ISO 9002 certification in 1995. Currently, the company is
witnessing several quality enhancement initiatives, foremost being an ambitious
goal of TS:16949 certification by June 2004.
The company has
been accredited with an ISO 9002:11994 Certification.
Fixed Assets:
v
Leasehold land
v
Freehold land
v
Plant &
machinery
v
Electrical installation
v
Shed &
building
v
Furniture
& fixtures
v
Computer &
accessories
v
Hardware &
software
v
Office
equipment
v
Vehicles
|
FORM NO. 8 Registration No of Company 03-10470 THE COMPANIES ACT, 1956 Nominal Capital
Rs. ____ millions FORM NO.
8 Filing Fees Rs.
____ Particulars of Charges created by a
company registered in India (Pursuant to sections 125/127/135) Name of the
Company INTERNATIONAL AUTO LIMITED Presented by |
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Equitable
mortgage or mortgage of property by depositing the title deeds |
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Rs. 40.000
millions only |
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All those piece
and parcel of land admeasuring 75000 SFT. Being Plot No C-20, 21, 22, 26, 27
Situated at Phase 4 in adityapur Industrial Area, Village – Bara Gamaharia,
in Seraikela Kharswana Dist. |
|
---- |
|
Small Industries
Development Bank of India Shantiniketan
Building, 1st Floor, Bistpur, Jamshedpur- 831001 |
|
By execution of
memorandum of entry dated 17/03/2006, State
Bank of India has ceded Second Charge in favour of SIDBI |
|
The limit
enhanced from 200.000 Millions to 400 Millions, The State Bank of India Ceded
Second Charge |
|
|
|
|
Instrument of
Hypothecation of Immovable Property, Plant and Machinery, Furniture and Fixtures,
Stock in Trade and Book Debts and Other Current Assets of the Company Equitable
mortgage or mortgage of property by depositing the title deeds |
|
Rs. 319.200
millions |
|
Hypothecation of
stock, book debts and other current assets. Extension of charge on existing
and proposed fixed assets of the company at unit no. 1 at Jamshedpur and at
Pune unit. Second charge on fixed assets at Jamshedpur plant unit no. 2 of
the company |
|
--- |
|
State Bank of
India Industrial
Finance Branch, Tara Chambers Wakdwadi, Pune –
Mumbai – Road, Pune, Maharashtra - 411003 |
|
Form CA-1, Form
C2A, Form C4A. Form C5 Dated 18/04/2006 |
|
The existing sanctioned
limit increased to Rs. 319.20 millions including total fund based limit of
Rs. 269.200 millions and total non fund based limit of Rs. 50.000 millions |
As Per Website
International Auto Limited is India’s largest manufacturer of systems
and aggregates for Earthmoving Equipments, Off-Highway machineries and
Commercial Vehicles.
More than just Products-
IAL has been
providing world class solutions to its demanding OE customers for past several
years. With a product range of Frames, Arms & Booms, Buckets and Shovels,
IAL is in possession of
Far reaching capabilities-
That translates
into manufacturing from customers’ specs or drawings. Employing modern shop
floor practices and cutting edge technologies, IAL has a focus
And a vision-
Of recognition as a
cost effective and value added provider of unique solutions. IAL believes in
the concept
Of world-class quality-
That must result in
solution that represent outstanding merit and ensure unsurpassed customers
delight.
Products
The company’s significant resource of facilities, experience and capability
matched with a quality management system that complies with the most stringent
quality standards allows supplies to several key customers.
Brief History
• Started as a proprietorship
firm in 1973 at Jamshedpur and began commercial production in 1975
• Converted into public limited
company effective November 1994. Name of the company was also changed from International Auto Products
to International Auto Limited.
Products:
v
Major Products
v
Chassis for
Utility Vehicles
v
Axles for
Tractors, trailers and Construction Machineries
v
Load Body for
commercial Vehicles
v
Body Systems
in white
v
Frames, arms,
Booms and buckets for Construction Machineries
v
Mechanical
suspension system
v
Brake Systems.
Customers :
v
Tata Motors
v
Telcon
v
Johan Deere
v
Mahindra
v
Caterpillar
v
JCB
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.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|