MIRA
INFORM REPORT
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Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
LEAR AUTOMOTIVE INDIA PRIVATE LIMITED |
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Formerly Known As : |
LEAR SEATING PRIVATE LIMITED |
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Registered Office : |
Taj Palace Hotel, Suit No. 268, 2 LSP Marg, Diplomatic Enclave, New Delhi – 110021 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.02.1996 |
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Com. Reg. No.: |
55-92000 |
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CIN No.: |
U34300DL1998PTC092000 |
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TAN No.: (Tax Deduction & Collection Account No.) |
DELL02667A |
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PAN No.: (Permanent Account No.) |
AAACL1978K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Design, Development and Manufacturing of automobile seating and interior components for various automobiles. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 990000 |
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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 part of Lear Group, USA, a fortune 500 company. Available information indicates high financial responsibility of the company and its directors. Trade relations are fair. Payments are usually 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 : |
Taj Palace Hotel, Suit No. 268, 2 LSP Marg, Diplomatic Enclave,New Delhi – 110021, India |
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Tel. No.: |
91-11-24104537 |
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Fax No.: |
91-11-24104547 |
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E-Mail : |
info@lear.com
/ skashyap@lear.com |
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Website : |
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Head Office : |
Taj Palace Hotel, Suit No. 111, 2 Sardar Patel Marg, Deplomatic Enclave, New Delhi – 110021, India |
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Factory 1 : |
Gat No. 178-182, Village- Gonde Dumala, Tah- Igatpuri, District: Nashik - 422403, Maharashtra |
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Branches : |
Tel.: 91-22-28515400 Fax: 91-22-8515425
Tel.: 91-253-2357981/2353841 Fax: 91-253-2357979 |
DIRECTORS
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Name : |
Mr. Ratindra K. Puri |
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Designation : |
Director |
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Address: |
A – 195, New Fnends Colony, New Delhi – 110065 |
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Date of Birth/Age : |
10.12.1945 |
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Date of Appointment : |
30.10.1996 |
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Name : |
Mr. Rajive Sawhney |
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Designation : |
Director |
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Address: |
A – 52, Fnends Colony, New Delhi - 110065 |
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Date of Birth/Age : |
02.10.1947 |
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Date of Appointment : |
12.03.1997 |
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Date of Ceasing: |
29.07.1997 |
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Name : |
Mr. Joseph McCarthy |
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Designation : |
Director |
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Address: |
30135 Murland, Farmingotn Hills, USA – 48334 |
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Date of Birth/Age : |
01.04.1964 |
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Date of Appointment : |
12.03.1997 |
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Date of Ceasing: |
03.03.2004 |
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Name : |
Mr. Donald Stebbins, USA |
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Designation : |
Director |
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Address: |
3003, Woodcreek Way, Bloomfiled Hills, American – 48304, USA |
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Date of Birth/Age : |
06.06.1962 |
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Date of Appointment : |
12.03.1997 |
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Name : |
Mr. Sanjiv Kashyap |
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Designation : |
Director |
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Address: |
C – 121, Santa Vihar, New Delhi – 110044 |
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Date of Birth/Age : |
22.031965 |
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Date of Appointment : |
24.08.1998 |
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Name : |
Mr. Paul Roger Jefferson |
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Designation : |
Director |
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Address: |
Montlogue – 81800, Grazac, France |
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Date of Birth/Age : |
23.09.1946 |
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Date of Appointment : |
03.03.2004 |
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Name : |
Mr. B S Bhalerao |
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Designation : |
Director |
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Address: |
402. Heler Haven, 133, Cynl Road, Bandra (West), Mumbai – 400059 |
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Date of Birth/Age : |
28.04.1932 |
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Date of Appointment : |
05.02.1996 |
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Date of Ceasing: |
12.03.1997 |
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Name : |
Mr. Anil S Khanna |
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Designation : |
Director |
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Address: |
4/20 – A, Takshila, Mahakalicaves Road, Andheri (East), Mumbai – 400093 |
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Date of Birth/Age : |
26.04.1959 |
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Date of Appointment : |
05.02.1996 |
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Date of Ceasing: |
12.03.1997 |
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Name : |
Mr. Stewart Gobson |
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Designation : |
Director |
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Date of Birth/Age : |
10.12.1943 |
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Date of Appointment : |
29.03.1996 |
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Date of Ceasing: |
31.08.1998 |
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Name : |
Mr. Falgur Shah |
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Designation : |
Director |
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Address: |
D – 5, Malrosmuld Society, Vadodra – 390015 |
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Date of Birth/Age : |
29.05.1963 |
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Date of Appointment : |
22.09.1997 |
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Date of Ceasing: |
24.08.1998 |
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Name : |
Mr. roger Jefferson Paul |
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Designation : |
Director |
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KEY EXECUTIVES
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Name : |
Mr. Anoop Mehrotra |
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Designation : |
Key Management Personnel (Finance ) |
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Name : |
Mr. N.A. Raman |
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Designation : |
Key Management Personnel |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Lear Corporation (Mauritius) Limited (Formerly Ramco Investments Limited, Mauritius |
28,258,089 |
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Mr. S. Bhalchandra Bhalerao (under beneficial Ownership of Lear Corporation (Mauritius) Limited |
1 |
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Mr. Anil Khanna (under beneficial Ownership of Lear corporation (Mauritius) Limited |
1 |
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TOTAL |
28258091 |
BUSINESS DETAILS
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Line of Business : |
Design, Development and Manufacturing of automobile seating and interior components for various automobiles. |
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Imports from : |
European countries |
PRODUCTION STATUS
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Particulars |
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Installed Capacity |
Actual Production |
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Automotive Seating Systems |
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|
480000 |
349232 |
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Seat Cover |
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925000 |
880504 |
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Interior Cover |
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25000 |
21348 |
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Trunk Lid Pocket for fuel additives |
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25000 |
16252 |
GENERAL
INFORMATION
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Customers : |
Ř General Motors Limited Ř Mahindra and Mahindra Limited Ř Hyundai Motor Ř Ford Ř Chevrolet |
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No. of Employees : |
100 |
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Bankers : |
Not Available |
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Facilities : |
- |
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Banking Relations
: |
Good |
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Auditors : |
S. R. Batliboi and Associate Company Chartered Accountants |
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Address : |
B-26, Qutab Institutional Area, New Delhi- 110016 |
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Tel. No.: |
91-11-26611004 to 09 |
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Fax No.: |
91-11-26611012 |
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Subsidiaries : |
Ř Lear Technologies LLC, USA Ř Lear Corporation GmbH and Company, KG, Germany Ř Lear Corporation, Spain S. L. Ř Chongqing Lear Changan Automotive Interior Trim Company Limited, China Ř General Seating (Thailand) Company Limited Ř Lear Corporation Japan Limited Ř Lear Corporation Sweden, AB Ř Shanghai Lear Automobile Interior Trim Company Limited, China Ř DK-Lear Korea Limited Ř Nanjing Lear Xindi Automotive trim Company Limited, China Ř Le Cor UK, Interior Systems Limited Ř Hanil Lear Industries Private Limited, India Ř Transnational Division, Lear Corporation Ř Lear Automotive Corporation Singapore Private Limited Ř Shanghai Lear Automotive System Company Limited Ř Asia Pacific Components Limited, Korat, Thailand Ř Jian X1 Lear, Nanchang Ř Lear Auto Electronic GmbH, Kronach Ř Lear Corporation, Italia SpA Ř Lear Corporation (Shanghai) Limited Ř Lear Corporation, France SARL Ř Wuhan Lear Yunhe Auto Interior System Company Limited Ř Lear Corporation China Limited SRO Ř Lear Corporation GmbH - Boblingam |
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Holding Company |
Ř Lear Corporation (Mauritius) Limited, (Formerly known as Ramco Investments Limited, Mauritius)- Holding Company Ř Lear Corporation Inc., USA- Holding Company of Ramco Investments Limited, Mauritius (Ultimate Holding company) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28,258,091 |
Equity Shares |
Rs.10/- each |
Rs. 282.580 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
30.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
282.581 |
282.581 |
282.581 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
147.896 |
42.606 |
0.000 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
(32.842) |
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NETWORTH
|
430.477 |
325.187 |
249.739 |
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LOAN FUNDS |
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1] Secured Loans |
413.064 |
161.262 |
0.000 |
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2] Unsecured
Loans |
0.000 |
0.000 |
134.591 |
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TOTAL BORROWING
|
413.064 |
161.262 |
134.591 |
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DEFERRED TAX
LIABILITIES |
0.874 |
0.000 |
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TOTAL
|
844.415 |
486.449 |
384.330 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
204.259 |
209.552 |
199.766 |
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Capital work-in-progress
|
6.568 |
4.230 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
|
78.399
|
87.452
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Sundry Debtors
|
602.463
|
558.941
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Cash & Bank Balances
|
393.648
|
195.356
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Other Current Assets
|
1.583
|
5.103
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Loans & Advances
|
246.662
|
101.182
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Total Current Assets
|
1322.755
|
948.034 |
NA
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
649.520
|
548.539 |
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Provision
|
39.647
|
126.828
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Total Current Liabilities
|
689.167
|
675.367 |
0.000
|
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Net Current Assets
|
633.588
|
272.667 |
179.060
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
5.504 |
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TOTAL
|
844.415 |
486.449 |
384.330 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
32.03.2005 |
31.03.2004 |
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Sales Turnover |
2345.109 |
2114.697 |
1459.074 |
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Other Income |
19.371 |
44.664 |
0.000 |
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Total Income |
2364.480 |
2159.361 |
1459.074 |
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Profit/(Loss) Before Tax
|
170.740 |
232.081 |
83.802 |
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Provision for Taxation
|
65.450 |
92.191 |
34.733 |
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Profit/(Loss) After Tax
|
105.290 |
139.890 |
49.069 |
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Export Value
|
189.558 |
218.926 |
NA |
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Import Value
|
55.711 |
100.822 |
NA |
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Total Expenditure
|
2137.726 |
1883.770 |
1375.272 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income
|
(%)
|
4.45
|
6.47 |
3.36
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Net Profit Margin
(PBT/Sales) |
(%) |
7.28
|
10.97 |
5.74
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
11.18
|
20.04 |
41.95
|
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Return on Investment (ROI)
(PBT/Networth) |
|
0.39
|
0.71 |
0.33
|
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Debt Equity Ratio
(Total
Liability/Networth) |
|
2.56
|
3.37 |
0.53
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Current Ratio
(Current
Asset/Current Liability) |
|
0.53
|
0.40 |
NA
|
|
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Company was incorporated on February 5, 1996 under the name of “Lear
Seating Private Limited” at Karnataka and shifted its Registered Office to
Delhi on January 29,1998.
Further, the name of the subject company has been changed to “Lear
Automotive India Private Limited” with effect from December 21, 2005 as per
registry records vide letter No. ROC/Approval/21/55-92000/1130 dated December
21, 2005.
Group Company :
Lear Corporation, a Fortune 500 company headquartered in Southfield, Michigan, USA, focuses on integrating complete automotive interiors, including seat systems, interior trim and electrical systems. With annual net sales of $17 billion in 2004, Lear is one of the world's leading automotive interior systems suppliers. The company's world-class products are designed, engineered and manufactured by more than 110,000 employees located in 34 countries.
Lear is ranked No. 127 on the 2005 Fortune 500 list of publicly traded U.S. companies and has also been named the Most Admired Company in the Motor Vehicle Parts sector by Fortune for the past three consecutive years. The company's stock is traded on the New York Stock Exchange under the ticker symbol LEA.
Simply stated, its strategy is to put their ers first and to continuously improve their quality and overall financial results. This section provides additional information on their leadership team, global business operations, career opportunities, company policies as well as a sample of their Advance Relentlessly® corporate advertising.
The company was founded in 1917 in Detroit as American Metal Products, a manufacturer of tubular, welded and stamped assemblies for the automotive and aircraft industries. Lear has grown to meet the changing needs of the industry with 18 major acquisitions since 1994. Today, the company exclusively serves the global automotive industry and supplies product for all five major interior systems: seat, instrument panel/cockpit, door and trim, overhead and flooring and acoustics.
Lear is also one of the leading global automotive suppliers in electronic and electrical products.
- The Company is a (Fortune 500 company) headquartered in Southfield, Michigan , USA
- One of the largest automotive interior systems suppliers
- The company’s products are designed, engineered and manufactured by more than 110,000 employees at 280 facilities located in 34 countries.
Financials 2004
2004 Full
Year Results
For the full year 2004, Lear reported record sales of $17.0 billion and net income of $422.2 million, or $5.77 per share, including a $0.20 income tax benefit primarily related to the settlement of prior years’ tax matters. These results compare with full year 2003 net sales of $15.7 billion and net income of $380.5 million, or $5.31 per share.
The increase in net sales compared to 2003 reflects the addition of new business globally and the benefit of currency exchange, partially offset by unfavorable vehicle platform mix in their major markets. The improvement in net income per share reflects the impact of higher sales and operating efficiencies, as well as lower interest expense and income taxes, offset in part by less favorable vehicle platform mix and the impact of higher raw material prices.
Free cash flow in 2004 was $317.3 million. (Net cash provided by operating activities was $675.9 million. A reconciliation of free cash flow to net cash provided by operating activities is provided in the attached supplemental data page.)
In the latest J.D. Power Seat Quality Survey, Lear continues to rank as the highest quality manufacturer serving multiple customers. “I am pleased that they continued to maintain high quality and customer service levels and profitably grew their business in 2004,” Rossiter added. “Their record sales, driven by their strengthening backlog, demonstrate that their strategy to put their customers first is working.”
Earlier this month, Lear increased its three-year sales backlog to $3.8 billion to reflect new business awards globally and announced a 25% increase in its quarterly cash dividend. (Information on the calculation of sales backlog is provided in the Forward-Looking Statements section of this news release.)
Consolidated financial
statements
The following income statement, balance sheet and cash flow statement data were derived from their consolidate financial statements. Their consolidated financial statements for the years ended December 31, 2004, 2003 and 2002, have been audited by Ernst and Young LLP. The selected financial data below should be read in conjunction with Item 7, “ Management’s Discussion and Analysis of Financial Condition and Results of Operations”
|
Particulars |
31.12.2004 |
31.12.2003 |
31.12.2002 |
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|
(In Million USD) |
||
|
Net Sales |
16960.0 |
15746.7 |
14424.6 |
|
Gross Profit |
1402.1 |
1346.4 |
1260.3 |
|
Selling, General and Admin Expenses |
633.7 |
573.6 |
517.2 |
|
Amortization of Goodwill |
-- |
-- |
-- |
|
Interest Expenses |
165.5 |
186.6 |
210.5 |
|
Other Expenses, net |
52.7 |
52.0 |
64.1 |
|
Income before provision for Income Taxes and Cumulative Effect of a change in accounting principle |
550.2 |
534.2 |
468.5 |
|
Provision for IT |
128.0 |
153.7 |
157.0 |
|
Income before Cumulative Effect of a change in accounting principle |
550.2 |
534.2 |
468.5 |
|
Provision for Income Tax |
128.0 |
153.7 |
157.0 |
|
Income before cumulative effect of a change in accounting principle |
422.2 |
380.5 |
311.5 |
|
Cumulative Effect of a change in accounting principle, net of tax |
0 |
0 |
298.5 |
|
NET INCOME |
422.2 |
380.5 |
13.0 |
|
BALANCE SHEET |
|
|
|
|
Current Assets |
4372.0 |
3375.4 |
2507.7 |
|
Total Assets |
9944.4 |
8571.0 |
7483.0 |
|
Current Liabilities |
4647.9 |
3582.1 |
3045.2 |
|
Long Term Debt |
1866.9 |
2057.2 |
2132.8 |
|
Stockholders Equity |
2730.1 |
2257.5 |
1662.3 |
|
Statement of Cash
Flows Data |
|
|
|
|
Cash flows from operating activities |
675.9 |
586.3 |
545.1 |
|
Cash flows from investing activities |
(472.5) |
(346.8) |
(259.3) |
|
Cash flow from financing activities |
166.1 |
(158.6) |
(295.8) |
Financial
Outlook 2005
2005 Outlook
For the first quarter of 2005, Lear expects net sales to be in the range of $4.3 to $4.5 billion, compared with $4.5 billion for the first quarter of 2004, primarily reflecting a less favorable industry production environment, offset in part by the addition of new business globally. Net income is expected to be in the range of $0.50 to $0.70 per share, compared with $1.24 for the first quarter of 2004. The decline in net income per share from a year ago primarily reflects the impact of higher raw material prices, as well as the less favorable production environment.
For the full year, the industry production planning assumptions are 15.7 to 16.0 million units for North America and 18.3 to 18.6 million units for Europe. Net sales are expected to be $17.6 to $18.0 billion, compared with $17.0 billion for 2004. This increase primarily reflects the addition of new business globally. Net income is expected to be in the range of $5.00 to $6.00 per share.
Full year capital spending is estimated to be in the range of $425 to $475 million, and free cash flow is expected to be in the range of $250 million, which includes the one-time adverse impact of changes in customer payment terms. (Information regarding anticipated financial results is provided in the Forward-Looking Statements section of this news release.)
Lear Corporation World Headquarters : 21557 Telegraph Road, Southfield,
MI48086
Tel.: 248 447-1500
Lear Corporation Global Purchasing : 21177 Hilltop Street, Southfield,
MI 48034
Tel.: 248 447- 5200, 248 447- 5221
Lear Corporation European Purchasing : Am Ziegelwerk 1, D-85391,
Allershausen-Leonardsbuch, Germany
Tel.: 49 8166 999 0
Fax : 49 8166 999 195
Financial Highlights
- A record year with net sales of $ 15.7 billion, an increase of 9 percent
- Received investment grade ratings with S & P and Fitch
- Declared quarterly cash dividend of $ 0.20 per share
Section 18(3) of Companies Act, 1956
The Lear Seating Private Limited having by special resolution altered the provisions of its Memorandum of Association with respect to place of the Registered Office by changing it from the State of Karnataka to the NCT of Delhi and such alteration having been confirmed by an order of CLB Southern Region Bench C. P. No. 382/17/SRB/97 – CLB bearing the date 7th October, 1997
I hereby certify that a certified copy of the said order has this day been registered.
Given under my hand at New Delhi this 29th January 1990
Press Clippings:
Lear Honored by GM as
a Supplier of the Year
SOUTHFIELD, Mich., April 25 /PRNewswire-FirstCall/ -- Lear Corporation (NYSE: LEA) was named as a General Motors Supplier of the Year for its overall business performance in providing GM with world-class parts and services. The award was given during ceremonies Saturday, April 23, at the General Motors Vehicle Engineering Center in Warren, Mich.
"Their Supplier of the Year winners are the Best of the Best and Lear Corporation is part of this elite group based on their outstanding performance in 2004," said Bo Andersson, vice president, GM Global Purchasing and Supply Chain. "Its balanced focus on performance and behavior support GM's priorities, and make it a role model for suppliers worldwide."
Lear was named Supplier of the year for Global Interiors. Lear's global presence has assisted GM in successfully launching 20 programs this year and Lear continues to focus on quality, applying lessons learned for each progressive launch. In 2004, Lear contributed to significant savings with the flawless execution of business transition as well as on technical cost reduction.
"This award, which recognizes their strong customer focus and dedication to excellence, is a tribute to the entire Lear team," said Bob Rossiter, Lear Chairman and CEO. "Their global engineering and manufacturing operations support their commitment to continually improve their systems and quality processes to deliver cost-effective solutions and flawless product launches."
The GM Supplier of the Year award began as a global program in 1992. Winners are selected by a global team of executives from purchasing, engineering, manufacturing and logistics who base their decisions on supplier performance in quality, service, technology and price. This year, General Motors honored 78 suppliers for their excellence throughout 2004.
Lear Corporation, a Fortune 500 company headquartered in Southfield, Mich., USA, focuses on integrating complete automotive interiors, including seat systems, interior trim and electrical systems. With annual net sales of $17 billion in 2004, Lear is one of the world's largest automotive interior systems suppliers. The company's world-class products are designed, engineered and manufactured by more than 110,000 employees in 34 countries.
Products and
Technology
Lear Corporation today is the world’s leading supplier of automotive
interior systems, with over 85 years of automotive history, and 18 strategic
acquisitions since the mid-1990s. They rank as the world’s leader in automotive
seat systems and they have a strong global market position in all of the other
automotive interior systems, including flooring and acoustics, door panels,
instrument panels and cockpit systems, overheads and electronic and electrical
products. Their capability to integrate complete automotive systems was
recently honored by General Motors with the award of the industry’s first total
interior integrator program for the next generation Cadillac Deville and Buick
LeSabre. In this section you can learn about all the components of interior
systems that Lear produces, along with information about the engineering and
technology capabilities Lear offers their customers.
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.42.84 |
|
UK Pound |
1 |
Rs.84.79 |
|
Euro |
1 |
Rs.57.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|