MIRA
INFORM REPORT
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Report Date : |
27.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
EPCOS INDIA
PRIVATE LIMITED |
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Formerly Known
As : |
ELECTRONIC HI-TECH COMPONENTS
LimiteD |
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Registered
Office : |
Plot No.
E-22/25, MIDC, Satpur, Nashik - 422 007, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
30.09.2004 |
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Date of
Incorporation : |
09.01.1996 |
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Com. Reg. No.: |
11-96078 |
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CIN No.: [Company Identification
No.] |
U92131WB1976PTC030763 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
NSKE00321G |
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Legal Form : |
Private
Limited Liability Company |
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Line of
Business : |
Manufacturers
of Capacitors, Solar Modules, Metallised Film Capacitors, etc. |
RATING &
COMMENTS
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MIRA’s Rating
: |
B |
RATING |
STATUS |
PROPOSED
CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar
weight in credit consideration. Capability to overcome financial difficulties
seems comparatively below average/normal. |
Small |
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Maximum Credit
Limit : |
USD 2080000 |
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Status : |
Improving |
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Payment
Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company of EPCOS AG, Germany. The
company’s financial position is improving.
Its' payments are however reported as slow. The company
can be considered for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
Plot
No. E-22/25, MIDC, Satpur, Nashik - 422 007, Maharashtra, India |
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Tel. No. |
91-253-2205103/2353756
– 60 |
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Cell. |
91-9822018259 |
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Fax No. |
91-253-2353761 |
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E-Mail |
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Website |
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Area : |
800 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Plot
No. E-22/25, MIDC Industrial Area, Satpur, Nasik – 422 007, Maharashtra |
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Area : |
24000 sq. mtrs. |
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Location : |
Owned |
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Branches : |
Located
at : New
Delhi Kolkata,
West Bengal Mumbai,
Maharashtra Bangalore,
Karnataka |
DIRECTORS
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Name : |
Mr.
T. K. Misra |
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Designation : |
Whole-TimeDirector
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Address |
217-A, Kedar Gouri Road, Bubneshwar – 751 002,
Orissa |
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Date
of Birth |
25.09.1936 |
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Name : |
Mr.
Gerhard Pegam |
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Designation : |
Director |
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Address |
Care : EPCOS AG St. Martin Street, 53 Munich
81669 |
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Date
of Birth |
31.01.1962 |
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Name : |
Mr.
H. S. Banerjee |
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Designation : |
Director |
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Address |
Plot No. 18-19, Survey No. 48/2/2 at Anandwali,
Near Pai Colony, Gangapur Road, Nasik, Maharashtra |
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Date
of Birth |
05.07.1958 |
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Name : |
Mr.
Manoj Chaturvedi |
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Designation : |
Director |
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Address |
No. 6, Lotte Golle Halli, Near Dollar Colony,
Bangalore – 560 094, Karnataka |
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Date
of Birth |
20.08.1942 |
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Name : |
Mr.
A. N. Sinha |
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Designation : |
Director |
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Address |
Flat No. E-4, Aswini Neelachal Housing, 98,
Rajendra Gold Park, Kolkata – 700 078, West Bengal |
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Date
of Birth |
18.11.1948 |
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Name : |
Mr.
K. R. Ramesh |
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Designation : |
Company Secretary
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Name : |
Mr. Natrajan Balakrishnan |
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Designation : |
Whole-Time
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names
of Shareholders |
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No. of Shares |
|
EPCOS
AG, Germany jointly with EPCOS Electronic Components |
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39999965 |
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S.
A., Spain |
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35 |
BUSINESS DETAILS
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Line of
Business : |
Manufacturers
of Capacitors, Solar Modules, Metallised Film Capacitors, etc. |
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Products : |
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Exports to : |
Germany,
Spain, Singapore and Hong Kong (Metallised
Film Capacitors) |
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Imports from : |
Germany
and Korea (Plain
Polypropylene Films and Plastic Boxes) |
PRODUCTION STATUS
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Particulars |
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Unit |
Installed Capacity |
Actual Production |
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AC Capacitors |
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Nos. |
1,04,20,000 |
89,30,000 |
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DC
Capacitors |
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Nos. |
18,00,00,000 |
12,73,59,000 |
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Metallised
Film |
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Kgs. |
9,00,000 |
6,17,000 |
GENERAL
INFORMATION
|
Suppliers : |
Aee Polybond Private Limited Akik Insupack Anmol Package Private Limited Anu Enterprises Bharat Products Bijutkar Plastomould Cermet Resistronis Private Limited D.D.Packers private Limited Desai Packwell Private Limited Electro Crimp Contact private Limited Electro Lead Icon Industries Impact Packaging Khosla Engineers Private Limited Linko Servo System Private Limited Mallya Enterprises Patil Engineering Works |
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No. of Employees : |
660 |
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Bankers : |
Standard Chartered Bank 90, M. G. Road, Fort, Mumbai – 400 001, Maharashtra (The company enjoys Credit Limits facility of Rs. 90.000 millions from
its’ bankers) Deutsche Bank Hazarimal Somani Marg, Near Sterling Cinema, Fort, Mumbai – 400 001, Maharashtra (The company enjoys Credit Limits facility of Rs. 100.000 millions
from its’ bankers) Citi Bank 2413, Kumar Capital, East Street, Camp, Pune – 411 001, Maharashtra (The company enjoys Credit Limits facility of Rs. 150.000 millions
from its’ bankers) |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Bharat
S. Raut & Company Chartered
Accountants |
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Address: |
KMPG
House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai –
400 013, Maharashtra |
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Tel. No.: |
91-22-24913132/2491
3030 |
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Fax No.: |
91-22-24913132 |
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Associates/Subsidiaries
: |
EPCOS
Ferrites Limited “Infinity”,
10th Floor, Block – GP, Sector V, Salt Lake City, Kolkata – 700
091, West Bengal Manufacturer
of Ferrites Cores Siemens
Limited Mumbai,
Maharashtra EPCOS Electronic
Components. S.A., Spain EPCOS Private
Limited EPCOS Inc
ISELING, USA EPCOS AG Germany EPCOS Do Brasil
Limited EPCOS Limited,
Hong Kong EPCOS (ZUHAI) FTZ
limited, china |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 900.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
30.09.2004 |
30.09.2003 |
30.09.2002 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
400.000 |
400.000 |
400.000 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
68.044 |
26.097 |
0.000 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
(35.706) |
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NETWORTH
|
468.044 |
426.097 |
364.294 |
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LOAN FUNDS |
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1] Secured Loans |
50.000 |
50.690 |
167.659 |
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2] Unsecured
Loans |
567.318 |
534.588 |
455.309 |
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TOTAL
BORROWING
|
617.318 |
585.278 |
622.968 |
|
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DEFERRED TAX
LIABILITIES |
46.428 |
18.607 |
0.000 |
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TOTAL
|
1131.790 |
1029.982 |
987.262 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
681.863 |
556.758 |
634.048 |
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Capital work-in-progress
|
186.900 |
8.144 |
11.611 |
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INVESTMENT
|
2.483 |
2.483 |
2.483 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
|
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Inventories
|
210.859
|
162.754 |
172.452 |
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Sundry Debtors
|
285.242
|
319.884 |
324.390 |
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Cash & Bank Balances
|
32.908
|
68.774 |
23.483 |
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Other Current Assets
|
0.000
|
0.000 |
0.000 |
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Loans & Advances
|
156.388
|
145.239 |
134.058 |
Total Current Assets
|
685.397
|
696.651 |
654.383 |
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Less : CURRENT LIABILITIES & PROVISIONS
|
|
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Current Liabilities
|
398.985
|
214.091 |
290.013 |
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Provisions
|
25.868
|
(19.963) |
25.645 |
Total Current Liabilities
|
424.853
|
234.054 |
315.658 |
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Net
Current Assets
|
260.544
|
462.597 |
338.905 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.215 |
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TOTAL
|
1131.790 |
1029.982 |
987.262 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
30.09.2004 |
30.09.2003 |
30.09.2002 |
Sales Turnover [including other income]
|
1387.751 |
1275.219 |
1511.451 |
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|
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Profit/(Loss) Before Tax
|
76.340 |
84.460 |
(14.215) |
Provision for Taxation
|
(6.572) |
(4.750) |
1.400 |
Write back for earlier year provision for tax
|
-- |
0.700 |
-- |
Deferred Tax Expense (net)
|
(27.821) |
(31.729) |
-- |
Profit/(Loss) After Tax
|
41.947 |
48.681 |
(12.815) |
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Export Value
|
779.603 |
649.327 |
868.414 |
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Import Value
|
502.888 |
387.118 |
823.816 |
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Total Expenditure
|
1311.411 |
1190.759 |
1525.666 |
KEY RATIOS
|
PARTICULARS |
|
30.09.2004 |
30.09.2003 |
30.09.2002 |
PAT / Total Income
|
(%)
|
3.023
|
0.038 |
(0.008) |
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Net Profit Margin
(PBT/Sales) |
(%) |
5.501
|
6.623 |
(0.940) |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
5.583
|
6.738 |
1.103 |
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|
Return on Investment (ROI)
(PBT/Networth) |
|
0.163
|
0.198 |
(0.039) |
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|
Debt Equity Ratio
(Total
Liability/Networth) |
|
0.908
|
0.549 |
0.866 |
|
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|
|
Current Ratio
(Current
Asset/Current Liability) |
|
(1.613)
|
(2.976) |
0.073 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
Subject
was incorporated on 9th January, 1996 at Mumbai in Maharashtra under
the name and style of Electronic Hi-Tech Components Limited having Company
Registration Number 96078.
Subsequently,
the Registered Office of the company was shifted from Mumbai to Nashik.
From
February, 2001 the name and style of the company was changed to present.
The
company was promoted by Siemens Matsushita, Germany (70% holding) and Asian
Electronics Limited, India (30% holding).
BUSINESS:
The
company is engaged in manufacturing and exporting of AC Capacitors, DC
Capacitors, Power Factor Correction, KVAR, Solar Modules, Metallised Film
Capacitors, etc.
The
company sells its’ products under the brand name “EPCOS”.
The
company has joint venture with :-
v Siemens Matsushita Components
GmbH & Company KG., Germany
v Asian Electronics Limited,
Mumbai, Maharashtra, India
v Siemens Matsushita Components S.
A., Spain
v Siemens Solar Industries,
California, USA
v Siemens Limited, Mumbai,
Maharashtra, India
The company is in trade terms
with :-
v EPCOS AG, Germany
v EPCOS Electronics Components, S.
A.
v EPCOS Pte Limited
v EPCOS Limited
Tibrewala Electronics Limited
6-56/2/40, Bombay Highway,
Balanagar,
Hyderabad – 500 037, Andhra
Pradesh
Tel. 91-40-23775351
Contact Person – Mr. B. Mitra
Adtec Electronics Private
Limited
No. 113, 3rd Cross, 1st
Phase,
Mico Arakere Layout,
Bangalore – 560 076, Karnataka
Contact Person – Mr. H. K.
Sharma
Bollore
31-32, Quai De
Dion-Bouton-92811,
Putevux Codex, France
Steiner GmbH Company KG
Industriegebiet Jagersgrund
Postfatch 70,
D-57335, Erndtebruck, Germany
Trespaphan GmbH
Bergstrasse, D-66539,
Neunkirchen, Germany
They visited the office of the
company where following observations were carried on :-
The name board of the company
could be sighted and the visibility of the name board is high.
The company’s office is easy to
locate.
Fixed Assets:
The company’ fixed assets of
important value include land, building, plant and machinery, computers, telex,
fax machine, telephone, xerox machine, airconditioner, office equipment,
vehicles, furniture & fixtures.
Parent
Company:
EPCOS
AG, Germany
Notes:
Registrar
of Companies details are those which have been filed by the subject or its
agents. In certain circumstances, this
data may not be upto date and reference should be made to general information
details for possible changes not yet filed at the R.O.C. In circumstances, beyond their control R. O.
C. Data retrieval errors may result in incomplete data being available.
Review of
Business Operations:
During the year
the company increased turnover by about 15%. DC Capacitors registered increase
of 12% in turnover whereas AC & PFC Capacitors (including Film) recorded an
increase of about 19%. During the year Company Manufactured 142.77 million
pieces of DC capacitors, 10.67 million pieces of Power Capacitors (Both AC
& PFC) and 681,686 KG of metallised Film (Film both for captive consumption
10.61 million pieces of Power Capacitors (Both AC and PFC) and 68,184 KG of
Metallised Film.
During the year the
company’s revenue from trading of ferrites, accessories and other items
decreased to Rs.31.24 million for Rs.44.33 million in last year. the decrease
resulted from price reductions ever though quantity traded has actually
increased. The company also earned Ra.37.43 million as agency commission for
rendering marketing services. Mainly to the parent company EPCOS and its group
company EPCOS Ferrites Limited.
EPCOS India Private Limited
The company posted a higher profile before depreciation (but after interest) of Rs. 225 million as compared to Rs.203 million during the previous year. However, due to high amount of amortisation (Rs. 28 millions) of intangible assets relation to MOVE project, net profit before tax during the year was lower at Rs.76 million compared to Rs.84 million last year.
CAPACITY EXPANSION:
During the year assets worth Rs. 452.78 million were added by way of Building, Plant and Machinery (including capital work in progress), computers and systems, furniture and fixture, vehicles. The major investment was for acquiring state of the art film metallizing and slitting facility including a new building for will commissioned during the current year and will double the film metalizing capacity. Further the existing metallizing plant will be shifted from the current rented premises to this new building. The other main item of capital expenditure was their share of MOVE cost of Rs.237million.
INDUSTRIAL RELATIONS:
The employee relations have been excellent during the year. The last wage agreement with employee union expired on 31st March 2004 and a fresh agreement is under negotiation. The Board takes this opportunity to place on record their appreciation and wish to thank the management and employees of the Company for their dedicated efforts and contribution.
Summary of significant accounting policies
EPCOS India Private Limited (“the company”) was incorporated on 9th January, 1996 under the Indian Companies Act, 1956 and the entire share capital of the company is held by EPCOS AG, Germany (‘the holding company’)
The company manufactures metallised plastic film capacitors and metallised plastic film at its manufacturing facilities at Nashik near Mumbai. The company has two Domestic Tariff Units and also a 100% Export Oriented Unit for manufacturing capacitors. The company sells metallised plastic film capacitors and metallised plastic film both in the domestic and export markets.
Use of estimates
The preparation of financial statements in accordance with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities on the date of the financial statements. Actual results may differ from those estimates. Any revisions to accounting estimates are recognized prospectively in current and future periods.
Fixed Assets and Depreciation
Fixed Assets are stated at cost less accumulated depreciation. Cost includes inward freight, duties, taxes and incidental expenses related to the acquisition, construction and installation of the fixed assets. Cost of acquisition includes exchange differences (favorable as well as unfavorable) arising on restatement of foreign exchange payables specifically for acquiring imported fixed assets.
Land has been acquired on lease for a period of 99 years and is not depreciated as this is deemed ownership. Depreciation on fixed assets is provide on the straight-line method of depreciation pro-data to the period of use, at the rates which are higher than the corresponding rates prescribed in schedule XIV to the Companies Act, 1956.
Primary segment reporting
The company’s business segments are organized around product lines as under:
DC capacitors are capacitors made with metalized plastic film. Plastic film is the dielectric. These are of various capacitance values with different voltage rationg and sizes. These are generally smaller in size and mostly used in DC circuits but could also be used in various different applications
Power capacitors and film segment consists of capacitors again with metallized plastic film mostly polypropylene with self-healing properties. These are comparatively large in size and have higher capacitance values and voltages. This segment also includes power factor correction products.
The company also sells the products of its group company in India viz. EPCOS Ferrites Limited in the Local Market. It also provides marketing services to its overseas parent and group companies for the local market in consideration of agency commission. These are included as “Others”
Website Details:
Company Profile
Wherever there's
electronics, there's Company
Did you know that one single notebook, for example, contains some 200
passive electronic components, and another 200 are found in a state-of-the-art
mobile phone? Conventional color TV sets are equipped with some 400 passive
components and up to 10,000 are installed in a luxury car.
Inconspicuous but indispensable, they store electrical energy, select
frequecies, and protect against over voltage and over current in countless
applications – from rail traction to automotive ignition systems, from
electric light and power supplies to voice and data transmission. Almost
imperceptibly, you encounter them tens of thousands of times a day, both at
home and at work.
Company develops, manufactures and markets electronic components, and
focuses on leading-edge technology markets: automotive, industrial and consumer
electronics as well as information and communications. These industries present
sound prospects for medium to long-term growth.
About Company
Company emerged from Siemens Matsushita Components, a joint venture
founded in 1989 by Siemens and Matsushita. Since COMPANY went public on October
15, 1999, both former parent companies have remained important shareholders,
each holding 12.5% of equity. COMPANY was floated on the Frankfurt and New York
Stock exchanges simultaneously. Since March 2003, COMPANY has been one of the
largest companies in the new TecDAX index of technology stocks.
Product range
Company manufactures over 40,000 products, comprising a range of
passive electronic components whose extent is unique on the market. It can thus
offer its customers products and solutions from a single source. Whether
surface acoustic wave components, capacitors, ceramic components, or inductors
and ferrites – COMPANY offers unrivaled performance for electronics
applications.
Profit-oriented growth strategy
Their goal is to earn sustained profits and
keep enhancing shareholder value. To do this, they intend to occupy a leading
position in all their fields of business and to grow faster than their
competitors.
To this end, Company is pursuing a strategy of profitable growth. It is
based on competence in technology and driven by permanent optimization of
quality, of innovation, and of the costs of their products and services. They
are focusing on fast-growing, innovative sectors of their markets. They are
therefore stepping up their presence, primarily in Asia and especially in
China, without neglecting their European home market. As the world's leading
broadliner with a portfolio of about 40,000 different standard and customer-specific
products, COMPANY offers one-stop shopping for all passive electronic
components. This enables them to keep strengthening their positions in the
globalized markets of information and communications, and automotive,
industrial and consumer electronics.
They are open to cooperation with partners. They want
their customers to see them as their most reliable and innovative partner for
development of their new products.
Business Segments
Capacitors
Capacitors store electric
charges to filter or regulate current and voltage in electronic circuitry.
SAW Components
Surface acoustic wave (SAW)
components are key components of modern information and communications. Company
SAW Components segment is the undisputed world market leader.
Ceramic Components
Ceramic components are indispensable in automotive and
entertainment electronics as well as in domestic appliances and
telecommunications.
Inductors and Ferrites
Inductors are indispensable components in nearly all
electronic equipment and systems.
They focus on leading-edge technology
markets: automotive, industrial and consumer electronics as well as information
and communications. These industries present sound prospects for medium to
long-term growth.
Industries once as separate and distinct as telecommunications,
entertainment electronics and computers are converging relentlessly. This
convergence is giving rise to a constant stream of innovative products, such as
mobile phones with integrated cameras and Internet access.
In their traditional target markets, the proliferation and complexity
of electronic control systems are fueling an insatiable demand for components. In
domestic appliances, for example, conventional electromechanical systems are
being progressively replaced by electronics. Electronics drives nine out of ten
innovations in the automobile industry today. And these innovations in turn
drive the technologies of other industries.
Quality
No compromises
With its quality management (QM) system and a company-wide zero-defect
campaign based on Six Sigma methodology, Company is consistently improving the
quality of its processes and process mastery - and thus the quality of its
products. Numerous awards presented to COMPANY testify to customers'
satisfaction with this rigorous approach to quality.
Tougher demands for
quality are today being passed along the entire production chain. The toughest are
made by the automobile industry. But higher quality standards also apply in the
other key markets served by company, such as information and communications,
industrial and consumer electronics.
Automotive electronics manufacturers and vehicle manufacturers in
particular insist that their suppliers have comprehensive QM systems in place
that are geared to total process mastery. These demands are reflected in
international quality assurance standards such as ISO 9001 and the ISO TS 16949
standard derived from it with specific requirements of the automobile industry.
It is a principle of the company' quality policy that the QM system
must satisfy the most demanding international standard applicable.
Certification of the entire COMPANY Group was therefore tackled on the basis of
ISO/TS 16949 in 2003 and completed in February 2004. The COMPANY QM system is
constantly being reviewed and systematically refined within the company,
because uncompromising quality means a never-ending process of improvement.
Six Sigma at Company
Six Sigma methodology is being introduced throughout the COMPANY Group
as part of its COMPETE program (cost management, process excellence, time efficiency).
Six Sigma aims to make processes more reproducible, reduce variation, cut costs
and ensure quality. Mastery of processes is the key to economic success. It is
the only way to provide products and services that deliver the highest quality
and total customer satisfaction.
How To Find Them
Austria
Ceramic Components, Surface Acoustic Wave Components
Brazil
Film Capacitors, Capacitors
China
Surface Acoustic Wave Components
Surge Arresters
Inductors
Film Capacitors, Ceramic Components
Czech Republic
Ferrites, Ceramic Components
Germany
Surge Arresters
Sensor Systems
Capacitors, Film Capacitors, Inductors
Management, Central Departments, Sales
Surface Acoustic Wave Components, Inductors, Ferrites
EMC Laboratory
Hungary
Capacitors, Inductors
India
Ferrites
Film Capacitors
Japan
Vertrieb
Malaysia
Surge Arresters
Portugal
Capacitors
Singapore
Surface Acoustic Wave Components, Sales & Marketing
Asean, Central Departments
Spain
Film Capacitors
USA
Sales
Corporate Headquarters Crystal Technology, Inc.: Sales,
Research and Development, Manufacturing
News
Products and Technologies
SAW filters: New
filters for digital satellite radio
Thermistors: UL
approval for PTC-based motor protection sensors
Piezo actuators:
COMPANY supplies winners of German Future Prize 2005
Data Sheets
Varistors: New
miniaturized SHCV series SR6
CeraDiodes: New
high-speed CeraDiode for 1:1 drop-in replacement
Power factor
correction: New capacitor of PhaseCap HD series (MKK440-D-56-01)
Publications
MKV Power
Electronic Capacitor
TOPcap Innovations
for Low-ESR Applications
Corporate
Sale of COMPANY’
Tantalum Capacitor Business Unit: COMPANY and KEMET sign contract
Q4 2005: Sales
increased in all industries and regions
Presence in China
stepped up: COMPANY sets up joint venture with Beijing Jones
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 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.41.29 |
|
UK Pound |
1 |
Rs.82.50 |
|
Euro |
1 |
Rs.56.20 |
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 |
|