MIRA
INFORM REPORT
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Report Date : |
07.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
NUETECH SOLAR SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Post Box No. 9167, B M Shankarappa industrial Estate, sunkadakatte, Viswaneedam
Post, Bangalore – 560 091, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.03.2002 |
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Com. Reg. No.: |
08-30228 |
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CIN No.: [Company
Identification No.] |
U31909KA2002PTC030228 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRN02033D |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of solar water heating systems for domestic and industrial
applications |
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 30500 |
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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 reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office/Factory 1 |
Post Box No. 9167, B M Shankarappa Industrial Estate, Sunkadakatte,
Viswaneedam Post, Bangalore – 560 091, Karnataka, India |
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Tel. No.: |
91-80-2348 3766 / 6598 1441/47 / 23356789 |
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Fax No.: |
91-80-2328 1730 /23115802 |
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E-Mail : |
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Website : |
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Head Office : |
391/32, 2nd Floor, 12th Main, 6th Block, Dr. Rajkumar Road, Rajajinagar, Bangalore – 560010, Karnataka, India |
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Tel. No.: |
91-80-2311580291-80-23356789/23351163 |
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Mobile : |
91-9845141327 |
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Fax No.: |
91-80-23115802 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. fts – Leased (shared with group/ sister company) |
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Corporate Office / Factory 2: |
Magadi Road, Sunkada Katte, Viswaneedum Post , Bangalore 560091 ,
Karnataka |
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Tel. No.: |
91-80-23356789 |
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Fax No.: |
91-80-23118502 |
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E-Mail : |
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Factory 3 : |
At Peenya Industrial Estate, Bangalore |
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Area : |
3200 Sq. fts. – Owned |
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Branches : |
Mysore, Hassan, Chikkamagalur, Hubli, Raichur and Shimoga |
DIRECTORS
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Name : |
Mr. K. R. Surendra Kumar |
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Designation : |
Whole Time Director |
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Address : |
Jyesta No.132, 3rd B, Main Nagarabhavi, 7th Block, 2nd Stage, Bangalore-560079, Karnataka |
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Date of Birth/Age : |
18.10.1966 |
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Date of Appointment : |
12.03.2002 |
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Name : |
Mr. B. Prakash |
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Designation : |
Whole Time Director |
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Address : |
No.643, 2nd A Main, 11th Block, Nagarabhavi, 2nd Stage, Bangalore-560079, Karnataka |
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Date of Birth/Age : |
01.07.1961 |
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Date of Appointment : |
12.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. K. R. Surendra Kumar |
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4500 |
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Mr. B. Prakash |
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4500 |
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Total |
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9000 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of solar water heating systems for domestic and industrial
applications. |
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Imports : |
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Countries: |
China |
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Terms : |
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Selling : |
Credit (30 - 60
days) |
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Purchasing : |
L/C at sight + Advance Payments and Credit (90 days) |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
70 |
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Bankers : |
· Canara Bank Address:No.628/629, Rajajinagar 3rd Block, Bangalore – 560010, Karnataka · Corporation Bank · The Karnataka Bank · Bank Of Maharashtra · Veerashiv Co-op Bank Limited |
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Facilities : |
Cash Credit limit : Rs. 1.500 millions from bank as Over Draft limit |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name: |
Dhananjay G Hegde Chartered Accountant, |
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Address: |
47/1, Ground Floor, 4th Cross, Malleshwaram, Bangalore-560003, Karnataka, |
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Tel. No.: |
91-80-23444985 , 24360790 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
0.900 |
0.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.070 |
2.484 |
0.620 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.570 |
3.384 |
1.520 |
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LOAN FUNDS |
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1] Secured Loans |
8.177 |
2.126 |
2.538 |
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2] Unsecured Loans |
1.460 |
2.279 |
3.121 |
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TOTAL BORROWING |
9.637 |
4.405 |
5.659 |
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DEFERRED TAX LIABILITIES |
0.057 |
0.066 |
0.067 |
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TOTAL |
17.264 |
7.855 |
7.246 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.504 |
2.625 |
2.615 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
8.880
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5.681 |
0.954 |
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Sundry Debtors |
21.917
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12.403 |
8.962 |
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Cash & Bank Balances |
1.602
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0.837 |
1.191 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
4.603
|
2.433 |
3.244 |
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Total
Current Assets |
37.002
|
21.354 |
14.351 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.819
|
16.197 |
9.819 |
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Provisions |
1.470
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0.000 |
0.000 |
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Total
Current Liabilities |
23.289
|
16.197 |
9.819 |
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Net Current Assets |
13.713
|
5.157 |
4.532 |
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MISCELLANEOUS EXPENSES |
0.047 |
0.073 |
0.099 |
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TOTAL |
17.264 |
7.855 |
7.246 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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67.337 |
61.805 |
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Other Income |
|
0.298 |
0.061 |
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Total Income |
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67.635 |
61.866 |
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Profit/(Loss) Before Tax |
|
2.914 |
1.042 |
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Provision for Taxation |
|
1.051 |
0.346 |
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Profit/(Loss) After Tax |
|
1.863 |
0.696 |
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Total Expenditure |
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64.721 |
61.824 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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2.75 |
1.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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4.32 |
1.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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56.50 |
22.99 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.86 |
0.68 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.34
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4.78 |
6.45 |
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Current Ratio (Current Asset/Current Liability) |
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1.58
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1.31 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Corporation identity number or foreign company registrations number of
the company |
U31909KA2002PTC030228 |
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Name of the company |
NUETECH SOLAR SYSTEMS PRIVATE LIMITED |
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Address |
Magadi Road, Sunkadakatte, Viswaneedam Post, Bangalore-560091, Karnataka |
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This Form is for |
Creation of Charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
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Canara Bank No.628/629, Rajajinagar 3rd Block, Bangalore – 560010, Karnataka E-Mail : tr_jairam@vsnl.net |
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Nature or description of the instrument creating charge |
Letter evidencing deposit of title deeds |
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Date of the instrument creating charge |
08.11.2006 |
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Amount Secure by the charge |
Rs.7.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest : 11.25% p.a. Terms of repayment : Running account repayable on demand, subject to annual review. Margin : 40% on book debts; 25% on paid stocks Extent and operation of the
charge : The charge on the properties being charged herein shall operate to the
extent of Rs.7.000 millions plus interest, commission, costs, expenses and
other charges thereon. |
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Particulars of the Property charged
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First charge by way of equitable mortgage of company’s immovable
property together with all buildings, structures, fixtures etc.
standing/installed thereon and to be erected/installed and put up in future
bearing No.C-450, I Cross, I Stage, Peenya Industrial Area (PIA),
Yeshwanthpur, Bangalore measuring 172.14 Sq. mtrs. bounded on the north by
shed No.C-449, South by I Cross Road; East by Police Station; West by Road. |
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Corporation identity number or foreign company registrations number of
the company |
U31909KA2002PTC030228 |
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Name of the company |
NUETECH SOLAR SYSTEMS PRIVATE LIMITED |
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Address |
Magadi Road, Sunkadakatte, Viswaneedam Post, Bangalore-560091, Karnataka |
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This Form is for |
Modification of charge |
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Type of Charges |
Book debts Movable property |
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Particular of the charge holder
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Canara Bank No.628/629, Rajajinagar 3rd Block, Bangalore – 560010, Karnataka E-Mail : tr_jairam@vsnl.net |
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Nature or description of the instrument creating charge |
Letter evidencing deposit of title deeds |
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Date of the instrument creating charge |
12.11.2006 |
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Amount Secure by the charge |
Rs. 7.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interests: 11.25% p.a Terms of repayment : Running account repayable on demand, subject to annual review. Margin : 40% on book debts; 25% on paid stocks Extent and operation of the
charge The charge on the properties being charged herein shall operate to the
extent of Rs.7.000 millions plus interest, commission, costs, expenses and
other charges thereon |
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Shorts particulars of the
Property charged |
Hypothecation by way of first charge on stocks comprising solar
panels, fittings and other electronic component stored at godown / premises at
I Main , I Stage, peenya Industrial Area, Yeshwanthpur, BANGALORE Or at any
other place and all book debts,
outstanding, money receivables, claims and bills. |
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Particulars of the present modification |
By the above the credit limit of Rs. 7.000 millions is additionally
secured company movables comprising stocks book debts and other assets. (all other terms remain unchanged) |
WEBSITE
DETAILS:
Subject was incorporated on 12.03.2002 and took over the partnership
fir, of “NUETECH SYSTEMS” established in 1992 by same ownership/management
(Take-over effected from 1st April 2003)
Subject a reputed manufacturer of solar water heating systems for
domestic and industrial applications since 1992, consists of highly spirited
team of engineers and employees. Subject is one of the leading brands of solar
water heaters in India. Subject is known for its efficiency, quality,
reliability and strong customer support.
Vision
To
provide the best quality production and after sales service to their customers.
Their main motto is quality and customer satisfaction. Subject came in to
existence with the main intention of joining their hands in world common
interest for conservation of energy and use of renewable solar energy in their
day-to-day life. The company strongly stands for quality, reliability, honesty
and punctuality.
Manufacturing
Plant
The manufacturing plant is situated in Bangalore, the Silicon Valley of
India. The factory is located at Sunkadakatte Industrial area with well
equipped manufacturing plant based on modern technology. Company has 150
committed employees in manufacturing quality control, design, marketing sales
and services. The company provides an ideal working environment for the
employees with team spirit.
After Sales
Support
Sales and service centers located in all major districts in South India
and dealer network spread across the country. Company offers prompt, economical
and reliable service from their authorized service centers under the
"service within 24 hours" policy.
Exports
International
quality products are currently being exported to south Asian countries. The
award of ISO 9001-2000 will provide future boost to exports.
DOMESTICS:
|
Rastrakavi KUVEMPU's House @ Mysore |
100 LPD |
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Sri Sri Balagangadharanatha Swamiji's Kuteera, Adichunchanagiri, Belur |
500 LPD |
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Mr. Ramakrishna Hegde, Ex. Chief Minister of Karnataka |
300 LPD |
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Mrs. Leela Devi R Prasad, Ex. Minister, Karnataka |
300 LPD |
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Prof. D. N. Nanjundaswamy, President of Karnataka Rajya Raitha Sangha |
300 LPD |
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Mr. George Stephen, Chief Engineer (CED) SHAR, ISRO |
200 LPD |
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Mr. Jyothi Prakash Mirji, IPS Officer |
300 LPD |
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Mr. Bipin Gopal Krishna, IPS Officer |
200 LPD |
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Smt. Shyamala G. Bhave, President of Karnataka Music Academy |
300 LPD |
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Mr. N. L. Narendra Babu, MLA and Cine Artist |
300 LPD |
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Dr. Rajiv Taranath, Musician |
200 LPD |
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Mr. Devraj, Kannada Film Artist |
200 LPD |
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Mr. Ramakrishna, Cine Actor |
200 LPD |
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Mr. K. Manju, Film Producer |
200 LPD |
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Mr. K. P. Nanjundi, Film Producer and Cine Artist |
300 LPD |
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Mr. C. Narayana Swamy, Member of Parliament |
200 LPD |
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Mr. Ravi Kiran, Cine Artist |
300 LPD |
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Mr. Yusuf Arrakal, Artist |
200 LPD |
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Mr.Hanumantharayappa, President of Rajarajeshwari CMC |
300 LPD |
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Mr. T. Rajanna, Secretary, Karnataka Leglislative Assembly |
200 LPD |
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Mr. Sudhanva, Ex Mayor |
200 LPD |
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Mr. A. M. Samiulla, Film Producer |
800 LPD |
INDUSTRIAL CLIENTS:
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Army base, Punjab |
27000 LPD |
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Indian Space Research Organization (ISRO), Sri Harikota, Andhra
Pradesh |
7000 LPD |
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Enolar Systems Marketing Private Limited |
5000 LPD |
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Jawaharlal Nehru, Jakkur Road, Bangalore |
6000 LPD |
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Totagara Seva Samithi Hospital, Sirsi |
5800 LPD |
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Postal Training Center, Mysore |
4000 LPD |
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J. C. College of Engineering, Mysore |
4000 LPD |
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Hotel Eshwari Deluxe, OTC Road, Cottonpet, Bangalore |
3000 LPD |
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Star Energy Systems, Ahmedabad |
3000 LPD |
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Bangalore University, Bangalore |
3000 LPD |
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National Law School of (INDIA) University, Bangalore |
3000 LPD |
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Vijaya Hospital, Chennai, Tamil Nadu |
3000 LPD |
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Bharat Electronics Ltd, Jalahalli, Bangalore |
3000 LPD |
|
Global College of Engineering Student Hostel |
3000 LPD |
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Golden Valley Institute of Technology, Bangalore |
2500 LPD |
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Sambraham College of Dental Science, KGF |
2500 LPD |
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Global College of Nursing Hostel, R. R.Nagar, Bangalore |
2500 LPD |
|
Bharath Petroleum, Chennai, Tamil Nadu |
2200 LPD |
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Sri Adichunchanagiri Mahasamsthana Mutt, Mandya Dist. |
2000 LPD |
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Preetham Lodge, Gulbarga |
2000 LPD |
|
Indian Railway Vasco, Goa |
2000 LPD |
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Sai International, Karwar |
2000 LPD |
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Nishanth Resorts, Solapur, Maharashtra State |
2000 LPD |
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Bharath Petroleum Guest House, Chennai ,Tamil Nadu |
2000 LPD |
|
Sacred Heart Leprosy Center, Sakkottai, Kumbakonam, Tamil Nadu |
2000 LPD |
|
National Institute of Engineering (NIE), Mysore |
2000 LPD |
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K E S Residency Deluxe Lodge, Rajajinagar, Bangalore |
2000 LPD |
|
Karnataka State Police Housing Corporation Ltd., Mysore Division,
Mysore |
2000 LPD |
|
Srinidi Lodge, Balepet, Bangalore |
1750 LPD |
|
Hindustan Petroleum Corporation Limited, Bangalore |
1750 LPD |
|
Hotel Vittal Regency , Sheshadripuram Bangalore |
1500 LPD |
|
Vijayanagar Club, Vijayanagar, Bangalore |
1500 LPD |
|
CC Clubs and Resorts, Ring Road, Bangalore |
1500 LPD |
|
Hotel Ashritha International, Sakleshpur |
1500 LPD |
|
Bharath Lodge, B H Road, Sagar, Shimoga (Dist) |
1500 LPD |
|
Hotel Harsha International, Koppala |
1500 LPD |
|
Arabic College, Alur, Hassan |
1500 LPD |
|
Murarji Desai Residential School, Siddarabetta, Tumkur |
1500 LPD |
|
Lakshmi Venkateshwara Tourist Home, Karatigi, Gangavathi, Raichur
Dist. |
1200 LPD |
|
Navodya Hostel, Holenarasipura, Hassan Dist. |
1000 LPD |
|
Backward Class Student Hostel, Mangala Basavakalyana, Bidar Dist. |
1000 LPD |
|
Adichunchanagiri Shaka Mutt, Mayasandra, Turuvekere Taluk |
1000 LPD |
|
Boys Hostel Pajancoa, Karaikkal, Pondicherry |
1000 LPD |
|
Navodhaya Vidyalaya, Mahe, Pondicherry (U.T.) |
1000 LPD |
|
Ranganatha Lodging, Nanjangud |
1000 LPD |
|
Hotel Anand Deluxe, Badami, Bagalkot Dist. |
1000 LPD |
|
Ajai Tourist Home, Gangotri |
1000 LPD |
|
Togataveera Hostel, Davanagere |
1000 LPD |
|
Jnana Deepa Residential School, Devanahalli |
1000 LPD |
|
Rajanandini Hospital, Konankunte Cross |
1000 LPD |
RANGE OF PRODUCTS
The company’s innovative designs have developed solar water heater products
which are the best solutions for hot water needs. The company’s products with
advanced technical features are very efficient and environmental friendly.
· Deluxe PC Model
· Deluxe SS Model
· Hardbelt Model
· Vacuum Tube Collectors
· Golden Sun Model
· Instant Gas Water Heater
QUALITY
Quality Policy
The top
management of The Company Systems is committed to providing innovative
solutions, to attract and retain customers, to excel in fulfilling the expectations
of customers, employees and vendors by offering best value propositions through
continuous improvement.
Certification/Awards
· ISO 9001-2000 Certification from BVQI
· ISI Certification by Bureau of Indian Standards (BIS)
· Winners of Rashtriya Rattan Award in 2002 by the Global Economic Council, New Delhi
· Nethaji Subash Chandra Award in 2003
· DGS and D Certification, Government of India
Testing
Certifications
Products
are tested and approved by Solar Energy Testing Centre, Madurai Kamaraj
University, Tamil Nadu State, India and Certified Best Solar Collector in
industry for excellent performance. Approved
by Ministry of Non-conventional Energy Source (MNES), Govt. of India.
Mr. B.
Prakash, Director
receiving The
Rashtriya Rattan Award from Global Economic Council, New Delhi on behalf of the company.
FAQ
What is a
solar water heating system?
A Solar Water
Heating System is one of the widely used solar system by which they get hot
water with the help of solar radiation for domestic, industrial application
etc. It converts Solar Energy into Thermal Energy and can replace any type of
conventional heating system / fuel for thermal application like water heating,
air heating etc.
Where can
they use solar water heating system?
Home,
Hotel industries, Educational Institutions, Hostels, Hospitals, Dairy
Industries, Canteens, Boiler pre-heating application etc. Wherever they need
hot water for any application like bathing, vessels cleaning, drinking, cooking
etc
They can
use this system without any fuel cost. The solar water heating systems are also
used in the process industries where the boiler supplies low pressure steam.
Solar water heating systems are generally used as an excellent energy
conservation and energy efficiency equipment by supplying hot water at 80 digs.
to boiler at pre-heater stage.
How
Nuetech solar water heater is the feasible investment?
Investment
on solar water heater is 'once investment long benefit'. One 100 ltrs. Hot
water can bath 4-5 members’ family; with boiling hot water from 25OC
to average 60OC. 100 ltrs Electric heaters consume 5 KWH of
electricity. Investment on solar water heater will be got back within 2 years
by saving electricity bill if one household income consumes 40% electricity
through 2 KW electric water heaters. If solar water heater system is installed,
they can save up to 40% electricity and also money. No maintenance cost on
electricity or any fuels.
Payback period:
· 2-3 years when electricity is replaced
· 4-5 years when furnace oil is replaced
· 6-7 years when coal is replaced
A 100 ltrs. capacity Solar Water Heater can replace an electric geyser
for residential use and saves 1500 units of electricity annually.
One 100 ltrs. capacity can prevent emission of 1.5 tonnes of Carbon Di Oxide
per year.
The use of 1000 Solar Water Heater of 100 ltrs. capacity each can
contribute to peak load saving of 1 MW.
The use of 1000 SWH of 100 Ltrs capacity each can contribute to peak
load saving of 1MW. The company solar water heater is the best solution for hot
water needs. Solar water heating systems are found to be the most reliable,
durable and are backed up by longest warranty period of all other solar other
solar energy devices. Solar water heaters are known to have the fastest
repayment of investment.
Are
Nuetech Solar Water Heaters environmental friendly ?
Solar
Water Heater is environmentally safe, conserves resource and reduce the air
pollution, which causes acid rain, the "greenhouse effect" and
respiratory health problems. One 100 ltrs capacity can prevent emission of 1.5
tonnes of carbon Dioxide per year.
Is there
any government incentive, soft loan, subsidy available ?
100 %
Depreciation in the First year itself.
Rebate on
electricity Bill from KPTCL government of Karnataka, India
Ministry
of Non Conventional Energy Sources (MNES) Government of India, is providing
Interest Subsidy to promote the solar water heating systems through few
Nationalized Banks so that end users/ customers can take soft loan at lesser
interest rate. @5% simple interest, Payable 60 monthly installments.
Apart
from the above, few states are in India made mandatory for certain buildings,
government buildings etc. to use solar water heating systems.
How do
they get hot water even on cloudy days ?
All
Subject units have an auxiliary electric element with an adjustable thermostat
to ensure your hot water supply in cloudy days.
How does
Nuetech solar water units secure more hot water in early morning and winter?
The
strong polyurethane / rockwool insulation 100 mm thickness with high density
guarantees the consumer more hot water for use when the temperature outside is
25 degree centigrade.
Will hard
water effect the water heater performance in Nuetech solar water heaters?
Hard
water results in formation of scale deposit on inside copper tubes in solar
flat plate collectors. The result will be reduction of heat transfer through
the layers of scale deposits.
Subject innovative product "Hard belt", heat exchanger systems
is the solution for this. Also Subject provide Indian activated sacrificial
anode erected in storage tank to protect system from hard water in Deluxe PC
and SS model.
Exclusive drain down facility provided in storage tank and flat plate
collector to clean / service regularly. It will reduce the scale formation on
solar water heaters.
CLIENTS
Subject's
prompt, economical and reliable service has enabled it to serve a wide spectrum
of clients, both in the domestic and industrial area. Subject provides the best
quality product and ensures the best after sales service to its customers.
Their clients are mainly divided into two sectors namely Domestic and
Industrial Clients.
CUSTOMER
CARE DIVISION
Mr.
Raghu, Customer
Care Manager
Mobile : 91-9945232137
Address : Post Box No. 9167, B. M.
Shankarappa Indl. Estate,
Sunkadakatte, Viswaneedam Post, Bangalore - 560 091.
Tel.: 91 80 2348 3766
CMT REPORT
(Corruption, Money Laundering and 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.39.41 |
|
UK Pound |
1 |
Rs.79.81 |
|
Euro |
1 |
Rs.57.58 |
SCORE and RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 and 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 and 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 |
|