%20LIMITED%2005-Feb-2007_files/image002.jpg)
MIRA
INFORM REPORT
|
Report Date : |
5th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
BS AND
B SAFETY SYSTEMS (INDIA) LIMITED |
|
|
|
|
Registered Office : |
9
Cathedral Road, Chennai – 600 086, Tamilnadu, India |
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|
Country : |
India |
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|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.11.1980 |
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Com. Reg. No.: |
18-8499 |
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CIN No.: [Company
Identification No.] |
U33111TN1980PLC008499 |
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|
Legal Form : |
A
Closely Held Public Limited Liability Company |
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|
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|
Line of Business : |
Manufacturing,
Exporting of Electronics Goods, Safety Equipments and Safety Heads. Design,
manufacture, purchase, sell, service, repair, import, export, distribute,
deal and trade in all types and sizes of Rupture Disks, Safety Heads, Relief
Valves, Process Control Valves, Flame Arrestors, Conservation Vents, Control
Equipments, Instrumentation Equipment and other related products and
auxiliaries. Buy,
sell, import, export, manufacture, process, use, lease, deal and trade in
electrical, electronics and mechanical goods, apparatus and machines of all
kinds and the productted and parts used in the manufacturer thereof. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
225000 |
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|
Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Business is active. Payments are usually correct and as
per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. Subject
is a pert of Sanmar Group. |
LOCATIONS
|
Registered Office : |
9
Cathedral Road, Chennai – 600 086, Tamilnadu, India |
|
Tel. No.: |
91-44-28118600/
28128400/ 28128722 |
|
Mobile No.: |
91-9840864008 |
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Fax No.: |
91-44-28112437/
28112437/ 28112627 |
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E-Mail : |
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|
Website : |
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Factory
/ Plant : |
No.
147, Karapakkam Village, Chennai – 600 096, Tamilnadu, India |
|
Tel.
No.: |
91-44-24504200 |
|
Fax
No.: |
91-44-24501056 |
DIRECTORS
|
Name : |
Mr.
Manachanallur Narayanaswamy Radhakrishnan |
|
Designation : |
Director
|
|
Address : |
New
No. 27, Old No. 12, Besent Avenue, Adyar, Chennai – 600 020, Tamilnadu, India
|
|
Date of Birth/Age : |
03.08.1943 |
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Date of Appointment : |
30.06.1991 |
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|
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Name : |
Mr. V
V Subramanian |
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Designation : |
Director
|
|
Address : |
Ashok
Sundaram, 43, 3rd Main Road, 3rd Floor, R A Puram,
Chennai – 600 028, Tamilnadu, India |
|
Date of Birth/Age : |
19.07.1955 |
|
Date of Appointment : |
29.03.2003 |
|
Date of Ceasing : |
28.03.2005 |
|
|
|
|
Name : |
Mr. S
Gopal |
|
Designation : |
Director
|
|
Address : |
Srikrish,
47 A, Old No. 19A, 4th Main Road, Gandhi Nagar, Adyar, Chennai –
600 020, Tamilnadu, India |
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Date of Birth/Age : |
10.09.1950 |
|
Date of Appointment : |
01.04.2004 |
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|
|
|
Name : |
Mr.
Subbaiah Sankaran |
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Designation : |
Director
|
|
Address : |
2/1,
IV Street, Balaji Nagar, Chennai – 600 014, Tamilnadu, India |
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Date of Birth/Age : |
07.05.1954 |
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Date of Appointment : |
14.06.2006 |
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Other Directorships : |
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|
|
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|
Name : |
Mr. A
R Huse |
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Designation : |
Director
|
|
Address : |
6432,
S Pittsburg, Tulsa, Oklahoma, USA |
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Date of Birth/Age : |
22.11.1920 |
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Date of Appointment : |
15.09.1982 |
|
|
|
|
Name : |
Mr. T
D Kenneally |
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Designation : |
Director
|
|
Address : |
2141,
E, 31st Place, Tulsa, Oklahoma, USA |
|
Date of Birth/Age : |
17.12.1957 |
|
Date of Appointment : |
27.08.1987 |
|
|
|
|
Name : |
Mr. H
J R Beveridge |
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Designation : |
Director
|
|
Address : |
Alma
Terrace, Allen Street, London W 860Y, UK |
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Date of Birth/Age : |
127.04.1937 |
|
Date of Appointment : |
30.06.1986 |
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Date of Ceasing : |
10.10.2004 |
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|
|
|
Name : |
Mr.
John Smallwood |
|
Designation : |
Director
|
|
Address : |
150
Thomson Road, Singapore 307605 Singapore |
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Date of Birth/Age : |
22.10.1950 |
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Date of Appointment : |
14.06.2006 |
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|
|
|
Name : |
Dr.
Joseph M Izzo |
|
Designation : |
Director
|
|
Address : |
2908
North, 13th Street, Broken Arrow, Oklahoma 740129288, USA |
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Date of Birth/Age : |
15.06.1954 |
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Date of Appointment : |
14.06.2006 |
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|
|
|
Name : |
Mr.
Prnatharthiharan Natarajan |
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Designation : |
Director
|
|
Address : |
1/ 2,
Nandinee, 72, 1st Main Road, R A Puram, Chennai – 600 028,
Tamilnadu, India |
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Date of Birth/Age : |
10.10.1955 |
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Date of Appointment : |
28.03.2005 |
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Other Directorships : |
|
|
|
|
|
Name : |
Mr.
Balasubramanian Natraj |
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Designation : |
Director
|
|
Address : |
A -5,
Suchaarta, New No. 124, Chamires Road, Chennai – 600 018, Tamilnadu, India |
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Date of Birth/Age : |
03.10.1946 |
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Date of Appointment : |
14.06.2006 |
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Other Directorships : |
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KEY EXECUTIVES
|
Name
: |
B Ravi
|
|
Designation
: |
Company
Secretary |
|
Address
: |
Guru
Nilayam, 42 (Old No. 16) Rathnam Street, Gopalapuram, chennai – 600 086,
Tamilnadu, India |
|
Tel. No.: |
91-44-28350517/
1055 |
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Mobile No.: |
91-9840082545 |
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E-Mail : |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
|
|
|
|
Paget
Limited |
|
7200 |
|
B Sec
Services Limited |
|
7195 |
|
Mr. N
Sankar |
|
1 |
|
Mr. N
Kumar |
|
1 |
|
Mr. K
S Narayanan |
|
1 |
|
Mr.
Vijay Sankar |
|
1 |
|
Sanmar
Reality Limited |
|
1 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing,
Exporting of Electronics Goods, Safety Equipments and Safety Heads. Design,
manufacture, purchase, sell, service, repair, import, export, distribute,
deal and trade in all types and sizes of Rupture Disks, Safety Heads, Relief
Valves, Process Control Valves, Flame Arrestors, Conservation Vents, Control
Equipments, Instrumentation Equipment and other related products and
auxiliaries. Buy,
sell, import, export, manufacture, process, use, lease, deal and trade in electrical,
electronics and mechanical goods, apparatus and machines of all kinds and the
productted and parts used in the manufacturer thereof. |
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|
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|
Products with ITC Code : |
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PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Rupture Disks |
-- |
6000 |
NA |
29925 |
|
Safety Heads |
-- |
NA |
-- |
7512 |
|
Manufacturing Components |
-- |
NA |
-- |
9073572 |
GENERAL
INFORMATION
|
No. of Employees : |
About
150 |
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Bankers : |
17, Rajaji Salai, Chennai – 600 001, Tamilnadu, India |
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Facilities : |
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Banking Relations : |
Satisfactory
|
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|
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Auditors : |
S R
Batliboi and Associates Chartered
Accountants |
|
Address : |
TPL House, 2nd Floor, 3,
Cenotaph Road, Teynampet, Chennai – 600 018, Tamilnadu, India |
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Tel. No.: |
91-44-24311440 |
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Fax No.: |
91-44-24311450 |
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Associates : |
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Joint Ventures : |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity
Shares |
Rs. 100/- |
Rs. 2.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14400 |
Equity
Shares |
Rs. 100/- |
Rs. 1.440 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.440 |
1.440 |
1.440 |
|
|
2] Reserves & Surplus |
55.046 |
48.124 |
45.102 |
|
|
NETWORTH |
56.486 |
49.564 |
46.542 |
|
|
LOAN FUNDS |
|
|
|
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
2.217 |
2.014 |
|
|
|
|
|
|
|
|
TOTAL |
56.486 |
51.781 |
48.556 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
20.196 |
19.490 |
21.282 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
DEFERREX TAX ASSETS |
1.326 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.550
|
14.533 |
13.115 |
|
|
Sundry Debtors |
42.140
|
34.972 |
24.613 |
|
|
Cash & Bank Balances |
25.665
|
16.277 |
14.694 |
|
|
Other Current Assets |
1.223
|
1.363 |
0.659 |
|
|
Loans & Advances |
8.106
|
7.065 |
5.821 |
|
Total Current Assets |
89.684
|
74.210 |
58.902 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
30.270
|
29.779 |
12.322 |
|
|
Provisions |
24.450
|
12.140 |
19.306 |
|
Total Current Liabilities |
54.720
|
41.919 |
31.628 |
|
|
Net Current Assets |
34.964
|
32.291 |
27.274 |
|
|
|
|
|
|
|
|
TOTAL |
56.486 |
51.781 |
48.556 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
206.234 |
146.969 |
116.579 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
81.140 |
56.204 |
46.974 |
|
Provision
for Taxation |
26.191 |
20.095 |
9.967 |
|
Profit/(Loss)
After Tax |
54.949 |
36.109 |
34.007 |
|
|
|
|
|
|
Export
Value |
84.398 |
55.094 |
46.550 |
|
|
|
|
|
|
Import
Value |
10.278 |
12.445 |
6.992 |
|
|
|
|
|
|
Total
Expenditure |
125.094 |
90.764 |
69.604 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
26.64
|
24.57 |
29.17 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
39.34
|
38.24 |
40.29 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
72.96
|
59.98 |
58.58 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
1.43
|
1.13 |
1.01 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.97
|
1.89 |
1.72 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.64
|
1.77 |
1.86 |
LOCAL AGENCY
FURTHER INFORMATION
Operations
Sales
grew by 42% over the previous year. This was driven by a 35% growth on domestic
sales. This was made possible by the increased thrust given by the user market
on safety and environmental protection practise and also by the increased level
of project investment. Strong
support from JV Partners helped accelerate export growth by 53% over the
previous year. Profit before tax grew at a healthy 44%.
The up
trend in the domestic market augurs well for the company and together with the
initiatives undertaken for improving operational efficiency, the outlook for
the future looks promising.
Finance
The
financial position of the company continued to remain comfortable during the
year. The company contributed Rs. 61.360 millions to the central and state
exchanges during the year under review.
As per Web
Profile
Established in 1981 as a joint venture with BS&B Safety Systems Inc.,
USA, this company was the first in the country to manufacture rupture disks and
rupture disk assemblies along with burst alert sensors. A manufacturer of
non-mechanical over pressure relieving devices, it is geared to meet critical
industrial requirements likely to come up in the future. Among its products are
special rupture disks used by major Indian power OEMs such as BHEL, ABB,
L&T and Triveni Engineering.
The ASME/NB certification obtained by the
Indian joint venture means that it can supply disks with the UD stamp while the
SQL certification issued by the Chinese Pressure Vessel Directorate has
facilitated exports to the People’s Republic of China.
BS&B has also obtained CE certification
under the Pressure Equipment Directive (PED), enabling exports to all European
countries.
Products
Products custom-built to meet client
requirements
Sizes from 6 mm dia to 1,200 mm dia
Pressures from 1 inch of water column to over
15,000 psig
1. Tension and compression loaded disks for over
pressure and vacuum protection of
- Reactors
- Storage
tanks
- Autoclaves
- Pressure
pipelines
- Distillation
columns
2. Disks designed for tough operating conditions
- Corrosive
gas/ liquid
- Pressure
cycling
3. Special sanitary disks for sterile
applications
4. Large size panels for explosion relief
The
Company’s Fixed Assets of important value includes:
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Vehicles
- Software
Bankers
Charges Report as per Registry
Name of the Company : BS and B Safety
Systems (India)Limited
Presented by : -- Mr. V V Subramanian , Director
|
1.
Date and description of the instrument creating or evidencing the charge
|
Hypothecation
of goods and book debts to secure cash credit dated 19.06.2003 Hypothecation
of movable assets forming part of Fixed / Block Assets dated 19.06.2003 Packing
credit agreement (hypothecation) dated 19.06.2003 Deed
of hypothecation to secure LC on DA/ DP basis dated 19.06.2003 |
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|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs. in millions
|
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3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
Hypothecation
charge on the current assets and fixed assets of the company |
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4.
Gist of the terms and conditions and extent and operation of the charge. |
NA |
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|
5.
Names, address and description of the
persons entitled to charge |
Punjab National Bank 17, Rajaji Salai, Chennai – 600 001,
Tamilnadu, India |
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|
6.
Date and brief description of instrument modifying the charge |
Memorandum
of Entry dated 06.02.2004 |
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|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
The
modification is for the renewal of the limits on the existing terms and
conditions. Rs. in millions
The
above facilities are secured by first charge on the current assets and fixed
assets of the company. It is now additionally secured by first charge on the
immovable properties of the company. |
Contact
Corporate Office:
9, Cathedral Road, Chennai - 600 086, Tamilnadu,
India
Tel: 91 44 2812 8400
Fax: 91 44 2811 2437
Plant/ Factory:
147, Karapakkam Village, Chennai - 600 096,
Tamilnadu, India
Tel: 91 44 2450 4200
Fax: 91 44 2450 1056
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.44.11 |
|
UK
Pound |
1 |
Rs.86.58 |
|
Euro |
1 |
Rs.57.04 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|