MIRA
INFORM REPORT
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Report
Date : |
12.02.2007 |
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
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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
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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
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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
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Company Secretary |
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Name : |
Mr. Natrajan Balakrishnan |
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Designation
: |
Whole-Time Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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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
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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
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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 :
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No. of
Shares |
Type |
Value |
Amount |
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90000000 |
Equity Shares |
Rs. 10/- each |
Rs. 900.000 millions |
Issued,
Subscribed & Paid-up Capital :
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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
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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
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210.859
|
162.754 |
172.452 |
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Sundry Debtors
|
285.242
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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
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398.985
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214.091 |
290.013 |
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Provisions
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25.868
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(19.963) |
25.645 |
Total Current Liabilities
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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
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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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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 EPCOS
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.
EPCOS
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 EPCOS
EPCOS emerged
from Siemens Matsushita Components, a joint venture founded in 1989 by Siemens
and Matsushita. Since EPCOS went public on October 15, 1999, both former parent
companies have remained important shareholders, each holding 12.5% of equity.
EPCOS was floated on the Frankfurt and New York Stock exchanges simultaneously.
Since March 2003, EPCOS has been one of the largest companies in the new TecDAX
index of technology stocks.
Product
range
EPCOS
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 –
EPCOS 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,
EPCOS 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, EPCOS offers
one-stop shopping for all passive electronic components. This enables us 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 us 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. EPCOS' 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, EPCOS is consistently improving the quality of its
processes and process mastery - and thus the quality of its products. Numerous
awards presented to EPCOS 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 EPCOS, 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 EPCOS' quality policy that the QM system must satisfy the most
demanding international standard applicable. Certification of the entire EPCOS
Group was therefore tackled on the basis of ISO/TS 16949 in 2003 and completed
in February 2004. The EPCOS 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 EPCOS
Six Sigma
methodology is being introduced throughout the EPCOS 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 Us
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:
EPCOS 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 EPCOS’ Tantalum
Capacitor Business Unit: EPCOS and KEMET sign contract
Q4 2005: Sales
increased in all industries and regions
Presence in China
stepped up: EPCOS 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.44.06 |
|
UK Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
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 |