MIRA
INFORM REPORT
|
Report Date : |
09.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
MAHINDRA
INTERTRADE LIMITED |
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Formerly Known As : |
MAHINDRA EXPORTS LIMITED |
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Registered Office : |
Gateway
Building, Apollo Bunder, Mumbai – 400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.03.1978 |
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Com. Reg. No.: |
11-20222 |
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CIN No.: [Company
Identification No.] |
U51900MH1978PLC020222 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20515F |
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PAN No.: [Permanent
Account No.] |
AAACM4745P |
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Legal Form : |
Closely Held Public Limited Liability
Company |
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Line of Business : |
Traders of Engines, Leather Goods, Steel
Raw Materials, Steel, Special Steels, Spare Parts, Garments, Pump Sets, Sheet
Metal Components, Manhole Covers, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD
3000000 |
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Status : |
Good |
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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 fine track. Financial position is good.
Payments are correct and as per commitments. Trade relations are fair.
The company is a part of Mahindra Group, a well known and highly
respectable industrial house. It can
be considered good for any normal business dealings. It can
be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office : |
Gateway
Building, Apollo Bunder, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-22021031/
24935203 / 24900226 / 27 /
24935204 /2497 5581 |
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Fax No.: |
91-22-22028780
/ 24951236 / 1872 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Mahindra Tower, Worli, Mumbai - 400 018, Maharashtra, India |
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Tel.
No.: |
91-22-24935203 |
DIRECTORS
|
Name : |
Mr. Anand G. Mahindra |
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Designation : |
Chairman |
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Address : |
Goolistan,
65, Nepean Sea Road, Mumbai – 400006, Maharashtra |
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Date of Birth/Age : |
01.05.1955 |
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Date of Appointment : |
20.02.1991 |
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Name : |
Mr. Bharat Doshi |
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Designation : |
Director |
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Address : |
8, St.
Helen’s Court, Dr. Gopalrao Deshmukh Marg, Mumbai – 400026 |
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Date of Birth/Age : |
12.06.1949 |
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Date of Appointment : |
28.08.1992 |
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Name : |
Mr.
Rajgopalan R. Krishnan |
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Designation : |
Managing
Director |
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Address : |
Christmas
Eve, Flat NO. J, 4th Floor, 63, Bhulabhai Desai Road, Mumbai –
400026, Maharashtra, India |
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Date of Birth/Age : |
07.07.1940 |
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Date of Appointment : |
16.07.1991 |
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Date of Ceasing : |
01.04.2005 |
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Name : |
Mr.
Arun Kumar Nanda |
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Designation : |
Director
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Address : |
3, St.
Helen’s Court, Dr. Gopalrao Deshmukh Marg, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
13.03.1949 |
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Date of Appointment : |
18.04.1991 |
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Name : |
Mr.
Uday Y. Phadke |
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Designation : |
Director
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Address : |
Flat
No. 13, Neel Tarang, 208/210, Veer Savarkar Marg, Mahim, Mumbai – 400016,
Maharashtra, India |
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Date of Birth/Age : |
19.11.1950 |
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Date of Appointment : |
30.04.1997 |
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Name
: |
Mr.
Zhooben Bhiwandiwala |
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Designation
: |
Director
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Address
: |
S –
13, Cusrow Baug, Shahid Bhagat, Singh Road, Mumbai – 400039, Maharashtra,
India |
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Date
of Birth/Age : |
09.12.1959 |
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Date
of Appointment : |
17.02.2000 |
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Name
: |
Ms.
Tarjani Vakil |
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Designation
: |
Director |
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Address
: |
A – 1,
Ishwardas Mansion, Nana Chowk, Mumbai – 400007, Maharashtra, India |
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Date
of Birth/Age : |
30.10.1936 |
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Date
of Appointment : |
28.04.2000 |
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Name
: |
Mr.
Raghunath Murti |
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Designation
: |
Managing
Director |
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Address
: |
F –
53, 5th Floor, Venus Apartments, Twin Star Venus Co-operative
Housing Society, 87, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Date
of Birth/Age : |
31.10.1948 |
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Date
of Appointment : |
26.02.2003 |
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Name
: |
Mr.
Rajeev Dubey |
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Designation
: |
Director
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Address
: |
1st
Floor, Morena, 11, Carmichael Road, Mumbai – 400026, Maharashtra, India |
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Date
of Birth/Age : |
03.04.1954 |
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Date
of Appointment : |
25.02.2004 |
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Name
: |
Mr.
Harsh Kumar |
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Designation
: |
Director |
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Address
: |
201,
Ferndale, 12th Road, Khar West, Mumbai – 400052, Maharashtra,
India |
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Date
of Birth/Age : |
21.08.1954 |
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Date
of Appointment : |
24.11.2006 |
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Other
Directorships : |
Mahindra
Steel Service Centre Limited - Director CIN
No. : U27100MH1993PLC070416 |
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Name
: |
Dr.
Pawan Kumar Goenka |
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Designation
: |
Director
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Address
: |
Flat
No. 602, 9 JVPD, Near UTI Bank Limited, 10th Road, Juhu Vile Parle
Scheme, Vile Parle [West], Mumbai – 400056, Maharashtra, India |
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Date
of Birth/Age : |
23.09.1954 |
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Date
of Appointment : |
31.07.2006 |
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Other
Directorships : |
Mahindra
Engineering Design and Development Company Limited – Director CIN
No. : L72400MH1995PLC091404 Sylvan
Realty Private Limited - Director CIN
No. : U70100MH1999PTC122738 Mahindra
Renault Private Limited – Director CIN
No. : U34100MH2005PTC153702 Mahindra
and Mahindra Financial Services Limited – Director CIN
No. : L65921MH1991PLC059642 Mahindra
International Limited – Director CIN
No. : U63040MH1994PLC079098 Plexion
Technologies [India] Private Limited – Director CIN
No. : U72200KA2000PTC027846 Automartindia
Limited – Director CIN
No. : U64200MH1994PLC083996 |
KEY EXECUTIVES
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Name
: |
Mr.
Percy D. Mahernosh |
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Designation
: |
Company
Secretary |
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Address
: |
504,
Rahul Apartments, II Baburao Parulekar Marg, Dadar [West], Mumbai – 400028,
Maharashtra, India |
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Date
of Birth/Age : |
02.10.1959 |
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Date
of Appointment : |
16.08.2000 |
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Date
of Ceasing : |
30.03.2005 |
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Name
: |
Ms.
Arnavaz M. Pardiwalla |
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Designation
: |
Secretary
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Address
: |
13,
Fairy Manor, Gunbow Street, Fort, Mumbai - - 400001 |
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Date
of Birth/Age : |
20.11.1972 |
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Date
of Appointment : |
25.04.2006 |
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Tel.
No. : |
91-22-22611775 |
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E-mail
: |
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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EQUITY SHARES : |
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Mahindra
& Mahindra Limited |
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27100000 |
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Mahindra
& Mahindra Limited Jt. with Mr. U. Y. Phadke |
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1 |
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Mahindra
& Mahindra Limited Jt. with Mr. Bharat Doshi |
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1 |
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Mahindra
& Mahindra Limited Jt. with Mr. Anand G. Mahindra |
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1 |
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Mahindra
& Mahindra Limited Jt. with Mr. A. K. Nanda |
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1 |
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Mahindra
& Mahindra Limited Jt. With Mr. M. A. Nazareth |
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1 |
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Mahindra
Holdings & Finance Limited |
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1 |
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Mahindra
& Mahindra Limited Jt. With Mr. Narayan Shankar |
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1 |
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TOTAL |
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27100007 |
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PREFERENCE SHARES |
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Mahindra
& Mahindra Limited |
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1875000 |
BUSINESS DETAILS
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Line of Business : |
Traders of Engines, Leather Goods, Steel
Raw Materials, Steel, Special Steels, Spare Parts, Garments, Pump Sets, Sheet
Metal Components, Manhole Covers, etc. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
110 |
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Bankers : |
State Bank of India Corporate Accounts Group Branch, Voltas House, 23, J. N. Heredia Marg, Mumbai – 400001, Maharashtra, India ING Vysya Bank Limited The Bank of Nova Scotia The Hongkong & Shanghai Banking Corporation Limited IDBI Bank Limited |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
A. F. Ferguson Associates Chartered Accountants, Maker Towers ‘E’, Cuffe Parade, Mumbai –
400005, Maharashtra, India |
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Holding Company : |
Mahindra and Mahindra Limited |
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Associates : |
Mahindra Steel Service Centre Limited Mahindra Holdings and Finance Limited Mahindra Consulting Limited Mahindra Holidays and Resorts India Limited Mahindra Intertrade (UK) Limited Mahindra Information Technology Services Limited Mahindra and Mahindra Financial Services Limited Mahindra Sintered Products Limited Mahindra Ugine Steel Company Limited Mahindra Engineering & Chemical Products Limited Mahindra Realty and Infrastructure Developers Limited Mahindra Acres Consulting Engineers Limited Mahindra Ashtech Limited Mahindra Entertainment Corporation Limited (Formerly Known As Mahindra Sega Entertainment Corporation Limited) NBS International Private Limited Mahindra-British Telecom Limited MBT International Incorporated e-Mahindra Solutions Limited (Formerly Known As Mahindra Network Services Limited) Mahindra Consulting Limited Mahindra Logisoft Business Solutions Limited Automartindia Limited (Formerly Known As Mahindra Telecommunications Limited) Mahindra Consulting Inc. Mahindra USA Incorporation Mahindra Auto Specialities Limited Mahindra Gujarat Tractor Limited (Formerly Known As Gujarat Tractor Corporation Limited) Mahindra Shubhlabh Services Limited Mega One Stop Farm Services Limited Mriyalguda Farm Solutions Limited Mahindra Alternative Technologies Limited Mahindra Eco Mobiles Limited |
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Subsidiaries : |
Mahindra
MiddleEast Electrical Steel Service Centre |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
28000000 |
Equity Shares |
Rs.
10/- each |
Rs. 280.000 millions |
|
1875000 |
Cumulative Redeemable Preference Shares |
Rs.
100/- each |
Rs.
187.500 millions |
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TOTAL |
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Rs. 467.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
12100007 |
Equity Shares |
Rs.
10/- each |
Rs. 121.000 millions |
|
15000000 |
Equity Shares |
Rs. 3/- each |
Rs. 45.000 millions |
|
1875000 |
Cumulative Redeemable Preference Shares |
Rs.
100/- each |
Rs. 187.500 millions |
|
|
TOTAL |
|
Rs. 353.500 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
353.500 |
353.500 |
353.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
382.329 |
214.426 |
77.976 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
735.829 |
567.926 |
431.476 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
96.454 |
186.740 |
242.826 |
|
|
2] Unsecured Loans |
70.600 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
167.054 |
186.740 |
242.826 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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TOTAL |
902.883 |
754.666 |
674.302 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.332 |
35.564 |
38.876 |
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Capital work-in-progress |
25.683 |
0.000 |
0.000 |
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INVESTMENT |
47.502 |
22.430 |
0.001 |
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DEFERREX TAX ASSETS |
0.000 |
9.622 |
14.108 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
611.652
|
621.220
|
462.322 |
|
|
Sundry Debtors |
1436.406
|
1280.829
|
888.935 |
|
|
Cash & Bank Balances |
202.320
|
100.049
|
32.058 |
|
|
Other Current Assets |
10.850
|
0.000
|
0.000 |
|
|
Loans & Advances |
96.308
|
107.459
|
100.362 |
|
Total Current Assets |
2357.536
|
2109.557 |
1483.677 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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|
|
Current Liabilities |
1504.660
|
1388.900
|
816.345 |
|
|
Provisions |
61.510
|
33.607
|
46.015 |
|
Total Current Liabilities |
1566.170
|
1422.507
|
862.360 |
|
|
Net Current Assets |
791.366
|
687.050
|
621.317 |
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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|
TOTAL |
902.883 |
754.666 |
674.302 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
7206.218 |
5011.760 |
2847.813 |
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|
|
|
|
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Profit/(Loss)
Before Tax |
387.695 |
331.280 |
222.437 |
|
Provision
for Taxation |
134.272 |
135.729 |
82.239 |
|
Profit/(Loss)
After Tax |
253.423 |
195.551 |
140.198 |
|
|
|
|
|
|
Total
Expenditure |
6818.523 |
4680.480 |
2625.376 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
3.51
|
3.90 |
4.92 |
|
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|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
5.38
|
6.61 |
0.07 |
|
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
16.18
|
15.44 |
14.60 |
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|
Return
on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.58 |
0.51 |
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|
Debt
Equity Ratio (Total
Liability/Networth) |
|
2.35
|
2.83 |
2.56 |
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Current
Ratio (Current
Asset/Current Liability) |
|
1.50
|
1.48 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
History
:
Subject was incorporated on 20th March, 1978 at Mumbai in Maharashtra having Company Registration Number 20222.
Consequent upon the acquisition of the Intertrade Division of Mahindra and Mahindra Limited, the name of the company has been changed from Mahindra Exports Limited to Mahindra Intertrade Limited
Financial
Results :
The
company’s gross turnover for the year ended 31st March, 2005 has
increased to Rs. 5243.200 millions from Rs. 3038.500 millions in the previous
year registering a growth of 73%.
Profit before tax for the year is substantially higher at Rs. 331.300
millions up from Rs. 222.400 millions representing an increase of 49%.
The
improved performance is attributed to robust business model followed by the
company by focusing on market segments having revenue potential for future
growth and profitability.
Despite
supply constrains in certain critical raw materials particularly in steel
business and volatility in prices of metal and ferro alloys, the company could
capture opportunities offered by market condition and obtain higher margins by
increasing share of value added products.
After
providing for taxes of Rs. 135.700 millions [Rs. 82.200 millions, for the
previous year] including deferred tax debit of Rs. 4.500 millions [Rs. 5.900
millions credit, for the previous year] and tax for the prior years of Rs.
16.200 millions [previous year Rs. Nil], profit after tax rose by 40% to Rs.
195.600 millions from Rs. 140.200 millions in the previous year.
DIVIDEND
During
the year under report, the directors paid an interim dividend @ 18% on 12100007
equity share of Rs. 10 each fully paid up and a proportionate dividend @ 18% on
15000000 equity shares of the face value of Rs. 10 each, Rs. 3 per share paid
up aggregating Rs. 29.880 millions.
The
directors recommend payment of dividend @ 7.25% on 1875000 Cumulative
Redeemable Preference Shares of Rs. 100 each aggregating Rs. 13.594
millions.
OPERATIONS
The
business environment in the Industry is buoyant owing to strong fundamentals
and impetus provided by general turnaround in the economic outlook. The company sharpened its focus in all areas
of activities namely, steel, ferro alloys, engineering exports, distribution of
specialized equipment and retail segments which brought about significant
growth over the previous year. The
company aims to build robust business processes and strong risk management
procedures committed to high quality of operations and enhancement of customer
service and satisfaction.
Steel
Business : It contributed significantly to the profitability of the company
during the year despite supply constraints primarily in Electrical Steel grades
of steel. Internationally, demand for
steel is increasing which also results in firming up of unit prices for steel
products. The group was in a position
to meet customer requirements through its Steel Service Centre.
Exports
: Widening its activities during the year, the export group was successful in
exporting Mahindra Tractors and other Agricultural Implements to Uganda. The group has commenced exports of Auto
Components to companies in Spain and Germany.
The group has also started trading in Diesel Generators.
The company's fixed assets of important value include office equipments, computers and plant & machinery, furniture & fittings, vehicles and intangibles.
|
Name of the company |
MAHINDRA INTERTRADE LIMITED |
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Presented By |
State Bank of India, Corporate Accounts Group Branch, Mumbai – 1 |
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1) Date and description of instrument creating the change |
Agmt. Of Loan for overall limit Form C .1 Agmt. Of Hypo. Of goods and assets, Form C.2 Letter regarding the grant of individual limits within the overall limit Form C.5 All the above agmts. are of 12.10.99 and executed for the creation of a single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 55 millions Rs. in Millions A. Fund Based Cash Credit : 5.000 Letter of Credit [Import / Domestic] : 50.000 -------------- 55.000 ======== |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
A first charge by way of hypothecation of the borrowers entire goods, movables and other assets present and future including documents of title to the goods and other assets. Such as bookdebts, outstanding moneys, receivables including receivables under the Cash Incentive Scheme or any other scheme, claims, including claims by way of refund of customs / excise duties under the duty drawback credit scheme or any other scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights uncalled capital and all machinery present and future to such form satisfactory to the bank |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. : As would be determined by the bank from time to time Margin : Raw Material [Imported : 25% & Indigenous] Stock in process : 25% Finished Goods : 25% Stores & Spares : 25% Bookdebts : 40% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Corporate Accounts Group Branch, 20th Floor, Express Towers, Nariman Point, Mumbai – 400021, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
a. Second Supplemental Agreement of Loan for increase in the overall limit [Form C.1-A] b. Second Supplemental Agreement of Hypothecation of goods and assets for increase in the overall limit [Form C.2-A] c. Letter regarding the grant of Individual limits within the overall limit [Form C.5] All the above agmt’s. are dt. 18.11.2004 and executed for the creation of a single modification |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original charge was created on 12.10.1999 for Rs. 55.000 millions 1stly modified on 24.03.2004 for Rs. 165.000 millions. Now by the present modification dt. 18.11.2004 the limit has been increased from Rs. 165.000 millions to Rs. 325.000 millions. The individual limits are as follows : [Rs. in millions]
|
|
Name of the company |
MAHINDRA INTERTRADE LIMITED |
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|
Presented By |
State Bank of India, Corporate Accounts Group Branch, Mumbai – 1 |
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|
1) Date and description of instrument creating the change |
Agmt. Of Loan for overall limit Form C .1 Agmt. Of Hypo. Of goods and assets, Form C.2 Letter regarding the grant of individual limits within the overall limit Form C.5 All the above agmts. are of 12.10.99 and executed for the creation of a single charge |
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|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 55 millions Rs. in Millions A. Fund Based Cash Credit : 5.000 Letter of Credit [Import / Domestic] : 50.000 -------------- 55.000 ======== |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
A first charge by way of hypothecation of the borrowers entire goods, movables and other assets present and future including documents of title to the goods and other assets. Such as bookdebts, outstanding moneys, receivables including receivables under the Cash Incentive Scheme or any other scheme, claims, including claims by way of refund of customs / excise duties under the duty drawback credit scheme or any other scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights uncalled capital and all machinery present and future to such form satisfactory to the bank |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. : As would be determined by the bank from time to time Margin : Raw Material [Imported : 25% & Indigenous] Stock in process : 25% Finished Goods : 25% Stores & Spares : 25% Bookdebts : 40% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Corporate Accounts Group Branch, 20th Floor, Express Towers, Nariman Point, Mumbai – 400021, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
a. Second Supplemental Agreement of Loan for increase in the overall limit [Form C.1-A] b. Second Supplemental Agreement of Hypothecation of goods and assets for increase in the overall limit [Form C.2-A] c. Letter regarding the grant of Individual limits within the overall limit [Form C.5] All the above agmt’s. are dt. 09.01.2006 and executed for the creation of a single modification |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original charge was created on 12.10.1999 for Rs. 55.000 millions 1stly modified on 24.03.2004 for Rs. 165.000 millions. 2ndly modified on 18.11.2004 for Rs. 325.000 millions. Now by the present modification dt. 09.01.2006 the limit increased from Rs. 325.000 millions to Rs. 825.000 millions. The enhanced limits are as follows : [Rs. in millions]
Rate of Interest : As would be determined by Bank from time to time Margin : Raw Materials [Imported & Indigenous] : 25% Stock in process : 25% Finished goods : 25% Stores and spares : 25% Bookdebts [cover period 150 days] : 40% |
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.44.16 |
|
UK
Pound |
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.57.56 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|