MIRA
INFORM REPORT
|
Report Date : |
11.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUZUKI
POWERTRAIN INDIA LIMITED |
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Registered Office : |
11th
Floor, Jeevan Prakash, 25, Kasturba Gandhi Marg, New Delhi – 110001,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.11.2002 |
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Com. Reg. No.: |
55-117679 |
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CIN No.: [Company
Identification No.] |
U27109DL2002PLC117679 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS20077B |
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PAN No.: [Permanent
Account No.] |
AAGCS7346J |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer
of Automobile Diesel Engines, Transmissions and other components. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD4000000 |
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Status : |
Good |
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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 fine track. Directors are
reported as experienced and respectable businessman. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The
company can be considered normal for business dealings at usual trader terms
and conditions. |
LOCATIONS
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Registered
Office / For
Institutional Investor: |
Maruti
Udyog Limited 11th
Floor, Jeevan Prakash Building, 25, Kasturba Gandhi Marg, New Delhi – 110001,
India |
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Tel.
No.: |
91-11-23326727
/ 23316831 Extension -304 |
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Fax
No.: |
91-11-23318754 |
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E-Mail |
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Website: |
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For
Retail Investors: |
Mr.
Anil Rustgi |
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Tel.
No.: |
G M
(Legal) and Company Secretary, Maruti Udyog Limited 11th
Floor, Jeevan Prakash Building, 25, Kasturba Gandhi Marg, New Delhi – 110001,
India |
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Fax
No.: |
91-11-23712854
/ 23316831 Extension - 323 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr
Tadashi Kitano |
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Designation : |
Whole
Time director |
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Address : |
G-5/1
DLF City Phase-I, Gurgaon, Haryana. |
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Date of Birth/Age : |
29.09.1959 |
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Date of Appointment : |
14.11.2002 |
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Name : |
Mr
Vipin Dang |
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Designation : |
Whole
time director |
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Address : |
E-1/F
DDA Flats Munikra, New Delhi – 110067 |
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Date of Birth/Age : |
05.03.1960 |
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Date of Appointment : |
14.11.2002 |
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Name : |
Mr
Motohiro Atsumi |
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Designation : |
Director |
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Address : |
Room
No. 507, Hotel Ashok, Chankya Puri, New Delhi – 110021 |
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Date of Birth/Age : |
24.08.1949 |
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Date of Appointment : |
31.01.2005 |
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Name : |
Mr.
Hajime Kamiya |
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Designation : |
Director |
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Address : |
Room
no 209, Hotel Ashok, Chankya Puri, New Delhi – 110021 |
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Date of Birth/Age : |
24.08.1949 |
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Date of Appointment : |
10.05.2003 |
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Date of Ceasing: |
31.01.2005 |
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Name : |
Mr.
Shinichi Takeuchi |
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Designation : |
Director |
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Address : |
Room
No 545, Hotel Ashok, Chankya Puri, New Delhi – 110021 |
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Date of Birth/Age : |
16.02.1948 |
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Date of Appointment : |
14.11.2002 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr O
Suzuki |
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Designation : |
Director |
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Address : |
3-90-18,
Shijinizuka-cho, Hamamatsu, Shizuoka, Japan |
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Date of Birth/Age : |
30.06.1930 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr.
Shinzo Nakanishi |
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Designation : |
Director |
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Address : |
59-3, Saiwai 2 Chome, Hamamatsu, shizuoka, Japaan |
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Date of Birth/Age : |
14.09.1947 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr T
Kobayashi |
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Designation : |
Director |
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Address : |
85-4,
Yasumatsu-Cho, Hamamatsu, Shizuoka, Japan |
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Date of Birth/Age : |
30.05.1941 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr
Junzo Sugimori |
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Designation : |
Director |
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Address : |
1864-1,
Tomitsuka-cho, Hamamatsu, Shizuoka, Japan |
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Date of Birth/Age : |
11.10.1941 |
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Date of Appointment : |
27.07.2005 |
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Name : |
Mr.
Shigeaki Hamada |
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Designation : |
Director |
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Address : |
3876-152,
Tomitsuka-cho, Hamamatsu, Shizuoka, Japan |
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Date of Birth/Age : |
18.03.1947 |
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Date of Appointment : |
27.07.2005 |
KEY EXECUTIVES
|
Name : |
Mr.
Deepak Raj Jain |
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Designation : |
Company
Secretary |
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Address : |
C-96,
Mianwali Colony, Gurgaon, Haryana |
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Date
of Birth/Age: |
28.06.1971 |
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Name : |
Mr
Rajeev Kumar Choubey |
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Designation : |
Company
Secretary |
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Address : |
B-403,
Jansatta Apartments, Sector-9, Vasundhra, shibabd, Ghaziabad – 210012, Uttar
Pradesh, India |
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Date
of Birth/Age: |
04.06.1972 |
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Date
of Appointment : |
22.03.2006 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Suzuki
Motor Corporation |
35699995 |
51.00 |
|
Maruti
Udyog Limited |
34300000 |
49.00 |
|
Mr
shinchi Takeuchi |
1 |
0.00 |
|
Mr
MotohroAtsumi |
1 |
0.00 |
|
Mr
Shinzo Nakanishi |
1 |
0.00 |
|
Mr
Hajime Kamiya |
1 |
0.00 |
|
Mr
Hirofumi nagao |
1 |
0.00 |
|
Total |
70000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Automobile Diesel Engines, Transmissions and other components. |
GENERAL
INFORMATION
|
Auditors : |
V
Sankar Aiyar and Company Chartered
Accountants |
|
Tel. No.: |
Satyam
Cinema Complex, Ranjit Nagar, Community Centre, New Delhi - 110008 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
25,40,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 2540.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
7,00,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 700.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
SHAREHOLDERS FUNDS |
|
|
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1] Share Capital |
|
700.000 |
340.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
343.626 |
164.154 |
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4] (Accumulated Losses) |
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---- |
---- |
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NETWORTH |
|
1043.626 |
504.154 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
9077.786 |
534.763 |
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TOTAL BORROWING |
|
9077.786 |
534.763 |
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DEFERRED TAX LIABILITIES |
|
81.600 |
101.369 |
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DEFERRED CREDIT FOR CAPITAL GOODS |
|
225.222 |
326.513 |
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TOTAL |
|
10428.234 |
1466.799 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1402.292 |
1042.099 |
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Capital work-in-progress |
|
3802.452 |
112.483 |
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INVESTMENT |
|
---- |
---- |
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DEFERREX TAX ASSETS |
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---- |
---- |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
68.939 |
43.311 |
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Sundry Debtors |
|
120.511 |
50.079 |
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Cash & Bank Balances |
|
5087.079 |
272.532 |
|
Other Current Assets |
|
16.129 |
0.161 |
|
Loans & Advances |
|
366.663 |
64.179 |
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Total Current Assets |
|
5659.321 |
430.262 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
749.422 |
96.703 |
|
Provisions |
|
168.683 |
23.833 |
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Total Current Liabilities |
|
918.105 |
120.536 |
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Net Current Assets |
|
4741.216 |
309.726 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.688 |
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Preoperative Expenses Pending Allocation |
|
482.274 |
1.803 |
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TOTAL |
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10428.234 |
1466.799 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
1831.056 |
1296.934 |
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Profit/(Loss)
Before Tax |
|
264.792 |
290.081 |
|
Provision
for Taxation |
|
85.321 |
124.800 |
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Profit/(Loss)
After Tax |
|
179.471 |
165.281 |
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|
|
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Export
Value |
|
1.232 |
N.A. |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
|
|
9.80 |
12.74 |
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Net
Profit Margin(PBT/Sales) |
|
|
14.46 |
22.36 |
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Return
on Total Assets(PBT/Total Assets} |
|
|
3.74 |
19.70 |
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Return
on Investment (ROI)(PBT/Networth) |
|
|
0.25 |
0.57 |
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Debt
Equity Ratio(Total Liability/Networth) |
|
|
9.57 |
1.29 |
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|
Current
Ratio(Current Asset/Current Liability) |
|
|
1.19 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
100 acres okayed for Maruti Joint Venture in
Haryana
The Haryana Investment Promotion Board has granted approval to Suzuki Power Train India Limited, a new company floated by MUL for manufacturing automobile diesel engines, transmissions and other components with an investment of over Rs 22180.000 Million. This company will utilise 30 acres of land.
The
Board also granted approval to Maruti Suzuki Automobile India Limited; another
company incorporated by Maruti Udyog for car assembly with a total investment
of Rs 26769.000 Millions.
The
Board also approved the leasing of 100 acres of land to Maruti Suzuki joint
venture vendors. Permission was also granted for utilization of land by
subsidiaries of Maruti Suzuki.— PTI
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.44.61 |
|
UK
Pound |
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.57.74 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
58 |
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 |
|