MIRA
INFORM REPORT
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Report Date : |
04.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SONI RUBBER
PRODUCTS LIMITED |
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Registered Office : |
4, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.06.1981 |
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Com. Reg. No.: |
21-33731 |
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CIN No.: [Company
Identification No.] |
U19202WB1981PTC033731 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS01702B |
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Legal Form : |
A closely held
public limited liability company. |
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Line of Business : |
Manufacturer of
hoses and hose assemblies. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 65000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by average 30
days |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Directors are reported as experienced,
respectable and resourceful businessmen.
Their trade relations are reported as fair. Payments are reported as slow by average 30
days. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
4, |
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Tel. No.: |
91-33-22377672 / 2691 / 9208 / 22434805 / 22481139 |
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Fax No.: |
91-33-22152925 / 22215365 |
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E-Mail : |
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Website : |
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Area : |
2500 sq.fts |
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Location : |
Rented
(Commercial Area) |
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Head Office : |
4, |
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Tel. No.: |
91-33-22377672 / 2691 / 9208 |
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Fax No.: |
91-33-22152925 |
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E-Mail : |
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Area : |
2500 sq.fts |
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Location : |
Rented
(Commercial Area) |
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Factory /
Warehouse : |
Village Banagram,
Post Rashpunja, Police Station, Bishnupur, 24 Parganas (South), West |
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Area : |
1720000 sq.fts |
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Location : |
Owned (Industrial
Area) |
DIRECTORS
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Name : |
Mr. Tajinder
Singh |
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Designation : |
Wholetime Director |
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Address : |
61, Block D, New Alipore, Kolkata – 700 053, |
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Date of Birth/Age : |
01.07.1947 |
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Qualification : |
B.Com. |
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Date of Appointment : |
02.06.1981 |
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Other Directorship : |
Waheguru Rubber Manufacturing Company Private Limited |
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PAN No. : |
AJWPS1798L |
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Name : |
Mr. Jaspal Singh
Soni |
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Designation : |
Whole Time
Director |
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Address : |
61, Block D, New Alipore, Kolkata – 700 053, |
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Date of Birth/Age : |
12.12.1952 |
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Date of Appointment : |
02.06.1981 |
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PAN No. : |
AMAPS1332F |
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Name : |
Mr. Pawandeep
Singh Soni |
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Designation : |
Director |
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Address : |
61, Block D, New Alipore, Kolkata – 700 053, |
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Date of Birth/Age : |
08.09.1973 |
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Date of Appointment : |
16.11.1993 |
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PAN No. : |
AKLPS3233J |
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Name : |
Mr. Vijay N.
Gandhi |
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Designation : |
Director |
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Address : |
16, |
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Date of Birth/Age : |
09.04.1951 |
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Date of Appointment : |
11.10.1989 |
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PAN No. : |
ADYPG8909P |
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Name : |
Mrs. Jasmine Kaur
Soni |
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Designation : |
Director |
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Address : |
61, Block D, New Alipore, Kolkata – 700 053, |
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Date of Birth/Age : |
28.10.1976 |
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Date of Appointment : |
03.10.1997 |
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PAN No. : |
AJMPS2280H |
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Name : |
Mr. Mandeep Singh
Soni |
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Designation : |
Director |
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Address : |
61, Block D, New Alipore, Kolkata – 700 053, |
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Date of Birth/Age : |
02.10.1978 |
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Date of Appointment : |
02.06.2003 |
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PAN No. : |
ALSPS9172Q |
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Name : |
Mr. Damneet Singh
Soni |
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Designation : |
Director |
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Address : |
61, Block D, New Alipore, Kolkata – 700 053, |
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Date of Birth/Age : |
17.01.1979 |
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Date of Appointment : |
02.06.2003 |
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PAN No. : |
AKLPS7076D |
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Name : |
Mr. Sundeep Singh
Soni |
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Designation : |
Director |
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Address : |
61, Block D, New Alipore, Kolkata – 700 053, |
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Date of Birth/Age : |
05.07.1980 |
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Date of Appointment : |
02.06.2003 |
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PAN No. : |
ALAPS8315D |
KEY EXECUTIVES
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Name : |
Mr. Surajit Sen |
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Designation : |
Company Secretary |
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Address : |
26/1, |
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Date of Birth/Age : |
07.09.1970 |
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Date of Appointment : |
15.09.2000 |
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PAN No. : |
ANLPS0040C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Tajinder Singh |
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222630 |
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Jaspal Singh Soni |
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220740 |
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Vijay N. Gandhi |
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4235 |
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Pawandeep Singh
Soni |
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120450 |
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Sukh Dev Kaur |
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5400 |
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Jasmine Kaur Soni |
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148370 |
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Tirath Singh Soni
and Others [HUF] |
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100 |
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Satwant Singh |
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100 |
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Damneet Singh
Soni |
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100 |
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Jaspal Singh Soni
- HUF |
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100 |
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Tajinder Singh – HUF
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100 |
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Sundeep Singh
Soni |
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100 |
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Mandeep Singh
Soni |
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10400 |
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Amarjit Singh
Soni |
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100 |
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Harchara Kaur
Soni |
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100 |
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Harpal Kaur |
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100 |
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Simran Soni |
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100 |
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Kulmeet Kaur Soni
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100 |
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Tavneet Kaur Soni
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100 |
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Sukhhar
Enterprises Private Limited |
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72475 |
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Total |
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805900 |
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Equity Share Breakup |
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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9.00 % |
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Directors or
relatives of directors |
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90.40 % |
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Other top fifty
shareholders |
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0.60 % |
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Total |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
hoses and hose assemblies. |
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Products : |
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Brand Names : |
“SONI” |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit (30 to 90
days) terms |
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Purchasing : |
L/C and Credit
(30 to 60 days) terms |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Rubber Hoses |
Mtrs |
-- |
720000 |
406377.51 |
GENERAL INFORMATION
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Suppliers : |
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Bayer
AG, ˜
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Customers : |
v
Atlas
Copco Limited v
Coal
India Limited v
Escorts
Limited v
Indian
Railways v
Oil
& Natural Gas Commission v
Usha
Telehoist Limited |
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No. of Employees : |
Around 200 |
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Bankers : |
Oriental Bank of
Commerce Kolkata – 700
013, West |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B N Ray &
Company Chartered
Accountants |
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Address : |
10, |
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Tel. No.: |
91-33-22489789 |
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Parent Company : |
A Soni Group
Company |
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Associates/Subsidiaries : |
˜
Soni Enterprises,
Kolkata, ˜
Sukhar
Enterpriss, ˜
T S
Hydraulics Private Limited, Noida, Uttar Pradesh ˜
Waheguru
Rubber Manufacturing Company Private Limited, Kolkata, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity shares |
Rs. 10/- Millions |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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805900 |
Equity shares |
Rs. 10/- Millions |
Rs. 8.059 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.059 |
8.059 |
8.059 |
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2] Reserves & Surplus |
8.270 |
7.296 |
7.179 |
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NETWORTH |
16.329 |
15.355 |
15.238 |
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LOAN FUNDS |
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1] Secured Loans |
12.070 |
6.069 |
5.151 |
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2] Unsecured Loans |
80.847 |
60.157 |
48.374 |
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TOTAL BORROWING |
92.917 |
66.226 |
53.525 |
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DEFERRED TAX LIABILITIES |
1.174 |
1.054 |
0.000 |
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TOTAL
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110.420 |
82.635 |
68.763 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
32.689 |
11.219 |
11.497 |
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Capital work-in-progress |
0.000 |
0.990 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
34.326 |
26.594 |
23.043 |
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Sundry Debtors |
43.338 |
33.127 |
37.189 |
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Cash & Bank Balances |
1.719 |
0.929 |
1.286 |
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Loans & Advances |
6.446 |
13.345 |
3.504 |
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Total Current
Assets |
85.829 |
73.995 |
65.022 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
6.842 |
2.494 |
6.881 |
Provisions
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1.300 |
1.150 |
0.992 |
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Total Current Liabilities |
8.142 |
3.644 |
7.873 |
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Net Current Assets |
77.687 |
70.351 |
57.149 |
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MISCELLANEOUS EXPENSES |
0.044 |
0.075 |
0.119 |
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TOTAL
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110.420 |
82.635 |
68.765 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover |
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123.000 |
117.700 |
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Other Income |
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Total Income |
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123.000 |
117.700 |
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Profit/(Loss) Before Tax |
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1.800 |
1.800 |
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Provision for Taxation |
|
0.700 |
0.700 |
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Profit/(Loss) After Tax |
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1.100 |
1.100 |
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Expenditures : |
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Total Expenditure |
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121.200 |
115.900 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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0.89 |
0.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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1.46 |
1.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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2.11 |
2.35 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.11 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.19
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4.55 |
4.03 |
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Current Ratio (Current Asset/Current Liability) |
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10.54
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20.31 |
8.26 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
SONI RUBBER PRODUCTS LIMITED |
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Presented By |
Oriental Bank of
Commerce |
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1) Date and description of instrument creating the change |
Hypothecation of
Goods to secure a Demand Cash Credit / overdraft dated 22.11.1982 Subsequently
modified on 30.10.1983, 9.12.1986, 27.03.1990, 06.07.1990, 19.08.1992,
14.06.1995 for Rs. 3.400 Millions and for creation of Equitable Mortgage, on
05.05.2001 for Rs. 10.500 Millions and for Creation of E. M. over new
properties on 08.02.2003 for Rs. 11.500 Millions and on 21.06.2004 for Rs.
15.500 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300
Millions |
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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 |
Hypothecation by way
of first charge all the Company’s stock of Raw Materials and finished goods
comprising of Raw Materials, Rubber Compounds, Steel Wires, LDD and solvent
Oil etc. Hydraulic and Industrial Hoses and Earth Moving Spares and all
products, goods and movable property stoted at 24 Parganas, W. B. or wherever else the same may be or in
course of transit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest /
Commission as may be fixed by the Bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce 2 B, Kolkata – 700013 |
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6) Date and brief description of instrument modifying the charge |
Agreement of Tem Loan
dated 12.01.2005 for Rs. 11.600 Millions Agreement of
Hypothecation of Assets dated 12.01.2005 for Rs. 32.700 Millions Letters dated
13.01.2005 regarding extension of Equitable Mortgage on 12.01.2005 for Rs.
32.700 Millions in respect of immovable properties situated at Banagram. |
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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. |
By this
modification the overall limit has been enhanced from Rs. 15.500 Millions to
Rs. 32.700 Millions consisting of following facilities :
The company has
also hypothecated by way of first charge one imported B. M. – Wire Bobbin
winder machine purchased / to be purchased out of Bank Loan. Interest / Commission
as may be fixed by the Bank from time to time. Other terms and
conditions remain unchanged. |
As Per Web Details
SONI Group
was setup in 1966 and from the day of inception the enterprise started trading in
various types of hoses and hose assemblies which include Hydraulic, Pneumatic,
Rockdrill etc. and around 1969 started their own assembly plant sourcing
imported and domestic bare hoses to manufacture hydraulic hose assemblies with
wire braided and spiral wire reinforced super high pressure hoses.
In
1981 the management decided to manufacture Hydraulic Hoses. The founder member
of the group Late A.S.Soni started visiting renowned hose manufacturers in
the world for search of excellence in hose manufacturing finally in the year
end of 1981 production of Wire Braided Hoses commenced by incorporating ' SONI
RUBBER PRODUCTS PRIVATE LIMITED ' as a SSI Unit and within a very short
period the product was established and accepted in the market as well as by the
reputed Engineering Industries.
The
product was further developed and standardized under the guidance of Late
Dr.Collin Evans of Dunlop (UK) and as advised by him the best available process
Machineries were installed to achieve the quality as per the relevant standard
and customer's specification.
In 1986 "SONI
"pioneering the production of Spiral Wire Reinforced Super High Pressure
Hoses for the first time in the country.
Soni has got the
complete in-house facility of manufacturing both hoses and end fittings which
very few manufacturers in the country possess and this unique feature has
enabled "SONI "to become the market leader of the finished
product.
35 years of experience and exposure to hydraulic applications in the Hose
industry has enabled SONI to help provide solutions to most of the problems
faced by their customers. Thereby Providing TOTAL SOLUTIONS UNDER ONE ROOF.
"SONI" has got Ex-stock availability of hoses and end fittings
which enable "SONI "to despatch the ordered goods within the
same day of call. All this a fax, Telephone, Email or Snail mail away. Helping
their CUSTOMERS achieve JUST IN TIME inventory system.
The organization
has also taken up modernization program for further technological development
in the field of hoses and has also diversified their activities regarding
manufacture of Mounded rubber products which include Wear Resistant Liners ,
Dump Body Pads of HEMMs' Rubberized Fabrics, Battery Containers etc. and various
new items will be introduced in near future.
In brief SONI Group is committed to maintain
quality standards to an ptimum level and also to offer an unbeatable price
along with superior after sales ervice through Nation wide net work of their
Branch Offices and distributors, to remain in the fore front of Indian Hose
Industries.
Subject is the
only manufacturer to offer hoses and hose assemblies under one roof. Soni
Hoses are manufactured conforming to standards SAE, DIN, IS - International
Specifications and are guaranteed against manufacturing defects.
Soni Group are a trusted name in hydraulic and pneumatic hoses. They are
the only manufacturers to offer hoses and hose assemblies under one roof
resulting in lower costs and better quality.
With 5 manufacturing plants located all over India including 5 in West Bengal,
employing 350 people they are the one of the first Pioneer Manufacturer of Super
High Pressure Spiral Hoses in India.
They have their offices at all major cities like Kolkata ,
They can guarantee
you the very best. They procure raw materials from the world's best ie. rubber
from Du Pont. They take reinforcement wire from
Before the final
product is delivered to you they conduct a series of vigorous tests to ensure
that their product meets the set standards. Check out their Guarantee Statement
in the Guarantee Button on the left for details.
R and D
˜
In 1984 they pioneered the production of Super high pressure
spiral hoses in
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The only manufacturer to be able to manufacture 5" ID wire
reinforced braided hoses.
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Speciality hoses including Large Dia Hoses for Oil Suction and
Discharge applications.
Products
- Hose Assembly
- Rubber Products
- High Pressure Hose
- Medium Pressure Hose
- Petroleum Hose
- Textile Hose
Benefits
Customer Requirements
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Quality Product.
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Competitive Pricing.
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Quick Delivery-(Just in Time).
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Technologically Advanced.
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Supplier's In house Testing.
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R&D-Higher Product Performance (Temp, Pressure).
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Financial Stability & Total Infrastructure.
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Experience.
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Total Solutions under one roof.
Benefits of Soni as a supplier
˜
The Benefits of purchasing hoses & hose assemblies from Soni.
˜
Soni manufactures the hose as well as the end fittings.
˜
Quality product.
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30 years experience.
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Door step delivery.
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Pioneering efforts in R&D.
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Comprehensive In-house testing facilities.
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Competitive Pricing.
Meeting the Needs - Quality
Product
˜
Quality Product = Best Input + Best Process M/c + Process Control
(ISO9002)
˜
INPUT : At Soni they believe that when the input and process is of
world class quality then the output is of unquestionable quality.
˜
The basic raw material Rubber is imported from world class
manufacturers from Du Pont (USA) Bayer (
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The life line of the hose is its reinforcement which in high
pressure hoses is its high tensile wire and Soni uses nothing but the best for
its discerning customers. Wire from Bekaert (
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PROCESS :The process machinery from the best in the world . The
braiders and the spiraling machine from TMW/Rockwell (USA). The boilers from
Thermax and rubber processing machinery from Santosh (
˜
Process Control : We now are an ISO 9002 certified Company with
detailed process built into the product.
Meeting the Needs -Competitive
Pricing
˜
Economies of Scale allow us lower raw material procurement
˜
Lower Prices than Competition through lower overheads and better
efficiency and judicious selection of suppliers.
Meeting the Needs -Quick
Delivery
˜
Soni's huge inventories of over 1,00,000 meters of bare hose and
6,00,000 end fittings enable us to make standard or slightly modified hose
assemblies despatch within the same day of call.
˜
A big client or customer if not already within a close proximity
of Soni's nation wide network, can be simplified by commissioning a new stock
depot or allowing Soni to send its transport vehicles with a LOGISTICAL Co.
support to door step deliver the goods.
˜
All this a Fax ,Telephone or E Mail away.
Meeting the Needs -Comprehensive
Testing facilities
˜
Soni's commitment to quality is firm and as a result of this they
have a most modern and sophisticated laboratory which includes the following ;
˜
Rheometric test on the Monsanto MDR 2000 rheometer.
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Tensile test, Elongation, Hardness, Oil Swelling, Aging etc.
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Hydrostatic proof pressure test.
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Change in length test.
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Burst pressure test.
˜
Impulse Test.
Meeting the needs - R & D
˜
New product design demanding higher product performance. (in terms
of higher pressures, temperature etc.) can all be taken care of at Soni design
Lab
˜
In 1984 Soni pioneered the production of super high pressure
spiral hoses in
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In 1996 twelve (12) years they are still the only producer of this
specialty hoses in
˜
The only manufacturer to be able to manufacture 5" ID wire
reinforced braided hoses and hose assemblies.
Meeting the needs - Experience
˜
Soni is in the field of hydraulic hoses and hose assemblies for
the last 30 years. This vast experience gained over the years by Soni has resulted
in extensive know how that is guaranteed to help solve any problem.
˜
Soni's products are used in nearly all the major industries which
cover earth moving , Steel , and allied industries and machine tools as well as
OE manufacturers thereby providing Soni with a wide spectrum of clients which
help us in the better understanding of the working of hydraulic systems their
limitations and capabilities.
Meeting the needs - Total
Solutions under one roof
˜
Soni is the only manufacturer to offer entire range of hydraulic
and pneumatic hoses from 3/16" ID to 5" ID. Pressures rating from
low, medium , high and super high pressure up to 6000 psi.
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End fittings are manufactured and assembled under one roof.
˜
The benefit of having a hose manufacturer also manufactures end
fittings help minimization of cost & delay in various forms.
˜
This also enables Soni to offer prices and deliveries schedule
which none can match in the industry.
˜
This compatibility pays off in maintaining better quality an
production schedules as the entire setup and control is under one roof.
customers :
Industries
1.Steel
Sail (Bokaro, Bhillai, Rourkela,
Rinl-Vizag
2.Aluminium
Hindalco
Balco
Nalco
Indal
3.Indian Railways
(All Zonal Railways)
Diesel Locomotive Works
Chittaranjan Locomotive Works
4.Oil
Oil & Natural Gas Corporation Limited
Indian Oil Corporation Limited
Hindustan Petroleum Limited
Oil India Limited
5.Consultancy & Engg.
Bharat Heavy Electricals Limited
Engineers India Limited
Mecon
6.Power
National Thermal Power Corporation Limited
Nuclear Power Corporation Limited
7.Hydraulic
Ut Limited
Wipro Fluid Power
Simplex Engg. & Foundry Works Limited
8.Cement
Acc Limited
L&T Limited
9.Mnc Branded Products
ITR Limited (Dunlop Branded Hoses)
TRF Limited
Exide Industries Limited
Esab India Limited
10.Road Construction Companies
Gammon India Limited
Hindustan Construction Co. Hcc
Punj Llyod Limited
Dodsal India Limited
L&T - ECC
approvals :
˜
ISO-9002
ACCREDITATION by international certifications services
˜
NSIC
APPROVED ORGANISATION
˜
Approved
& Valid Holder of DGS&D Rate Contract
˜
Approved
by RDSO - (Railway Safety and development wing)
˜
Approved
by RITES - (Railway Inspection Wing)
˜
Approved
by DIRECTOR GENERAL OF MINES SAFETY GOVT. OF
˜
Approved
by SQAE, MINISTRY OF DEFENCE, GOVT. OF
˜
Tested
from Bharat Earth Movers Limited BEML (Ministry of Defense, Govt. of
˜
IMPULSE TEST
CERTIFICATES
˜
Approved
by Oil Cos. & REFINERIES TECHNICAL DEVELOPMENT COMMITTEE (TDC)
˜
Approved
vendor of ENGINEERS INDIA LIMITED (EIL)
˜
Approved
vendor of MECON
˜
APPROVAL
FROM CENTRAL MINING RESEARCH INSTITUTE (COUNCIL OF SCIENTIFIC &
INDUSTRIAL RESEARCH)
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.56 |
|
|
1 |
Rs.80.81 |
|
Euro |
1 |
Rs.54.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & 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 |
|