MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
TRACTOR ENGINEERING LIMITED |
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Registered Office : |
Saki Vihar Road, L & T Complex, Gate No. 6, P. O. Box 8913, Powai, Mumbai - 400 072, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.09.1952 |
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Com. Reg. No.: |
008893 |
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CIN No.: [Company
Identification No.] |
U28920MH1952PLC008893 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT00327F |
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Legal Form : |
A closely held Public Limited Liability Company The company is a subsidiary of Larsen & Toubro Limited |
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Line of Business : |
Manufacturing of Crawler Tractor Parts, parts for agricultural, earthmoving and earth-drilling machinery, and subsystems and sub-assemblies such as Apron Conveyor, Crawler Platforms, Lowers etc |
RATING & COMMENTS
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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 1400000 |
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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 of L & T Group, country’s premier industrial house having excellent track. Available information indicates high financial responsibility of the company. Financial position of the company is good. The company's payments are usually correct and as per commitments. The company can be considered good for normal business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Administrative Office/ |
Saki Vihar Road, L & T Complex, Gate No. 6, P. O. Box 8913, Powai, Mumbai - 400 072, Maharashtra, India |
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Tel. No.: |
91-22–22616836 / 22616865 / 22622132 / 22622383 / 28581256/1339/1180 |
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Fax No.: |
91-22-28581175/1666 |
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E-Mail : |
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Website : |
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Area : |
15000 sq. fts |
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Location : |
Owned |
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Factory 1 : |
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Tel. No.: |
91-22-28581210 / 28581256 / 28581569 / 28581647 / 28581953 /28581665/28581175 |
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Fax No.: |
91-22-28581175 / 28581666 |
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Area : |
31215 sq. fts |
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Location : |
Owned |
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Factory 2 : |
A-600, TTC Industrial Area, MIDC, (Non Operational Since September, 2000) |
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Area : |
20000 sq. fts |
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Location : |
Owned |
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Location : |
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DIRECTORS
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Name : |
J P Nayak |
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Designation : |
Director |
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Name : |
M |
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Designation : |
Director |
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Name : |
S V Subramanian |
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Designation : |
Additional Director |
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Name : |
T |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Larsen & Toubro Limited |
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67994 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Crawler Tractor Parts, parts for agricultural, earthmoving and earth-drilling machinery, and subsystems and sub-assemblies such as Apron Conveyor, Crawler Platforms, Lowers etc |
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Products : |
Item Code No. 84.31 Product Description Parts of Earth Moving Machinery Material Handling Equipment Oil equipment |
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Exports to: |
Caterpillar |
GENERAL INFORMATION
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Customers : |
v
Larsen & Toubro Ltd, v
L&T Komatsu Ltd., v
TELCO Construction Equipment Co. Ltd Jamshedpur
& Dharwad v
Stanford / v
Hyderabad Industries Limited, Kolkata v
Ingersoll-Rand India Ltd v
Revathi Equipment Ltd, v
imco Elecon India Limited, Vallabh Vidyanagar v
Unipave Engineering Products, Ahmedabad v
Gujarat Apollo Equipments Co. Ltd. Mehsana v
Bharat Earthmovers Ltd, Kolar Gold Fields
Karnataka v
TRF Limited, v
Simplex Engg & Foundry Works Ltd., Bhilai v
v
TISCO, Sukhinda v
Cement Corporation of v
Birla Cement Works v
TISCO, |
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No. of Employees : |
Total 215 persons -- 89 persons in office and 126 others |
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Bankers : |
v
Bank of v Canara Bank v Citibank |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Sharp & Tannan Chartered Accountants |
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Associates/Subsidiaries : |
v &T Capital Company Limited v L&T Cement Limited v L&T Equipment Leasing Company Limited v L&T Finance Limited v L&T Holding Limited v L&T Infocity Limited v L&T Netcom Limited v L&T Trade.com Limited v L&T Transportation Infrastucture Limited v L&T Western India Tollbridge Limited v Dakshin Cements Limited v HPL Cogeneration Limited v India Infrastructure Developers Limited v LTM Limited v Narmada Cement Company Limited v Narmada Infrastructure Construction Enterprise Limited v Larsen and Toubro Ceylineo (Private) Limited v L&T - ECC Construction (M) SDN.BHD. v Larsen & Toubro Infotech GmbH v Larsen & Toburo LLC |
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Parent Company : |
Larsen & Toubro Limited, Mumbai, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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70000 |
Equity Shares |
Rs 1000/- each |
Rs. 70.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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68000 |
Equity Shares |
Rs 1000/- each |
Rs. 68.000 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 |
68.000 |
68.000 |
68.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
303.800 |
249.200 |
209.200 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
371.800 |
317.200 |
277.200 |
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LOAN FUNDS |
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1] Secured Loans |
94.000 |
53.200 |
40.600 |
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2] Unsecured Loans |
0.100 |
30.100 |
4.000 |
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TOTAL BORROWING |
94.100 |
83.300 |
44.600 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
465.900 |
400.500 |
321.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
88.900 |
90.600 |
85.200 |
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Capital work-in-progress |
57.300 |
1.000 |
0.500 |
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INVESTMENT |
2.300 |
56.200 |
76.200 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
285.400
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252.100 |
155.600 |
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Sundry Debtors |
193.400
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136.60 |
109.100 |
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Cash & Bank Balances |
0.200
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0.100 |
0.300 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
50.400
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41.300 |
28.600 |
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Total
Current Assets |
529.400
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430.100 |
293.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
196.30
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157.400 |
103.200 |
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Provisions |
18.30
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23.200 |
33.700 |
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Total
Current Liabilities |
214.600
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180.600 |
136.900 |
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Net Current Assets |
314.800
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249.500 |
156.700 |
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MISCELLANEOUS EXPENSES |
2.600 |
3.200 |
3.200 |
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TOTAL |
465.900 |
400.500 |
321.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
887.000 |
746.100 |
601.100 |
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Other Income |
8.000 |
13.300 |
6.500 |
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Stock Adjustments |
16.100 |
38.900 |
5.900 |
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Total Income |
911.100 |
798.300 |
613.500 |
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Profit/(Loss) Before Tax |
86.000 |
81.800 |
48.700 |
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Provision for Taxation |
31.400 |
26.400 |
18.700 |
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Profit/(Loss) After Tax |
54.600 |
55.400 |
30.000 |
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Expenditures : |
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Raw Materials |
505.400 |
430.300 |
317.600 |
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Excise Duty |
119.700 |
109.900 |
83.700 |
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Power and Fuel Cost |
21.200 |
19.000 |
17.500 |
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Other Manufacturing Expenses |
25.700 |
24.500 |
16.700 |
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Employee Cost |
77.800 |
68.800 |
72.700 |
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Selling and Administration Expenses |
42.400 |
38.700 |
34.800 |
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Miscellaneous Expenses |
15.300 |
11.500 |
7.400 |
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Interest and Financial charges |
8.700 |
4.800 |
5.400 |
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Depreciation |
8.900 |
9.000 |
9.000 |
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Total Expenditure |
825.100 |
716.500 |
564.800 |
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KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity Ratio |
0.26 |
0.22 |
0.17 |
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Long Term Debt-Equity Ratio |
0.00 |
0.04 |
0.08 |
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Current Ratio |
1.68 |
1.72 |
1.88 |
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TURNOVER RATIOS |
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Fixed Assets |
4.08 |
3.58 |
3.03 |
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Inventory |
3.30 |
3.66 |
4.46 |
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Debtors |
5.38 |
6.07 |
6.07 |
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Interest Cover Ratio |
10.89 |
18.04 |
10.02 |
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Operating Profit Margin(%) |
11.68 |
12.81 |
10.50 |
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Profit Before Interest And Tax Margin(%) |
10.68 |
11.61 |
9.00 |
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Cash Profit Margin(%) |
7.16 |
8.63 |
6.49 |
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Adjusted Net Profit Margin(%) |
6.16 |
7.43 |
4.99 |
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Return On Capital Employed(%) |
22.01 |
24.19 |
17.53 |
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Return On Net Worth(%) |
15.85 |
18.64 |
11.20 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company is a joint venture between Caterpillar Inc,
In 1970 the company made Battle Tank Pins for HVF Avadi. The company
designs and builds Apron Feeders. The company also designs and manufactures
Oilfield Equipment Spares.
Subject is a
wholly-owned subsidiary of the Company principally engaged in manufacture of
undercarriage systems for excavators, crawler tractors, bulldozers etc., and
material handling equipment like apron conveyors and spares for oilfield
equipments.
Subject plans to
consolidate its position in the undercarriage market by catering to new
variants introduced by the Original Equipment manufacturers, while improving
its presence in Apron Feeders by broadening the product range.
Manufacturing units of the company are situated at Powai and Thane in
Mumbai.
The company has obtained an export order for Cylinder Pistons
It is in trade terms with:
v Alucast Foundries
Belgaum Private Limited
v Alucast Industries
v Electroscope
Systems
v Gala Springs
Private Limited
v Kohinoor
Mechanical and Engineering Works
v Preciturn Systems
The company's fixed assets of important value include
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Tractor
Engineers Limited |
No of shares /
Units/ Bonds |
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Long Term
Investments (at Cost) |
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Subsidiary
Companies |
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Narmada
Infrastructure Construction Enterprise Limited |
2822750 |
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Larsen &
Toubro LLC |
2500 |
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Bonds Non-Trade |
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6.75% Tax Free
US64 |
21575 |
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TOTAL |
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CONSOLIDATED
BALANCE SHEET OF GROUP COMPANIES AS AT 31st MARCH 2005
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SOURCES
OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
259.800 |
248.800 |
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3] Reserves & Surplus |
|
32617.600 |
26224.400 |
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Employee stock options outstanding |
434.300 |
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-- |
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Less : Deferred Employee Compensation expense |
152.400 |
281.900 |
-- |
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NETWORTH
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|
33159.300 |
26473.200 |
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LOAN FUNDS |
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1] Secured Loans |
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18482.800 |
22690.600 |
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2] Unsecured Loans |
|
16055.600 |
5001.600 |
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TOTAL BORROWING
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34538.400 |
27692.200 |
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DEFERRED TAX LIABILITIES |
|
2619.100 |
3534.700 |
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Minority Interest |
|
1047.700 |
540.800 |
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TOTAL
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71364.500 |
58240.900 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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19954.200 |
20233.300 |
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Capital work-in-progress
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1752.200 |
417.300 |
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Intangible Assets (Net Block)
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392.100 |
563.500 |
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Capital work in progress
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|
11.200 |
132.500 |
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Fixed Assets held for sales
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40.100 |
54.400 |
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INVESTMENT
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|
6801.000 |
6238.400 |
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DEFERREX TAX ASSETS
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1243.300 |
1399.600 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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24342.000 |
19672.200 |
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Sundry Debtors
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42518.100 |
34907.200 |
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Cash & Bank Balances
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|
9903.600 |
5372.000 |
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Other Current Assets
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|
42.100 |
102.600 |
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Loans & Advances
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|
24413.800 |
18618.900 |
Total Current Assets
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101219.600 |
78672.900 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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|
52055.800 |
42591.600 |
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Provisions
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|
8400.700 |
7358.700 |
Total Current Liabilities
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60456.500 |
49950.300 |
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Net Current Assets
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40763.100 |
28722.600 |
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MISCELLANEOUS EXPENSES
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|
407.300 |
479.300 |
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TOTAL
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71364.500 |
58240.900 |
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CONSOLIDATED PROFIT & LOSS ACCOUNT OF GROUP COMPANY
FOR THE YEAR ENDED 31st MARCH 2005
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
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151037.300 |
112796.100 |
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Profit/(Loss) Before Tax
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|
14052.300 |
10680.700 |
Provision for Taxation
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|
2775.400 |
6641.900 |
Profit/(Loss) After Tax
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|
11276.900 |
7710.600 |
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Total Expenditure
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137000.400 |
103597.600 |
Website details attached
TRACTOR ENGINEERS LIMITED was established in 1963 as a Joint
venture between CATERPILLAR INC U.S.A. and LARSEN & TOUBRO LIMITED
Caterpillar and L&T had equal (50%each ) shareholding in
subject
Subject started manufacturing at POWAI in a new factory in 1965
and initially made spares for CAT Machines (primarily DOZERS) in
In 1969 SUBJECT started supplying undercarriage to BEML
Subject started tracking undercarriage forHydraulic Excavators of
Poclain design in 1974, which L&T produced under model LC80 ( 20 T HEX )
Subject today tracks Hyd. Excavators made by L&T Komatsu,
TELCON, BEML, HM DEMAG and Blast Hole Drills of Ingersoll Rand, Revathi CP
etc.from 6T to 60T.
In 1970's Subject made Battle Tank Pins for HVF Avadi.
Subject designs and builds Apron Feeders
Subject also designs and manufactures Oilfield Equipment Spares.
Subject, is now a wholly owned subsidiary of LARSEN &
TOUBRO LIMITED
Tractor Engineers Limited (TENGL)
Business profile
Subject, a
wholly owned subsidiary of Larsen & Toubro Limited, designs and
manufactures crawler undercarriage systems for excavators, blast hole drills,
bulldozers, amphibious dredgers, mobile crushers, etc. It also designs and
manufactures track modules and crawler lowers.
> Earthdrilling
Parts
Subject manufactures centrifugal pumps designed for handling highly abrasive
and corrosive slurries. These pumps have found wide acceptance in industries
like petrochemical, mining, paper and pulp. Subject centrifugal slurry pumps
are a significant import substitute for Oil & Natural Gas Corporation and
Oil India Limited.
> Material Handling
Subject's apron
feeders have been installed at over 150 different sites for various
applications in mining, ports, fertilizer plants, cement plants and power
plants. Besides apron feeders, subject also supplies chain conveyors and
scraper conveyors.
> Special Project
The Project
group of TENGL apart from building [ wherever required Installing ] Apron
Feeders is responsible for Special Application wherein they have successfully
built & delivered / installed variety of Equipments which includes: -
• SEABED MINING MACHINE
• AMPHIBIOUS UNDERCARRIAGE
• MOBILE CRUSHING PLANTS
• SPECIAL MODULES & TRACK FRAMES
The strength of subject's Project team in developing New Applications is
reflected by Our In- built capability of Design & Re-Engineering,
Ability to Indigenously develop Intricate & complex Assemblies required by
Defense, Railways & Mining Applications.
Undercarriage
TRACTOR ENGINEERS LIMITED
Tractor Engineers Limited. (TENGL) founded in 1963, is a wholly
owned subsidiary of Larsen & Toubro Ltd.
Subject
manufactures crawler Undercarriage and track parts at its modern factory
at Powai, Mumbai. Subject maintains product excellence by exercising strict
quality control in its manufacturing activity. Quality standards comply with
ISO 9001-2000. A fully integrated ERP system SAP ensures a well tracked
manufacturing cycle for all subject items.
TENGL…committed
to Customers needs.
Over the years, subject has acquired a professional identity as a
dependable source of products, services and parts. subject continues to make a
major investment in upgrading its manufacturing base and R&D facilities as
part of its enduring commitment to customer needs.
Subject's Research and
• Identifying problem areas.
• Defining the nature, cause and consequences of the problem.
• Offering the optimum solution.
TENGL…proven technology for reliable
performance.
All TENGL personnel share quality consciousness. Subject uses
Boron Steel to combat wear and tear of undercarriage parts and components. This
die-hard steel has tremendous impact strength coupled with wear resistance.
Quality control measures are integrated into subject's production
process. Checks e.g. microstructure analysis, non-destructive testing-
magnaflux, periodic sampling at various stages…ensure conformance to customer
specifications.
Surface hardness in subject parts is precisely matched. The core
hardness is carefully controlled to produce parts that are tough, resist wear
and serve longer.
High dependability of parts is attributed to the special alloys,
selective heat treatment and exclusive know-how. Track components are so
designed that worn parts can be rebuilt, more than once, to a like-new
condition and reused just as effectively.
That's why you
can be certain that with subject's rebuildable track parts you can conserve and
reduce expenses on replacement of spares.
Links.
Links are
forged from deep hardened steel and have massive-strut and increased rail
height. A generous blending radii in these links increases their fatigue
strength, reduces the possibility of cracking and offer excellent rebuilding.
The link body is also specially hardened to impart toughness.
The rail
surface is induction hardened to match the roller flange hardness. Subject
link's hardened depth shows consistency not present in competitor's links. The
Result: SUBJECT links are stronger by almost 22% compared to low rail design.
Pins and Bushings.
Pins are
characterized by exceptional core strength that minimizes case crushing and
deep & even case depth for long life and strength before and after turning.
Bushings have tempered ends, which eliminate cracking breaking during assembly
and disassembly.
Roller Group.
Subject rollers
match the tracks. Shafts are induction hardened and ground to near perfect
smoothness. The thick flanges have an excellent load carrying capacity. Rims
are also selectively hardened so that you have a hard, deep case coupled with a
tough core. The Result is reduced shell wear, no bending, no bell mouthing or
breaking.
Metal Faced full floating seals keep subject rollers lubricated
for life. Make up lube servicing or flushing is never required. These rollers
not only perform longer but can also be rebuilt more times than any other
makes.
These rollers
resist wear to prevent premature wear of other undercarriage components. They
extend the life of your crawler undercarriage.
Carrier Rollers.
Carrier Rollers
are also lifetime lubricated using Metal Faced full floating seals. Large
shafts and bearings carry load, while wear surface hardness & hardened
depths are matched with links for a balanced wearing system. Carrier Rollers
are cantilever mounted with large shafts and bearings.
Track
Shoes.
Track shoes made from special deep-hardening alloy steels have a
specially rolled design. They also have high core strength. Optimum leading and
trailing radii keeps the shoes from cracking or bending and hardware from
loosening.
Track shoes in
wide range of sizes are available to suit the requirement of your crawler
machine in variety of applications
Sprocket
Rims & Segments.
Subject sprocket rims and segments are designed to suit crawler
operation in different applications.
Sprocket
segments are easily replaced without any special tooling. Segments eliminate the
risk of Rim misalignment. Thus, reducing maintenance and downtime expense.
These segments simplify field replacements and result in worthwhile cost
reduction.
Crawler
lowers …optimum efficiency for greater production.
Subject puts
the best part together to give you a complete picture of undercarriage
efficiency. Tracks work together as a system to meet heavy duty demands in
different applications.
YEAR
IN RETROSPECT/ PERFORMANCE OF THE COMPANY:
Sales and other income for the financial year under review
were Rs.911.100 millions as against Rs. 798.300 millions for the previous
financial year. The Profit before tax was Rs. 86.000 millions against Rs.
81.800 millions for the previous financial year. Sales of undercarriage systems
and apron conveyors showed good growth in the current year.
In the year under review the Company was successful in indigenizing
imported undercarriage parts on a number of new Hydraulic Excavators launched
in the country. These included hydraulic excavators introduced by JCB and
TELCON. TENGL track systems were also used on a number of new applications like
Mobile Screens and Portable Crushing Plants.
In order to explore global markets and develop TENGL track system as a
global brand, the Company is participating at INTERMAT Exhibition in
During the year the Company acquired land on lease at Talegaon MIDC for
its future expansion plans. The Company is expected to commence commercial
production at Talegaon from January 1, 2007.
The Company had discontinued its operations at Navi Mumbai Plant.
Consequently, the fixed assets located there were retired from active use and
are being held for sale.
Services
Innovation and design are a continuous process at TENGL.
A full-fledged design department with qualified engineers assists
customers to translate needs and ideas into reality.
Their design engineers will assist you in every step, right from the
material selection to the final product. Their production capabilities assure
manufacturing quality unmatched in any other crawler component manufacturer.
Their experts will assist you in material selection and determine the
metal properties to suit your requirements.
- Personalized
After Sales Customer Service (ACS).
- World class
manufacturing talent.
- On time
delivery.
Besides the above they have a specialized PROJECTS GROUP which Builds
special Equipments and also Installs equipment at site as required
TENGL "
Three dimensional
modeling software tools are used to define product geometry accurately. Actual
load and stress data collected by strain gauging techniques is used in finite
element analysis for product optimization and improvement. New product
development process includes QFD technique which captures all known product
requirements at the design stage itself.
Systems
Quality Systems:
ISO:9001-2000 & ISO 14001 : 2004 certified by Bureau Veritas Quality
International
IT System
Tengl business
processes are fully integrated with state-of-the-art globally renowned SAP R3
Enterprise ERP system, which ensures business efficiency & enhance customer
satisfaction. Anywhere anytime communication with global web-email keeps Tengl
On the move! Always connected to the customers. Tengl web site www.tenglindia.com
is 24x7 available platform on Company-Product Profile and inviting online
business enquiries to provide service for Customers being web-centric !! Tengl
IT infrastructure is on the global path with Fibre-Optic Gateway for high speed
access !!
TESTING and METROLOGY
In-house
Metallurgical testing Access for Physical testing
Microhardness Tester:
Tengl's Metallurgical Laboratory comprises of state of the art
Microhardness tester to check the hardness at loads ranging from 10 gm to 1000
gm. The small size of indentation enables hardness mapping on a microscale
& phase identification, thus proving to be an asset for R&D as well as
manufacturing activities.
Microstructure Analysis:
A well equipped
Microstructure analysis facility comprising of CCD camera and Image analysis
software enables control of the processing parameters to get desired
microstructure in all the undercarriage components.
MANUFACTURING
Modern Heat Treatment Shop
-
Induction Hardening
- Electrically heated furnaces
- Pit type carburising furnace
Machine Shop
Well Equipped Machine Shop with
-
CNC Turning Centers
- CNC Special Purpose Machines
- Surface and Cylindrical Grinding Machines
- Contemporary Track Assembly Equipment
- A sophisticated Metal to Metal Seal Mfg. line
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. 40.71 |
|
|
1 |
Rs. 81.24 |
|
Euro |
1 |
Rs. 54.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
YES |
|
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 |
|
75 |
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 |
|