MIRA INFORM REPORT
|
Report Date : |
05.05.2007 |
IDENTIFICATION
DETAILS
|
Name : |
XSIS
POWER SYSTEMS PRIVATE LIMITED |
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|
|
|
Registered Office : |
220, 2nd Floor, Ellisbridge Shopping
Centre, Opp. Town Hall, Ashram Road,
Ahmedabad 380 006, Gujarat State, India |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
01.08.1991 |
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Com. Reg. No.: |
04-016054 |
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CIN No.: [Company Identification No.] |
U40109GJ1991PTC016054 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
AHMX00010D |
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PAN No.: [Permanent Account No.] |
AAACX0081H |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturing
and Trading of UPS, CTV and Electronic items. |
RATING
& COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
40000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are reported as
slow but correct The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
220,
2nd Floor, Ellisbridge Shopping Centre, Opp. Town Hall,
Ashram Road, Ahmedabad 380 006, Gujarat
State, India |
|
Tel. No.: |
91-79-26579557/2657 6723/2657 8564 |
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Mobile No.: |
91-9343864300 |
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Fax No.: |
91-79-26578017 |
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E-Mail : |
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Website : |
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Area : |
2,000.Sq.Ft. |
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Location : |
Leased |
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Factory
1 : |
Plot No. 144 D/15/A, |
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Area : |
500.Sq.Mtrs. |
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Location : |
Owned |
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Service
Centers : |
At : Ahmedabad, Vadodara, |
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Branches
: |
Forum, Shop No. 35, Koramangla,
Bangalore-560 029 |
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Mobile
No.: |
91-9343864300 |
DIRECTORS
|
Name : |
Mrs.
Meeniz Iqbal Laliwala |
|
Designation : |
Chairman
And Managing Director |
|
Address : |
Amin, B/H. Tagore Hall, Paldi, Ahmedabad-380007 |
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Date of Appointment : |
01.08.1991 |
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|
|
|
Name : |
Mr.
Zahir Iqbal Laliwala |
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Designation : |
Director
|
|
Address : |
Amin,
B/H. Tagore Hall, Paldi, Ahmedabad-380007 |
|
Date of Appointment : |
20.12.2001 |
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|
|
|
Name : |
Mr.
Suraiyaben Laliwala |
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Designation : |
Director
|
|
Address : |
Amin,
B/H. Tagore Hall, Paldi, Ahmedabad-380007 |
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Date of Appointment : |
22.03.1993 |
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|
|
|
Name : |
Mr.
Mahendrabhai R. Patel |
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Designation : |
Director
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|
Address : |
69,
Indraprastha Soc. Opp. Galaxy Cinema, |
|
Date of Appointment : |
07.03.2002 |
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|
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|
Name : |
Mr.
Monikaben M. Shah |
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Designation : |
Director
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Address : |
Shantikunj
Society, B/H. Shroff Chambers, Paldi, Ahmedabad-380 007 |
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Date of Appointment : |
07.03.2002 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Meeniz Iqbal Laliwala |
|
68500 |
|
Zahir Iqbal Laliwala |
|
325480 |
|
Shaheen Iqbal Laliwala |
|
28500 |
|
Monikaben Zahir Laliwala |
|
26890 |
|
Hanif G. Motiwala |
|
3640 |
|
Neenath H. Motiwala |
|
3490 |
|
Sirai Y. Laliwala |
|
23500 |
|
Total
|
|
480000 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturing
and Trading of UPS, CTV and Electronic items. |
|
|
|
|
Products : |
On-line UPS, Off-line UPS, LI Sine Series UPS,
CTV, Powerline Conditioner, Digital Line Conditioner, Voltage Correction,
AVR, Voltage Regulator, Voltage Protection, Microprocessor Based UPS |
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Imports from : |
Europe
and |
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Terms : |
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Selling : |
L/C,
Cash & Credit Up to 60-Days Maximum |
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Purchasing : |
L/C,
Cash & Credit Up to 45-Days Maximum |
PRODUCTION
STATUS
|
Particulars |
|
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|
Actual Production |
|
Constant Voltage
- Transformers |
|
|
|
-- |
|
Line
Interruptive UPS |
|
|
|
1279 |
|
Line Conditioner
UPS |
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|
|
-- |
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U.P.S |
|
|
|
174 |
GENERAL
INFORMATION
|
No. of Employees : |
210 |
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Bankers : |
Bank of Eliisbridge Branch, Ahmedabad-380 006. Credit Limits : Rs.19.000
Million.[w.e.f:12.02.2002]. Co-Operative Bank of Ahmedabad Limited Paldi Branch, Ahmedabad-380 006. Credit Limits : Rs.2.200 Million.[C.C.
Limits -w.e.f:26.06.1997]. CITI Bank N.A. Bangalore Branch, Credit
Limits : N.A. |
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Banking Relations : |
Satisfactory
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Auditors : |
Anil G. Gupta and Company Chartered Accountants. FCA No.105321.[Mr.Rajesh P.Shah]. 716, Sahajanand Complex, Shahibaug, Ahmedabad-380 004 |
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Mobile No.: |
91-9824409826 |
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Associates/Subsidiaries : |
v Xsis Alert v Xsis Power Tech Private Limited v Xsis Control Private Limited v
Xsis Promotions |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5,000,00 |
Equity
Shares |
Rs.10/-each |
Rs. 5.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
480,000 |
Equity
Shares |
Rs.10/-each |
Rs. 4.800 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.800 |
4.800 |
4.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.542 |
4.654 |
4.061 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.342 |
9.454 |
8.861 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.335 |
8.061 |
7.838 |
|
|
2] Unsecured Loans |
9.137 |
3.155 |
7.743 |
|
|
TOTAL BORROWING |
15.472 |
11.216 |
15.581 |
|
|
DEFERRED TAX LIABILITIES |
1.171 |
0.997 |
1.449 |
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|
|
|
|
|
|
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TOTAL |
26.985 |
21.664 |
25.891 |
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|
|
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APPLICATION
OF FUNDS |
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|
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|
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FIXED
ASSETS [Net Block] |
7.009 |
6.863 |
6.650 |
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Capital
work-in-progress |
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CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
2.107
|
|
|
|
|
Sundry
Debtors |
25.018
|
15.634 |
|
|
|
Cash
& Bank Balances |
2.693
|
0.004 |
42.252 |
|
|
Other
Current Assets |
1.319
|
2.232 |
|
|
|
Loans
& Advances |
2.360
|
3.862 |
|
|
Total Current
Assets |
33.497
|
27.293 |
42.252 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
12.956
|
12.322 |
|
|
|
Provisions |
0.595
|
0.211 |
23.060 |
|
Total Current
Liabilities |
13.551
|
12.533 |
23.060 |
|
|
Net Current Assets |
19.946
|
14.760 |
19.192 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.034 |
0.041 |
0.049 |
|
|
|
|
|
|
|
|
TOTAL |
26.985 |
21.664 |
25.891 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
62.648 |
56.767 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.639 |
0.357 |
|
Provision for Taxation |
|
0.745 |
[0.241] |
|
Profit/(Loss) After Tax |
|
0.894 |
0.598 |
|
|
|
|
|
|
Total Expenditure |
|
61.010 |
56.409 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
1.42
|
1.05 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.61
|
0.62 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.04
|
1.04 |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.03 |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.80
|
2.51 |
4.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.47
|
2.17 |
1.83 |
LOCAL
AGENCY FURTHER INFORMATION
Website Details :
Subject was floated in 1988, subject as the name stands for the mathematical
‘axis’ means a never-ending line. With a very optimistic view and attitude and
a desire always be the first has put as where they are today.
A multi state company
with a turnover of more than 17 crores, involved in designing and manufacturing
of power conditioning equipment’s like Online UPS systems (1 KVA to 200 KVA),
offline UPS (500 VA to 1 KVA), Servo Controlled Stabilizers (1 KVA to 150 KVA),
Isolation Transformers, Constant Voltage Transformers, Line Conditioners etc.,
with manufacturing unit located at Ahmedabad, catering to all its clientele
throughout India.
This manufacturing unit is self-reliant for all the required components
required for manufacturing of this power conditioning equipment’s. The process
begins right from transformer manufacturing, PCB assembling, fabrication, power
coating, wiring and testing and dispatch. With corporate office, which
co-ordinates all this at a single front, has manpower strength 4 Directors, 38
Executives and 172 shop floor personnel’s. Due to this subject has been able to
take major multinationals in its stride and successfully complete in the
market.
A pioneer in manufacturing power conditioning products the company has
carved a niche for itself in manufacturing these equipment’s. The strength of the
company is its 3 fold structure (1) R & D and Manufacturing Unit (2)
Extensive Sales network (3) After Sales Service support. Manufacturing
facilities have highly trained personnel’s who take utmost into manufacturing
and assembling of the systems and is thoroughly tested prior to dispatch.
Sales with various branch offices located throughout
After Sales service support, core strength of the company with wide service
network throughout
With these vast experience and having largest market share, they
have always believed in giving our valued customers a total power solution for
their needs. With this in mind, they strive to put things in the right
perspective for them. With an installed base of more than50,000 UPS systems, they
have formulated a set of procedure, which would give a customer the best value
for money.
What is also creditable is that there has been nil shifting of manpower from
the company, 99% who were there at the time of inception are still there.
Future Plans
Subject would like to emerge
as one of the leading manufacturer and supplier of power conditioning systems.
Our vision
Products designed to meet National / International performance and quality
requirements.
Wide range and applications with volumes to match market requirements.
Fast response to customer requirements for product development,
delivery and after sales service.
Understanding customer requirements - internal and external, our sincere effort
to attain and maintain customer satisfaction shall be the key to our success,
progress and growth.
Computer Dealers,
and Manufacturer, Computer Hardware, Spares and Peripheral Devices, Uninterrupted
Power Systems, etc.
Subject is a
pioneer in manufacturing power conditioning products.
The company has
carved a niche for itself in manufacturing these equipment’s. The strength of
the company is its 3 fold structure (1) R & D and Manufacturing Unit (2)
Extensive Sales network (3) After Sales Service support.
Unsecured Loans are from:
Directors & Relatives only.
Depreciation: On S/L/M.
E.P.S. : Rs.1.85.
[Rs.1.23].
Subject
is a part of “XSIS GROUP” of Companies, Ahmedabad
Product
On Line UPS
XSIS ON Line UPS Systems provide total
protection against unpredictability of the electrical supply, utilizing advance
IGBT, PWM high frequency MicroProcessor based technology.
- Absolutely 'SILENT' a
compact footprint.
- PWM, IGBT, Microprocessor
based UPS.
- High Frequency Inversion
> 16 KHz. Ensures 'Silent' operation of UPS.
- Available in 1 KVA to 200
KVA, 1 phase to 1 phase, 3 phase to 1 phase, & 3 phase to 3 phase.
- Software Interface with
Windows, Unix, Novell etc.
Line Interactive
(OFF-Line) UPS : LI Series
XSIS LI Series
Line Interactive UPS are high performance cost effective power protection
devices. Wide range with 15 min. to 6 hours backup.
- Three levels of Line
Interactive automatic voltage regulator (AVR).
- For complete brown out / over
voltage and under voltage protection.
- Cold start facility.
- No Load shut down on
battery.
- Available in 12 models from
500 VA to 3 KVA, Built in as well as external extended battery back-up.
- Software Interface with
Windows, Unix, Novell etc.
LI Sine Series UPS :
State of the art Line Interactive sine were series of UPS design to provide
sine wave output even on battery.
- Build in AVR
- Extended battery backup with
modular pack.
- No Load shut down on
battery.
- Cold Start.
- Available in 500 VA to 1.5
KVA
CVT
XSIS CVT
provides total protection against all power line disturbances except total
power failure. It rejects spike,provides protection against over voltage and
under voltage.
- Voltage correction within 30
ms.
- Output short circuit
protection with fuse.
- No
magnetic interference with monitor and hard disk.
- Static circuitry.
- Available in 250 VA to 10
KVA
Power Line
Conditioner or Digital Line Conditioner
PLC / DLC provides stabilization with 4 stage AVR.
- Compact Design
- No humming
- Very cost effective
Available
in 500 VA to 1.5 KVA
Quality
Control
Products manufactured at XSIS involve Transformer winding.
Lamination and vacuum varnish impregnation, Chassis assembly, wiring and
testing. Mechanical assembly, Powder coating and PCB assembly are
sub-contracted. Installation when part of contract is also carried by XSIS ALERT.
Documented procedure is developed for the production process
of converting manufacturing information into finished product. The processes
that directly affect quality are carried put under controlled condition in the
specified manner and sequence. These controlled condition include appropriate.
Control on incoming materials, production equipment,
procedures, operator training/ skill, and associated supplied, utilities and
environment. All the production process is documented in the form of Quality
Procedures and Work Instructions and carried out accordingly. Manufacturing
Details release by MR in the form of Work Instruction forms the basis of
technical requirements for manufacturing. Relevant Manufacturing information
documented Quality Procedure / Work Instruction unless otherwise defined in the
contract forms the part of Quality plan.
The production and installation equipment selected and used
including the environment are suitable to meets customer requirements for the
product range manufactured, delivered and installed by XSIS .
Compliance with standards, codes of manufacturing is adhered
during the production of all products at XSIS on a regular basis.
Monitoring and control product and its characteristics is
accomplished mainly through In-process and final inspection/testing. Statically
process control data, internal audit results used for process improvement.
Equipment
and process when newly installed are approved MD.
Criteria for workmanship. Which are of subjective element,
are clearly shown by means of samples or illustrations. The work instruction
provides adequate workmanship criteria to aid inspection activities.
Preventive maintenance of equipment/machines used for
production is carried out to ensure the continued process capability and
availability of plant/machinery for production.
As of date, Varnish of Transformer (lamination) is identified as special
process and carried out by trained operations and monitoring done through
continuous monitoring by Supervisors and in-process inspection.
Steps of Quality Control
1.
Document & Data Control
2. Evaluation of Purchase Contracts
3. Production Process Control
4. Inspection & Testing
5. Corrective & Preventive action
6. Handling, Storage, Packaging preservation and Delivery
7. Control of Quality Records
8. Internal Quality Audits
9. Training
10. Statistical Techniques.
XSIS Power Systems (Private) limited would like to emerge as one of
the leading manufacturer and supplier of power conditioning systems.
Related Companies
Tyco
Electronics Power Systems Inc.
Address :
Phone: 1-972-284-8579
Fax: 1-972-284-4282
Website : http://power.tycoelectronics.com
Tyco
Electronics Power Systems a division of Tyco Electronics, is a leading global
power and components provider with a wide-ranging service capability,
provisioning many of the world's largest, most demanding communications,
computer and data networking companies. Tyco Electronics Power Systems has the
capability to engineer, supply and install power products worldwide. This
service allows customers to obtain complete turnkey solutions. As a manufacturer
of high quality AC-DC and DC-DC power solutions, their products have earned a
reputation for reliability and innovative technology. This high standard, an
integral part of their heritage, dates back more than a century to the
invention of the telephone. Their customers ultimately benefit from the
superior design and engineering excellence of their power solutions. The are
uniquely positioned to help you increase the efficiency of the products or
networks, and reduce the operational costs.
EDAC POWER ELECTRONICS COMPANY
LIMTIED
EDAC POWER a pioneer in design and
manufacture of AC/DC power supplies, has been developing high performance power
sources in the electronics industry for over 10 years of experience in
production. EDACPOWER products are Internationally recognized for quality
standards and meet compliances with international product specifications to
ensure that the products meet demanded requirements. Founded in 1994, EDAC has
become a leading producer of high-technology power related products. The
company currently operates from a 1,200 square-meter building in
Nubel
Power Electronics Private Limited (An ISO 9001:2000 certified) is a fast
growing manufacturing company in
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.40.78 |
|
|
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.55.53 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|