MIRA
INFORM REPORT
|
Report Date : |
24.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
ELEKTROMAG DEVICES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
“Unique”, 4th Floor, Off Veer Savarkar Marg,
Post Box 9141, Prabhadevi, Mumbai - 400 025, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
15.07.1974 |
|
|
|
|
Com. Reg. No.: |
11-17610 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U32108MH1974PTC017610 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUME00227D / MUME04591G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAAFE0401B / AAACE1136G |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturing of industrial magnetic equipments, vibrating
equipments like screens, feeders, motors, crane control gears, parabolic
louvers, reflectors and other products in |
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 |
|
Maximum Credit Limit : |
USD 320000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
“Unique”, 4th Floor, Off Veer Savarkar Marg,
Post Box 9141, Prabhadevi, Mumbai - 400 025, Maharashtra, India |
|
Tel. No.: |
91-22-2422 8412 (8 Lines) / 66624444 |
|
Fax No.: |
91-22-24305358 / 5357 / 66624455 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5118 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Regional Offices : |
Located at: |
|
|
|
|
Service Facilities : |
Mumbai, |
|
|
|
|
Factory 1 : |
Plot No. 315, GIDC Industrial Estate, 40 Shed Area, Vapi,
Dist. Bulsar, |
|
Tel. No.: |
91-260-2430774/75 |
|
Fax No.: |
91-260-2426929 |
|
|
|
|
Factory 2 : |
19, Government Industrial Estate, Charkop, Kandivali
(West), Mumbai - 400 067, |
|
Tel. No.: |
91-22-28682801 / 28683814 |
|
Fax No.: |
91-22-28623608 |
|
|
|
|
Branches : |
Located at :
Tel.
No. 91-80-22262488/22202488/22202041 Fax
No. 91-80-22200119
Tel.
No. 91-33-22291614 / 2229 7584 Fax
No. 91-33-2229 4968
Tel.
No. 91-11-2576 6364 Fax
No. 91-11-2576 6364
Tel.
No. 91-44-2433 6320 Fax
No. 91-44-2434 2855
Tel.
No. 91-20-26138394 / 8658 Fax
No. 91-20-26138394
Tel. No. 91-44-24315535 Fax. No. 91-44-24342855
Tel. No. 91-20-26138394
Tel. No. 91-44-24315535
Tel. No. 91-260-2430774
Tel. No. 91-22-28683608 |
DIRECTORS
|
Name : |
Mr. Ramesh Mohansingh Advani |
|
Designation : |
Director |
|
Address : |
Flat No. 6, New Building Co-operative Housing Society, 3rd
Pasta Lane, Colaba, Mumbai – 400005, |
|
Date of Birth/Age : |
17/12/1942 |
|
Date of Appointment : |
21/07/1974 |
|
|
|
|
Name : |
Mr. Gulu Mohansingh Advani |
|
Designation : |
Director |
|
Address : |
83, Anjali Behind Radio Club, Colaba, Mumbai - 400 005, |
|
Date of Birth/Age : |
30/06/1948 |
|
Qualification : |
B.E. (Mech.) |
|
Date of Appointment : |
15/07/1974 |
|
|
|
|
Name : |
Mrs. Maya Moti Advani |
|
Designation : |
Director |
|
Address : |
7-D, Ananta, Dr. Rajabally |
|
Date of Birth/Age : |
02/01/1937 |
|
Date of Appointment : |
15/07/1974 |
|
|
|
|
Name : |
Mr. Navin Moti Advani |
|
Designation : |
Director |
|
Address : |
7D, |
|
Date of Birth/Age : |
10/02/1963 |
|
Date of Appointment : |
28/09/1988 |
|
|
|
|
Name : |
Mr. Kabir Ramesh Advani |
|
Designation : |
Director |
|
Address : |
83, Anjali Behind Radio Club, Colaba, Mumbai - 400 005, |
|
Date of Birth/Age : |
01.08.1976 |
|
Date of Appointment : |
01.06.2002 |
|
|
|
|
Name : |
Mr. Hirananadani hariram Mohan |
|
Designation : |
Director |
|
Address : |
188, Jetwel Premises, Co-operative Society Limited, |
|
Date of Birth/Age : |
30.06.1938 |
|
Date of Appointment : |
01.01.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Meena Mohansingh Advani |
|
120 |
|
Nalina Moti Advani |
|
120 |
|
Navin M. Advani |
|
9000 |
|
Ramesh M. Advani |
|
3595 |
|
Gulu M. Advani |
|
4488 |
|
Kabir R. Advani |
|
902 |
|
Gayatri Ramesh Adavani |
|
5 |
|
Suneeta Robin Nath |
|
5 |
|
Anjana Bhagwan Gehani |
|
5 |
|
Total |
|
18240 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors
|
|
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of industrial magnetic equipments, vibrating
equipments like screens, feeders, motors, crane control gears, parabolic
louvers, reflectors and other products in |
|
|
|
|
Products : |
Magnetic Separators/Lifting
Magnets Repair and Restoration of
magnets Electronic Metal Detectors ]Vibratory Shakeout Demo Chip Conveyor safety Conductor System RMA1 (RMA2) (RMA3) Manufacturing Units (RMA4) Repair of LM & SM |
|
|
|
|
Agencies Held : |
·
Loramendi ·
·
LDJ Electronics Inc., ·
Air Barge Company, ·
·
Anodised Aluminium Coil and Sheets
for Lighting. |
|
|
|
|
Exports : |
|
|
Products : |
Lifting Magnets Reflectors and Louvers
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Aluminium Sheets Permanent Magnets |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C at Sight terms |
|
|
|
|
Purchasing : |
Sight Draft terms |
GENERAL INFORMATION
|
No. of Employees : |
300 |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Anand K. Agrawal & Company Chartered Accountants |
|
Address : |
32, Tardeo A. C. Market, 2nd Floor, Tardeo,
Mumbai - 400 034, |
|
Tel. No.: |
91-22-24927857/ 28748030 (Res.) |
|
|
|
|
Memberships : |
Ø
Confederation of Indian Industry Ø
Federation of Indian Export
Organisation Ø
India-Australia-New Ø
Ø
Indo-Australian Chamber of Commerce |
|
|
|
|
Associates/Subsidiaries : |
Elektromag
Methods -
Crane Control Gears, Cable Drag Chain -
“Unique”, 4th Floor, Off
Veer Savarkar Marg, Post Box 9141, Prabhadevi, Mumbai - 400 025, Maharashtra,
India Elektromag
Devices (Regd.) -
Lifting Magnets, Drum Machine Gujarat
Elektromag Industries Private Limited -
Metal Detectors Radio Remote Control Unique
Elektromag Methods Private Limited -
Repairs of Magnets |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000 |
Equity Shares |
Rs.
100/- each |
Rs. 2.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18,240 |
Equity Shares |
Rs.
100/- each |
Rs.
1.824 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.824 |
1.824 |
1.824 |
|
|
2] Reserves & Surplus |
79.330 |
44.932 |
22.627 |
|
|
NETWORTH |
81.154 |
46.756 |
24.451 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
101.545 |
75.146 |
49.208 |
|
|
TOTAL BORROWING |
101.545 |
75.146 |
49.208 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
182.699 |
121.902 |
73.659 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
77.968 |
41.668 |
16.957 |
|
|
Capital work-in-progress |
98.316 |
71.975 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.119 |
2.646 |
0.120 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
57.485 |
|
|
Sundry Debtors |
60.083
|
64.832 |
37.472 |
|
|
Cash & Bank Balances |
49.869
|
24.325 |
14.766 |
|
|
Loans & Advances |
36.714
|
20.985 |
8.771 |
|
Total
Current Assets |
146.666
|
110.142 |
118.494 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
102.052
|
85.276 |
45.609 |
|
|
Provisions |
38.318
|
19.253 |
16.303 |
|
Total
Current Liabilities |
140.370
|
104.529 |
61.912 |
|
|
Net Current Assets |
6.296
|
5.613 |
56.582 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
182.699 |
121.902 |
73.659 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
|
|
Sales Turnover |
|
|
246.317 |
|
|
Other Income |
|
|
13.153 |
|
|
Total Income |
|
|
259.470 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
10.281 |
|
|
Provision for Taxation |
|
|
7.043 |
|
|
Profit/(Loss) After Tax |
|
|
3.238 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
|
30.435 |
|
|
Payment to Auditors |
|
|
0.059 |
|
|
Interest |
|
|
6.116 |
|
|
Insurance Expenses |
|
|
0.213 |
|
|
Power & Fuel |
|
|
3.321 |
|
|
Depreciation & Amortization |
|
|
3.913 |
|
|
Other Expenditure |
|
|
205.132 |
|
Total Expenditure |
|
|
249.189 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
NA |
1.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
4.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
7.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.98
|
3.84 |
4.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.05 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company’s lighting division was formed in the year 1997,
which is actively involved in designing, manufacturing and supply of Parabolic
louvers and reflectors, which cater to the lighting industry.
The company is 100% owned by the members of the Advani
Family.
BUSINESS
The company is engaged in manufacturing of industrial
magnetic equipments, vibrating equipments like screens, feeders, motors, crane
control gears, parabolic louvers, reflectors and other products in
Subject acts as manufacturers, exporters, importers and
dealers in all kinds of wire rope plating machines, electric cutting machines,
electro-heating machines for wire forming, rivet heating, electro forming,
metal gathering machines, etc.
The production capacity of the company is 16000 units.
The company has become a major supplier to most
manufacturers of material handling equipments, foundries, steel plants, power
plants, cement factories, fertiliser plants, glass industry, crane
manufacturers, machine tool industries, lighting industry, etc.
Trade Reference
- Larson and Toubro Limited,
Chennai
- TRF Limited,
- Masye Projects Private Limited
- ACC Limited, Mumbai
- SAIL, RSP,
- Hsoo,
The company’s fixed assets of important value include
leasehold land, factory building, plant and machinery, furniture &
fixtures, motor vehicles, computers, electronic telephone systems and air
conditioners.
Bankers Charges
Report as per Registry
|
Name of the company |
ELEKTROMAG DEVICES
PRIVATE LIMITED |
|
Presented By |
Mr. Gulu M.
Advani – Director |
|
1) Date and description of instrument creating the change |
General Agreement
dated 08.04.1987 for grant of Small Industrial Advances Hypothecation of
Movable, Book debts, and other assets. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.310
Millions |
|
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 |
All Stocks of raw
materials, semi finished goods and finished goods, spares receivable, book
debts etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
@ 16.50 % p.a. [Other terms as
per documents, copies attached] |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Vapi – 396195 |
|
6) Date and brief description of instrument modifying the charge |
Supplemental general
Agreement dated 02.06.2005 for grant of Small Industrial Advances and
hypothecation of movables, book – debts. Agreement dated
02.06.2005 for grant of Small Industrial Advances. Memorandum of
Extension of an Equitable Mortgage dated 02.06.2005 |
|
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. |
Original charge
created on 08.04.1987 modified on 08.06.1988 for grant of Small Industrial
Advances and hypothecation of goods, Book debts and other assets. The limit
increased from Rs. 2.310 Millions to Rs. 2.810 Millions. The charge
registered on 23.06.1988. The charge is
future modified on 13.12.1988 for increase in the limits form Rs. 2.810
Millions to Rs. 3.210 Millions. The charge registered on 21.12.1988 The charge is
future modified on 28.07.1989 vide general agreement of Small Industrial
Advances and hypothecation of movable, book debts. The limit increased from
Rs. 3.210 Millions to Rs. 4.765 Millions. The charge registered on
14.08.1989. Charge further
modified by entering into supplemental general agreement dated 03.01.1995 for
grant for Small Industrial Advances and Hypothecation of movable, book
debtors etc. to increase working capital fund based and non fund based limit
from Rs. 4.765 Millions to Rs. 15.900 Millions. Charge is future
modified by entering into supplemental general agreement dated 02.06.2005 for
grant of Small Industrial Advances and Hypothecation of movable, book debts.
Agreement dated 02.06.2005 for grant of Small Industrial Advances memorandum
of extension of an equitable mortgage dated 02.06.2005 to increase the
existing limit of Rs. 15.900 Millions to Rs. 22.500 Millions. |
AS PER WEBSITE
Established in 1958, the Elektromag Group of companies pioneered
the manufacture of Industrial Magnetic Equipment, Vibrating Equipment ,Mineral
Processing Equipment, Crane Control Gear, Machine tool accessories and other
industrial products in
Elektromag has since developed a strong manufacturing and
marketing infrastructure in the industrial sector. It has become a major
supplier to most manufacturers of material handling equipment, steel plants,
power plants, cement factories, foundries, food and fertiliser plants, iron ore
mines, crane manufacturers, glass and abrasives manufacturers, machine tool
manufacturers and other related industries
The company absorbed the technology from following sources:
|
Products |
Technology Sources |
|
Unbalance Vibrator Motors
Magnetic Vibrators Vibrating Feeders and Screens |
AVITEQ [Formerly AEG
Aktiengesellschaft Division of Dalmler – Benz] |
|
Lifting Magnets Magnetic
Separators |
|
|
Rare Earth Roll Separators |
FCB |
|
Electronic Metal Detectors |
Elektroanlagenbau Reinhausen |
|
Machine Tool Accessories Cable
Drag Chains, Way Wipers |
Kabel Schlepp |
|
Spring/Motor Operated Cable
and Hose Reels |
Metool Products Limited, |
|
Parabolic Louvres and
Reflectors |
Metaprint Limited, |
|
Anti-Theft Locks for Motor
Cycles and Cars. |
Yu Chih Limited, |
|
E.O.T. Crane Control Gear
Brakes, Resistors, Limit Switches |
In House |
|
Varnish Bonded Fibreglass
covered Aluminium and Copper conductor |
In House |
feeder
division
Feeder Division of the company is accredited with ISO
9001:2000 Certifications.
TECHNICAL DEVELOPMENTS
Foreseeing the need for more advanced technology and growth
potential in the market, the company’s decided to seek foreign technical
collaboration and entered into a technical collaboration with AEG, Germany for
Vibrating Equipments in the year 1984 and with MEETOL, U.K. for Cable Reeling
Drums in the year 1985, who are the world leaders in the manufacture of
Vibrating and Cable handling equipments respectively.
The company entered into a foreign collaboration with
Metaprint Limited,
Market and Marketing Arrangements
The range of products manufactured by the company (feeder
division) finds wide application in various industries such as power sector,
steel and cement industry, fertilizers, glass and paper manufacturing units,
foundries, food industries, etc.
Exports
The company is already exporting some of its products to
The company intends to make aggressive attempts with an aim of
increasing its exports as well as to explore new markets for its products in
the near future.
Future Plans
The company is developing new products as and when new
applications emerges. The company aims at achieving a growth rate of at least
10% per annum in sales turnover and profitability.
MAGNET
DIVISION
PROFILE
This Division was established in the year 1958 as a
partnership concern bearing the name “Magneto Electricals”. The partnership
concern was owned 50% by the members of the Advani family and the remaining 50%
was held by other partners. Magneto Electricals pioneered the manufacture of
Industrial Magnetic Equipment, Vibrating Equipment, Crane Control Gear and
other products in
In 1973 the partnership of Magneto Electricals was dissolved
and the assets were divided among the partners. The Advani family retained the
factory at Kandivli, manufacturing Industrial Magnetic Equipment and the other
partners took over the Crane Control Gear manufacturing unit located at Dadar.
The Advani family renamed their Kandivli unit as “Electromag Devices”.
Subsequently due to growth in the business the manufacture of Vibrating
Equipment was shifted to a sister company Elektromag Devices Private Limited
(FDVPI) in
Technical Developments
From 1958 to 1977 all the products manufactured by Magnet
Division, were developed in house.
Market and Marketing Arrangements
The range of products manufactured by EDPL, MDKVL and MDVPI
is used in several industries, such as Power, Steel, Cement, Fertilisers,
Glass, Paper, Foundries, Scrapyards, Ship yards, Food, etc.
Exports
Magnet Division of the company is already exporting some of
its products to
Magnet Division of the company is accredited with ISO
9001:1994 Certifications.
press
clipping
Magnetic Pulleys from
Elektromag
Magnetic Pulleys, from Elektromag Devices Private Limited,
are suitable for installation in conveyor belt stretched and for separating
iron pieces from conveyed material. All iron pieces in the conveyed material
are, as far as they are magnetizable seized by the magnetic field of the
magnetic pulley and separated.
These pulleys find application in all kinds of bulk
materials such as brown and pit coal, coke, lime-stone, cement, rock salt,
potash, blast furnace and steel mill slag, foundry sand, gravel and sand. They
can also be fitted as drive or return pulleys to the discharge end of rubber
conveyor belts of existing installations at a later stage.
Elektromag Magnetic Pulleys are mainly designed to remove
large iron pieces like bolts, screws, wire, strips and tools which could damage
conveyor belts, brake sieves, crushers or processing machines.
Other types of separating magnets are available for
separating fine iron. In the event of slag separation they serve, depending on
the granulation, for parting magnetic and non-magnetic components.
Miscellaneous
Magnetic Equipment:
- Magnetic
Ferro Filters, Ferrous Traps Magnetic Funnels & Prong Magnets
- Magnetic
Floor and Road Sweepers
- Magnetic
Sheet Floaters
Vibrating Equipment
- Unbalance
Vibrator Motors
- Electro-magnetic
Vibrators for Bins, Chutes, Humps
- Electro-magnetic
Vibrating Feeders
- Vibrating
Feeders with
- Vibrating
Screen
- Vibrating
Tables
- Small Parts
Conveyors
- Vibratory
Furnace Charging Device
- Helical/Spiral
Conveyors
Air Cusion Mobility Systems
- Air Cushion
Mobility Systems
- Smooth
Sailing on Compressed Air
- Moving Heavy
Loads Safely-with Air
Tramp Iron
Separation Equipment:
- Overband
Magnetic Separators & Suspension Magnets
- Magnetic
Pullies
- Magnetic
Drums and Drum Machines
- "Pick-Up"
Type Magnetic Drums
- Plate
Magnets, Magnetic Humps & Chutes
- Rare Earth
Roll Separators for Rollap-Elektromag-FCB
- Rare Earth
Permanent Magnetic Separators
Remote Controls For Cranes, Locomotives etc.
- In Technical
Collaboration with...
- Infra-Red
Remote Controls for Cranes, Locomotives, Machinary Industry-above and
below ground
- Radio Remote
Controls for Cranes, Locomotives, Machinary Industry-above and below
ground
Automobile Accessories
- Steering
Wheel Locks For Cars, Vans, Trucks etc.
- Security
Locks For Motor Cycles, Mopeds, Scooters, Bicycles
Electronic
Metal Detector:
- Metal
Detectors for Bulk Material Handling Conveyors
- Metal
Detectors for Food Pharmaceutical Industries
- Walk-through Metal
Detactors for Security Applications
- Hand-Held
Metal Detectors for Security Applications
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.40.57 |
|
|
1 |
Rs.80.64 |
|
Euro |
1 |
Rs.54.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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 |
|