MIRA INFORM
REPORT
|
Report
Date : |
29.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
B-92,
Himalaya House, 23, Kasturba Gandhi Marg, New Delhi-110001, |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
07.04.1995 |
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Com.
Reg. No.: |
55-67296 |
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CIN
No.: [Company
Identification No.] |
U74899DL1995PTC067296 |
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|
TAN
No.: [Tax
Deduction & Collection Account No.] |
DELD07981B |
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PAN
No.: [Permanent
Account No.] |
AAACD0226E |
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Legal
Form : |
Private limited liability company |
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|
Line
of Business : |
Manufacturer
and Exporters of Automotive Systems and Components like Catalytic Converter,
Drive Shafts and Wiring Harness. |
RATING
& COMMENTS
|
MIRAs
Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum
Credit Limit : |
USD
6830000 |
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Status
: |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject
is a wholly owned subsidiary of Delphi Automotive Systems (Holding) Inc., The
company continues to incur heavy losses. Its financial position is moderate.
However 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 : |
B-29, Himalaya
House, 23, Kasturba Gandhi Marg, New Delhi-110001, |
|
Tel.
No.: |
91-11-23318300 |
|
Fax
No.: |
91-11-23314413/
2439618 |
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E-Mail
: |
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|
Website
: |
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Location : |
Commercial |
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Headquarter
: |
Delphi Corporation, World Headquarters, |
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Tel.
No.: |
(1) 248.813.2000 |
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Fax
No.: |
(1) 248.813.26570 |
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|
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Corporate
Office : |
240, Phase I, Udyog Vihar, Gurgaon, Haryana |
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Tel.
No.: |
91-124-2345054/2345055/2345056/2345557/2345558 /2345556 |
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Fax
No.: |
91-124-2345053 |
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Area : |
Industrial |
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|
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Factory
1 : |
Plot No. 3, Sector 41, Industrial Development Area,
Greater Noida, District Gautam Budh Nagar, Uttar Pradesh |
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Tel.
No.: |
91-120-2341381/95 |
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Fax
No.: |
91-120-2341383 |
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Factory
2 : |
Plot No. 98A, KIADB Industrial Area-II, Jigani Anekal Taluk,
Bangalore-562106, |
DIRECTORS
|
Name : |
Mr. Arun Ramachandra |
|
Designation
: |
Director |
|
Address
: |
C-3/3006, |
|
Date
of Birth/Age : |
21/03/1966 |
|
Date
of Appointment : |
28/07/2004 |
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|
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|
Name : |
Mr Kadapa Prabhakar |
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Designation
: |
Managing Director |
|
Address
: |
C-83 Sarita Vihar, |
|
Date
of Birth/Age : |
03/07/1958 |
|
Date
of Appointment : |
13/04/2006 |
|
|
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|
Name : |
Mr Pankaj Mittal |
|
Designation
: |
Director |
|
Date
of Birth/Age : |
07/07/1967 |
|
Date
of Appointment : |
07/03/2007 |
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|
|
|
Name : |
Mr. Iyer Chandramurli |
|
Designation
: |
Director |
|
Address
: |
A-46, Oakwood Estate, DLF Ph. II, Gurgaon
-122002 |
|
Date
of Birth/Age : |
30.05.1962 |
|
Date
of Appointment : |
28.07.2004 |
|
Date
of Ceasing : |
05.05.2005 |
|
|
|
|
Name : |
Mr. Ravinder Singhania |
|
Designation
: |
Director |
|
Address
: |
P-24, |
|
Date of
Birth/Age : |
24.09.1968 |
|
Date
of Appointment : |
07.04.1995 |
|
Date
of Ceasing : |
23.12.2003 |
|
|
|
|
Name : |
Mr. Anil Verma |
|
Designation
: |
Director |
|
Address
: |
E-144, Greater Kailash Part 2, New
Delhi-110048 |
|
Date
of Birth/Age : |
12.09.1959 |
|
Date
of Appointment : |
14.07.1998 |
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Date
of Ceasing : |
23.12.2003 |
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|
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|
Name : |
Mr. Ravinder Khanna |
|
Designation
: |
Director |
|
Address
: |
LCGO 303, Laburnum, Condominium Complex,
Sector 28, Gurgaon |
|
Date
of Birth/Age : |
26.02.1959 |
|
Date
of Appointment : |
11.03.1997 |
|
Date
of Ceasing : |
15.08.2004 |
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|
|
|
Name : |
Mr. Bharat moossaddee |
|
Designation
: |
Director |
|
Address
: |
M 14/17, |
|
Date
of Birth/Age : |
11.11.1962 |
|
Date of
Appointment : |
23.06.1998 |
|
Date
of Ceasing : |
30.07.2004 |
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|
|
|
Name : |
Mr. Amit Bahi |
|
Designation
: |
Additional Director |
|
Address
: |
49, |
|
Date
of Birth/Age : |
27.05.1975 |
|
Date of
Appointment : |
28.09.2005 |
|
|
|
|
Name : |
Mr. Sandip Sarkar |
|
Designation
: |
Director |
|
Address
: |
203, 14B Cross, Sector 6, HSR Layout,
Bangalore-560034, Karnataka |
|
Date
of Birth/Age : |
03.12.1960 |
|
Date
of Appointment : |
28.09.2006 |
KEY
EXECUTIVES
|
Name : |
Mr. Naresh Varadarajan |
|
Designation
: |
Company
Secretary |
|
Address
: |
7/8, 10th
A Main, Ground Floor, 4th Block, jayanagar, |
|
Date
of Birth/Age : |
30.04.1969 |
|
Qualification
: |
|
|
Experience
: |
|
|
Date
of Appointment : |
10.04.1998 |
|
Date
of Ceasing : |
23.12.2003 |
|
|
|
|
Name : |
Mr.
Vineet Kumar Singhal |
|
Designation
: |
Company
Secretary |
|
Address
: |
C-101,
Temple Tree Apartments, |
|
Date
of Birth/Age : |
20.11.1972 |
|
Date
of Appointment : |
|
|
|
|
|
Name : |
Mr.
Sandeep Kumar Aggarwal |
|
Designation
: |
Company
Secretary |
|
Address
: |
20/48, Shakti
Nagar, Delhi-110007 |
|
Date
of Birth/Age : |
15.04.1981 |
|
Date
of Appointment : |
08.12.2006 |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Equity Shares: |
|
|
5725, |
28,499,997 |
|
Delphi International Holdings Corporation 5725, |
3 |
|
Total |
28,500,000 |
|
|
|
|
Preferential Share Holders: |
|
|
5725, |
10,179,854 |
|
Total |
10,179,854 |
As on 31.03.2006
|
Names of Shareholders |
Percentage of holding |
|
Foreign
holdings |
100.00 |
BUSINESS
DETAILS
|
Line
of Business : |
Manufacturer
and Exporters of Automotive Systems and Components like Catalytic Converter,
Drive Shafts and Wiring Harness. |
|
|
|
|
Products
: |
v Struts and Shock Absorbers v Caliper Brakes v Drum Brakes v Power Brakes v Drive Axles v Steering Column v Air Inlet v Blower Air Inlet v Compressor v HEA v Condensor/ Radiator v Catalytic Converter v Evaporative Wires v Thermal Spare Parts v Brake Pads And Shoes v Brakes And Clutch Fluids v Lockheed Wheel Cylinders v Lockheed Brake And Cluth Houses v Lockheed Brake And Cluth Master
And Slave Cylinders v Lockheed Calipers v Hydraulics And Calipers v Lockheed Wheel Cylinders v Lockheed Brake And Cluth Master
And Slave Cylinders v Lockheed Bracke And Cluth Houses Clutches v Truck and tractor clutches v FILTERS v Air, oil, fuel filters v Petrol fuel filters v Diesel fuel filters v Cabin filters Steering and Suspension v Lockheed Wshbones v Carbon shock absorbers v Twintube and monotube gas shock
absorbers v Monotube gas shock absorbers v Water pumps v Brake discs and drums |
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Exports
to : |
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|
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Terms
: |
|
|
Selling : |
Cash, Contract, L/C or Credit (30 days) terms |
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|
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Purchasing : |
Contract, L/C, Credit (30 days) terms |
PRODUCTION STATUS
|
Products |
Unit |
Installed Capacity |
Actual Production |
|
Wiring Sets (Harness) |
Sets |
2,994,400 |
1,875,323 |
|
Drive Shafts &
Intermediate Shafts |
Nos. |
900,000 |
685,013 |
|
Steering Columns and I-Shafts |
Nos. |
300,000 |
79,947 |
|
Catalytic Converters |
Nos. |
680,000 |
316,619 |
|
Canisters |
Nos. |
750,000 |
304,952 |
|
Shock Absorber
Assemblies & Parts |
Nos. |
4,133,396 |
3,182,417 |
|
Heat Ventilating &
Air Conditioning Parts |
Nos. |
500,000 |
124,620 |
|
Struts |
Nos. |
2,214,432 |
- |
|
Throttle Body |
Nos. |
310,000 |
- |
GENERAL
INFORMATION
|
Suppliers
: |
v
Suvik Industries v
Malhotra Cables Private Limited v
Bhavani Industries v
IPPCO v
Suneet Auto Components v
A K Automatics v
Tech Hard v
Raj Prexim v
Avlight Automotives v
J S Engineering v Florizon Industrial |
|
|
|
|
Customers
: |
Manufacturer v
Maruti Udyog Limited v
Daewoo Motors v
General Motors India Limited v
Tata Engineering & Locomotive Company Limited v
General Motor Corporation, |
|
|
|
|
No. of
Employees : |
Around 1300 |
|
|
|
|
Bankers
: |
The ECE House, 28 KG Marg, Bank of Hansalaya, ANZ Grindlays Bank Plc. 26-27 UTI Bank Limited DLF Gurgaon Branch, SG-20-22, Gelleria Shopping Complex, |
|
|
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
S R
Batilboi & Associates Chartered
Accountants |
|
Address
: |
|
|
|
|
|
Associates
: |
v
Delphi Auto Systems Inc, v
Delphi Corporation, v
v
v
Delphi Automotive Systems, v
v
Deutschland Verwatungs GmbH v
Delhi Packard Espanr SA v
PT Delhi auto Systems Indonesia v
Delphi Pal Electricity Systems Company Limited v
Delphi Automotive Systems, v
v
v
v
Delphip Pack Electric Systems v
|
|
|
|
|
Holding
Company : |
Delphi Automotive Systems, Inc, |
|
|
|
|
Parents
Company : |
|
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
28,500,000 |
Equity
shares |
Rs. 100/- each |
Rs. 2850.000 millions |
|
16,500,000 |
Preference
shares |
Rs. 100/- each |
Rs. 1650.000 millions |
|
|
Total |
|
Rs.
4500.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
28,500,000 |
Equity
shares |
Rs. 100/- each |
Rs. 2850.000 millions |
|
12182349 |
Preference
shares |
Rs. 100/- each |
Rs. 1218.235 millions |
|
|
Total |
|
Rs.
4068.235 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 |
4068.235 |
3867.985 |
3867.985 |
|
2] Reserves & Surplus |
0.000 |
0.000 |
-- |
|
3) (Accumulated loss) |
(2359.929) |
(1798.591) |
(1643.051) |
|
NETWORTH |
1708.306 |
2069.394 |
2224.934 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
20.000 |
171.964 |
116.935 |
|
2] Unsecured Loans |
318.792 |
146.866 |
187.092 |
|
TOTAL BORROWING |
338.792 |
318.830 |
304.027 |
|
|
|
|
|
TOTAL
|
2047.098 |
2388.224 |
2528.961 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1665.277 |
1931.023 |
1764.512 |
|
Capital work-in-progress |
144.742 |
105.313 |
75.336 |
|
|
|
|
|
|
Capital Advance |
0.000 |
0.000 |
67.190 |
|
Deferred Tax Assets |
0.000 |
0.000 |
-- |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
755.991 |
567.503 |
444.229 |
|
Sundry Debtors |
926.865 |
710.636 |
508.496 |
|
Cash & Bank Balances |
51.730 |
20.003 |
308.455 |
|
Other Current Assets |
0.000 |
0.000 |
222.531 |
|
Loans & Advances |
383.848 |
255.446 |
45.432 |
|
Total Current Assets |
2118.434 |
1553.588 |
1529.143 |
|
Less : |
|
|
|
|
Current Liabilities |
1799.462 |
1150.108 |
895.016 |
Provisions
|
81.893 |
51.592 |
12.204 |
Total Current Liabilities
|
1881.355 |
1201.700 |
907.220 |
|
Net Current Assets |
237.079 |
351.888 |
621.923 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
|
2047.098 |
2388.224 |
2528.961 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
5302.330 |
4084.347 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
(155.540) |
71.535 |
Provision for Taxation
|
|
-- |
(72.926) |
Profit/(Loss) After Tax
|
|
(155.540) |
(144.461) |
|
|
|
|
|
Export Value
|
|
NA |
NA |
|
|
|
|
|
Import Value
|
|
NA |
NA |
|
|
|
|
|
Total Expenditure
|
|
5176.524 |
3772.858 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA |
2.93
|
(3.54) |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA |
2.93
|
1.75 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA |
(4.46)
|
2.17 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA |
(0.07)
|
0.03 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.30 |
0.73
|
0.54 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.13 |
1.29
|
1.69 |
LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
|
Name
of the company |
|
|
Presented By |
Mr. Hari Radheshwar, Managing
director |
|
1) Date and
description of instrument creating the change |
Master loan agreement dated 23.11.1995, entered into
between the company, on one part and ANZ Grindlays Bank Ptc. Aggregating to
Rs.630.000 millions broken up as : Founded Limits : Rs. 380.000 millions Term Loan Rs.100.000 millions Working Capital Loan Total : Rs.480.000 millions Non funded limits : Rs.150.000 millions Letter of
Credit. Total Limits : Rs.630.000 millions Hypothecation agreement dated 23.11.1995, created in
favour of ANZ Grindlays Bank Ptc. Over trade receivables and goods of
description set out in Schedule C of the Master loan agreement present and
hereafter arising (Working capital facility of Rs.100.000 millions and
letters of credit facility of Rs.150.000 millions) totaling to Rs.250.000
millions |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Letter of credit facility of Rs.150.000 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 |
Registered hypothecation over trade receivables and
inventories as specified in Schedule C of the master loan agreement. |
|
4) Gist of
the terms and conditions and extent and operation of the charge. |
To finance local purchases/ Import
of inventory, spares/ components, machinery |
|
5) Name
and Address and description of the person entitled to the charge. |
ANZ Grindlays Bank Plc. 26-27 |
|
6)
Date and brief description of
instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
Corporation identity number or foreign company
registrations number of the company |
U74899DL1995PTC067296 |
|
Name of the company |
|
|
Address |
B-92, Himalaya House, 23, Kasturba Gandhi Marg, New
Delhi-110001, |
|
This Form is for |
Modification of chage |
|
Type of Charges |
Floating charge on stocks and receivables |
|
Particular of the charge holder |
UTI Bank Limited DLF Gurgaon Branch, SG-20-22, Gelleria Shopping Complex, |
|
Nature or description of the instrument creating charge |
Partial vacation of pari passu charge on Companys stock
in trade and book debts Modifying the security under the aforesaid charge from
stock in trade, book debts to Stock in trade and book debts excluding those arising at
Plot No.98A, Phase II, KIADB Industrial Area, Bangalore-562106, of Delphji
Automotive Systems Private Limited |
|
Date of the instrument creating charge |
03.01.2007 |
|
Amount Secure by the charge |
Rs.200.000 millions |
|
Brief of the principal terms and conditions and extent and
operation of the charge |
Rate of interest : BPLR 4% per month Terms of repayment Sales Invoice Discounting with usance of 90 days maximum |
|
Modification charge Charge identification number of the charge to be modified |
10000112 |
|
Particulars of the Property charged |
Stock in trade and book debts at
all locations excluding those at Plot 98A, Phase II, KIADB Industrial Area,
Bangalore-562106, of Delphi Automotive Systems Private Limited. |
History
Incorporated on April 7,
1995 the subject is engaged in the
business of Manufacturers and Exporters
of Automotive Systems and Components like Catalytic Converter, Drive Shafts,
Wiring Harness.
Subject began manufacturing of HVAC and brazed aluminium
heat exchanger products in the fourth quarter of 1998.
The companys
Harrison Thermal Systems and Chassis Systems moved into a new 140000 sq.ft.
Facility in early 1998. Prior to the
move, the two divisions shared a temporary facility in Gurgaon where the
companys chassis began automotive strut and shock manufacturing operations in
1996.
Subject import raw materials.
Subject also exports finished products in the Domestic
Market.
Delphi Automotive
Systems is one of the worlds most diversified automotive systems and
components suppliers. Earlier known as the Automotive Component Group Worldwide
(ACG Worldwide) of General Motors, its operations were restructured and unified
into a single identity called Delphi Automotive Systems in February 1995.
With the addition of
Delphi Delco Electronics, Delphi (pronounced
Divisions
v
Delphi
Saginav Steering Systems,
v
Delphi
Packard Electric Systems, Noida,
v
Delphi
Energies and Engine Management System, Gurgaon,
v
Delphi
Chassis and Harrison Thermal System, Noida,
v
Delphi
v
v
Subject
continues to grow product portfolio, adding localised heating, ventilating and
air conditioning modules and heat exchangers to its broad range of components
and systems.
The company
has collaboration with the following: -
v
Packard
Electronic Systems GmbH
v
v
v
v
v
v
The company
is in trade terms with:
v
v
v
Subject has been accredited with ISO 9000 Certification
Geographic Segment
|
Location |
31st March 2003 |
31st March 2002 |
|
Domestic |
2508.775 |
2704.552 |
|
|
651.045 |
418.192 |
|
|
53.458 |
306.185 |
|
Rest of the World |
64.734 |
7161.535 |
Profile
Subject is
one of the leading diversified automotive systems and components suppliers. Earlier
known as the Automotive Component Group Worldwide (ACG Worldwide) of General
Motors, its operations were restructured and unified into a single identity
called Delphi Automotive Systems in February 1995.
It is a
global supplier to every major Original Equipment Manufacturer (OEM) in the
automotive arena.
It has
established 27 Technical Centres that virtually drive the technological
developments in automotive systems design and manufacture around the world.
About Delphi
As a world leader in
automotive systems and components, Delphi Corporation provides comprehensive
product solutions to OEMs in
In 2000,
Exports have also
commenced, with supplies going from Delphi
Press Clippings
Delphi Completes
Release
Date: August 02, 2006
"The sale of this plant is an important step forward in our
overall restructuring plan," said James A. Bertrand, president, Delphi
Automotive Holdings Group. "A consensual agreement with our customers and
the International Union of Electrical Workers (IUE-CWA) paved the way for the
sale of Delphi's U.S.-based battery assets, and concludes our effort to divest
Approximately 100
FORWARD LOOKING STATEMENT
This press release, as well as other statements made by
Similarly, these and other factors, including the terms of any
reorganization plan ultimately confirmed, can affect the value of the company's
various pre-petition liabilities, common stock and/or other equity securities.
Additionally, no assurance can be given as to what values, if any, will be ascribed
in the bankruptcy proceedings to each of these constituencies. A plan of
reorganization could result in holders of
Delphi's
Technology prevents fires by pyrotechnically
disconnecting vehicle batteries from unfused cables in case a short-circuit
results from a collision
Release Date: August 09, 2006
Automobile crashes resulting in vehicle fires are 10 times as
deadly as those not involving fire, according to insurance company statistics.
Triggered by the electric signal of the airbag control system,
In most vehicles, the cable connecting the battery with the
starter and alternator the largest electrical cable in an automobile is completely
unprotected. High currents that flow through this cable while starting the
vehicle prohibit the use of fuses. Because this cable is unprotected, current
that continues to flow through the cable following a vehicle crash poses the
threat of high-temperature short circuits and arcing, which could lead to a
fire.
Comprised of a small number of parts, all enclosed in a
high-strength fiber-reinforced plastic housing,
There are no moving external parts and, due to the built-in
electrostatic discharge protection, it is unlikely that an installer could
trigger deployment of the pyrotechnic device. Even if deployment occurs during
installation, it should not cause injury or damage, Deutschmann says, because
the action all takes place within the closed housing and it is tested to be
hand-safe.
This also makes replacement of an activated BDSD quick and easy.
In most instances, two bolts hold it in place. While the BDSD disconnects power
from the vehicle battery to unfused cables, it does not sever power to the
vehicle's safety functions such as door locks, hazard lights, interior lighting
and automatic emergency call systems.
Employing devices to disconnect vehicle batteries during
collisions has become increasingly popular in Europe and, to eliminate the risk
of product liability lawsuits, some of these automakers have incorporated the
feature in vehicles exported to the
FORWARD LOOKING STATEMENT
This press release, as well as other statements made by
Similarly, these and other factors, including the terms of any
reorganization plan ultimately confirmed, can affect the value of the company's
various pre-petition liabilities, common stock and/or other equity securities.
Additionally, no assurance can be given as to what values, if any, will be
ascribed in the bankruptcy proceedings to each of these constituencies. A plan
of reorganization could result in holders of
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 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 Intl 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
companys 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. 40.45 |
|
|
1 |
Rs. 80.30 |
|
Euro |
1 |
Rs. 54.37 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
-- |
|
--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 |
|
36 |
This
score serves as a reference to assess SCs 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 |