MIRA
INFORM REPORT
|
Report Date : |
24.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
IFB HOME
APPLIANCES DIVISION OF IFB INDUSTRIES LIMITED |
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Registered Office : |
14, Taratolla
Road, Kolkata – 700 088, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.11.1974 |
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Com. Reg. No.: |
21-29637 |
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CIN No.: [Company
Identification No.] |
U99999WB1974PTC029637 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALI00026F |
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Legal Form : |
A public limited
liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers of Fully Automatic Front Loading Washing Machines and Clothes
Dryers. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Poor |
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Payment Behaviour : |
Slow &
Delayed |
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Litigation : |
Exist |
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Comments : |
Subject is a well
established company engaged in manufacturing and marketing of Press Tools and
Dines, Fine Blankets Components heat treated and Phosphated Components,
motors and home appliances, but it continues to incur heavy losses. Due to
adverse business and financial condition, The company’s payments are reported
as slow and delayed. The company may
be considered for business dealings only against safe and secured trade terms
and conditions. |
LOCATIONS
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Registered Office / Factory : |
14, Taratolla
Road, Kolkata – 700 088, West Bengal, India |
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Tel. No.: |
91-33-30489285 / 30489299 / 24014917 – 23 |
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Fax No.: |
91-33-24014182 /
4579 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Plot No. IND-5,
Sector – I, East Calcutta Township, Kolkata – 700 078, West Bengal |
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Tel. No.: |
91-33-39849524 |
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Fax No.: |
91-33-24427779/1003 |
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E-Mail : |
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Factory 2 : |
JL-71, P.O. Bishnupur, Gangarampur, West Bengal |
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Factory 3 : |
L-l, Verna Electronic City, Verna, Selcete, Goa - 403 722 |
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Tel. No.: |
91-832-2783303-05/07
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Fax No.: |
91-832-2783306 |
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E-Mail : |
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Factory 4 : |
62,64 & 66, Corlim Industrial Estate, Corlim, Ilhas,
Goa-403 110 |
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Factory 5 : |
E-3,
New Industrial Area II, Mandideep - 462 046, Bhopal, Dist. Raisen, M.P-462046 |
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Factory 6 : |
16/17, Visveswariah Industrial Estate, Whitefield Road, Bangalore
- 560 048 |
DIRECTORS
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Name : |
Mr. Bijon Nag |
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Designation : |
Executive Chairman |
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Name : |
Mr. P. K. Biswas |
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Designation : |
Nominee of lDBI |
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Name : |
Dr. Rathindra Nath Mitra |
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Designation : |
Director |
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Name : |
Mr. Sornen Bal |
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Designation : |
Director |
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Name : |
Mr. Radharaman Bhattacharya |
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Designation : |
Director |
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Name : |
Mr. R. Muralidhar |
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Designation : |
Director |
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Name : |
Mr. K. M. Unnikrishnan |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. G. Ray
Chowdhury |
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Designation : |
Company Secretary
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AUDIT COMIITTEE |
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Name : |
Dr. Rathindra Nath Mitra |
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Designation : |
Chairman |
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Name : |
Mr. P. K. Biswas |
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Designation : |
Member |
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Name : |
Mr. Radharaman
Bhattacharya |
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Designation : |
Member |
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Name : |
Mr. Somen Bal |
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Designation : |
Member |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoters Group |
8380776 |
48.52 |
|
Mutual Funds and
Unit Trust of India |
40563 |
0.24 |
|
Banks, Financial
Institutions & Insurance Companies |
547392 |
3.71 |
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Foreign Institutional
Investors |
731177 |
4.23 |
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Bodies Corporate |
1977780 |
11.45 |
|
NRIs/OCBs |
725693 |
4.20 |
|
In transit in
Depository System |
23939 |
0.14 |
|
General Public |
4846127 |
28.05 |
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Total : |
17273447 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Fully Automatic Front Loading Washing Machines and
Clothes Dryers. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Press Tools &
Dies |
Rs.’000 Nos. |
6000 85 |
6000 85 |
12280 29 |
|
Fine Blanked
Components (Heavier) |
MT |
1500 |
1500 |
1935 |
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Fine Blanked Components
(Auto Products) |
MT |
2000 |
2000 |
1869 |
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Heat Treated
& Phosphated Components |
MT |
450 |
450 |
708 |
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Motors |
Nos. |
NA |
100000 |
105954 |
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Home Appliances |
Nos. |
400000 |
225000 |
117546 |
GENERAL
INFORMATION
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No. of Employees : |
776 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Moderate |
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Auditors : |
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Name : |
Deloitte Haskins
& Sells Chartered
Accountants |
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Collaborators : |
v Heinrich Schmid, Switzerland v Bosch, Germany – Washing Machine v Asko, Sweden – Dishwasher v Siemens, Germany – Motor Appliances v Email, Australia – Clothes Dryer v Sampo, Taiwan – Microwave Oven |
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Associates : |
v IFB Agro
Industries Limited v IFB Automotive
Private Limited v Autoliv IFB
India Private Limited v Travel Systems
Private Limited v CPL Projects
Limited. |
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Subsidiaries : |
v Elisha Investments Private Limited v European Fine Blanking Limited, U.K. v Crestwood Enterprises Limited v New Star Traders Limited v Gate Pacific Pte. Limited v Sebastopol Corporation N.V. v Hanway Stationery Limited v Hanway Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs. 10/- each |
Rs.350.000 millions |
|
30000000 |
Cumulative
Convertible Preference Shares |
Rs. 10/- each |
Rs. 300.000 millions |
|
30000000 |
Cumulative
Redeemable Preference Shares |
Rs. 10/- each |
Rs. 300.000 millions |
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Total |
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Rs. 950.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17273447 |
Equity Shares |
Rs. 10/- each |
Rs. 172.734 Millions |
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Add : |
Forfeited Shares |
|
Rs. 7.625 millions |
|
16000000 |
5% Cumulative
Redeemable Preference Shares |
Rs. 10/- each |
Rs. 160.000 millions |
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Total |
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Rs. 340.359 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS
FUNDS |
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|
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1] Share Capital |
340.359 |
325.859 |
152.359 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1693.667 |
1647.847 |
1622.328 |
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4] (Accumulated Losses) |
[5112.636] |
[5465.287] |
(5327.299) |
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NETWORTH
|
[3078.610] |
[3491.581] |
(3552.612) |
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LOAN FUNDS |
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1] Secured Loans |
3744.404 |
4269.117 |
4619.556 |
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2] Unsecured
Loans |
238.408 |
462.014 |
551.223 |
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TOTAL BORROWING
|
3982.812 |
4731.131 |
5170.779 |
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DEFERRED TAX LIABILITIES
|
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TOTAL
|
904.202 |
1239.550 |
1618.167 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
864.933 |
1094.534 |
1390.086 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.002 |
0.002 |
0.002 |
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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
|
397.304
|
287.432
|
343.183
|
|
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Sundry Debtors
|
166.338
|
187.303
|
215.921
|
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Cash & Bank Balances
|
204.370
|
213.623
|
233.403
|
|
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Other Current Assets
|
0.000
|
0.000
|
0.000
|
|
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Loans & Advances
|
127.716
|
102.006
|
97.625
|
Total Current Assets
|
895.728
|
790.364
|
890.132 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
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Current Liabilities & Provisions
|
856.461
|
645.350
|
662.053
|
Total Current Liabilities
|
856.461
|
645.350
|
662.053
|
|
Net
Current Assets
|
39.267
|
145.014
|
228.079
|
|
|
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|
|
|
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TOTAL
|
904.202 |
1239.550 |
1618.167 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
3081.661 |
2408.004 |
2405.070 |
|
|
Other Income |
279.746 |
251.459 |
|
|
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Total Income |
3361.407 |
2659.463 |
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Profit/(Loss) Before Tax |
362.970 |
[131.152] |
(343.987) |
|
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Provision for Taxation |
10.319 |
6.836 |
-- |
|
|
Profit/(Loss) After Tax |
352.651 |
[137.988] |
(343.987) |
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Earnings in Foreign Currency : |
|
|
|
|
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Total Earnings |
20.343 |
11.873 |
7.101 |
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Imports : |
|
|
|
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|
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Raw Materials |
254.987 |
146.104 |
|
|
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Stores & Spares |
2.780 |
9.907 |
|
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Capital Goods |
16.031 |
0.130 |
|
|
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Trading Goods |
337.303 |
257.867 |
|
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Total Imports |
611.101 |
414.008 |
435.023 |
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Expenditures : |
|
|
|
|
|
|
Raw Materials
and Finished Goods |
1552.372 |
|
|
|
|
Employees'
Remuneration and Benefits |
209.374 |
176.789 |
|
|
|
Operating and
Administration Expenses |
1567.198 |
1190.168 |
3229.824 |
|
|
Depreciation /
Amortisation |
128.159 |
183.235 |
|
|
|
Financial
Charges |
0.000 |
120.447 |
|
|
Total Expenditure |
3457.103 |
2897.919 |
3229.824 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2007 |
30.09.2007 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
813.300
|
1040.100
|
|
Other Income |
|
31.000
|
41.200
|
|
Total Income |
|
844.300
|
1081.300
|
|
Total Expediture |
|
768.700
|
1002.900
|
|
Operating Profit |
|
75.600
|
78.400
|
|
Interest |
|
0.000
|
0.000
|
|
Gross Profit |
|
75.600
|
78.400
|
|
Depreciation |
|
25.300
|
19.900
|
|
Tax |
|
1.600
|
1.600
|
|
Reported PAT |
|
48.700
|
56.900
|
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Long Term Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current Ratio |
0.55 |
0.53 |
0.51 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed Assets |
0.98 |
0.78 |
0.77 |
|
Inventory |
10.53 |
9.01 |
10.31 |
|
Debtors |
20.40 |
14.09 |
12.55 |
|
Interest Cover Ratio |
[16.85] |
[0.90] |
(0.35) |
|
Operating Profit Margin(%) |
1.08 |
2.46 |
(0.25) |
|
Profit Before Interest And Tax
Margin(%) |
[2.48] |
[3.99] |
(7.74) |
|
Cash Profit Margin(%) |
0.65 |
[2.21] |
(22.38) |
|
Adjusted Net Profit Margin(%) |
[2.91] |
[8.66] |
(29.87) |
|
Return On Capital Employed(%) |
[2.47] |
0.00 |
0.00 |
|
Return On Net Worth(%) |
11.58 |
0.00 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
Incorporated
in 1974 at Kolkata as Indian Fine Blank by Bijon Nag in collaboration with Heinrich
Schmid, Switzerland, to manufacture fine blanking tools, blanked components and
sub-assemblies, IFB Industries has today a second fine blanking factory at
Bangalore and an ultra modern plant under subsidiary European Fine Blanking at
Wrexham, Wales, UK. It has two joint venture subsidiaries -- RHW India and RHW
Autoliv India, in collaboration with RHW, Germany and Electrolux, Sweden, to
manufacture automotive seat recliners / seating systems and safety equipment.
The
launch of fully automatic washing machines in 1990 in collaboration with Bosch,
Germany, signaled IFB's entry into the white goods sector. Expansion of
capacity at the Goa plant and the acquisition of Microwin Electronics, at
Bhopal ensures expansion in product volume and range. The FHP motor factory at
Bangalore (1992) in collaboration with Siemens (Germany) is now envisaging
growth in the automotive sector also.
The international business division has grown into a recognized Export House
dealing in not only IFB's own products but also third-party exports. It
recently acquired a microwave oven plant at Bhopal which is being upgraded for
increased production of better microwave ovens and to start a new line in
dish-washers. An additional line is being set up at the Goa plant for washing
machines. A new line for clothes dryers is also being established. The company
has technical tie-up with Asko Cylinda, Sweden, for the manufacture of dish
washers and with E Mail, Australia, for the manufacture of clothes
dryers.
During 1995-96, it launched its three new produces viz. Microwave Oven, Dish
Washer and Clothes Dryer at Bhopal and Goa plant. With further expansion in its
washing machine division at Goa, new model "Executive" of 4 kgs
capacity and "Supremo" of 5.5 Kgs has been introduced.
In the year under report i.e. 1999-2000, the company launched the state of the
art `Senator' model which sustained and improved the company's position at the
top segment with increased market share.
The company has been referred to BIFR as the net worth of the company has been
fully eroded. The Bangalore Unit and Kolkata Unit have been certified ISO 9001
& ISO 9002 respectively.
During the financial year 2003-04, Engineering factories at Kolkata &
Bangalore have been certified as QS9000 by DNV.
REVIEW
OF OPERATION:
The company completed another year of sustained growth. Home appliance and
Engineering Divisions posted strong growth in revenue and strengthened their
market standing. This achievement is more noteworthy when viewed in the light
of challenging business environment in white goods and auto components. Washing
machine sales crossed 1 lakh mark. Sales in Washing machine, dish washers,
micro wave ovens & cloth dryers registered growth of 25%, 33%,47% & 33%
respectively. Engineering division also achieved a sales growth of 24%.
However margin in washing machine sales reduced due to rise in input
costs, freight cost and sustained pressure on sale price due to cut throat
competition. Due to immense competition, margin in microwave oven sales was
also bare minimum. During the year the company introduced two new models of
microwave ovens and started sourcing of Industrial dish washer. Due to
financial constraints the Company could not make adequate advertisement and
marketing expenses leading to under exploitation of market potential.
Despite significant growth in the automobile sector there has been a severe
price war among the competitors leading to a lower margin on fine blanking
components supplied by the company to its customers.
During the year, the Company has suffered a operating loss of Rs.95.600
Millions as against previous year's reported loss figure of Rs. 238.400
Millions.
However
after considering prior period adjustment and gain on exceptional items the
company earned a profit of Rs. 362.900 Millions as against previous year
reported Loss of Rs. 131.100 Millions. The profit figure for the year under
review improved due to booking of gain on interest waiver consequent to debt
settlement. To reflect the true and fair view, the Company has identified
unusable tools and moulds pertaining to discontinued models and also junked
machineries. Consequently a sum of Rs 190.200 Millions has been provided in the
accounts.
MANAGEMENT DISCUSSION AND ANALYSIS:
Industry Structure & Developments:
A surge in the
global automobile industry since the late nineties has led to a robust growth
of the automobile sector in the country. In tandem with the industry trends,
the Indian auto component sector has shown great advances in recent years in
terms of growth, spread, absorption of technologies and flexibility. Indian
auto component industry has seen major growth on arrival of global vehicle
manufacturers from Japan, Korea, US and Europe. Today India is emerging as one
of the key auto components centers in Asia and is expected to play a key role
in the global automotive supply chain in the near future.
The auto parts
industry has emerged as one of India's fastest growing manufacturing industry and
a globally competitive one. The auto components industry in India supports
industries like automobiles, machine tools, rubber, plastics, electrical,
electronics, forging, machining etc.
India has also
emerged as an outsourcing hub for auto parts for international companies viz
Ford, General Motors, Daimler Chrysler, Fiat, Volkswagon and Toyota.
The year
2006-07 shows encouraging results for all segments of automobile industry and
it is expected to grow if the favourable conditions prevail.
Exports have
also been showing the buoyancy. The exports will be a potential source of
revenue growth in the future.
However, interest rate hike and appreciating rupee remained a downside risk.
Growth in consumer durable slowed down to 9 percent in 2007, as compared with
15.3 percent in the previous fiscal.
Due to increase
in the price of steel plastic and other input materials and also due to severe
price war all the washing machine manufacturers felt the heat. Demand growth
has been slow because of low penetration of washing machines in sub-urban
India. Being an appliance that has substitute, the utility perception of the
product is low and washing machine rank low in the priority list of consumers.
The product is still to find acceptance in the rural market where a majority of
the population resides, as a result demand remains restricted to the bigger
towns and cities. With the increasing urbanization and marginal price
difference between front loading fully automatic (lower end) and top loading
automatic washing machine, front loading fully automatic washing machines are
being preferred by a larger section of consumers.
Outlook:
The pick up in the global economy, the revival of the Indian economy,
industrial revival and reforms programmes being implemented at various stages
are factors that augur well for the Company. Efforts towards higher operational
efficiencies and focus on cost reduction shall continue. In addition to
increasing market penetration and higher volumes the Company is also expanding
its product range. The future is exciting. Consumers are becoming brand
conscious. Consumers are looking at sustained product promises, what industry
calls brand value.
Modest demand growth of household appliances over the medium term is expected
to be driven by increasing urbanization, the rising population of working women
and higher disposable income increasing the affordability of the product.
A significant
share of demand for fully automatic washing machines accrues from the
replacement segment. Replacement market needs to be aggressively targeted. They
want to establish IFB as a specialist in appliances rather than a generalist.
They wish to go beyond their existing product range.
The Indian
auto-ancillaries sector is poised for growth. Companies which have made their
mark, now wait to scale up to meet global orders. IFB has also given proper
thrust to explore the possibility of acquiring export orders. To meet increased
demand & maintain premium quality of their products machineries have been
acquired for fine blanking, heat treatment & grinding activity. The company
is harnessing fresh market from overseas ,customers.
The Company
needs to modernize aggressively, train its workforce in new emerging
technologies & retain them through better HR practices.
The company is in trade terms with: -
Ř
AVP Cement Products
Ř
AM Engineering
Ř
AMI Plastics
Ř
Asia Trade Combine
Ř
AP Industries
Ř
Bhadra Metal Products
Ř
Bindu Tools Limited
Ř
Classic Engineering Industries
Ř
Creative Engineering Systems
Ř
C-G PPI Adhesive Products Private Limited
Ř
Chemisynth
Ř
Delux Industries
Ř
Disha Precision Private Limited
Ř
Dutta and Das Gupta
Ř
Elecchem Technik Private Limited
Ř
Elegant Forms India Private Limited
Ř
Friction Technologies
Ř
Friends Trading
Ř
Hindustan Small Industries
Ř
Hitech Polymers Industries
Ř
Harness Cable Connectors Private Limited
Ř
Rajshree Engineering
Ř
Rajesh Tools & Instruments
Ř
Saket Hardware Industries
Ř
Star Enterprises
Ř
Strident Polymers India Private Limited
Ř
Supreme Electrical
Ř
Tera Atto Appliances Private Limited
Ř
Tek Electromechanical Private Limited
Ř
Thuse Electronics
Ř
Welfix Cables and Cords
Ř
Ashwini Tools & Components
Ř
Beeline Engineers
Ř
Bharath Press Components
Ř
S. S. Enterprises
Ř
Shree Shreeshaila Enterprises
Ř
Springs India
Ř
Sri Durga Industries
Ř
Sri Guru Analytical Laboratory
Ř
Sri Vinayaka Engineers
Ř
Stat Coat Systems
Ř
Stup Schule & Somappa Limited
Ř
Sun Beam Tools
Ř
Universal Grinders
Ř
Apex Engineering Company
Ř
Apex Die Casters
Ř
Good Will Plastics
Ř
Gujarat Polymers
Ř
Maruthi Automats
Ř
M. R. Engineers
Ř
Sun Beam Tools
Ř
A Engineering Company
Ř
A. M. Engineering
Ř
Raju Plastics
Ř
R S CNC
Ř
Set Right Electrical Services
Ř
Set Right Electrical Works
Ř
Shree Guru Raghavendra Enterprises
Ř
Calcutta Stripwire Industries
FIXED
ASSETS
- Freehold Land
- Leasehold
Land
- Building
- Plant and
Machinery
- Computers
- Furniture
& Fixtures
- Motor
Vehicles
INTANGIBLE ASSETS
- Computer
Software
WEBSITE DETAILS
Beliefs and
Policies
Vision
IFB will be synonymous with Innovation & Technology in its chosen
fields of business activities.
IFB will excel in Quality & Services to be in consonance with Global
Standards.
Mission
Continuously maximizing company's wealth by manufacturing and marketing
best quality engineering products that go into daily life.
Quality Policy
To supply products that will consistently exceed customer's expectations
and to become a preferred supplier due to excellence in Quality and Service.
To maintain an environment that will foster teamwork and provide for
continuous improvement thereby achieving Total Quality in all activities of the
organization.
HR Policy
Provide employees an environment of respect, integrity, achievement and
fun for performing excellently, learning continuously and growing ambitiously
along with the company in order to serve the customer and community.
Environmental
Policy
Provide employees an environment of respect, integrity, achievement and
fun for performing excellently, learning continuously and growing ambitiously
along with the company in order to serve the customer and community.
IFB shall adhere to the rules & principles with respect to
environmental considerations when fulfilling its main objectives of developing,
producing and selling products & systems.
IFB shall implement its business decision in an Environmentally
responsible and caring manner relative to its Employees, Customers and
Communities.
Laws and directives from local government authorities shall be
considered as minimum requirements.
Environment activities of IFB shall be proactive and aimed at pollution
prevention and continual improvement on environmental performance.
Products & Manufacturing processes shall be energy efficient and
their environmental impact shall be reduced without compromising the safe
function of the product.
IFB shall ensure that their employees are appropriately trained and
motivated to apply this policy in the daily work in line with Environmental
Management Programmed.
Commitment
The product is backed up by a strong team of Engineering and Product
Development. Product specifications are reviewed and upgraded from time to time
based on customer feedback.
The Company is committed to provide their customers full Satisfaction
consistently by providing high quality products at competitive prices.
Appliance is manufactured using environment friendly process and
components.
The Quality System of the company is certified as per ISO 9001-2000,
Quality System Standard by TUV Suddeutschland India Private Limited
Aesthetics and features of the product are constantly upgraded through a
team of innovative engineers from various sections in the Company.
Statutory and safety compliance is given utmost priority in designing and
manufacturing of the product.
R and D Activities
Their R&D is constantly focused at creating new designs and features
to meet customer need and expectations. They believe in offering wide product
range to customers so that product is affordable (available) at different
income level.
All new products are rigorously tested for desired global Performance
level and specially Indian conditions before product launch.
Their R&D is equipped with state-of-art CAD station with latest
design software for 3D modeling and stress analysis, in-house endurance
testing, test rigs for accelerated endurance testing and well equipped wash
care laboratory. The product is continuously upgraded and improved based on
customer feedback.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.85 |
|
UK Pound |
1 |
Rs.82.61 |
|
Euro |
1 |
Rs.59.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
17 |
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. |
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 |
|