MIRA INFORM REPORT

 

 

Report Date :

29.09.2007

 

IDENTIFICATION DETAILS

 

Name :

INDO SCHOTTLE AUTO PARTS PRIVATE LIMITED

 

 

Registered Office :

Gat No. 378/387, Village Urawade, Taluka Mulshi, District Pune – 412 108, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

09.04.1985

 

 

Com. Reg. No.:

11-35877

 

 

CIN No.:

[Company Identification No.]

U34300MH1985PTC035877

 

 

Legal Form :

Private limited liability company

 

 

Line of Business :

Manufacturers of Engine Valve Collets, Rocker Arm Screws, Turbo Charge Components and Assemblies.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 2100000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are reported as fair. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions

 

Input for this report has been parted by Mr. Gado, General Manager – Finance of the Company.

 

 

LOCATIONS

 

Registered Office :

Gat No. 378/387, Village Urawade, Taluka Mulshi, District Pune – 412 108, Maharashtra, India

Tel. No.:

91-20-22922005/22922161/2922636 / 32540055/22923964/5

Fax No.:

91-20-24104109/2929280/2922636

E-Mail :

indoschottle@vsnl.com, isapeou@vsnl.com email@indoschottle.com

Website :

http://www.indoschottle.com

Location :

Owned by Company

 

 

Factory 1 (Unit I) :

Domestic Unit:

Gat No. 378, Village Urawade, Taluka Mulshi, Dist. Pune, Maharashtra

Location :

Owned by Company

 

 

Factory 2 (Unit II) :

EOU:

Gat No. 388, Village Urawade, Taluka Mulshi, Dist. Pune, Maharashtra

Tel. No.:

91-20-22922005/22929280/66740515/11/08

Fax No.:

91-20-24104109

E-Mail :

isapeou@vsnl.com, email@indoschottle.com

Location :

Owned by Company

 

 

DIRECTORS

 

Name :

Mr. Vijay B Pusalkar

Designation :

Chairman and Managing Director

Address :

18, Marble Arch, Ganeshkhind Road, Aundh, Pune - 411 007, Maharashtra

Date of Birth/Age :

24.05.1944

Date of Appointment :

29.09.2001

Profile

He is a commerce graduate and has earned his post-graduate degree in International Trade from the Indian Institute of Foreign Trade, New Delhi. He has extensive experience in International Trade of auto components.

Indo Schöttle was promoted in 1986 by Mr. Vijay Pusalkar along with Mr. Wolfgang Schöttle of West Germany. The company successfully manufactures and markets auto components throughout the world.

 

 

Name :

Mr. Vasant Digambar Kher

Designation :

Director

Address :

105/26, Apartment No.4, Savali, Erandwane, Pune - 411 004, Maharashtra

Date of Birth/Age :

31.08.1937

Date of Appointment :

30.09.1999

 

 

Name :

Mr. Shishir S. Shirgaonkar

Designation :

Director

Address :

12, Kostaka House, 31 Patil Road, Bandra, Mumbai - 400 050, Maharashtra

Date of Birth/Age :

16.01.1945

Date of Appointment :

29.09.2003

 

 

Name :

Ms. Sunita B Kalyani

Designation :

Director

Address :

221, ABCD, Kalani Nagar, Pune - 411 006, Maharashtra

Date of Birth/Age :

18.04.1951

Date of Appointment :

09.09.1999

 

 

Name :

Mr. Soman Krishna Madhav

Designation :

Director

Address :

Chaitanya 90, National Housing Society, Baner Road, Pune - 411 007, Maharashtra

Date of Appointment :

30.09.1999

 

 

Name :

Mr. Wolfgang Schottle

Designation :

Director

Address :

Bahnhofstr 28-30, D – 71732, Taam, Bahnh, Stuttgart, Germany

Date of Birth/Age :

13.12.1940

Date of Appointment :

29.09.1999

 

 

Name :

Mr. Rohan Vijay Pusalkar

Designation :

Executive Director

Address :

“Ranjai” 30, Yashwant Nagar, Rangehill Road, Pune – 411 007, Maharashtra

Date of Appointment :

09.08.2002

 

 

Name :

Mr. Dilip D. Dandekar

Designation :

Director

Address :

Camlin House, J. B. Nagar, Andheri (East), Mumbai - 400 059, Maharashtra

Date of Birth/Age :

09.11.1951

Date of Appointment :

09.09.2002

 

 

Name :

Mr. Pramod Devadas Shedde

Designation :

Director

 

 

Name :

Mr. Ashok Behary

Designation :

Director

Address :

72/75, Bahar Bunglow, Vishwamitra Colony, Deccan Gymkhana, Pune – 411 004, Maharashtra

Date of Appointment :

29.09.2004

 

 

Name :

Mr. Nikhil Nirvan Khattau 

Designation :

Director

Address :

63, Chitrakoot, Altamount Road, Mumbai – 400 026, Maharashtra

Date of Appointment :

25.06.2005

 

 

Name :

Mr. Ravi G. Lakhrajani 

Designation :

Director

Address :

K-51-605, Yoginagar, Eksar Road, Borivali (West), Mumbai – 400 091, Maharashtra

Date of Appointment :

25.06.2005

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Gado

Designation :

General Manager – Finance

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Vijay Balkrishna Pusalkar

 

1300643

Mr. rohan Vijay Pusalkar

 

113400

Mr. Wolfgang Schottle

 

299875

Mr. Babasahen N. Kalyani

 

60000

Mrs. Savita Shishir Shirgaonkar

 

2500

Mr. Vasant Digamber Kher

 

53750

Mr. Mickey P. Bharucha

 

2500

Mr. Gautam Achyut Kulkarni

 

500

Mr. Alvaro Dacosta

 

6250

Crossover Trustee Private limited

 

223162

Geosam Mauritius Limited

 

244247

Swiss Technology Venture Capital Fund Private Limited

 

117515

Mr. Thresia K. Jose

 

1000

Mr. Prakash r. Gogate

 

2500

Mr. Ishwar Siddhanwar

 

9000

Mrs. Nalini Khasnis

 

500

Mr. Kumar Vinod Rawal

 

500

Total

 

2437842

 

Category

 

Percentage of Holding

Foreign holdings (Foreign institutional investors, Foreign companies(s), Foreign financial institution(s), Non-resident Indian(s), or overseas corporate bodies or Others

 

14.84

Bodies Corporate (not mentioned above)

 

9.15

Directors or relatives of directors

 

70.30

Other top fifty (50) shareholders (other than listed above)

 

5.71

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Engine Valve Collets, Rocker Arm Screws, Turbo Charge Components and Assemblies.

 

 

Products :

Parts of IC Engines 

 

 

Exports :

 

Products :

Machinery

Countries :

USA, Europe, and Germany

 

 

Imports :

 

Products :

Raw Materials

Countries :

UK and Germany

 

 

Terms :

 

Selling :

Credit (30 days – 120 days)

 

 

Purchasing :

L/C, Cash and Credit

 

PRODUCTION STATUS

 

Particulars

 

Unit

Installed Capacity

Actual Production

Precision Automobile Engine Components

 

Nos.

1530.59

886.38

 

 

GENERAL INFORMATION

 

Customers :

OEM’s

 

 

No. of Employees :

+ 500

 

 

Bankers :

v      Canara Bank, Camp Branch, M.G. Road, Pune – 411001 (Subject enjoys facility)

 

v      The Thane Janata Sahakari Bank Limited, Jangli Maharaj Road, Pune – 411004

 

v      ICICI Bank Limited, Race Course Circle, Vadodara – 390 007, Gujarat

 

v      Citibank N A, Citi Business, Citi Bank Centre, Bandra (East), Mumbai – 400 051, Maharashtra (Subject enjoys facility)

 

v      Citibank N A, Camp Branch, Pune – 411 001, Maharashtra  (Subject enjoys facility) 

 

Financial Institution:

v      Concord Marketing and Financiers Private Limited

06, Chinali Apartments 6/6 Randwana, Pune – 411 004, Maharashtra, India

CIN No.: U65910MH1986PTC040687

E-Mail: fmcs@indoschottle.com

 

 

Facilities :

Name of the Bankers

Facility Enjoyed

Rs. in Millions

The Thane Janata Sahakari Bank Limited (C/C)

Rs. 30.000 Millions

ICICI Bank Limited (L/C)

Rs. 50.000 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Mr. P G Bhagwath and Company

Chartered Accountants

Mobile No.:

91-9822875492

Partner:

Mr. Nachiket Deo (Signing Partner of P G Bhagwath and Company)

 

 

Joint Venture :

Pusalkar Mitchel Engineering Private Limited

 

 

 

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

17500000

Equity Shares

Rs.10/- each

Rs. 175.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2437842

Equity Shares

Rs. 10/- each

Rs. 24.378 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

24.378

22.090

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

514.298

199.801

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

538.676

221.891

LOAN FUNDS

 

 

 

1] Secured Loans

 

89.613

110.791

2] Unsecured Loans

 

9.200

9.459

TOTAL BORROWING

 

98.813

120.250

DEFERRED TAX LIABILITIES

 

24.542

13.159

 

 

 

 

TOTAL

 

662.031

355.300

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

412.528

216.142

Capital work-in-progress

 

39.363

26.068

 

 

 

 

INVESTMENT

 

7.767

7.856

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

133.601

107.535

 

Sundry Debtors
 

123.533

75.021

 

Cash & Bank Balances
 

31.937

14.096

 

Other Current Assets
 

3.982

0.930

 

Loans & Advances
 

76.990

50.216

Total Current Assets
 

370.043

247.798

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

83.166

85.704

 

Provisions
 

84.504

56.860

Total Current Liabilities
 

167.670

142.564

Net Current Assets
 

202.373

105.234

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

662.031

355.300

 

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2007

31.03.2006

31.03.2005

 Sales Turnover

Around 782.400

560.635

475.337

Other Income

 

0.000

0.000

Total Income

 

560.635

475.337

 

 

 

 

Profit/(Loss) Before Tax

NA

155.229

152.189

Provision for Taxation

NA

36.032

27.107

Profit/(Loss) After Tax

NA

119.197

125.082

 

 

 

 

Export Value

NA

226.566

206.586

 

 

 

 

Import Value

NA

193.271

77.622

 

 

 

 

Expenditures :

 

 

 

 

Total Expenses

NA

371.801

299.005

 

Depreciation

NA

33.605

24.143

Total Expenditure

NA

405.406

323.148

 

Expected Sales (2007-08) Rs. 900.000 Millions

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

21.26

26.31

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

27.69

32.02

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

19.84

32.80

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.29

0.69

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.49

1.18

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.21

1.74

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Subject was incorporated on 9th April 1985 at Pune in Maharashtra having Company Registration Number 35877.

 

The company’s registered office shifted from Sujay, 32/18, Bharatkunj 1, P.W.D. Colony, Pune to the present address.

 

History

In 1986, the Pusalkar family in India partnered with Mr. Wolfgang Schottle of Germany, based on shared ideologies, to form a new company called Indo Schottle.

The company was set up to manufacture and supply Engine Valve Collets to the Indian OEMs. This was a pioneering effort in the country as it signified a technological lead from the slow and outdated manufacturing system that existed in India at that time.

Indo Schottle's new system offered their customers tremendous cost savings, productivity, reliability and scalibility. The company quickly established its presence as a preferred supplier to the Indian automotive industries.

 

About Us

 

Beginning with only a few O.E.M.'s as it's customers in 1987, Indo Schottle has now progressed to being the prime O.E. supplier of Engine Valve Collets in India.

 

 Over the last decade, their satisfied customer base has grown to more than twenty-five O.E.M.'s in India.

 

 In addition, they also export their products to USA, Europe and Asia. They also manufacture Collets for Japanese applications viz. Suzuki, Isuzu, Nissan, Honda and Toyota.

 

Along with the O.E.M.'s, Indo Schottle also has a strong presence in the spare market. After a successful beginning with Engine Valve Collets, they have now expanded their product base by a few more precision components including Rocker Arm Adjusting Screws, Turbocharger Parts and Fuel System components.

 

To supplement their manufacturing setup, they also have a well equipped standard room with laboratory facilities and a Sealed Quench Gas Carburising plant.

 

The company is entirely customer driven and has a strong technical focus. Consistency in quality and on-time delivery has placed the company in a strong position in the market place. Their quality and supply rating is consistently A+.

 

Indo Schottle is a QS 9000/ISO 9002 certified company (since April 2000) and they even have "Self Certification" status with many of their customers.

 

The company has a policy of investing a substantial portion of the surplus generated into resources that would contribute to growth, quality and productivity.

 

The company operations mainly related to manufacturing of precision auto components.  

 

 

Products

 

Engine Valve Collets/Valve Lock Half

The collets are used as a pair to hold the inlet and exhaust valves in the engine. These are used widely in all four-stroke internal combustion engines.

Indo Schottle has “state-of-the-art roll-forming” equipment and annual capacity of 150 million parts

 

Rocker Arm Screws

 

Rocker Arm Screws are components of the valvetrain used in conjunction with the Rocker Arm to adjust the engine valve settings.

 

Fuel System Parts

 

Indo Schottle makes parts for Fuel System Parts and Assemblies like Hydraulic Tappets, sockets and injector couplings. These are fine tolerance components requiring high precision manufacturing equipment, process and gauging.


They supply Fuel System Parts and Assemblies/Sub Assemblies to their customers which involve class sizing and match assembly within microns

 

Turbocharger Parts

Turbocharger Components are power-enhancing devices used on diesel and petrol engines. They give us the added benefit of reducing emission by improving combustion efficiency.

Oil Seal Plates, Journal Bearings and Wastegate Bushings are all high precision machine components, which are parts of Turbocharger Components and Assemblies

 

Hydraulics and Fluid Power

 

Indo Schottle makes hydraulic system parts. The component involves precision manufacturing equipment and gauging. They supply hydraulic system assemblies/sub-assemblies which involves grouping and match assembly with micron clearance between the mating parts. The assembly is carried out in a controlled and clean environment to maintain high standards of cleanliness.

 

The Company’s Fixed Assets of important value include:

 

®      Factory

®      Office Buildings 

®      Plant and Machinery

®      Office Equipments

®      Furniture and Fixtures

®      Vehicles

®      Factory Equipments

®      Lab Equipments

 

It is in trade terms with:

 

®      Belgaum Motor Parts Private Limited

®      Pusalkar Schottle Exports Private Limited

®      Pusalkar Engineers

®      Pusalkar Schottle

 

 

 

 

 

 

Bankers Charges Report as per Registry

 

Name of the company

Indo Schottle Auto Parts Private Limited

Presented By

Mr. Rohan Pusalkar

1) Date and description of instrument creating the change

Goods security agreement dated 17.12.2004 executed by Indo Schottle Auto parts Private Limited

(hereinafter referred to as “the Company”) in favour of Citibank N A (hereinafter referred to as “the Lender”)

2) Amount secured by the charge/amount owing on the securities of charge

Total working capital facilities of Rs. 10.000 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

The whole of movable assets, including stocks of raw materials, goods in-process of manufacture, semi-finished goods and all finished and manufactured goods and articles together with all stores, components and spares which now belongs to and pertains to, or may hereafter from time to time during the continuance of this security belong to and pertains to, The Company and which are or shall or may be brought into stored or in or upon or about the Company’s factory, godowns and / or their premises wherever else the same may be situated, stored or lying or being including any such raw materials, inventories, article or goods, any stores spares and components or other similar movable assets in course of transit or delivery to the Company and all of the company’s present and future book debts, outstanding monies, receivables, claims, bills, investments, rights to or on movable properties and movable assets forming part of current assets which are now due owing or payable or belonging to or pertaining to the company or which may at any time hereafter during the continuance of this security become due, owing payable or belonging to or pertaining to the company in the course of its business and together with all benefits, advantages and legal incidence thereof.

4) Gist of the terms and conditions and extent and operation of the charge.

In consideration of the lender having agreed to lend advance to the company the said credit facilities under agreement, the company covenants inter alia, as follows:

1)       The company does repay the facility as mentioned in (2) above and pay interest and all other monies in the manner set out in the said agreement between the Company and the Lender and to comply with the terms and conditions of the said Agreement.

 

2)       The charge of Citibank N A on the current assets including stocks and book debts of the EOU Division which are hypothecated to the Lender will rank first pari passu with the charges created / to be created in favour of Canara Bank, as security for and be charged with the repayment of the loan with all interest, liquidated, damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the company to the lender in respect thereof

      Margin – 32% on stocks and Receivables

 

3)       The company to keep the said assets in marketable and good condition and also insured as provided therein.

 

4)       Power of entry, power to take charge and / or possession of seize, recover, receive, appoint and sell, contract, dispatch for realization or otherwise dispose of or deal with all or any part of the said goods, etc., as provided therein.

5) Name and Address and description of the person entitled to the charge.

CITIBANK N A

2413, Kumar Capital, East Street, Pune – 411 001, Maharashtra, India

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

 

 

Corporate identity number (CIN) Foreign company registration number

U34300MH1985PTC035877

Name of the Company

Indo Schottle Auto Parts Private Limited

Address

378/387 Urawade Mulshi, Pune – 412 108, Maharashtra, India

This form is for

Creation of Charge

Type of Charge

A charge on:

Movable Property (not being pledge)

Particulars of the charge holder 

Concord Marketing and Financiers Private Limited

06, Chinali Apartments 6/6 Randwana, Pune – 411 004, Maharashtra, India

CIN No.: U65910MH1986PTC040687

E-Mail: fmcs@indoschottle.com

Nature or description of the instrument(s) creating or modifying the charge

Financing Agreement dated 01.12.2006

Date of the instrument creating or modifying the charge

01.12.2006

Amount secured by the charge

Rs. 3.706 Millions

Brief particulars of the principal terms and conditions and extent and operation of the charge

(a) Rate of Interest: Not mentioned in the Agreement

 

(b) Terms of Repayment:

Period: 24 Months

EMI: Rs. 0.176 Million

1st payment due on: 01.12.2006

Last payment due on 01.11.2008

All installments payable on 1st day of every calendar month.

 

(c) Margin: 0%

 

(d) Extent and operation of the charge: First charge by way of hypothecation on vehicles/ assets for repayment of monies payable by the borrower under this agreement.

Short particulars of the property charged (including location of the property)

1.       Control Panel for SQF

2.       Air  Cooled Oil Heat Exchange

3.       Data Logging Systems

 

Name of the Company : Indo Schottle Auto Parts Private Limited

Presented by : --  Mr. Rohan V Pusalkar

 

1. Date and description of the instrument

    creating  or evidencing the charge  

Common hypothecation agreement dated 09.01.2003

2. Amount secured by the charge /amount  

    owing on security of the charge

Rs. 36.500 millions

3. Short Particular of the property charged. If

    the property acquired is subject to change

   date of acquisition of property should be

   given 

First charge on the fixed assets of domestic unit first charge on current assets i.e. raw material, work-in-progress, finished goods, spares and stores, etc. and book debts of EOU and Cummins Division. 

4. Gist of the terms and conditions and extent

    and operation of the charge.

Interest @ 8% p.a. for Packing Credit , Interest @ 13.25% on Cash Credit and Interest on Term @ 14.25% p.a. and Penal Interest @ 2 p.a.

Margin 25%  

5. Names, address and description of the 

    persons entitled to charge

Canara Bank

Industrial Finance Branch, M G Road, Camp, Pune – 411 001, Maharashtra, India

6. Date and brief description of instrument

    modifying the charge

Supplemental Common hypothecation agreement dated 03.02.2004

7. Particular of modification specifying the

    terms and conditions or the extent or   

    operation of the charge in which

    modification is made and the details of

    modification

The original charge has been modified from Rs. 36.500 millions to Rs. 49.500 millions keeping the same security.

 

Name of the Company : Indo Schottle Auto Parts Private Limited

Presented by : --  Mr. Rohan V Pusalkar, Executive Director

 

1. Date and description of the instrument

    creating  or evidencing the charge  

Deed of hypothecation dated 29.07.2004 and term loan agreement dated 29.07.2004

2. Amount secured by the charge /amount  

    owing on security of the charge

Rs. 12.000 millions

3. Short Particular of the property charged. If

    the property acquired is subject to change

   date of acquisition of property should be

   given 

Hypothecation of Heat Treatment Machinery and Plant to be constructed on Gat No. 387, Village Urawade, Taluka Mulshi, District Pune 412 108, Maharashtra (Heat Treatment Plant)

4. Gist of the terms and conditions and extent

    and operation of the charge.

Rate of Interest : 8.50% p.a. Term Loan repayable in 36 instalments of Rs. 0.333 millions per month plus interest. 

5. Names, address and description of the 

    persons entitled to charge

The Thane Janata Sahakari Bank Limited, Jangli Maharaj Road, Pune – 411004

6. Date and brief description of instrument

    modifying the charge

N A

7. Particular of modification specifying the

    terms and conditions or the extent or   

    operation of the charge in which

    modification is made and the details of

    modification

N A

 

 

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. 39.73

UK Pound

1

Rs. 81.37

Euro

1

Rs. 56.63

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

63

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions