MIRA
INFORM REPORT
|
Report Date : |
04.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
ENDURANCE
TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
ENDURANCE
TRANSMISSION SYSTEMS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
K-228, MIDC
Industrial Area, Waluj, |
|
|
|
|
Country: |
|
|
|
|
|
Financials as
on: |
31.03.2006 |
|
|
|
|
Date of
Incorporation : |
27.12.1999 |
|
|
|
|
Com. Reg. No.: |
11-123296 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U34102MH1999PTC123296 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NSKE00384G /
NSKE00391G / NSKE00465D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACE7066P |
|
|
|
|
Legal Form : |
Private Limited Liability
Company |
|
|
|
|
Line of
Business : |
Manufacturing of
Parts and Accessories for Motor Vehicles and their Engines. |
RATING & COMMENTS
|
MIRA’s Rating
: |
Aa |
RATING
|
STATUS |
PROPOSED
CREDIT LINE |
|
|
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 |
|
Maximum Credit
Limit : |
USD 4000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company and doing well.
Its trade relations are fair.
Financial position is good.
Payments are correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office |
K-228, MIDC
Industrial Area, Waluj, |
|
|
Tel. No.: |
91-240-2556686/87 |
|
|
Fax No.: |
91-240-2556685 |
|
|
E-Mail : |
enduhox@hotmail.com,
aksharma@endurance.co.in, vjr@endurance.co.in, mis@edurance.co.in |
|
|
Website : |
||
|
Location : |
Commercial |
|
|
|
|
|
|
Corporate
Office : |
E - 92, MIDC Industrial
Area, Waluj, |
|
|
Tel No. : |
91-240-2554902 |
|
|
|
|
|
|
Factory : |
Front Fork & Die Casting Unit K – 228 / K –
229, M.I.D.C. Industrial Area, Waluj, Non Ferrous Castings Unit K – 227, M.I.D.C.
Industrial Area, Waluj, Disc Brake Unit K – 226/2,
M.I.D.C. Industrial Area, Waluj, |
|
|
Area : |
48000 sq. ft. |
|
|
Location : |
Owned |
|
|
|
|
|
|
Wind Farms : |
J-57, J-58, J-62,
Village Badabagh, Tehsil and District Jaisalmar, Rajasthan - 345001 |
|
|
|
|
|
|
Branches : |
74/B, Nariman
Bhavan, 7th Floor, Nariman Point, Mumbai – 400021, |
|
|
Tel. No. : |
91-22-22813053/54 |
|
DIRECTORS
|
Name : |
Mr. Naresh
Chandra |
|
Designation : |
Chairman |
|
Address : |
Bhagwati Bhavan,
31-B, M. L. Dahanukar Marg, Mumbai – 400026, |
|
Date of Birth
: |
11.02.1935 |
|
Qualification
: |
B. E. [Mech.] |
|
Date of
Appointment : |
27.12.1999 |
|
Election
Commission Identity Card No. |
MT04/024258347 |
|
|
|
|
Name : |
Mr. Anurag Jain |
|
Designation : |
Managing Director |
|
Address : |
Green Leaf, Manor
Kan Chanwadi, Opposite Walmi Paithan Road, Aurangabad – 431005, Maharashtra,
India |
|
Date of Birth
: |
21.03.1962 |
|
Date of
Appointment : |
27.12.1999 |
|
|
|
|
Name : |
Mr. Tarang Jain |
|
Designation : |
Director |
|
Address : |
Halcyon Kanchanwadi, |
|
Date of Birth
: |
21.03.1962 |
|
Date of
Appointment : |
27.12.1999 |
|
Election
Commission Identity Card No. |
MT100570207420 |
|
|
|
|
Name : |
Mr. S. R. Halbe |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Srinivas Rajgopal |
|
Designation : |
Additional Director |
|
Address : |
232, Buena Vista, General J. Bhosle Marg, Mumbai-400021, |
|
Date of Birth
: |
17.07.1935 |
|
Date of
Appointment : |
09.09.2006 |
|
Other
Directorships : |
Ultratech Cement Limited |
|
|
|
|
Name : |
Mr. Nainesh Jaisingh |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth
: |
24.04.1967 |
|
Date of
Appointment : |
17.08.2006 |
|
Other
Directorships : |
v Standard
Chartered Private Equity Advisory ( v ABG Shipyard
Limited v Aurobindo
Pharma Limited |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Kumar
Sharma |
|
Designation : |
Company Secretary |
|
Address : |
A1, Chanakya Puri, |
|
Date of Birth
: |
23.01.1968 |
|
Date of
Appointment : |
01.04.2006 |
|
Pan No. : |
ALIPS2558J |
|
|
|
|
Name : |
Mr. Pranesh Tripathi |
|
Designation : |
Company Secretary |
|
Address : |
23, Dashmesh Nagar, Behind State Bank of |
|
Date of Birth
: |
12.10.1973 |
|
Pan No. : |
ACWPT9367K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Name of Shareholders |
No of Shares |
|
Mr. Naresh
Chandra |
296640 |
|
Mr. Anurang Jain |
605000 |
|
Endurance Systems
India Private Limited |
63725 |
|
Mrs. Suman Jain |
296635 |
|
Mr. Anurang Jain |
12500 |
|
Standard
Chartered Private Equity ( |
182590 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturing of
Automobile original parts such as shock absorbers and clutch assemblies. |
||||||||
|
|
|
||||||||
|
Products : |
·
Shock
Absorbers ·
Clutch
Assembly ·
Job
Work Charges Generic Names of
three principal products/ services of the company are as under :
|
||||||||
|
|
|
||||||||
|
Imports from : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Contract [30/45
days] and Cash Local – 100% |
||||||||
|
|
|
||||||||
|
Purchasing : |
Contract [30
days], Cash and L/C Local – 97.66% International –
2.34% |
PRODUCTION STATUS
|
Particulars |
Units |
Installed Capacity |
Actual Production |
|
Shock Absorbers |
Nos. |
13000000 |
1216321 |
|
Clutch Assembly |
Nos. |
-- |
(4596) |
|
Disc Brake
Assembly |
Nos. |
140400 |
87528 |
|
Alluminium Die
Casting |
MT |
2599 |
1186 |
|
|
|
|
|
|
** Captivity
consumed 1.91 MT (Previous year 3.35 MT) and Job work 1179.88 MT (Previous
year 708.72 MT) |
|
|
|
|
Wind Power
Generation |
|
3 MW |
5451360 |
GENERAL INFORMATION
|
Suppliers : |
Ø
Tata
Steel Limited, Ø
Nippon
Steel Company Limited, Ø
Max
Steel Ø
MMTC
Limited, |
|
|
|
|
Customers : |
Ø
Manufacturers Ø
Wholesalers |
|
|
|
|
No. of
Employees : |
2000 |
|
|
|
|
Bankers : |
v
Indian
Overseas Bank, Contonment Branch, Pune v
Indian
Overseas Bank, v
Bank
of India, Pune Corporation Banking Branch, Shivajinagar, v
Corporation
Bank, |
|
|
|
|
Facilities : |
SECURED LOAN Ø
Term
Loan - From bank : Rs. 268.519
millions Ø
Loan
From banks : Rs. 142.570 millions Ø
Cash
Credit – From Bank : Rs. 58.109 millions Ø
From
Banks against bills : Rs. 14.412 millions UNSECURED LOAN Sales tax
Deferred Liability : Rs.424.027 millions From bank : Rs.
80.175 millions |
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors : |
N. C. Panpalia
& Company Chartered
Accountants, |
|
Address : |
|
|
|
|
|
Subsidiaries : |
High Technology
Transmission Systems [ - Manufacturing
clutch assembles friction plates and clutches, variables transmission systems, etc. |
|
|
|
|
Parent Company
: |
Endurance Systems
( |
|
|
|
|
Associates : |
v
Anurang
Engineering Company Private Limited v
Varroc
Engineering [Private] Limited v
Varroc
Exhaust Private Limited v
Varroc
Lighting Private Limited v
Varroc
Trading Private Limited v
Mouldcraft
Hindustan Private Limited v
Duro
Valves [ |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1210800 |
Equity Shares |
Rs.10/- each |
Rs. 12.108
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 |
12.108 |
12.745 |
12.745 |
|
2] Share Application Money |
2.880 |
0.000 |
0.000 |
|
3] Reserves &
Surplus |
999.570 |
404.927 |
249.881 |
|
3) (Accumulated Loss) |
0.000 |
0.000 |
0.000 |
NETWORTH
|
1014.558 |
417.672 |
262.626 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
1827.259 |
483.611 |
497.012 |
|
2] Unsecured Loans |
1074.209 |
504.202 |
394.746 |
|
TOTAL BORROWING |
2901.468 |
987.813 |
891.758 |
|
Deferred Tax Liabilities |
230.515 |
41.493 |
49.600 |
|
|
|
|
|
GRAND TOTAL
|
4146.541 |
1446.978 |
1203.984 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2754.382 |
720.275 |
660.241 |
|
Capital work-in-progress |
320.450 |
102.659 |
36.427 |
|
|
|
|
|
|
INVESTMENTS |
78.682 |
113.965 |
113.965 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
444.874
|
118.149
|
77.795 |
|
Sundry Debtors |
720.995
|
222.923
|
179.443 |
|
Cash & Bank Balances |
579.848
|
215.557
|
235.494 |
|
Loans & Advances |
707.165
|
287.742
|
113.893 |
|
Total Current Assets |
2452.882
|
844.371
|
606.625 |
|
Less : |
|
|
|
|
Current Liabilities & Provisions |
1220.536
|
|
213.310 |
|
|
239.319
|
143.627
|
|
|
Total
Current Liabilities |
1459.855 |
334.292 |
213.310 |
Net Current Assets
|
993.027
|
510.079
|
393.315 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.036 |
|
|
|
|
|
GRAND TOTAL
|
4146.541 |
1446.978 |
1203.984 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Total Income |
4249.159 |
2045.864 |
1386.819 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
457.693 |
242.911 |
186.065 |
|
|
Provision for Taxation |
0.000 |
0.000 |
63.827 |
|
|
Profit/(Loss) After Tax |
457.693 |
242.911 |
122.238 |
|
|
|
|
|
|
|
|
Total Imports |
NA |
58.944 |
146.364 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
0.076 |
|
|
|
|
Depreciation & Amortization |
199.586 |
158.494 |
1200.754 |
|
|
Other Expenditure |
3591.804 |
1616.638 |
|
|
Total Expenditure |
3791.466 |
1802.952 |
1200.754 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
10.77 |
11.87 |
8.81 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
10.77 |
11.87 |
12.61 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
8.78 |
15.52 |
13.12 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.45 |
0.58 |
0.70 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
4.30 |
3.16 |
7.20 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.66 |
2.52 |
2.84 |
LOCAL AGENCY FURTHER INFORMATION
History
The company was
incorporated under the name and style of Edurance Suspension Systems [
The company again
changed its name to present, recently.
The increased demand for clutch Assemblies
and Fronts Forks coupled with better capacity utilization and costs saving
measures have contributed largely to this growth.
Subject has transferred its Clutch Assembly
manufacturing Machinery and Equipments and also assigned the related technical
collaboration agreements with
Subject has planned to add new products to
its range. Subject has acquired land and construction thereon has commenced.
The commercial production is expected to commence during the financial year
2003-04.
With this, subject hopes to achieve higher
turnover and better profitability during the current year.
The company also
owns and operates a wind Power Unit with 3 M.W. capacity, which provided 866651
KWH power during 2002-03.
The company is an
ISO 9001/9000 certified company.
Performance
The year under
report recorded significant growth in the turnover and profitability. The company has achieved a turnover of Rs.
2050.400 millions in the year under report as against a turnover of Rs.
1386.800 millions in the previous year.
The profit before tax has increased to Rs. 242.900 millions against Rs.
186 millions in previous year. The increased
demand for Front Forks coupled with better capacity utilization and costs
saving measures have contributed largely to this growth.
Outlook
Front Fork Division
The company
continues to manufacture quality telescope front-fork with its state-of-art
technology of manufacturing the Front-Forks of motor cycles. The endeavor of the division has been to
enhance the performance and quality of the products and to reduce rejection for
which dedicated efforts have been undertaken.
Technology has been
a major focus of the company. The
company reached an understanding with an Italian company, Paioli Meccanica
S.P.A., a world leader in telescopic front fork technology, for transfer of
know-how including design & development & training on critical
processes. This resulted in a technical
collaboration agreement which was signed on 10.01.2005 for a period of 5 years.
In its efforts the
company has strengthened its engineering capabilities. The fully automatic plant for Nickel Hard
Chrome plating installed by the company in the previous financial year with a
view to make corrosion free fork-pipe for increasing the life of the product
has also yielded the desired results.
The consistent quality improvement measures undertaken by the company
are generating confidence among the customers.
The company is a
supplier of OEM’s like Bajaj Auto Limited, LML and Kinetic Engineering apart
from after market sales.
Disc Brake Unit
Since its
commencement of commercial production at its Disc Brake Unit in March, 2004 the
company has been able to maintain uninterrupted supply of Disc brakes to its customers
i.e. Bajaj Auto Limited and LML. Since
braking system is a safety part in a vehicle, it requires clearance by
ARAI. The company is already achieved
the ARAI clearances and certification for safety parameters in June, 2004. The company sees a great OEM and Export
potential for its product in the segment, which is expected to contribute
favorable to the increase in turnover during the current year.
Non Ferrous Casting Unit
Since its
commencement of commercial production at its non ferrous unit in March, 2004
the company has been able to maintain uninterrupted supply of Die Castings to
its customers i.e. Bajaj Auto Limited and Tata Motors Limited. The company sees a great OEM potential for
its products in this segment which is expected to contribute favourably to the
increase in turnover during the current year.
IMT Mansar Die Casting Unit
The company has
commenced the commercial production at its new Die Casting Unit facility in the
month of May, 2005. The plant near
Chakan Unit
In its endeavour
towards satisfaction of customer requirements, the company is in the process of
setting up of another unit for manufacture of Shock Absorbers and Front Fork
assemblies at Chakan, Pune. The unit
will come into production during the current financial year.
Wind Power Project
Wind Power project
of the company set up at Village Badabagh, District Jaisalmer in the State of
These projects
generated over 5451360 units of electricity valued at Rs. 20.006 millions
during the year ended as on 31st March, 2005.
Subsidiary Company
A statement
relating to High Technology Transmission Systems [
TS 16949 Certification
In its endeavor for
excellent standards of quality procedures & methods, the company has
successfully undertaken the Pre-certification audit for TS 16949 Certification
from TUV CERT Certification body of RWTUV Systems GmbH. The company expects the certificate to be
issued in the current financial year.
It is in trade
terms with :
·
Bajaj
·
Hindustan
Motors Limited
·
Tata
Motors Limited
·
Yamaha
·
Ford [
·
Hyundai
Motors [
·
Fiat
·
LML
·
Mahindra
& Mahindra Limited
·
Mico
- The Royal
Fixed Asset :
- Leasehold land
- Buildings
- Plant and machinery
- Wind energy generators
- Factory equipments
- Electrical installation
- Computer
- Dies
- Vehicles
- Furniture and fixture
- Office equipments
Form 8 Particular for creation or
modification of charges
|
Name of the
company |
Endurance
Transmission Systems ( |
|
Presented By |
Bank of |
|
1) Date and description
of instrument creating the change |
12.04.2005 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
$ 3000000.00 |
|
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 |
A first priority
security interest/ charge upon Borrower’s land, buildings and equipments at
its Manesar plant (Haryana) A first priority security
interest/charge upon Borrower’s fixed assets located at K-2226/2, Waluj
plant, In furtherance of
item 1 and 2 immediately above, but without limitation thereof, a first
security interest in and assignment under all appropriate forms of all
know-how, information, permits, patents, copyrights, goodwill, trademarks,
trade names, licenses and approvals held by Borrower. Prior perfected
assignments of each and every loan, advance and/or indebtedness of any kind
of the Borrower to any insiders. All proceeds of
the sale or other dispositions of items 1, 2, 3 and 4 above. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
To secure Payment of the debt evidenced by the note and Term Loan Agreement,
including renewals and extensions thereof; All costs and expenses incurred in collection of the note and All future advances made by secured party of taxes, levies, insurance
and repairs to or maintenance of the fixed assets, hereby grants bargain,
sells, assigns, transfers, pledges, mortgages, warrants and conveys to the
secured party and grants to the secured party a first priority security
interest in the fixed assets. |
|
5) Name and
Address and description of the person entitled to the charge. |
Bank of Pune Corporation Banking Branch, 1162/6, University Road, Shivaji
Nagar, Pune-411005 on behalf of Bank
of India, San Fransisco Agency, California 94104. |
|
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 |
U34102MH1999PTC123296 |
|
Name of the company |
ENDURANCE
TRANSMISSION SYSTEMS [ |
|
Address |
K-228, MIDC
Industrial Area, Waluj, |
|
This Form is for |
Creation of charge |
|
Particular of the charge holder
|
Bank of Puen Corporate Banking Branch, Shivajinagar, E-mail : boipcbb@vsnl.net |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Equitable mortgage for FC loan fo JPY 247 million equivalent to Rs. 96
millions Int: @ equal to 1.50% pa over the 3 months LIBOR. Repayment in 8 half yearly installments of
JPY 30.88 mm. each commencing from 18 months from the date of 1st
disbursement. The bank is acting on
behalf of and has executed the documents for and on behalf of one of its
branch office : Bank of India, |
|
Date of the instrument creating charge |
28.03.2006 |
|
Amount Secure by the charge |
Rs. 96 millions |
|
Description of the property charge whether it is a charge on |
Immovable properties |
|
Particulars of property charged |
Mortgage by deposit of title deeds over immovable property of the
company together with all buildings and structures thereon. Details of property : all the piece or
parcel of land known as plot no. B – 22 in the Chakan Industrial Area within
the village limit of Nighoje, Taluka Khed, District Pune admeasuring 27272.00
sq. meters or thereabouts. Exclusive
first ranking mortgage and charge in favour of the bank alongwith Citi Bank
N.A. |
As Per Website
Profile
Endurance
Transmission Systems (
It is catering to
domestic market of
The entire setup is equipped with latest manufacturing facilities which
includes Blanking of discs, roller straightening, special heat treatment,
double disc grinding, anodizing plant and in process automatic
multi-gauging fixtures. These are all part of their in house capability.
The major products of the group are Shock Absorbers and Front Forks for all two
wheeler applications. After Successful establishment of above products in
Market, now Endurance has started new plant for manufacturing of Disc Brake
System & Discs for motorcycles & Scooterates.
Achievements
Ø
A
continuously moving special conveyer driven furnace
Ø
During
hardening , the rotary disc will undergo heating in a controlled
protective atmosphere of LPG and
subsequently undergo cooling in a jacket of cool water (No physical contact of
cooling element) , to completely avoid any kind of oxidation on the disc
surface.
Ø
After
hardening disc undergo tempering, to relieve the stresses caused during
previous processes.
Ø
During
tempering also the disc undergo heatin.
Group Profile
Endurance is a name that spells strength and will to perform. Endurance, A name
that finds expression in their performance. Apart of one of corporate
Ø
Anurang Engineering Company Private Limited
- High Pressure Die cast Components
and Tooling.
Ø
Endurance Systems India Private Limited
- Hydraulic Telescopic Front Forks and Shock Absorbers.
Ø
Endurance Transmission Systems India Private
Limited
-
Hydraulic
Telescopic Front Forks, Two Wheeler Disk Brake
-
Assemblies
and Low Pressure / Gravity Die-cast Components.
Ø
High Technology Transmission Systems India
Private Limited
Clutch
Assembly, Friction Plates and Continuous Variation Transmissions
(CVTs)
Joint Venture –
Endurance Group has started joint venture
with M/s. Adler s.p.a.
COLABORATIONS
They have established technical synergies with
Endurance Systems [
Technical collaboration with PAIOLI s.p.a.
Endurance Transmission Systems [
Technical collaboration with PAIOLI Meccanica s. p. a.
Endurance Transmission Systems [
Technical collaboration with Bassano Grimeca,
High Technology Transmission Systems [
Joint Venture with Adler s.p.a.
Endurance Systems [
Technical collaboration with AL-KO
Group,
Achievements
Ø
Developed and launched rechargeable type Gas Filled Shock
Absorbers for 2 wheelers, first time in
Ø
Patent granted for revolutionary “Dust Seal Washer”.
Ø
Patent Applied for twin tube rechargeable canister type Ole –
pneumatic Shock Absorber.
Ø
Successfully Designed and Developed complete suspension for a new
type of Bike.
Ø
Successfully Designed and developed Hydraulic Shock Absorbers with
externally adjustable damping force in rebound and compression.
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 Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.91 |
|
|
1 |
Rs.82.57 |
|
Euro |
1 |
Rs.55.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
71 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|