MIRA INFORM REPORT
|
Report Date : |
12.04.2008 |
IDENTIFICATION DETAILS
|
Name : |
TEMA INDIA LIMITED |
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Formerly Known
As : |
TEMA EXCHANGERS INDIA LIMITED |
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Registered
Office : |
B-205, Arjun Centre, Govandi Station Road, Off Sion
Trombay Road, Deonar, Mumbai - 400 088, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
21.12.1984 |
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Com. Reg. No.: |
11-34861 |
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CIN No.: [Company
Identification No.] |
U29192MH1984PLC034861 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMT01057A |
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PAN No.: [Permanent
Account No.] |
AAACT1735C |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business
: |
Manufacturers, Exporter and Importer of Heat Exchanger |
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 |
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Maximum Credit
Limit : |
USD 3300000 |
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Status : |
Good |
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Payment
Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are fair. Business is active. Payments are usually correct
and as per commitments. The company can be considered for
normal business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vinod Narvekar |
|
Designation : |
Finance Manager |
|
Date : |
03.04.2008 |
LOCATIONS
|
Corporate Office
: |
B-205, Arjun Centre, Govandi Station Road, Off Sion Trombay
Road, Deonar, Mumbai - 400 088, Maharashtra |
|
Tel. No.: |
91-22-25974583 / 84 / 25567438 |
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Fax No.: |
91-22-25560572 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Head Office : |
B – 607, BSEL Teck Park, Sector – 30 A, Vashi, Navi Mumbai
– 400705, Maharashtra, India |
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Tel. No.: |
91-22-67124521 / 32 / 66900100 |
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Fax No.: |
91-22-67124533 / 34 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Overseas office: |
P. O. Box 2453, Bellaire, TX 77402, USA |
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Tel. No.: |
(713) 660-6740 |
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Fax No.: |
(832) 476-6364 |
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E-Mail : |
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Factory 1 : |
Achhad Village, Talasari Taluka, Dist. Thane 401 606,
Maharashtra |
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Tel. No.: |
91-2521-230061 / 23120 / 21 / 22 |
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Fax No.: |
91-2521-230010 / 098241 / 70066 |
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Location : |
Owned |
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Factory 2 : |
No. 20/1/2, Udhava-Khanvel Road, Kherdi, Silvassa, Dadra
& Nagar Haveli (Union Territory) |
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Tel. No.: |
91-260-26773444/098251/10417 |
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Fax No.: |
91-260-2677348 |
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Location : |
Owned |
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Factory 3 : |
Plot No.667, Road No.6, G.I.D.C Estate, Panoli – 394116 Ankleshwar,
Dist: Bharuch, Gujarat, India |
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Tel. No.: |
91-02646-272319/272085 |
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Fax No.: |
91-260-2677344 |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Haresh K. Sippy |
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Designation : |
Managing Director |
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Address : |
10, Atur Park, Sion Trombay Road, Chembur, Mumbai – 400
071, Maharashtra |
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Date of
Birth/Age : |
19.09.1946 |
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Qualification : |
B. E. |
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Experience : |
30 Years |
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Date of Appointment
: |
21.12.1984 |
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Name : |
Mr. Chetan S. Doshi |
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Designation : |
Wholetime Director
|
|
Address : |
7, Golf View Park, A-Soares
Marg, Chembur, Mumbai – 400 071, Maharashtra |
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Date of
Birth/Age : |
07.12.1953 |
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Qualification : |
B. Tech. |
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Experience : |
20 Years |
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Date of
Appointment : |
21.12.1984 |
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Name : |
Mr. Arvind D. Joshi |
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Designation : |
Wholetime Director
|
|
Address : |
SICON Limited, Nirmal Building, Nariman Point, Mumbai –
400 021, Maharashtra |
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Date of Birth/Age
: |
15.07.1952 |
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Date of Appointment : |
03.05.2002 |
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Date of Resigned : |
19.01.2003 |
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Name : |
Mr. Khushiram Chandumal Sippy |
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Designation : |
Director |
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Address : |
10, Atur Park, Sion-Trambay Road, Chembur, Mumbai – 400 071,
Maharashtra |
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Date of
Birth/Age : |
23.05.1916 |
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Date of
Appointment : |
15.01.2003 |
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Name : |
Mr. Akhil Haresh Sippy |
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Designation : |
Director |
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Address : |
Bunglow No. 10, Atur Park, Station
Road, Chembur, Chembut Police Station, Mumbai – 400071, Maharashtra, India |
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Date of
Birth/Age : |
04.12.1981 |
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Qualification : |
B. E. |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. Stven Mark Enderby |
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Designation : |
Director |
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Address : |
No. 11, Golf Links, Delhi –
400071, India |
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Date of
Birth/Age : |
22.07.1962 |
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Qualification : |
C.A. |
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Date of Appointment : |
28.05.2005 |
MAJOR SHAREHOLDERS
AS ON 24.09.2005
|
Names of Equity Shareholders |
|
No. of Shares |
|
Haresh
K. Sippy & Family |
|
1270100 |
|
Chetan
S. Doshi & Family |
|
817300 |
|
Reenu
Harresh Sippy |
|
20700 |
|
Asha
Chetan Doshi |
|
49200 |
|
Khushiram
C Sippy |
|
200 |
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Suman
Ramji Doshi |
|
1200 |
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Ramaben
S Jointly With Suman Doshi |
|
400 |
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Suman
Doshi Jointly with Ramaben S |
|
121000 |
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Chetan
Doshi [HUF] |
|
100 |
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Akhilesh
Haresh Sippy |
|
100 |
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Haresh
Sipply – HUF |
|
18000 |
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Actis
Tema Holdings Limited |
|
200 |
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Name of Preference Shareholder |
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|
Actis
Tema Holding Limited |
|
50000000 |
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
35.50 |
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Directors or relatives of directors |
|
64.50 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business
: |
Manufacturers, Exporter and Importer of Heat Exchanger |
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Products : |
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Exports to : |
USA, Oman, Australia, Dubai, Canada and France |
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Imports from : |
Western Europe, Korea, Japan, Italy and India |
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Terms : |
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Selling : |
Credit [45 days] / Advance Payments (30%) and Cash (70%)
terms |
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Purchasing : |
L/C and Credit [180 days] |
PRODUCTION STATUS
|
Particulars |
Unit
|
|
Installed
Capacity |
Actual
Production |
|
Achhad
Unit |
MT |
|
5000 |
-- |
|
Silvassa
– Unit |
MT |
|
4750 |
-- |
|
Achhad
Unit - Heat Exchangers |
MT |
|
-- |
576.650 |
|
Achhad
Unit - Export Heat Exchanger |
MT |
|
-- |
271.000 |
|
Silvassa
– Unit - Heat Exchangers |
MT |
|
-- |
1390.530 |
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Panoli
Unit:
Heat Exchangers |
MT |
|
-- |
144.810 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees
: |
600 |
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Bankers : |
Nariman Point, Mumbai,
Maharashtra (The Company enjoys Credit
Limits facility of Rs. 26.500 millions from its’ bankers)
Chembur Branch, Chembur Naka,
Mumbai - 400 071, Maharashtra
Overseas Branch, World
Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
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Tel No.: |
91-22-66679116 |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3744756 |
Equity Shares |
Rs.
10/- each |
Rs.
37.448 millions |
|
48755244 |
13.5% Cumulative Redeemable
Preference Shares |
Rs.
10/- each |
Rs. 487.552 millions |
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Total
|
|
Rs. 525.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3563256 |
Equity Shares |
Rs.
10/- each |
Rs.
35.633 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 |
35.633 |
22.983 |
22.983 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
789.782 |
248.088 |
197.733 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
825.415 |
271.071 |
220.716 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
480.923 |
533.101 |
136.159 |
|
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2] Unsecured Loans |
27.146 |
41.186 |
40.578 |
|
|
TOTAL BORROWING |
508.069 |
574.287 |
176.737 |
|
|
Deferred Payment Credits |
0.000 |
0.000 |
1.942 |
|
|
DEFERRED TAX LIABILITY |
17.368 |
20.642 |
15.988 |
|
|
|
|
|
|
|
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TOTAL |
1350.852 |
866.000 |
415.383 |
|
|
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|
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APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net
Block] |
189.891 |
205.652 |
208.548 |
|
|
Capital
work-in-progress |
437.611 |
89.605 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.050 |
0.050 |
0.067 |
|
|
DEFERREX TAX
ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
626.778
|
594.327 |
339.970 |
|
|
Sundry Debtors |
183.202
|
280.366 |
109.410 |
|
|
Cash & Bank Balances |
95.409
|
86.627 |
51.692 |
|
|
Other Current
Assets |
0.741
|
1.183 |
0.515 |
|
|
Loans &
Advances |
92.626
|
24.263 |
19.229 |
|
Total Current Assets |
998.756
|
986.766 |
520.816 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
212.410
|
397.175 |
293.098 |
|
|
Provisions |
63.046
|
19.350 |
20.950 |
|
Total Current Liabilities |
275.456
|
416.525 |
314.048 |
|
|
Net
Current Assets |
723.300
|
570.241 |
206.768 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.452 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1350.852 |
866.000 |
415.383 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
1019.732 |
658.645 |
628.247 |
|
|
Other Income |
18.207 |
20.716 |
0.000 |
|
|
Total Income |
1037.939 |
679.361 |
628.247 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
155.163 |
80.710 |
63.505 |
|
|
Provision for Taxation |
43.903 |
25.572 |
22.029 |
|
|
Profit/(Loss) After Tax |
111.260 |
55.138 |
41.475 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency |
NA |
NA |
195.711 |
|
|
|
|
|
|
|
|
Import Value |
NA |
NA |
246.794 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
602.634 |
425.355 |
|
|
|
Consumption of stores and spares parts |
13.830 |
38.333 |
|
|
|
Increase/(Decrease) in Finished Goods |
[57.564] |
[109.182] |
|
|
|
Salaries, Wages, Bonus, etc. |
40.426 |
33.373 |
|
|
|
Managerial Remuneration |
4.236 |
0.000 |
|
|
|
Payment to Auditors |
1.567 |
0.137 |
564.742 |
|
|
Interest |
58.622 |
61.054 |
|
|
|
Insurance Expenses |
0.183 |
0.295 |
|
|
|
Power & Fuel |
17.419 |
14.037 |
|
|
|
Depreciation & Amortization |
19.220 |
19.636 |
|
|
|
Other Expenditure |
182.204 |
115.613 |
|
|
Total Expenditure |
882.777 |
598.651 |
564.742 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total
Income |
(%) |
10.72
|
8.12 |
6.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.22
|
12.25 |
10.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.05
|
6.77 |
8.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.30 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.95
|
3.66 |
2.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.63
|
2.37 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The name of the company was later changed to present.
The company commenced commercial production from 1st
March, 1992 on expanded portion of its unit located at Village Achhad, Taluka Talsari,
District Thane.
In 1987, Haresh K. Sippy joined hands with Mr. Chetan S.
Doshi and Ms. Khushroo M. Bulsara to set up Tema India Limited starting with a
modest turnover of US$ 100000 and going on to achieve a turnover of US$ 15
millions in the year 1998-99, the company achieved the distinction of becoming
the largest manufacturer of Tema-R range of heat exchangers in the country.
BUSINESS
Manufacturers, producers, fabricators, processors,
distributors and dealers of General Engineering products like Exchangers,
Towers, Drums, Pressures, Storage Vessels, Reaction, Vessels and undertake the
machining of all or any of the above products which the company may
manufacturer, produce or fabricate.
Subject is a project oriented heavy engineering company
supplying critical capital equipments like Heat Exchangers, Pressure Vessels
and Fractionating Columns to Oil Refineries, Fertilizer & Petrochemicals
Plants.
Trade Reference
- Real Metal –
Mumbai
- Syndicate –
Mumbai
- Echjay
Limited – Rajkot
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29192MH1984PLC034861 |
|
Name of the
company |
TEMA INDIA LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
B-205, Arjun Centre, Govandi Station Road, Off Sion
Trombay Road, Deonar, Mumbai - 400 088, Maharashtra, India |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of India, Overseas Branch, World Trade Centre, Cuffe
Parade, Mumbai – 400005, Maharashtra, India
|
|
Nature of description
of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Goods and Assets |
|
Date of
instrument Creating the charge |
08.02.2007 |
|
Amount secured by
the charge |
Rs. 65.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As determined by
Bank from time to time Terms of
Repayment On Demand Margin As prescribed by
the bank from time to time Extent and
Operation of the charge First charge |
|
Short particulars
of the property charged |
All present and
future goods, book debts and all other movable assets including documents of
title of goods, outstanding monies, receivables, claims, bills, invoices, documents, contracts, insurance
policies, guarantees, engagements, securities, investments, rights and
present and a;; future machinery belonging to or in possession or under the
control of the company, wherever lying stored and kept. |
Fixed assets
·
Freehold land
·
Factory building
·
Ownership Flat
·
Plant and machinery
·
Electrical installation
·
Furniture and fixtures
·
Office equipments
·
Computers
·
Vehicles
As Per
Website
Production
Capability :
Fabrication Capacity : Present capacity at Achhad - 3000 tons per annum.
Newly installed capacity at Silvassa - added 3000 tons per annum. There by the
total goes up to 6000 tonnes per annum or US $. 15 million.
Milestones
Single largest
equipment manufactured : Heat Exchanger of 100 tons fabricated weight.
Single largest equipment in terms of value : Heat Exchanger worth Rupees 15
Million.
Maximum design pressure of Heat Exchanger designed and manufactured : 350
Kg/cm2g.
Material
Capabilities
In addition to materials such as Carbon Steel, Alloy Steel and
Stainless Steel, the company's unit has also been processing duplex,
super-duplex, Clad - Steel and exotic materials like :
|
Aluminium Alloys |
Aluminium Bronze |
Chrome - Molybdenum Steel |
Zirconium |
|
Hastelloy |
Incoloy |
Inconel |
Monel |
|
Nickel |
Sanicro |
Titanium |
Cupro - Nickel Alloys |
Specific experience has been acquired in overlay weld deposit
techniques by strip or wire with stainless steel and nickel alloys. The procedure
of weld overlay on tube sheets and gasket seating surfaces of flanges is
combined with strip lining on shells and dished head covers.
Subject's Engineering Department employs highly qualified
engineers who are trained to execute complex design calculations in strict
accordance with International Codes.
Haresh Sippy, the chief
founder of TEMA, was a witness to several developments like the torispherical
dished end being manufactured in the country for the very first time & also
the very first welded air receiver (pressure vessel) made in the country. He
further went on to learn the skills of manufacturing and designing the very
first heat exchanger (after-cooler for compressors) in the country in the year
1967 and later on took an active role in the development of the 'shell and tube
condenser' for a cold storage plant. Later he gained experience in maintenance
work of 'floating head' type shell and tube heat exchangers in petroleum
refineries. In 1972, Mr. Sippy started his own small-scale workshop called Leo
Engineering Works, which manufactured 'Shell & Tube Heat Exchangers'. This
company manufactured heat exchangers & parts thereof for both
Esso as well as Burmah Shell petroleum refineries, now known as Hindustan
Petroleum and Bharat Petroleum respectively. These exchangers, which were made
to TEMA-R specification, were mainly floating head types with Naval Brass tube
sheets and Cu-Ni (70-30) tubes with Monel lining of channels & FTS
covers. Mr. Sippy pioneered the development of Monel weld deposit on CS
tubesheet blanks.
In 1987, Mr. Sippy joined hands with Mr. Chetan Doshi and Mr.
Khushroo Bulsara to set up subject Starting with a modest turnover of US $
100,000 and progressing to achieve a turnover of US $ 15 million in the year 2003-04,
Subject is today amongst the largest manufacturers of Tema-R range of
heat exchangers in the country.
From 1968-2004 Mr. Sippy has been involved in producing more than
6000 heat exchangers of various types.
Mr. Sippy's driving force is the result of the strong passion he
has for this product line.
They in subject are the beneficiaries of his insight in this field
and his belief in well-synchronized teamwork. They are guided and motivated to
totally focus their efforts to achieve their targets.
Subject is situated on 10 acres of land right on the
Bombay-Ahmedabad National Highway No.8 thereby making it accessible by road. It
is located 180 kms from Bombay & 20 kms from Vapi (Gujarat). A number of
trains running on the Western Railway halt at Sanjan, Bhilad and Vapi stations,
all of which are close to the factory.
Subject has a built up area of 7,500 sq.m. comprising of two bays.
The first bay has an area of 3,000 sq.m. with a height of 10m feet and the
second bay has an area of 4,500 sq.m.with a height of 15m. One EOT crane of 25
MT covers the first bay and the second EOT crane of 65 MT covers the second
bay.
Subject has put up a similar but more mechanised setup at Silvassa
which is 20 km. away from the present facility, which went into production in
1997 and had recieved shop approvals from all the major consultants and
clients.
Engineering
Subject has a fully computerized office with several
work-stations. They have developed software in-house for design and drafting.
This dedicated software enables their qualified engineers to accomplish complex
design calculations complying strictly to the requisite international codes and
standards.
Their software also generates fabrication drawings to scale and
3-D images of the Exchanger thereby giving us warning of any foul-up/mis-match
in nozzles, RF-Pads and in the dimensions of various components. Thus
submission of drawings and Code-I approval is usually accomplished in few days
They have an experienced team of design engineers to undertake Thermal
and Mechanical design of complex heat exchangers and generate fabrication
drawings to scale along with weights and estimates based on customer’s
specifications. These designs are optimised to arrive at a optimal size. They
have been regularly executing jobs of such complexity for most of the leading
companies in India through all the major Consultants and Contractors located
worldwide. After carrying out the design, the final output is in an AutoCAD
drawing format (DWG) or DWF(Web format).
Subject is also approved by the following
regulatory bodies
Chief
Controller of Explosives, Nagpur (INDIA)
Chief Inspector of Boilers, Maharashtra (INDIA)
Raw Material
·
Plates
·
Tubes
·
Non-Std Forgings
·
Std. Forgings
·
Reinforced Nozzle Pipes
·
Fasteners
·
Gaskets
·
Welding Consumables
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.39.94 |
|
UK Pound |
1 |
Rs.78.81 |
|
Euro |
1 |
Rs.63.05 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
NO |
|
--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/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 |
|