MIRA
INFORM REPORT
|
Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
|
Now Known As : |
LUMAX AUTO TECHNOLOGIES LIMITED (W.E.F. THE YEAR 2006) |
|
|
|
|
Formerly Known As : |
DHANESH AUTO ELECTRICALS LIMITED |
|
|
|
|
Registered Office : |
W-230-E, S Block, MIDC, Bhosari, Pune – 411 026, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
30.10.1981 |
|
|
|
|
Com. Reg. No.: |
11-25519 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31909MH1981PLC025519 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNED04520F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACD4090Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer of Automotive Components. |
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 1526000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and reputed company having fine track. Directors are reported as
experienced and respectable businessmen. Trade relations are fair. Business
is active. General financial position is satisfactory. Payments are usually
correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Pratap Sarkar |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9890996820 |
|
Date : |
29.04.2008 |
LOCATIONS
|
Registered Office/ Factory : |
W-230-E, S Block, MIDC, Bhosari, Pune – 411 026, Maharashtra,
India |
|
Tel. No.: |
91-20-27122305 / 27128074/ 66304625 |
|
Mobile No.: |
91-9890996820 |
|
Fax No.: |
91-20-27121871/ 66304624 |
|
E-Mail : |
dhanesh_auto@vsnl.com , bhosari@lumaxautotech.com , ashish.dubey@lumaxautotech.com
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Development Unit Plot No. 54/8, MIDC, Chinchwad, Pune – 411 018, Maharashtra, India |
|
Tel. No.: |
91-20-27477841 |
|
Fax No.: |
91-20-27479701/ 66304634 |
|
|
|
|
Branches : |
·
W-28, MIDC, Aurangabad – 731 133, Maharashtra Tel No. 91-240-6616310 Fax No. 91-240-255109 Email –daelw28@agd2.dot.net.in ·
A-8, MIDC, Waluj, Aurangabad – 431 133, Maharashtra Tel. No. 91-240-2555368 / 2555369 Fax No. 91-240-2555109 Email – daela8v2_agd@sancharnet.in ·
156/1, Mahalunge Ingale, Chakan-Talegaon Road, Chakan, Pune – 410 501,
Maharashtra Tel. 91-2135-254066 Fax No. 91-2135-252708 Email – daechakan@daemail.com ·
7-A-40, Channa Market, Karol Bagh, New Delhi – 110 005, India Tel. No. 91-11-25758030 Fax No. 91-11-25758303 Email – lumax@del2.vsnl.net.in ·
B-86, Mayapuri Industrial Area, Phase I, New Delhi, India |
DIRECTORS
|
Name : |
Mrs. Usha Dhanesh Jain |
|
Designation : |
Director |
|
Address : |
L-1/26, Askashneem Marg, DLF City, Phase-
II, Gurgaon, Faridabad, Haryana – 122 002, India |
|
Date of Birth/Age : |
07.01.1942 |
|
Date of Appointment : |
01.04.2002 |
|
|
|
|
Name : |
Mr. Sagarchand Dhanesh Jain |
|
Designation : |
Director |
|
Address : |
L-1/26, Askashneem Marg, DLF City, Phase-
II, Gurgaon, Faridabad, Haryana – 122 002, India |
|
Date of Birth/Age : |
08.01.1942 |
|
Date of Appointment : |
30.10.1981 |
|
|
|
|
Name : |
Mr. Manmohan Sadanand Sachdev |
|
Designation : |
Director |
|
Address : |
D-86, Defence Colony, New Delhi – 110 024, India |
|
Date of Birth/Age : |
28.10.1938 |
|
Date of Appointment : |
15.06.2006 |
|
|
|
|
Name : |
Mr. A. V. Alexander |
|
Designation : |
Director |
|
Address : |
M-523 Lane, W-23A, Western Avenue, Sainik Farms, New Delhi – 110 062,
indai |
|
Date of Birth/Age : |
01.11.1938 |
|
Date of Appointment : |
15.06.2006 |
|
|
|
|
Name : |
Mr. Sandeep Dinodia |
|
Designation : |
Director |
|
Address : |
A-9, Maharani Bagh, New Delhi – 110 065, India |
|
|
|
|
Name : |
Mr. Anmol Dhanesh Jain |
|
Designation : |
Director |
|
Address : |
L-1/26, Askashneem Marg, DLF City, Phase-
II, Gurgaon, Faridabad, Haryana – 122 002, India |
|
Date of Birth/Age : |
29.04.1979 |
|
Date of Appointment : |
03.08.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Pilltla S. Chandrasekar |
|
Designation : |
Company Secretary |
|
Address : |
D-6, Kubera Gulshan, D P Road, Aundh, Pune – 411 007, Maharashtra,
India |
|
Date of Birth/Age : |
18.09.1954 |
|
Date of Appointment : |
15.06.2006 |
|
|
|
|
Name : |
Mr. Pratap Sarkar |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 11.07.2006
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sagarchand Dhanesh Jain |
|
2548757 |
|
Mrs. Usha Dhanesh Jain |
|
463712 |
|
Mr. Anmol Dhanesh Jain |
|
765890 |
|
D K Jain and Sons - HUF |
|
1145971 |
|
Mr. Deepak Dhanesh Jain |
|
794652 |
|
Mr. Sagarchand Sunilchand Jain |
|
21350 |
|
Vardhman Agencies Private Limited |
|
4260 |
|
Sheetal Finance Private Limited |
|
1150000 |
|
Mr. Naval Balakram Khanna |
|
30 |
|
Mr. Pavan Sukhdev |
|
50000 |
|
Mr. Farid Rashid Gulmohamaad |
|
100000 |
|
Mr. Pramod Ahuja |
|
100000 |
|
Mrs. Sugandha Jai Hiremath |
|
110000 |
|
Sethi Mercantile Private Limited |
|
100000 |
|
Karisma Investment Private Limited |
|
133000 |
|
Centrum Capital Limited |
|
55000 |
As on 30.09.2007
|
Names of Shareholders |
|
Percentage of
Holding |
|
|
|
|
|
Nationalized or Other Banks |
|
0.33 |
|
Foreign Holdings (Foreign Institutional Investor(s), Foreign Companie(s),
Foreign Financial Institution(s), Non-Resident Indian(s), or Overseas
Corporate Bodies or Others) |
|
2.17 |
|
Bodies Corporate |
|
10.66 |
|
Directors or Relatives of Directors |
|
59.27 |
|
Other Top Fifty (50) Shareholders |
|
16.60 |
|
Others |
|
10.97 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Components. |
|
|
|
|
Products with ITC Code : |
Automotive Components – 9714 and 8512 |
|
|
|
|
Terms : |
|
|
Selling : |
Credit upto 30-60 days basis |
|
|
|
|
Purchasing : |
Credit upto 30-60 days basis |
GENERAL
INFORMATION
|
Customers : |
·
Manufacturers Some of major customers includes: ·
Ashok Layland ·
Mahindra and Mahindra ·
Hero Honda ·
Swaraj Mazda ·
TATA ·
TAFE ·
Maruti Suzuki ·
Diamler ·
Eicher ·
Force Motors ·
PIAGGIO ·
Yamaha ·
Volvo ·
Nissan ·
Vignal ·
Adiva ·
John Deere |
|
|
|
|
No. of Employees : |
Around 1500 |
|
|
|
|
Bankers : |
·
State Bank of India, Pimpri Branch, Bombay-Pune Road, Pune – 411 034, Maharashtra,
India ·
State Bank of India, Industrial Finance Branch, Pimpri, Pune – 411
018, Maharashtra ·
ABN Amro Bank N. V., Hansalya Building, 15 Barakhamba
Road, New Delhi –
110 001, India |
|
|
|
|
Facilities : |
Subject enjoys CC and Terms Loan of Rs. 120.000 millions facilities
from ABN Amro Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
D. R. Barve and Company Chartered Accountants |
|
Address : |
461/1, Sadashiv Peth, Tilak Road, Pune – 411 030, Maharashtra, India |
|
|
|
|
Subsidiaries : |
Lumax DK Auto
Industries Limited CIN: U34300DL1997PLC087110 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Share |
Rs. 10/- each |
Rs. 150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,631,541 |
Equity Shares |
Rs. 10/- each |
Rs. 116.315 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
116.315 |
71.446 |
34.353 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
265.239 |
30.399 |
16.144 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
381.554 |
101.845 |
50.497 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
79.084 |
38.234 |
47.615 |
|
|
2] Unsecured Loans |
21.661 |
79.330 |
16.754 |
|
|
TOTAL BORROWING |
100.745 |
117.564 |
64.369 |
|
|
DEFERRED TAX LIABILITIES |
21.570 |
15.211 |
13.881 |
|
|
|
|
|
|
|
|
TOTAL |
503.869 |
234.620 |
128.747 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
296.379 |
179.187 |
112.128 |
|
|
Capital work-in-progress |
15.689 |
11.645 |
13.242 |
|
|
|
|
|
|
|
|
INVESTMENT |
12.723 |
12.723 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
105.759
|
38.814 |
31.240 |
|
|
Sundry Debtors |
215.690
|
116.021 |
103.610 |
|
|
Cash & Bank Balances |
56.433
|
41.801 |
4.248 |
|
|
Other Current Assets |
46.147
|
25.451 |
21.446 |
|
|
Loans & Advances |
117.778
|
22.133 |
1.682 |
|
Total
Current Assets |
541.807
|
244.220 |
162.226 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
333.975
|
187.194 |
144.698 |
|
|
Provisions |
29.562
|
27.577 |
16.576 |
|
Total
Current Liabilities |
363.537
|
214.771 |
161.274 |
|
|
Net Current Assets |
178.270
|
29.449 |
0.952 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.808 |
1.616 |
2.424 |
|
|
|
|
|
|
|
|
TOTAL |
503.869 |
234.620 |
128.747 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1603.518 |
943.076 |
854.929 |
|
|
Other Income |
2.254 |
1.406 |
1.349 |
|
|
Total Income |
1605.772 |
944.482 |
856.278 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
43.556 |
42.066 |
28.473 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
43.556 |
42.066 |
28.473 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
1159.950 |
626.446 |
659.070 |
|
|
Purchases made for re-sale |
191.746 |
49.391 |
0.000 |
|
|
Consumption of stores and spares parts |
37.499 |
37.108 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(36.537) |
0.607 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
53.477 |
47.445 |
42.451 |
|
|
Managerial Remuneration |
1.375 |
1.339 |
0.480 |
|
|
Payment to Auditors |
0.184 |
0.160 |
0.141 |
|
|
Interest |
5.489 |
7.843 |
4.497 |
|
|
Insurance Expenses |
1.216 |
0.864 |
0.705 |
|
|
Power & Fuel |
18.218 |
14.321 |
11.267 |
|
|
Depreciation & Amortization |
15.221 |
11.294 |
0.000 |
|
|
Other Expenditure |
114.378 |
106.598 |
109.194 |
|
Total Expenditure |
1562.216 |
903.416 |
827.805 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.71
|
4.45 |
3.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.71
|
4.45 |
3.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.02
|
9.39 |
9.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.41 |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.27
|
4.41 |
5.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.13 |
1.00 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
|
Name of the company |
Dhanesh Auto Electricals Private Limited |
|
Presented By |
State Bank of India, Industrial Finance Branch, Pimpri, Pune – 411 018, Maharashtra, India |
|
1) Date and description of instrument creating the change |
Agreement of loan for overall limit F-C-1 Agreement of hypothecation of goods and assets F-C-2 Letter regarding the grant og individual limits within the overall limit F-C-5 All the above agreement are dated 04.12.1996 and executed for the creation of a single charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 18.300 millions DCC (hypothecation of stocks) : Rs. 4.000 millions Chief Executive (against bills): Rs. 6.000 millions Medium Term Loan: Rs. 8.300 millions -------------------------------------------------------------------- Rs. 18.300 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 |
N A |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
ROI: DCC (hypothecation of stocks) clean CCC (bills), MTL 18.25% p.a. Margin: raw material 25%, stock in process 33%, book debts / receivables 40%, against reimbursement for term loan for construction 45% for acquisition of machinery 35% Repayment: 1st three monthly installments of Rs. 0.200 million each. Next 12 monthly installments of Rs. 0.150 million each. Next 11 monthly installments of Rs. 0.225 million each. Last monthly installments of Rs. 0.125 million. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India Industrial Finance Branch, Pimpri, Pune – 411 018, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Supplemental agreement of loan for increase in the overall limit Form C, 1-A Supplemental agreement of hypothecation of goods and assets for increase in the overall limit F-C2-A Letter regarding the grant of individual limit within the overall limit F-C-5 All the above agreement are dated 17.06.1998 and executed for the creation of a single modification. |
|
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. |
As per annexure -2 attached |
|
This form is for |
Creation of charge |
||||||||||
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U31909MH1981PLC025519 |
||||||||||
|
Name of the company |
Lumax Auto Technologies Limited |
||||||||||
|
Address |
W-230, S Block, MIDC, Bhosari, Pune – 411 026, Maharashtra, India |
||||||||||
|
Type of Charges |
Book debts, movable property, current assets and movable fixed assets |
||||||||||
|
Whether consortium finance is involved |
No |
||||||||||
|
Whether joint charge involved |
No |
||||||||||
|
Number of charge holder(s) |
1 |
||||||||||
|
Particular of the charge holder |
ABN Amro Bank N. V. Hansalya Building, 15 Barakhamba Road, New Delhi – 110 001, India |
||||||||||
|
Nature or description of the instrument creating or modifying the charge |
Deed of hypothecation |
||||||||||
|
Date of the instrument creating charge |
12.01.2008 |
||||||||||
|
Whether charge created or modified outside India |
No |
||||||||||
|
Amount Secure by the charge |
Rs. 206.000 millions |
||||||||||
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: CC STPLR/ FCNR (B) Loans/ BD and TL/ TL2/ TL3 – at negotiated rate LC/ Guarantees – at standard tariff Terms of repayment: TL-1 – availability 29.02.2008, Tenor/ Maturity 30.10.2009, repayable in monthly installment of Rs. 0.800 millions TL-2-availability 28.02.2008, Tenor/Maturity 28.02.2009, repayable in 14 equal quarterly installments TL-3-availability 29.02.2008, Tenor/Maturity 28.02.2010, repayable in monthly installments of Rs. 0.500 million CC- repayable on demand, STPLR/FCNR/BD-maximum 12 months, LC Validity/Usance maximum 180 days each and BG Maximum 12 Months including claim period Margin: as per sanction letter Extent and operation of the charge: the charge operates as exclusive first charge on movable fixed assets for terms loan and second charge on current assets, for working capital limits the charge operates as first charge on current assets and second charge on movable fixed assets Others: this is to secure credit facilities aggregating 206 millions as under
|
||||||||||
|
Short particulars of the Property charged |
As per annexure A |
||||||||||
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
Trade References:
- Bajaj Auto
As per Web:
Milestone
|
1981 |
A Private Limited Company was established in the name of Lumax Auto
Electricals Private Limited to manufacture and supply Automotive components
at Bhosari. |
|
1988 |
Second Unit was started at Waluj, Aurangabad for supplying auto parts
to Bajaj Auto Limited - Aurangabad. |
|
1988 |
Name changed from Lumax Auto Electricals Private Limited to Dhanesh
Auto Electricals Private Limited. |
|
1993 |
R & D centre established at Chinchwad, Pune to cater to the
development requirement for the new business. |
|
1995 |
Third Unit started at Chakan, Pune for further major diversification
for manufacturing of exhaust systems and fuel tanks for two wheelers. |
|
1997 |
Fourth Unit started at Waluj, Aurangabad for the production of
motorcycle chassis for Bajaj Auto Limited. |
|
1998 |
Our Company became deemed Public Limited and name changed to Dhanesh
Auto Electricals Limited. |
|
2000 |
Bajaj Auto Limited selected the company as a cluster member for T.P.M.
Activities. |
|
2002 |
Started Lighting Division at Chakan. |
|
2004 |
Received ISO Certificate for Chakan Unit. |
|
2005 |
Received ISO Certificate for Bhosari Unit. |
|
2006 |
LDK became our 100% subsidiary. Name of the Company was changed to
Lumax Auto Technologies Limited. |
|
2007 |
Started PCMA, Bhosari, Pune Plant |
Profile
Founded in the year 1981, Lumax Auto Technologies Limited is a part of the
D.K. Jain Group of companies that has carved its strong position in automotive
parts like sheet metal parts,
fabricated assemblies, tubular parts for two wheeler and three wheeler industry.
Under the aegis of Mr. D K Jain, today Lumax Technologies has captured sizable
market in its arena with an annual turnover of over Rs. 4500.000 millions (US$
110 Million) including its subsidiaries.
Lumax Technologies is a publicly traded company in India. The shareholding
pattern depicts a holding of 60% by Indian Promoters, and 40% is held by
public, comprised of over 15,000 shareholders.
The customers are served from six
modern manufacturing plants in India. Of these, Three are located in
Pune, Three plants in Aurangabad, and an R&D centre in Pune. All these
facilities are strategically located in the Automotive industrial belt in the
State of Maharashtra in West of India. Our product line includes Two wheeler
chassis, Exhaust systems & Mufflers, Fork & Handle bar assemblies,
Petrol tanks, among numerous others.
Lumax Technologies has posted impressive financial growth of 30% for three
consecutive years and is on a rapid growth spiral. Our advanced process
engineering, manufacturing and testing facilities include :
A
well-equipped tool development setup.
Robotic
welding lines and SPMs.
Paint
shops for internal heat resistance painting, powder coating and external
painting.
Excellent
capability for maintenance of jigs & fixtures
At Lumax Technologies - an ISO
certified company - focus on customer satisfaction and quality
leadership and are committed to achieve excellence in quality of our products
and services. The dynamic management core at Lumax Technologies, through their
insightfully crafted growth strategy is very keen on building a powerful bond
with a wider client base in India, & would be delighted to serve you in our
journey towards excellence.
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.40.22 |
|
UK Pound |
1 |
Rs.79.94 |
|
Euro |
1 |
Rs.62.83 |
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 |
NO |
|
--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 |
|