MIRA
INFORM REPORT
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Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANCHOR ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
Unit No.101, Innova C, Marathon Nextgen, Ganpatrao Kadam Marg, Lower
Parel (West), Mumbai-400013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
02.04.1981 |
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Com. Reg. No.: |
11-128292 |
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CIN No.: [Company
Identification No.] |
U31200MH2000PTC128292 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA18689G |
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PAN No.: [Permanent Account No.] |
AAECA2190C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Importer and Exporter of Electrical Goods and
Accessories. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 33000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Bharat Rajgar |
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Designation : |
Accounts Head |
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Date : |
14.10.2008 |
LOCATIONS
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Registered Office : |
Unit No.101, Innova C, Marathon Nextgen, Ganpatrao Kadam Marg, Lower
Parel (West), Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-30418888 |
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Fax No.: |
91-22-30418889/ 86 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
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Location : |
Owned |
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Corporate office
1: |
Marathon Innova, C- Wing, 1st Floor, Opposite Peninsula Corporate
Park, Off G. K. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
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Corporate office 2: |
8, Devkaran Mansion, 24 Vithaldas Road, Mumbai – 400002, Maharashtra, India |
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Factory 1: |
Plot No.49, Basushree Building, MIDC, Andheri (West), Mumbai, Maharashtra, India |
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Tel No.: |
91-22-32952416 |
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Fax No.: |
91-22-66938695 |
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Area : |
2000 sq. ft. |
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Location : |
Rented |
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Factory 2: |
Daman, Haridwar, Kutch |
DIRECTORS
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Name : |
Mr. Atul Damji Shah |
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Designation : |
Managing Director |
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Address : |
B-2/20, Prithvi Apartment, 21, Altmount Road, Mumbai-400026,
Maharashtra |
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Date of Birth/Age : |
24.04.1963 |
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Date of Appointment : |
28.09.2007 |
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Name : |
Mr. Hiten J Vakharia |
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Designation : |
Director |
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Address : |
A-102, Sunder Dham, Rambaug, Poisar, Borivali (West), Mumbai-400092,
Maharashtra |
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Date of Birth/Age : |
04.01.1961 |
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Date of Appointment : |
15.05.1995 |
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Date of Ceasing : |
24.06.2005 |
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Name : |
Mr. Rajesh N Karani |
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Designation : |
Director |
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Address : |
C/9, Sarvodaya Hospital Estate, Near Postal Colony, Chembur,
Mumbai-400071, Maharashtra |
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Date of Birth/Age : |
04.11.1964 |
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Date of Appointment : |
15.05.1995 |
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Date of Ceasing : |
24.06.2005 |
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Name : |
Mr. Ravindra K Myatra |
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Designation : |
Director |
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Name : |
Mr. Jadavji Lalji Shah |
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Designation : |
Director |
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Address : |
25/2, Mount Blanc, Dadyseth lull, August Kranti Marg, Mumbai-400036,
Maharashtra, India |
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Date of Birth/Age : |
09.05.1939 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Sanjay Damji Shah |
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Designation : |
Director |
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Address : |
304, Tehni Height, Petit Hall, 66, Nepean Sea Road, Malabar Hill,
Mumbai-400006, Maharashtra |
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Date of Birth/Age : |
15.01.1967 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Mehul Jadavji Shah |
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Designation : |
Director |
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Address : |
25/2, Mount Blanc, Dadyseth lull, August Kranti Marg, Mumbai-400036,
Maharashtra, India |
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Date of Birth/Age : |
05.05.1971 |
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Date of Appointment : |
28.09.2007 |
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Name : |
Mr. Sudhir H Trivedi |
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Designation : |
Director |
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Address : |
B/404, Shri Vallahyog, Near Pushpa Park, Daftary Road, Malad (West),
Mumbai-400064, Maharashtra |
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Date of Birth/Age : |
13.12.1972 |
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Date of Appointment : |
01.09.2005 |
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Name : |
Mr. Damji Lalji Shah |
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Designation : |
Director |
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Address : |
304, Tehni Height, Petit Hall, 66, Nepean Sea Road, Malabar Hill,
Mumbai-400006, Maharashtra |
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Date of Birth/Age : |
25.09.1937 |
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Date of Appointment : |
01.11.2004 |
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Date of Ceasing : |
20.06.2005 |
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Name : |
Mr. Hemang Jadavji Shah |
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Designation : |
Director |
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Address : |
25/2, Mount Blanc, Dadyseth lull, August Kranti Marg, Mumbai-400036,
Maharashtra |
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Date of Birth/Age : |
23.02.1975 |
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Date of Appointment : |
01.11.2004 |
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Date of Ceasing : |
23.04.2007 |
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Name : |
Mr. Seiji Monda |
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Designation : |
Director |
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Address : |
4146 Yamate Minami. Kyotanabe Kyoto 6100354 |
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Date of Birth/Age : |
18.03.1957 |
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Date of Appointment : |
28.09.2007 |
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Name : |
Mr. Toshichide Arii |
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Designation : |
Director |
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Address : |
Suite 2805 28 F Sutton Courty Gatway Apartments, Harbour City, Kowloon |
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Date of Birth/Age : |
30.09.1956 |
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Date of Appointment : |
28.09.2007 |
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Name : |
Mr. Karuaki Hashi Moto |
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Designation : |
Director |
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Address : |
15211 Hirakata Osaka 5731152 |
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Date of Birth/Age : |
15.01.1965 |
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Date of Appointment : |
28.09.2007 |
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Name : |
Mr. Yoshinobi Takeyawa |
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Designation : |
Director |
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Address : |
188 21 Oyaby Cho Hikone Shiga 5220053 |
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Date of Birth/Age : |
19.04.1957 |
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Date of Appointment : |
28.09.2007 |
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Other Directorship : |
Hindustan Appliances Limited Director L18101MH1984PLC034857 Highway Finance and Holding (Bombay) Limited Director U67120MH1981PTC024032 Parijat Properties Private Limited Director U70100MH1992PTC070098 Apple Pharmaceuticals Private Limited Director U99999MH1994PTC082309 Apple Cosmetics Private Limited Director U24246MH1994PTC082305 Avanti Health Care Private Limited Director U24246MH1994PTC083354 Kyori Metals Private Limited Director U27200MH1996PTC102270 Triple Securities Private Limited Director U67120MH1995PTC088443 Ave Anchor Private Limited Director U31200MH1999PTC121793 Anchor Soap Private Limited Director U74240MH1999PTC122484 Roma Cosmetics Private Limited Director U51391MH1999PTC122485 Anchor Kopp Enterprises Private Limited CN Director U45200MH1981PTC024641 Eskays Constructions Private Limited Director U45200MH1985PTC038269 Pratap Bright Steels Private Limited Director U55100MH1969PTC014439 Anchor Health and Beauty Care Private Limited Director U24249MH1992PTC068971 Good Value Holdings Private Limited Director U67120MH2006PTC159333 Triple Securities Private Limited Director U67120MH1995PTC088433 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.05.2008)
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Names of Shareholders |
No. of Shares |
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Ms. Usha A Shah |
585010 |
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Mr. Sanjay D Shah |
79741 |
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Mr. Mehul J Shah |
477908 |
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Mr. Hemang J Shah |
585870 |
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Ms. Heena S Shah |
520269 |
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Ms. Julie M Shah |
122102 |
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Matsushita Electric Works Limited |
9483600 |
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Total |
11854500 |
(As on 31.03.2008)
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Category |
Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, Or Others) |
80.00 |
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Directors or Relatives of directors |
20.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importer and Exporter of Electrical Goods and
Accessories. |
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Products : |
·
Electrical
Switches ·
Electric
Fuses |
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Brand Name : |
ANCHOR |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C and T/T |
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Purchasing : |
L/C and T/T |
GENERAL
INFORMATION
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Customers : |
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No of Employees: |
10000 |
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Bankers : |
HDFC Bank, Worli Branch, Mumbai |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
N B Purohit and Company Chartered Accountants |
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Address : |
3-G/2, Court Chambers, 35, New Marine Lines, Mumbai-400020, Maharashtra,
India |
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Subsidiaries : |
Rooma Electricals Private Limited U45202MH1993PTC073234 |
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Associates : |
Hindustan Appliances Limited L18101MH1984PLC034857 Highway Finance and Holding (Bombay) Limited U67120MH1981PTC024032 Parijat Properties Private Limited U70100MH1992PTC070098 Apple Pharmaceuticals Private Limited U99999MH1994PTC082309 Apple Cosmetics Private Limited U24246MH1994PTC082305 Avanti Health Care Private Limited U24246MH1994PTC083354 Kyori Metals Private Limited U27200MH1996PTC102270 Triple Securities Private Limited U67120MH1995PTC088443 Ave Anchor Private Limited U31200MH1999PTC121793 Anchor Soap Private Limited U74240MH1999PTC122484 Roma Cosmetics Private Limited U51391MH1999PTC122485 Anchor Kopp Enterprises Private Limited CN U45200MH1981PTC024641 Eskays Constructions Private Limited U45200MH1985PTC038269 Pratap Bright Steels Private Limited U55100MH1969PTC014439 Anchor Health and Beauty Care Private Limited U24249MH1992PTC068971 Good Value Holdings Private Limited U67120MH2006PTC159333 Triple Securities Private Limited U67120MH1995PTC088433 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
4500000000 |
Equity Shares |
Rs.10/- each |
Rs.45000.000
Millions |
|
500000000 |
Preference Shares |
Rs.10/- each |
Rs.5000.000
Millions |
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Total |
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Rs.50000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
11854500 |
Equity Shares |
Rs.10/- each |
Rs.118.545
Millions |
|
425670000 |
Preference Shares |
Rs.10/- each |
Rs.4256.700
Millions |
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Total |
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Rs.4375.245 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4375.245 |
118.545 |
118.545 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2247.037 |
2258.981 |
1176.766 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6622.282 |
2377.526 |
1295.311 |
|
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LOAN FUNDS |
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1] Secured Loans |
15.179 |
112.091 |
35.869 |
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2] Unsecured Loans |
0.000 |
39.760 |
0.000 |
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TOTAL BORROWING |
15.179 |
151.851 |
35.869 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6637.461 |
2529.377 |
1331.180 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1905.410 |
1548.430 |
287.274 |
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Capital work-in-progress |
0.000 |
44.675 |
0.000 |
|
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INVESTMENT |
301.085 |
0.048 |
92.697 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
29.473 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
2206.683
|
2685.315
|
1166.876
|
|
|
Sundry Debtors |
2796.807
|
3478.282
|
1791.937
|
|
|
Cash & Bank Balances |
999.058
|
361.631
|
179.253
|
|
|
Other Current Assets |
3.998
|
0.000
|
0.000
|
|
|
Loans & Advances |
347.450
|
534.356
|
328.356
|
|
Total
Current Assets |
6353.996
|
7059.584
|
3466.422
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1923.030
|
6123.360
|
2432.983
|
|
|
Provisions |
0.000
|
0.000
|
111.703
|
|
Total
Current Liabilities |
1923.030
|
6123.360
|
2544.686
|
|
|
Net Current Assets |
4430.966
|
936.224
|
921.736
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
6637.461 |
2529.377 |
1331.180 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
8396.495 |
9565.192 |
3299.845 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
8396.495 |
9565.192 |
3299.845 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
122.200 |
1108.152 |
757.771 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
122.200 |
1108.152 |
757.771 |
|
|
|
|
|
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Export Value |
NA |
NA |
0.786 |
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Expenditures : |
|
|
|
|
|
|
Interest |
32.139 |
9.891 |
0.609 |
|
|
Depreciation & Amortization |
277.937 |
82.717 |
17.254 |
|
|
Other Expenditure |
7964.219 |
8364.432 |
2524.211 |
|
Total Expenditure |
8274.295 |
8457.040 |
2542.074 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.46
|
0.11
|
22.96
|
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.46
|
0.11
|
22.96
|
|
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.48
|
12.80
|
20.18
|
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.46
|
0.58
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
2.64
|
1.99
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.30
|
1.15
|
1.36
|
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from Merchant
Chambers, 3rd Floor, 59 New Marine Lines, Mumbai – 400020,
Maharashtra, India to the present address w.e.f. 14.03.2007
Company’s fixed
assets
· Land, Building
· Motor Car
· Electric Fittings
·
Plant and Machinery
·
Computers
·
Electric Fittings
·
Furniture
·
Vehicals
Website Details:
Profile:
Company is the
largest manufacturer in the world for electrical switches and accessories.
Company was established more than 40 years ago with one crystal clear vision in
mind; to produce quality, and not just products. Company has diversified its
product base over the years and today caters to the almost all the household
electrical and electronics needs. With strategic alliances and technological
collaborations with world leaders for its products, Anchor's technological
strength is today on par with the best in the world. Company manufactures over
3000 products under 20 major product groups and caters to core sectors of the
Indian Economy viz., Electrical and Electronics Industry. The wide network of
Anchor's employees over 7000 people, 10000 dealers and more than 300000 retail
outlets enables the Company to promptly serve its customers and provide them
with suitable products, systems and services -- efficiently and at competitive
prices.
Infrastructure
and Manufacturing
Manufacturing
facilities spread over 1.5 million square feet at multiple locations across India,
such as Daman, Kutch, Haridwar and have the most modern equipment procured from
manufacturers around the world including Nextrom and Buss of Switzerland, Demag
& Niehoff of Germany.
The new factories
in Kutch (Fluorescent Tubes, CFL, Wires & Cables and Fans) and at Haridwar
(Wiring & Protection devices) were commissioned during 2005 and have
already gone full steam ahead.
They have one of
the Country's largest Glass shell manufacturing unit which not only caters to
their captive need but to requirement of many renowned manufacturers of
Fluorescent tubelights. The new plant for wires is fully automated and one of
the most modern one in India. Within the same facility they have started a new
product line of Multi-Core and Submersible Cables.
The Haridwar plant
spread over 11 acres has large and integrated production lines to cater their
growing demand for Wiring & Protection devices within India and in Export
markets, across various categories and brands.
With over 180
injection and 200 hydraulic molding machines, they have the largest molding
facility in India. These machines are complimented with one of the finest R
& D center in India employing over 150 dedicated engineers and toolmakers,
6 tool rooms and Multi Axis CNC machining centers using the most sophisticated
software.
Backed with this
huge Infrastructure, they are largest manufacturers of Switches and Wiring
devices in the world, making over 1 million switches and components every day.
A salient feature of their capability is that they manufacture virtually all
components in-house.
Press Release
Matsushita
Electric Works, Limited Forms a Joint Venture with Anchor Electricals Private
Limited by Acquiring Stake
Joint Venture Critical to Strategic Success in the
Indian Markets
Mumbai,
April 23 - Anchor Electricals Pvt. Ltd, leaders in the Indian electrical
accessories and wiring devices market today announced a joint venture with
Japan based electrical giants - Matsushita Electric Works Limited (MEW), well
known across the world for their best selling National and Panasonic brands.
With this Joint Venture, MEW would be acquiring 80 percent stake in Anchor
Electricals Private Limited at a
valuation of around JPY 50 bn (Rs.20000.000 Millions Enterprise Value)
The joint venture will allow Anchor Electricals, recently awarded the coveted
Super brand status to share and collaborate with MEW on a wide range of product
lineups and proprietary technologies contributing large expansions of its
business operations.
Mr. Atul Shah, Managing Director, Anchor Electricals Private Limited, termed
this joint venture as a very significant step in the Indian electrical
accessories and wiring devices market. "We are India's largest players in
the electrical market and collaborating with an international electronic giant
like MEW would help us ramp up our international operations and further
strengthen our Indian business by sharing key technologies and product line
ups."
Speaking at the occasion Mr. Toshihide ARII, Chairman of the new joint venture
said, "We are delighted to be associated with Anchor Electricals, who are
leaders in the Indian electrical accessories and wiring devices segment and
look forward to a long and prosperous association with them. This joint venture
is very significant to us as overseas business expansion is the top priority
for enhancing MEW's potential for growth. This association with Anchor
Electricals will help MEW to further strengthen its number one position and
leadership in the Asian markets".
Mr. Sughosh Moharikar, Executive Director at Kotak Investment Banking, while
commenting on the deal said, "This transaction, one of the largest M&A
by a Japanese company in India, demonstrates the value of the Anchor franchise,
built over the years. This joint venture signifies the coming together of two
companies with the same shared values. On a broader level, the transaction
signifies the confidence reinforced by leading multinationals like Matsushita
in Indian manufacturing. We are delighted to be a part of this path breaking
transaction"
Mr. K. Balakrishnan, CEO and Managing Director, Lazard India said, "We are
delighted to be advising Matsushita on this momentous transaction which is one
of the largest FDI inflows by a Japanese company and we see this as just the
beginning of renewed interest of Japanese companies in India."
The joint venture will allow MEW to launch a full-fledged business operation in
India, while allowing for smooth entry into one of the significantly important
markets for the company and for promising mid to long term economic growth. MEW
has an overwhelming market share in the wiring devices market segment in Japan
and since its forage in China, the company has maintained a solid business
position in China, Taiwan, Korea and ASEAN countries. Business presence in the
Indian market has been crucial to attaining a significant presence in the Asian
continent given the booming Indian economy and evolving Indian consumer.
In addition to this both would be looking at further accelerating their growth
to achieve the "largest market share in the global wiring devices
market."
Anchor Electricals Pvt. Ltd has Kotak Mahindra Capital Company as their
exclusive financial advisor while MEW has been exclusively advised by LAZARD.
Nitin Potdar, Partner, J. Sagar Associates represented Anchor Electricals and
Sanjay Asher, Partner,Crawford Bayley & Co., represented MEW as legal
advisors.
Post this Joint Venture, the Anchor brand name would remain unchanged with
continued use of the brand and logo. Employments and distribution systems would
also remain unchanged.
MEW would in turn look at introducing new products to the Indian consumer such
as consumer electronics, home automation, home improvements such as interior design
solutions and security systems and security products, thus leveraging its
product strengths and development capabilities. In addition to this, MEW would
be looking at improving manufacturing efficiency by offering the company's
expertise.
Following this transaction, Anchor will become a consolidated subsidiary of
Matsushita Electric Works Limited
Anchor
Electricals Private Limited
Anchor is a manufacturer of electrical components,
headquartered in Mumbai, India. Since its establishment in 1963, the company
has steadily expanded its wiring devices business including switches and
outlets. In response to the market needs, its product lineup gradually extended
to include lighting fixture, ventilators, ceiling fans and electric wires,
making the company the largest ECM manufacturer in India with the largest share
in its flagship wiring devices market. Anchor has an unrivaled operating base
characterized by 1) brand recognition backed by its 40 years of history and the
strong appeal of its brand strength to customers; 2) solid sales network that
runs all over India and; 3) high manufacturing capacity of its integrated
manufacturing system which encompasses mold building, piece parts fabrication
and assembly of finished goods.
Matsushita
Electric Works Limited
MEW has five business segments of Electric Construction
Materials (lighting fixtures and information equipment; referred to as ECM),
Home Appliances, Building Products, Electronic and Plastic Materials and
Automation Controls, and construction-related businesses account for
approximately 70 percent of the company's total sales. MEW has a stable
operating base with two thirds of the company's total sales generated by a
variety of products that hold the largest share in the Japanese market which generate
two thirds of the company's total sales.
ECM product portfolio ranges from electric facilities such as power
distribution panels, electrical switches and sockets to visitor/fire alarm
systems, sensors, room entry control systems and LAN cabling systems, providing
electricity, information and security infrastructures for homes and buildings.
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.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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 |
|