MIRA
INFORM REPORT
|
Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WAAREE
INSTRUMENTS LIMITED |
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Registered Office : |
36/37 Damji Shamji
Industrial Estate, Off. Mahakali Caves Road, Andheri (East), Mumbai – 400093,
Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
27.02.1989 |
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Com. Reg. No.: |
11-50808 |
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CIN No.: [Company
Identification No.] |
U29299MH1989PLC050808 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW00885D |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer,
Exporter and Importer of Instrument like pressure gauges used in petroleum
industries etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. 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. Pratik Shah |
|
Designation : |
Audit Compliance |
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Contact No.: |
91-9819728736 |
|
Date : |
18.09.2008 |
LOCATIONS
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Registered Office: |
36/37 Damji
Shamji Industrial Estate, Off. Mahakali Caves Road, Andheri (East), Mumbai –
400093, Maharashtra, India |
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Tel No: |
91-22-26874778/
66963030/ 66921338/ 66921339/ 56963030 |
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Mobile No: |
91-9819728736 |
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Fax No: |
91-22-26873913/
26873613 |
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E-Mail : |
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Website : |
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Area: |
Medium Sized ( Owned) |
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Dadra Factory : |
260/3/1, Demni Road Near Jindal Photo Films, Dadra Nagar Haveli, Dadra. (U.T.) – 396230. |
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Tel No.: |
91-260-2668006/8544(Telefax) |
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Mobile No.: |
91-260-3293740 / 42
(Fac. RIM) |
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Email : |
waareedadra@waaree.com |
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Website : |
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Area: |
35 sq ft (Owned) |
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Branch office : |
Bangalore Office “Spa Plaza” Unit No.5 No.1094, Otc Road, Opposite Hotel Luciya Internationalbangalore – 560 002. |
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Tel No: |
91-80–2210 3184 |
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Telefax No: |
91-80–2210 3184 |
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91-80-32932053(RIM), 91-9342672438 (S.N. Shetty) |
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E-Mail : |
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Website : |
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Branch : |
Baroda Office 204-A,
Centre Point, 2nd Floor, R.C.Dutt Road, Alkapuri, Baroda - 390 005. |
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Tel No: |
91-265-2310300 |
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Fax No: |
91-265-2339847 |
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Mobile No: |
91-9327691743(RA-RIM), 91-265-3254514(RIM) |
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E-Mail : |
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Website : |
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Branch : |
Chennai Office Plot No.1193, ‘H’
Block, 12TH Main Road, Chennai – 600001, Tamilnadu, India |
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Tel No: |
91-44-26161762 |
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Mobile No: |
91-44-32968587(RIM)/
91-9444034810(KA) |
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E-Mail : |
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Website : |
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Branch : |
Delhi Office 23, Community Centre, 2nd Floor, East of Kailash,New Delhi – 110065, India |
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Tel No: |
91-11-5161
7111(Telefax)/ 91-11-2644 5332 |
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Mobile No: |
91-9811055694,
91-11-32527716(RIM) |
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E-Mail : |
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Website : |
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Branch : |
Chandigarh Office Cabin Number 12-A, 3rd Floor, S. C. O -371-73, Sector -34-A, Chandigarh-160034 |
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Tel No: |
91-172—3256409 |
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Mobile No: |
91-9316101421, 91-172-3956409 (RIM) |
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E-Mail : |
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Website : |
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Branch : |
Kolkata Office 53, Syed Amir Ali Avenue,Shivam Chamber, 3rd Floor, Kolkata – 700019, India |
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Tel No: |
91-33-22892996
(Telefax) |
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Mobile No: |
91-33-39507033(RIM) 91-9330925845(RNC
RIM) |
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E-Mail : |
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Website : |
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Branch : |
Pune Office 4-C, Sagar Corner,Mumbai Pune Road,Kasarwadi, Pune - 411 034, India |
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Tel No: |
91-20-711 0847 |
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Fax No: |
91-20-712 5617 |
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E-Mail : |
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Website : |
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Branch : |
Nagpur office C/o K.
Bijwe, New Pelanjkhedi Ram Nagar, Nagpur – 10, India |
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Tel No: |
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Mobile No: |
09371137644 (SD-RIM) |
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E-Mail : |
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Website : |
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Branch : |
Dharwad Office C/o
M. Kumarswamy, R-28, Shambhavi Colony, Gandhinagar, Dharwad, India |
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Tel No: |
91-836-2462272 |
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Mobile No: |
91-9448450899 |
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E-Mail : |
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Website : |
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Branch : |
Dadra Office 260/3/1, Demni RoadNear Jindal Photo Films,Dadra Nagar Haveli,Dadra. (U.T.) – 396230, India |
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Tel No: |
91-260-266 8006 / 544(Telefax)/91-260-2668485 / 9484 |
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Mobile No: |
91-9377006552(JP-RIM) 91-9377014038(PP-RIM) 91-9328210227(KP-RIM) |
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E-Mail : |
waareedadra@waaree.com, jitendrapatil@waaree.com
prakashparte@waaree.com
kailashpatil@waaree.com |
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Website : |
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Branch : |
Hyderabad Office 520, Chenoy Trade Centre, Near Park Lane, Secunderabad - 500 003 (Andhra Pradesh), India |
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Tel No: |
91-40-55207066, 40 -
55207055 (Tel/Fax) |
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Mobile No: |
91-40-32950280(RIM) 91-9346619317(MS-RIM) |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Hitesh Doshi |
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Designation : |
Chairman and
Managing Director |
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Address: |
F-202, Krishna Residency,
Near Dalmia College, Sunder Nagar, Malad (West), Mumbai-400064, Maharashtra,
India |
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Date of Birth/ Age : |
22.02.1967 |
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Date of Appointment: |
01.04.2007 |
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Name : |
Mr. Hitesh Mehta |
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Designation : |
Director |
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Address: |
F-202, Krishna
Residency, Near Dalmia College, Sunder Nagar, Malad (West), Mumbai-400064,
Maharashtra, India |
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Date of Birth/ Age : |
29.06.1965 |
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Date of Appointment: |
30.09.2006 |
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Email : |
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Name : |
Mr. Viren Doshi |
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Designation : |
Director |
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Address: |
94, 9th
Floor, Mahagiri CHS, Ashok Chakvarty Road, Kandivali, Mumbai-400101,
Maharashtra, India |
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Date of Birth/ Age : |
06.11.1968 |
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Date of Appointment: |
27.09.2000 |
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Email : |
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Name : |
Mr. Rishikant R. Upadhaya |
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Designation : |
Director |
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Address: |
202, Challenger CHS – 1, Thakur Village, Kandivali – East, Mumbai – 400101, Maharashtra, India |
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Date of Birth/ Age : |
29.09.1955 |
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Date of Appointment: |
30.03.2007 |
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Name : |
Mr. Dattatreya Yellapantula |
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Designation : |
Director |
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Address: |
201, Swapnalok Building No.1 B Wing, Pimpripada, Malad – East, Off Film City Road, Mumbai – 400097, Maharashtra, India |
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Date of Birth/ Age: |
10.06.1952 |
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Date of Appointment: |
30.09.2006 |
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Name : |
Mr. Kiritkumar
Doshi |
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Designation : |
Director |
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Address: |
94, 9th
Floor, Mahagiri CHS, Ashok Chakvarty Road, Kandivali, Mumbai-400101,
Maharashtra, India |
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Date of Birth/ Age: |
15.12.1964 |
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Date of Appointment: |
01.04.2007 |
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Name : |
Mr. Divyang
Vasantlal Shah |
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Designation : |
Director |
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Address: |
B-304, Jagmagia
Centre, Nahar Nagar, Mamlatdar Wadi Extension Road, Malad-West,
Mumbai-400064, Maharashtra, India |
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Date of Birth/ Age : |
22.05.1968 |
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Date of Appointment : |
30.03.2007 |
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Date of Ceasing : |
27.11.2007 |
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Name : |
Mr. Saurabh
Satish Jhaveri |
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Designation : |
Director |
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Address: |
R. No. 13,
Saraswati Building, Saraswati Road, Santgacruz- West, Mumbai-400054,
Maharashtra, India |
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Date of Birth/ Age : |
12.01.1978 |
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Date of Appointment: |
30.03.2007 |
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Date of Ceasing : |
27.11.2007 |
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Name : |
Mr. Vimalkumar
Jethlal Vasa |
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Designation : |
Director |
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Address: |
1003,
Challengers-4, Tahkur Village, Kandivali (East), Mumbai-400101, Maharashtra,
India |
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Date of Birth/ Age : |
08.12.1965 |
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Date of Appointment: |
30.03.2007 |
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Date of Ceasing : |
27.11.2007 |
KEY EXECUTIVES
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Name : |
Mr. Firoz Shaikh |
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Designation : |
General Manager
(Mumbai) |
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Name : |
Mr. Gautam Roy |
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Designation : |
Assistant General
Manager (Dadra) |
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Name : |
Mr. S N Shetty |
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Designation : |
Regional Manager
(Bangalore) |
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Name : |
Ms Kala |
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Designation : |
CRM (Bangalore) |
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Name : |
Mr. R Anandh |
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Designation : |
Regional Manager
(Baroda) |
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Name : |
Ms Ashumi Mehta |
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Designation : |
CRM (Baroda) |
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Name : |
Mr. Krishnan Arun |
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Designation : |
Regional Manager
(Chennai) |
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Name : |
Mr. R Jayalaxmi |
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Designation : |
CRM (Chennai) |
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Name : |
Mr. Shivkumar
Gupta |
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Designation : |
Zonal Manager
(Delhi) |
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Name : |
Mr. Jitendra
Patil |
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Designation : |
Assistant Manager
(Dadra) |
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Name : |
Mr. Prakash Parte |
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Designation : |
Assistant Manager
(Dadra) |
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Name : |
Mr. Kailash Patil |
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Designation : |
Assistant Manager
(Dadra) |
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Name : |
Mr. Monesh Shroff |
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Designation : |
Regional Manager
(Hyderabad) |
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Name : |
Ms Sheela |
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Designation : |
CRM (Hyderabad) |
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Name : |
Mr. R N
Chakraborty |
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Designation : |
Regional Manager
(Kolkatta) |
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Name : |
Ms Baishakhi |
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Designation : |
CRM (Kolkatta) |
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Name : |
Mr. Deepak |
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Designation : |
Branch Manager (Pune) |
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Name : |
Mr. Vinai Krishna |
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Designation : |
Branch Manager
(Mumbai) |
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Name : |
Ms Renu |
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Designation : |
CRM (Mumbai) |
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Name : |
Mr. Satish
Dhawale |
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Designation : |
Regional Manager
(Nagpur) |
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Name : |
Mr. Virender
Malhotra |
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Designation : |
Assistant Manager
(Chandigarh) |
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Name : |
Mr. Uday Kodi |
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Designation : |
Senior Executive
Sales (Dharwad) |
MAJOR SHAREHOLDERS
(As on 29.09.2008)
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Names of Shareholders |
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No. of Shares |
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Hitesh C. Doshi |
|
375140 |
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Viren C. Doshi |
|
75100 |
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Pankaj C. Doshi |
|
119770 |
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Kirit C. Doshi |
|
195550 |
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Bina P. Doshi |
|
130530 |
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Neepa V. Doshi |
|
325900 |
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Pujan Doshi |
|
133900 |
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Chimanlal T. Doshi |
|
210580 |
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Rasilaben C. Doshi |
|
507765 |
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Bindya K. Doshi |
|
365530 |
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Bhavna K. Doshi |
|
1750 |
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Pankaj C. Doshi (HUF) |
|
100880 |
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Chimanlal T. Doshi (HUF) |
|
136495 |
(As on 30.09.2008)
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Category |
|
Percentage |
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Bodies Corporate (not Mentioned above) |
|
6.09 |
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Directors or relatives of directors |
|
88.98 |
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Other top fifty (50) shareholders (other than listed above) |
|
4.93 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Importer of Instrument like pressure gauges used in petroleum
industries etc. |
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Products : |
Generic Names of Principal Products/Services of the company are :
The company's products range includes:
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Exports to : |
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Products : |
Instruments |
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Countries : |
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Imports from : |
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Products : |
Instruments |
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Countries : |
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Selling : |
Credit : 30 days |
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Purchasing : |
Credit : 30 days |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
500 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J D Shah and
Associates Chartered
Accountants |
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Address : |
Maharashtra,
India |
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|
Name : |
BMS JD and
Associates Chartered
Accountant |
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Address : |
102, Oriental House,
229/231 Samual Street, Masjid Bandar, Mumbai-400020, Maharashtra, India |
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Group Companies : |
Manufacturing Automatic Tank
Gauging Systems for Retail Petroleum for OMNTEC, USA
Marketing & Assembling
Level Transmitters & other Level Instruments for NIVELCO, Hungary.
Manufacturing of Pressure
& Temperature Gauges for NESSTECH, Japan.
Manufacturing of LPG & Oil
Dispensers with MM Petrotech, Poland
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5000000 |
Equity Shares |
Rs 10/- each |
Rs 50.000 Millions |
|
600000 |
Preference Shares |
Rs 10/- each |
Rs 6.000 Millions |
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Total |
|
Rs 56.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
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|
4036925 |
Equity Shares |
Rs 10/- each |
Rs.40.369 Millions |
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Total |
|
Rs.40.369 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
40.369 |
40.369 |
40.369 |
|
2] Share Application Money |
0.000 |
0.000 |
0.045 |
|
3] Reserves & Surplus |
177.330 |
136.173 |
92.531 |
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH |
217.699 |
176.542 |
132.945 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
148.275 |
113.125 |
89.388 |
|
2] Unsecured Loans |
8.281 |
3.646 |
4.895 |
|
TOTAL BORROWING |
156.556 |
116.771 |
94.283 |
|
DEFERRED TAX LIABILITIES |
11.288 |
10.119 |
7.947 |
|
|
|
|
|
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TOTAL |
385.543 |
303.432 |
235.175 |
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APPLICATION OF FUNDS |
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|
|
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|
|
|
|
FIXED ASSETS [Net Block] |
116.254 |
110.943 |
87.705 |
|
Capital work-in-progress |
17.411 |
9.111 |
10.699 |
|
|
|
|
|
|
INVESTMENT |
32.500 |
3.050 |
1.789 |
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
339.971
|
113.103
|
82.580 |
|
Sundry Debtors |
0.000
|
139.703
|
102.405 |
|
Cash & Bank Balances |
0.000
|
1.431
|
6.409 |
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
Loans & Advances |
0.000
|
41.874
|
30.798 |
|
Total Current Assets |
339.971
|
296.111
|
222.192 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
120.593
|
115.783
|
87.210 |
|
Provisions |
0.000
|
0.000
|
0.000 |
|
Total Current Liabilities |
120.593
|
115.783
|
87.210 |
|
Net Current Assets |
219.378
|
180.328
|
134.982 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
385.543 |
303.432 |
235.175 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
Sales Turnover |
543.436 |
522.020 |
371.144 |
|
|
Other Income |
9.699 |
6.194 |
13.987 |
|
|
Total Income |
553.135 |
528.214 |
385.131 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
49.301 |
52.340 |
36.220 |
|
|
Provision for Taxation |
8.144 |
7.172 |
7.987 |
|
|
Profit/(Loss) After Tax |
41.157 |
45.168 |
28.233 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
NA |
163.038 |
90.774 |
|
|
Commission Earnings |
NA |
0.000 |
0.000 |
|
|
Other Earnings |
NA |
0.000 |
0.000 |
|
Total Earnings |
NA |
163.038 |
90.774 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
364.166 |
245.144 |
136.271 |
|
|
Consumption of stores and spares parts |
59.410 |
11.240 |
8.291 |
|
|
Administrative Expenses |
53.167 |
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
0.000 |
46.676 |
38.503 |
|
|
Managerial Remuneration |
0.000 |
4.575 |
3.192 |
|
|
Payment to Auditors |
0.000 |
0.050 |
0.050 |
|
|
Interest |
18.155 |
10.534 |
7.207 |
|
|
Insurance Expenses |
0.000 |
0.592 |
0.542 |
|
|
Depreciation & Amortization |
8.937 |
8.244 |
6.909 |
|
|
Other Expenditure |
0.000 |
148.819 |
147.946 |
|
Total Expenditure |
503.835 |
475.874 |
348.911 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
7.44
|
8.55
|
7.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.07
|
10.02
|
9.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.81
|
12.85
|
11.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.29
|
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.27
|
1.32
|
1.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.82
|
2.56
|
2.55 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References:
- I – Tech,
Italy
- Nesstech
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
80002779 |
|
Corporate
identity number of the company |
U29299MH1989PLC050808 |
|
Name of the
company |
WAAREE
INSTRUMENTS LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
36/37 Damji
Shamji Industrial Estate, Off. Mahakali Caves Road, Andheri (East), Mumbai –
400093, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
ICICI Bank Limited, Landmarkrace Cource Circle, Alakapur, Baroda-390015, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation executed by Warree Instruments Limited in favour of ICICI Bank
Limited on 14.01.2008 Supplemental Deed
of Hypothecation executed by Waaree Instruments Limited in favour of ICICI Bank
Limited on 14.01.2008 |
|
Date of
instrument Creating the charge |
14.01.2008 |
|
Amount secured by
the charge |
Rs. 201.600
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan 3- IBAR
+ Term Premia- 2% Cash Credit –
IBAR ++ CC Premia – 3% WCDL – COF markup EPC/ PCFC- IBAR-
3.50% or LIBOR + 1% PSCFC- IBAR –
4.5% or LIBOR + 1% BG-1.5%p.a. Terms of
Repayment Term Loan-Term Loan
of Rs. 30.000 Millions will be repaid in 36 equal monthly installments of Rs.
0.833 Million each from the first date of disbursement. For the part
disbursement repayment will be collected proportionately. Working Capital –
on demand Margin Term Loan – 30%
Cash Credit and WCDL – 25% against inventory of spares an accessory, EPC/
PCFC – 10% of FOB value in respect of Export orders and irrevocable letter of
credit issued by the bank acceptable to ICICI Bank Extent and
Operation of the charge First charge on
all current assets ( Book value as on 31.03.2007 is Rs. 292.500 Millions) and
movable fixed assets, present and future, of the company. |
|
Short particulars
of the property charged |
All current
assets (Book value as on 31.03.2007 is Rs. 292.500 Millions) and moveable
fixed assets, present and future, of the company. |
|
Particulars of
the present modification |
The current form
8 is for extending the charge for the additional 60.000 Millions sanction to Waaree
instruments Limited on all current assets of the company. |
Fixed Assets:
·
Land
·
Factory Premises
·
Factory Lift
·
Plant and Machinery
·
Testing Equipments
·
Electrical Fittings
·
Tools and Dies
·
Fire Extinguishers
·
Factory Equipments
·
Computers
·
Office Premises
·
EPABX Board
·
Mobile Phone
·
Loft and Vehicles.
AS PER WEBSITE
Company Profile
Subject
founded in 1989 offers a broad range of products & services for process
control instrumentation & automation.
Since inception subject is
continuously engaged in providing world class instrumentation solutions.
Today, it has
evolved as an organization with global reach and having multi products &
multi business activities.
The quality policies are laid down on the ground of Total Quality Management.
To adhere to these standards Waaree continuously upgrades its technology &
resources in conformance with the ISO procedures and has been certified by TUV
as an ISO 9001:2000 company.
Milestone
·
Inception of company in 1989
·
Pressure & Temperature Gauges production started at
Dadra
·
Introduced All SS & Socket welded to Case first time in India
·
First private gauge manufacturing company to have NABL
accreditation for Calibration Laboratory
·
Implemented ISO 9001 status for Quality Management
·
Agency tie-ups of world leaders like Dwyer, Keller, Inor,
Nuovafima
·
Takeover of Industrial Pressure gauge manufacturing facility of
Pricol
·
Production of Temperature Elements, Level Switches & Pressure
Switches
·
Takeover of Anmol Fluid Control Private Limited, a leading
manufacturer of Needle & Manifold Valves
·
Exclusive Agency of Ametek Drexelbrook & Ametek Jofra
·
Started exports in 2001 for pressure gauges and executed largest
pressure gauge order in Indian history in 2004 for USA & China
Markets
·
Tie-ups with world class Gas Analysis & Detection companies
like Detcon, Systech, Gassonic, Eurotron
·
Diversification into opacity monitoring and liquid analytical
instruments.
·
Awarded the fastest growing instruments company in india by EEPC
·
Launched India's first retail store for instrumentation &
automation products.
·
Approvals of EIL, PDIL, Mecon, TCE and other leading consultants
& contractors.
·
More than 450 employees and 14 offices in india.
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 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.49.79 |
|
UK Pound |
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|