MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
FIAT INDIA AUTOMOBILES LIMITED |
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Registered Office : |
Plot No. B – 19, MIDC, Rajangaon Industrial Area, Ranjangaon, Taluka
Shirur, Pune 412210, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
02.01.1997 |
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Com. Reg. No.: |
11-130940 |
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CIN No.: [Company
Identification No.] |
U28900PN1997PTC130940 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF02175F |
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PAN No.: [Permanent
Account No.] |
AAACF1716D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Automobiles |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 40000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 50-50 Joint Venture between Tata Motors, India and Fiat
Automobiles, Italy. Indian operations are passing through difficult times as it
faces fierce competition from fellow players such as Maruti, Honda, Hyundai,
etc. Company’s profitability is under severe pressure. It has huge accumulated losses. Payments are however reported as slow but
correct. In view of strong promoters, the company can be considered normal for
small to mediocre business dealings at usual trader terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. L. Venkateshan |
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Designation : |
Head |
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Date : |
09.12.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. B – 19, MIDC, Rajangaon Industrial Area, Ranjangaon, Taluka
Shirur, Pune 412210, Maharashtra, India |
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Tel No. : |
91-2138-672700/ 232144/ 5/ 6/ 7/ 672702 |
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Fax No. : |
91-2138-232143 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Giovanni De Filippis |
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Designation : |
Director |
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Address : |
Lal Bahadur Shastri Marg, Kurla [West], Mumbai 400070, Maharashtra,
India |
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Date of Birth/Age : |
25.07.1966 |
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Date of Appointment : |
13.12.2007 |
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Name : |
Mr. Maurizio Paolo Binachi |
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Designation : |
Director |
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Name : |
Mr. Enrico Ferrero |
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Designation : |
Director |
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Name : |
Mr. Alfredo Altavilla |
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Designation : |
Director |
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Address : |
Vialle Delle Acacie, 16/5 – 10024, Moncalieri, Torino, Italy |
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Date of Birth/Age : |
02.08.1963 |
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Date of Appointments : |
05.09.2004 |
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Name : |
Mr. Ravi Kant |
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Designation : |
Director |
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Address : |
A – 3, Pallonji Mansion, 43 Cuffe Parade Colaba, Near President Hotel,
Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
01.06.1944 |
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Date of Appointment : |
28.12.2007 |
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Name : |
Mr. Chandrasekaran Ramakrishnan |
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Designation : |
Director |
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Address : |
322, Samudra Mahal, Dr. Annie Besant Road, B A Worli, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
27.06.1955 |
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Date of Appointment : |
28.12.2007 |
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Name : |
Mr. Rajiv Dube |
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Designation : |
Director |
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Address : |
322, Samudra Mahal, Dr. Annie Besant Road, B A Worli, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
04.02.1962 |
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Date of Appointment : |
28.12.2007 |
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Name : |
Mr. Prakash Manjanath Telang |
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Designation : |
Director |
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Address : |
Paradise Towers, Flat No.D211/212, Opposite Baner Telephone Exchange, Baner
Pune – 411045, Maharashtra, India |
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Date of Birth/Age : |
21.06.1947 |
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Date of Appointment : |
26.09.2008 |
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Name : |
Mr. Stefan Ketter |
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Designation : |
Director |
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Address : |
Strada Val Pattonera, N 163, INT 26, Torino Italy |
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Date of Birth/Age : |
31.07.1959 |
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Date of Appointments : |
26.09.2008 |
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Name : |
Mr. Harald Jakob Wester |
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Designation : |
Director |
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Address : |
Strada Val Pattonera, N 163, INT 26, Torino Italy |
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Date of Birth/Age : |
26.02.1958 |
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Date of Appointment : |
26.09.2008 |
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Name : |
Mr. Giovanni Bartoli |
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Designation : |
Director |
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Address : |
VIA Dell Olivara, 129, Livorno 57128, Italy |
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Date of Birth/Age : |
02.11.1947 |
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Date of Appointment : |
26.09.2008 |
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Name : |
Mr. Clive Hickman |
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Designation : |
Director |
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Address : |
Acacia House, Park Road, Chipping Campden, GL 556EB UK |
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Date of Birth/Age : |
19.11.1954 |
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Date of Appointment : |
26.09.2008 |
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Name : |
Mr. Silverio Bonfiglioli |
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Designation : |
Director |
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Address : |
VIA Altopiano 75, 40037, Sasso Marconi BO, Italy |
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Date of Birth/Age : |
07.12.1949 |
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Date of Appointment : |
26.09.2008 |
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Name : |
Mr. Rajeev Kapoor |
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Designation : |
Director |
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Address : |
House No.867, Sector 9, Faridabad - 121006, Haryana |
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Date of Birth/Age : |
28.08.1958 |
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Date of Appointment : |
02.09.2008 |
KEY EXECUTIVES
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Name : |
Mr. Anil Ishwar Joshi |
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Designation : |
Company Secretary |
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Address : |
2/2, Telec, Plot No.30, Sector 17, Vashi Navi Mumbai – 400703,
Maharashtra, India |
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Date of Birth/Age : |
21.12.1961 |
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Date of Appointments : |
01.07.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 26.09.2008)
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Names of Shareholders |
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No. of Shares |
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Fiat Group Automobiles SPA |
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43746394 |
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Alberto Sibille (As a nominee of Fiat Group Automobiles SPA) |
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1 |
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Tata
Motors Limited |
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43746395 |
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Total |
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87492790 |
(As on 26.09.2008)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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50.00 |
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Bodies
corporate |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automobiles |
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Products : |
Products : Passenger Car Item Code No.: 87.03 |
GENERAL
INFORMATION
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No. of Employees : |
600 |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai
400018, Maharashtra, India |
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Tel No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679025 |
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Associates/Subsidiaries : |
Fiat India Private Limited U29220MH1992PTC069675 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000000 |
Equity Shares |
Rs. 100/- each |
Rs.40000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
236301565 |
Equity Shares |
Rs. 100/-
each |
Rs.23630.157
Millions |
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Less: reduction of Shares Capital |
|
Rs.16950.667
Millions |
|
66794892 |
Equity Shares |
Rs. 100/- each |
Rs.6679.490 Millions |
Note: The above shares are held by:
|
Fiat Group Automobile Spa and its nominees (33746395 Equity Shares) |
Rs. 100/-
each |
Rs.3374.640
Millions |
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Tata Motors Limited (33048497 Equity Shares) |
Rs. 100/-
each |
Rs.3304.850
Millions |
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Total |
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Rs.6679.490 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 |
6679.489 |
19620.127 |
19424.162 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1550.949 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(16305.479) |
(16449.770) |
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NETWORTH |
8230.438 |
3314.648 |
2974.392 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1796.301 |
808.000 |
0.000 |
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TOTAL BORROWING |
1796.301 |
808.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10026.739 |
4122.648 |
2974.392 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3644.671 |
1948.781 |
205.588 |
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Capital work-in-progress |
12233.448 |
1039.160 |
1336.482 |
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INVESTMENT |
0.000 |
1163.908 |
993.908 |
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DEFERREX TAX ASSETS |
0.000 |
8.135 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1204.293
|
381.935 |
0.000 |
|
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Sundry Debtors |
45.229
|
92.556 |
0.000 |
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Cash & Bank Balances |
2.621
|
5.960 |
1.900 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
1544.579
|
259.741 |
644.231 |
|
Total
Current Assets |
2796.722
|
740.192 |
646.131 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
8613.225
|
755.198 |
187.322 |
|
|
Provisions |
34.877
|
22.330 |
20.395 |
|
Total
Current Liabilities |
8648.102
|
777.528 |
207.717 |
|
|
Net Current Assets |
(5851.380)
|
(37.336) |
438.414 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
10026.739 |
4122.648 |
2974.392 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
|
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Sales Turnover |
|
857.264 |
50.827 |
|
|
Other Income |
|
2842.360 |
371.775 |
|
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Total Income |
|
3699.624 |
422.602 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(363.141) |
137.091 |
|
|
Provision for Taxation |
|
20.103 |
(7.200) |
|
|
Profit/(Loss) After Tax |
|
(383.244) |
144.292 |
|
|
|
|
|
|
|
|
Export Value |
|
53.342 |
NA |
|
|
|
|
|
|
|
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Import Value |
|
7872.102 |
245.749 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
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Cost of Goods Sold |
|
|
|
|
|
Manufacturing Expenses |
|
4100.098 |
299.486 |
|
|
Excise Duty |
|
12.444 |
1.811 |
|
|
Increase/(Decrease) in Finished Goods |
|
(17.117) |
(41.656) |
|
|
Interest |
|
61.801 |
11.841 |
|
|
Depreciation & Amortization |
|
158.876 |
14.029 |
|
|
Transferred to expenditure during
construction period |
|
(253.337) |
0.000 |
|
Total Expenditure |
|
4062.765 |
285.511 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
(10.36)
|
34.14 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(42.36)
|
269.72 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.64)
|
5.10
|
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.04 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.27
|
0.48 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.32
|
0.95 |
3.11 |
LOCAL AGENCY
FURTHER INFORMATION
NOTE:
The Registered office of the company has been shifted from Lalbahadur
Shastri Marg, Kurla [West], Mumbai 400070, Maharashtra, India to Plot No. B – 19,
MIDC, Rajangaon Industrial Area, Ranjangaon, Taluka Shirur, Pune 412210,
Maharashtra, India, to the present address w. e. f. 07.12.2006.
FIXED ASSETS:
- Lease hold
Land
- Building
- Plant and
Machinery
- Furniture,
Fitting and Office Equipment
- Vehicles
- Computer
Software
AS PER WEBSITE
DETAILS:
Subject is a 50-50 Industrial Joint Venture between Fiat Group Automobiles S. p. A., (Fiat) and Tata Motors Limited (Tata) originally incorporated on January 02, 1997. The company presently employs about 600 employees and is located at Ranjangaon in the Pune District of Maharashtra. The definitive agreement of the Joint Venture was signed on October 19th 2007. The board of directors for this company comprises of five nominees each from Fiat and Tata.
The state-of -the-art facility at Ranjangaon, will have an installed capacity to produce 100,000 cars and 200,000 engines, besides aggregates and components. The company plans to double the production capacity for both car units and engines in the next few years. Currently manufacturing the Palio Stile 1.1 and 1.6 models, premium Fiat cars such as the Grande Punto and Linea are expected to roll out soon in the B and C segment from the facility within 2008. The facility will also manufacture Fiat’s successful 1.3 litre Multijet diesel engines and 1.2 & 1.4 litre Fire gasoline engine. Apart from Fiat cars, the facility will also produce Tata passenger and next generation cars with investment exceeding € 650 Million. The plant is expected to provide direct and indirect employment to more than 4,000 people.
Fiat, which holds a 50% stake in the Company, also owns and controls five internationally renowned brands:- Fiat Automobiles, Alfa Romeo Automobiles, Lancia Automobiles, Abarth and Fiat Light Commercial Vehicles, the makers of renowned cars such as the Ferrari, Maserati, Alfa Romeo and Lancia besides the Fiat branded cars.
Tata Motors Limited, the other partner to the Joint Venture, is the largest automobile company in India, with revenues of Rs. 32,426 crores (USD 7.2 billion) in 2006-07. It is the leader in commercial vehicles in every segment and the second largest in the passenger vehicles market with winning products in the compact, mid-size car and utility vehicle segments. The company is the world’s fifth largest medium and heavy commercial vehicle manufacturer and the world’s second largest medium and heavy bus manufacturer.
NEWS
PRESS RELEASE
FIAT STARTS
PRODUCTION OF LINEA AT ITS RANJANGAON PLANT
- Commercial launch for the mid-sized sedan slated for next month
- The body shop, assembly shop and the state-of-the-art powertrain
plant have commenced operations
- Export of Palio also initiated
Ranjangaon, November 21, 2008:
Fiat India Automobiles Limited, one of country’s leading car makers,
today commenced the production of Linea at its Ranjangaon plant located near
Pune in Maharashtra. Linea, the much-awaited sedan from Fiat’s stable will
grace the Indian roads shortly. The start of production of the flagship car
also signifies the progress of Fiat’s facility which is an industrial Joint
Venture with Tata Motors Limited. The 200 acre facility now has a completely
equipped body shop, assembly line, a paint shop which is to be commissioned
shortly and the Powertrain Plant.
Linea is a C plus segment sedan which was launched
internationally in May 2007 in Istanbul, after which it met with great success
in all markets where it is present. An elegantly functional car, with a strong
Italian imprint, it will be equipped with features found in higher segment
cars. The launch of Linea will
be followed by the Grande Punto,
a successful hatchback from Fiat’s stable, which will also be manufactured from
the Ranjangaon facility. The Grande Punto is a top seller in Europe and has an annual sales
of about 3, 50,000.
The company, Fiat
India Automobiles Limited, recently signed a MoU with the Government of Maharashtra to enhance
the capacities at the plant. Apart from manufacturing of Fiat and Tata cars, the facility will also produce
powertrain engines. The plant, which falls in taluka Shirur, district Pune, in its full capacity
will produce up to 2 00000 cars, 300000 engines and 300000 parts & accessories.
Mr. Rajeev Kapoor, CEO, Fiat India
Automobiles Limited, added, “The start of production of Linea is an important
milestone and is a significant step in fulfilling the promise we had made to at
the Auto Expo in New Delhi earlier this year. The plant has made progress as
planned and all the facilities are set to move into top gear from hereon. We
have also commenced export activity from the plant and would continue to do so
to utilise the capacities at the plant.” Exports of the 1.2 Palio petrol both the AC and non-AC variants have
commenced. The 1.2 Palio petrol is
being exported to South Africa and the company will look at prospective right
hand drive markets for export of other products. The products exported from the
Ranjangaon plant will include versions of the Palio, Linea and Grande
Punto. FIAL also supplies automobile components to other Fiat
facilities.
Update on facilities at the plant:
Body Shop:
All variants of Linea and Grande Punto are
planned to be manufactured from the body shop. The facility uses roller skid
mechanism for body transfer and has 19 robots in all. While two of these robots
are Nachi make, the rest are ABB.
The 19 robots are utilized for:
- Hemming- 6 robots
- Spot welding- 10 robots
- Tucker pin welding – 2 robots
- Body handling- 1 robots
The plant is also equipped with a suspension shop adjoining
to the body shop. Suspension shop has 18 robots, all of which are ABB make.
These 18 robots are utilized for:
- Spot welding- 1 robot
- Arc welding- 17 robots
The shop has a WBS (white body storage) with a capacity of
96 bodies. PLC (which uses Ethernet) is used in a master-slave arrangement for
effective implementation of the manufacturing process. Engines and
transmissions are coupled in the trimming plant, vehicle specific components
are fitted and complete powertrains are delivered on JIT basis to the
customers.
Assembly Shop:
The assembly shop is designed to assemble Linea, Grande Punto and Tata X1 sedan.
The assembly line is installed by Genix
Automation from Korea. Painted bodies are received on Skid
Conveyors from paint shop and assembled on slat and power & free conveyors.
Front and rear suspensions are supplied through conveyor and marriage to car is
done on the decking conveyor. Doors are dismantled and assembled on P&F
conveyors. Sub-Assemblies like front suspension, rear suspension, dashboards,
bumpers; etc are done separately and assembled on to the cars. Glass sealant
application is by ABB robots. Seats and tyres are supplied to the main line on
conveyors. Manipulators are used for assembling dashboard, seats, tyres and
fuel tanks. End of line machines include BEP make Wheel alignment machine,
Brake & roller machine and DSA make Electrical Diagnosis machine. The cars
are also checked for water leakage.
Powertrain Division:
The powertrain division has the capacity to produce FPT –
Fiat Powertrain Technologies products. The products from the plant will include
SDE (Diesel 1248 cc 16 V), FIRE 8V (Petrol 1172 cc / 1368 cc ), FIRE 16V (1368
cc ) and C510 (5 speed 210 Nm)
The key features of powertrain plant are:
- Flexibility in product and in volume. The deep usage of CNC
machinery (~ 100%) and the specific design of the layout and building of
the facility were focused to ensure possible future production increases.
- Automation of all operations that have direct impact on quality and
ergonomics.
Powertrain division includes engines, transmissions and
trimming plants.
Engine quality is ensured by automatic in process
verification stations, by leak test benches and final cold/hot test cells. The
technology of cold test allows verifying in an environmentally friendly way
(the engine is put in rotation by an electrical motor) the characteristics that
influence engine performance as intake and exhaust pressure, timing and
electrical connections, fuel pressure, frictions and many others.
Transmission plant has machining of shafts and gears with a
facility for the heat treatment. Assembly line has in process controls with
automatic stations and sophisticated noise test equipment.
About Fiat India Automobiles Ltd:
Fiat India Automobiles Limited
(FIAL) is a 50-50 Industrial Joint Venture between Fiat Group Automobiles S. p. A., (Fiat) and
Tata Motors Limited (Tata)
originally incorporated on January 02,
1997. The company employs about 1900 blue & white collar employees and is
located at Ranjangaon in the
Pune District of Maharashtra. The definitive agreement of the Joint Venture was signed in October 11, 2007. The
board of directors for this company comprises of five nominees each from Fiat and Tata.
The state-of-the-art facility at Ranjangaon, which is owned
by FIAL is capable of producing 200,000 cars and 300,000 engines, besides
3,00,000 parts & accessories. Currently manufacturing the Palio Stile 1.1
and 1.6 models, premium Fiat cars such as the Linea and Grande Punto are
expected to roll out soon in the C plus and B segment from the facility within
2008 and beginning of 2009 respectively. The facility also manufactures Fiat’s
successful 1.3 litre Multijet diesel engines and 1.2 & 1.4 litre Fire
gasoline engine. Apart from Fiat cars, the facility will also produce Tata
passenger and next generation cars. The plant is expected to provide direct and
indirect employment to more than 4,000 people.
Fiat, which holds a 50% stake in the Company, also owns and
controls five internationally renowned brands:- Fiat Automobiles, Alfa Romeo
Automobiles, Lancia Automobiles, Abarth and Fiat Light Commercial Vehicles, the
makers of renowned cars such as the Ferrari, Maserati, Alfa Romeo and Lancia
besides the Fiat branded cars.
Tata Motors Limited, the other partner to the Joint Venture,
is India's largest automobile company, with revenues of US$ 8.8 billion in
2007-08. Through subsidiaries and associate companies, Tata Motors has operations
in the UK, South Korea, Thailand and Spain. Among them is Jaguar Land Rover, a
business comprising the two iconic British brands. It also has a strategic
alliance with Fiat. With over 4 million Tata vehicles plying in India, Tata
Motors is the country’s market leader in commercial vehicles and among the top
three in passenger vehicles. It is also the world's fourth largest truck
manufacturer and the second largest bus manufacturer. Tata cars, buses and
trucks are being marketed in several countries in Europe, Africa, the Middle
East, South Asia, South East Asia and South America. (www.tatamotors.com)
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. 42.22 |
|
UK Pound |
1 |
Rs. 73.03 |
|
Euro |
1 |
Rs. 63.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
|