MIRA
INFORM REPORT
|
Report Date : |
16.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GUJARAT APOLLO INDUSTRIES LIMITED |
|
|
|
|
Formerly known as : |
GUJARAT APOLLO EQUIPMENTS LIMITED |
|
|
|
|
Registered Office : |
Ditasan Post, Jagudan Sate Highway, Mehsana 382710, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
07.10.1986 |
|
|
|
|
Com. Reg. No.: |
009042 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L45202GJ1986PLC009042 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG00034G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACG7248P |
|
|
|
|
Legal Form : |
Subject is a Public Limited Liability Company. The Company's Shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturers of Road Construction and Maintenance Machinery. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 2300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having fine
track. Trade relations are
fair. Business is active. Payments are reported as usually correct
and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office/Factory : |
Ditasan Post, Jagudan Sate Highway, Mehsana 382710, Gujarat, India |
|
Tel. No.: |
91-2762-285344/45/46/285309 |
|
Fax No.: |
91-2762-285359 |
|
E-Mail : |
cs@apollo.co.in , kamal@apollo.co.in , blesson@the-apollo.com |
|
Website : |
|
|
|
|
|
Corporate Office : |
Apollo House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad
380009, |
|
Tel. No.: |
91-79-6444597/8 |
|
Fax No.: |
91-79-6564705 |
|
E-Mail : |
|
|
|
|
|
Branch 1 : |
House No. 8-3-949/1/1, Flat No. 202 and 302, Sri Sai Ram Estate, Near Kamma Sangam, Foundation Hall, Ameerpet, Hyderabad - 500 016, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23737558 |
|
Fax No.: |
91-40-23737559 |
|
E-Mail : |
|
|
|
|
|
Branch 2 : |
No. 116/3, First Floor, 11th Cross, (Above Union Bank of India), Bangalore, Karnataka, India |
|
Tel. No.: |
91-80-23462865 |
|
Fax No.: |
91-80-23462864 |
|
E-Mail : |
|
|
|
|
|
Branch 3 : |
B-104, BDA Duplex, Colony, Baramunda, Bhubaneswar - 751 003, Orissa, India |
|
Tel. No.: |
91-674-2557246/469 |
|
E-mail: |
|
|
|
|
|
Branch 4 : |
C-21, Panchsheel Enclave, New Delhi - 110 017, India |
|
Tel. No.: |
91-11-26498996/26497955 |
|
Fax No.: |
91-11-26497518 |
|
E-Mail : |
|
|
|
|
|
Branch 5 : |
11, Dr. Natesan Salai, Ashoknagar, Chennai - 600 083, Tamilnadu, India |
|
Tel. No.: |
91-44-24897634/5963 |
|
Fax No.: |
91-44-24895963 |
|
E-Mail : |
|
|
|
|
|
Branch 6 : |
112-113, Shrikant Chambers, Near R. K. Studio, Sion-Trombay, Chembur, Mumbai - 400 071, Maharashtra, India |
|
Tel. No.: |
91-22-25204897/25206922 |
|
Fax No.: |
91-22-25205386 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Anil Patel |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Manibhai v. Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ajitkumar t. Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Asit a. Patel |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Dr. N. V. Vasani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. N. T. Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. C. Gosain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anand A. Patel |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoters and persons acting in concert |
5347761 |
50.93 |
|
Mutual Funds |
300000 |
2.86 |
|
Banks |
125 |
-- |
|
Bodies Corporate |
944491 |
9.00 |
|
Non - Resident Indians |
136856 |
1.30 |
|
Public |
3770767 |
35.91 |
|
Total |
10500000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Road Construction and Maintenance Machinery. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
a) License Capacity:
The company products are exempt from license requirement under the Industrial
policy by
Virtue of notification No. 477(E) of
25.07.1991
b) Installed
capacities -- 200 Nos. (as certified by the Management), but not verified by
the Auditors, being a technical matter.
GENERAL
INFORMATION
|
Suppliers : |
Ø Aakar Paints Ø Apollo
Construction Equipments Private . Limited . Ø Rupkala
Engineering Works Ø Earth Equipments
Hydrolines Ø Paras
Engineering Works Ø Western
Engineering Works Ø Powerful
Industries Ø Patels Airflow
Limited Ø Ankur Industries Ø Umaengineeringco Ø Vrushabhtranscon
Enginee Ø Pioneer
Engineering Works Ø Industrial
Filters & Fabr Ø Laxmi Traders
&Enginners Ø Apollo
Earthmovers Limited Ø Soham
Engineering Ø Virjala
Engineering Ø Patel Hydraulics
Private Limited Ø Road Tech
Equipments Private Ø Prima Automation
(India) Private Limited Ø Ingeco Gears
Private Limited |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
No. of Employees : |
600 |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Bankers : |
Ø State Bank of India Ø Dena Bank |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Arvind A. Thakkar and Company Chartered Accountants |
|
Address : |
Ahmedabad |
|
|
|
|
Subsidiaries : |
Ø Apollo Earthmovers Limited Ø Apollo Industrial Products Limited |
|
|
|
|
Associates : |
Ø Apollo Industries and Projects Limited Ø Johnson Screens India Limited Ø Ermont Apollo Equipments Limited Ø Apollo Earthmovers Limited Ø Apollo Industrial Products Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 105.000
Millions |
|
Out of which
7000000 Equity Shares issued as bonus shares] |
|||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
105.000 |
70.000 |
35.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
494.468 |
372.893 |
319.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
599.468 |
442.893 |
354.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
196.147 |
190.066 |
178.800 |
|
|
2] Unsecured Loans |
116.108 |
131.592 |
118.000 |
|
|
TOTAL BORROWING |
312.255 |
321.658 |
296.800 |
|
|
DEFERRED TAX LIABILITIES |
21.398 |
19.641 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
933.121 |
784.192 |
650.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
153.447 |
141.503 |
106.700 |
|
|
Capital work-in-progress |
5.460 |
7.376 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
166.159 |
181.928 |
181.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
242.495
|
212.693 |
205.800 |
|
|
Sundry Debtors |
315.591
|
127.725 |
123.700 |
|
|
Cash & Bank Balances |
69.361
|
63.710 |
21.100 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
286.591
|
265.381 |
212.300 |
|
Total
Current Assets |
914.038
|
669.509 |
562.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
275.401
|
197.923 |
184.600 |
|
|
Provisions |
30.582
|
18.201 |
16.000 |
|
Total
Current Liabilities |
305.983
|
216.124 |
200.600 |
|
|
Net Current Assets |
608.055
|
453.385 |
362.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
933.121 |
784.192 |
650.900 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1455.573 |
1060.730 |
681.700 |
|
|
Other Income |
29.200 |
4.676 |
13.600 |
|
|
Total Income |
1484.773 |
1065.406 |
695.300 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
275.951 |
160.691 |
75.200 |
|
|
Provision for Taxation |
94.808 |
55.972 |
22.300 |
|
|
Profit/(Loss) After Tax |
181.143 |
104.719 |
52.900 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
590.484 |
522.417 |
NA |
|
|
|
|
|
|
|
|
Total Imports |
70.979 |
107.379 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Material Cost |
772.789 |
606.882 |
425.800 |
|
|
Excise Duty |
|
|
45.400 |
|
|
Power and Fuel Cost |
|
|
2.300 |
|
|
Manufacturing Expenses |
163.880 |
132.377 |
53.800 |
|
|
Administrative Expenses |
52.379 |
46.917 |
0.000 |
|
|
Sales Tax and Vat |
46.908 |
11.237 |
5.200 |
|
|
Employee Cost |
28.667 |
23.437 |
21.000 |
|
|
Selling and Distribution Expenses |
105.615 |
58.288 |
55.000 |
|
|
Interest |
27.819 |
16.490 |
14.500 |
|
|
Depreciation & Amortization |
10.765 |
9.087 |
9.000 |
|
|
Stock adjustment |
0.000 |
0.000 |
[11.900] |
|
Total Expenditure |
1208.822 |
904.715 |
620.100 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Sales Turnover |
358.000
|
426.100
|
379.800
|
|
Other Income |
4.300
|
5.300
|
5.200
|
|
Total Income |
362.300
|
431.400
|
385.000
|
|
Total Expenditure |
290.200
|
332.500
|
294.300
|
|
Operating Profit |
72.100
|
98.900
|
90.700
|
|
Interest |
8.100
|
5.400
|
6.100
|
|
Gross Profit |
64.000
|
93.500
|
84.600
|
|
Depreciation |
2.800
|
2.700
|
2.900
|
|
Tax |
21.500
|
31.000
|
28.500
|
|
Reported PAT |
39.700
|
59.800
|
53.200
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
12.20
|
9.82 |
7.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.95
|
15.14 |
11.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.85
|
19.81 |
11.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.36 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.03
|
1.21 |
1.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.98
|
3.09 |
2.80 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 7th October, 1986 at Mehsana in Gujarat having Company Registration Number 9042.
The company was promoted by Apollo Earthmovers Private Limited and Gujarat Industrial and Investment Corporation (GIIC), a state financial institutional, the company commenced production in 1987.
In July, 1992, GIIC disinvested its entire holding (11%) to Apollo Earthmovers. In 1994, the company came out with a public issue to part-finance its plans to expand its product line to road milling machines and batch mix plants.
In the year 1995-96, the company promoted Johnson Filtration Systems, in technical and financial collaboration with Wheelaboratior Clean Water Systems, USA to manufacture and market water purification systems. The company also jointly promoted Circuit Systems (India), for the production of electronic components, especially printed circuit boards.
The company has technical tie-up to manufacture the latest version of atlas front end wheeled loaders in India. During the year 1997-98, the company’s Joint Venture with Famaro-Ermont Europe's major player in the field of Asphalt Plant and other asphalt related equipment had been finalised.
In the year 2000, the company was awarded ISO 9001, Certification in quality management systems by SGS Yarsley International Certification Services, U. K.
The company entered into a technical collaboration with Niigata Engineering Company Limited of Japan for manufacture of plants of capacities ranging from 60 to 125 TPH.
It is in trade terms with:
Ø Ambica Engineers
Ø Chevi Industries
Ø Industrial Gear Corporation
Ø Jagruti Rubber Enterprises
Ø Kunal Engineering Works
Ø Laxmi Engineers and Traders
Ø N. R. Industries
Ø Pioneer Engineering Works
Ø Prima Automation (India) Private Limited
Ø Rupkala Engineering Works
Ø Sumuv Fab
Ø Vishal Industries
Ø Virjala Engineering
Ø Western Engineering Works
OPERATIONS AND
FUTURE OUTLOOK
During the year under review, the Company has achieved a turnover of
Rs.1455.600 Millions against Rs.
1060.700 Millions in the previous year registering a growth of 37.23% After
considering the interest charges of Rs. 27.820 Millions, Depreciation of Rs.
10.765 Millions, Provision of Taxation of Rs. 91.500 Millions, the Company has
earned a Net Profit of Rs. 181.100 Millions (Previous year Rs. 104.700
Millions), resulting into an increase of approx. 73%.
The continued thrust given to the export market has paid rich dividend
and the Company has achieved significant market share in Saudi Arabia, African
countries, Afganistan, Australia, Bangladesh and Sri Lanka. The total export
sales for the year under review - including the deemed export - was Rs.590
Millions, which is 41% of the total turnover of the Company for the year under
review.
The prospects on the domestic sales front is also bright with the Central and State Government's continuing with the thrust on building roads by awarding contracts both direct as well as on BOT basis. With the results, a lot of large private players are entering the road construction segment. Given the reputation of the Company in the industry for the quality product and services, this opens up enormous opportunity for the Company in the domestic segment as well.
During the year under
review, the Company has entered into a Technical Collaboration agreement with a
German Company to manufacture Jaw Crushers, Impact Crushers, Wheeled/ Crawler
mounted/ Skid mounted Crushing plants, Grizzly Feeders, Screens, Conveyors,
etc.
The work of expansion and
modernization projects has been taken up at Works and is progressing well to
improve the quality and also to meet the increasing demand for the products of
the company in domestic as well as overseas markets.
Fixed Assets:
Ø
Freehold
Land
Ø
Building
Ø
Plant
and Machinery
Ø
Office
Equipments
Ø
Furniture
and Fixtures
Ø
Vehicles
Ø
Technical
Knowhow
Ø
Capitalised
Software
Ø
Electrical
Installation
AS PER WEBSITE DETAILS:
PROFILE
Apollo Equipment India, of
which subject an ISO 9001:2000 certified, Bombay Stock Exchange (BSE) listed
company is the flag ship.
For 35 years they at Apollo
have retained their leadership by offering state of the art construction
equipment developed through in-house R & D and strategic technology tie
ups. From a modest beginning in the year 1972 Apollo Equipment India today
offers the entire range of road construction equipment that help in building
roads which are safe, durable and economical. Apollo's mission is to retain the
leadership through continuous R & D and world class technology availed
through JV/ technology transfers.
Apollo is committed to
offer equipment best suited to meet the rising demands of the nations world
wide, meeting the quality standards technological sophistication and
environment norms.
They believe that customer
satisfaction is achieved through quality of products and services continuous
improvement , and up gradation of people process and procedure.
Apollo has invested heavily
in modern infrastructure, R & D and quality manpower that result in a
product quality that more than meets the exacting quality standards of
customers, international consultants and decision makers in Governments.
Apollo as a group has
diversified into Road building, Electronics, Software development, Industrial
Finance and Environment protection. Apollo is committed to growth through TQM
and CIP translating in to total customer satisfaction and a die hard market
focus. With this the current group turnover of INR 3000 million - USD 67
Million is poised to touch INR 5000 million - USD 110 Million in the next two
years, is just a corollary.
MISSION
The goal of the Apollo Group is to retain leadership by
designing and building state-of-the-art Road Construction equipment, with the
best and proven technology in the world, availed of by license and joint
venture with the leaders in the industry. With its quality road construction
equipment, Apollo shall play its part in making the dream of high quality,
safe, smooth, durable and cost effective roads - a reality in India and the
rest of the world.
With the right mix of
innovation and technology, Apollo shall delight the customers with the complete
range of equipment optimized for tough conditions: One Stop Shop.
They are Partners, not just
suppliers, deeply committed to the success of the customers with their Value
for Money equipment; prompt service & support, extensive training &
education.
With
the three P's - Process, Products & People - well and truly in place,
Apollo shall be the Supplier by Choice of the Road Construction Industry.
EXPERTISE
They are in the road construction industry for a long time -
from day 1 of the mechanization of road construction. From a modest beginning
in the year 1972, the group today offers almost the entire range of equipment
that lend themselves admirably to the bituminous road building industry. One
may ask - are you still doing the same thing even 30 years later? The answer is
yes but with one important difference. Today they are doing it better and are
moving forward with the firm belief that their best is yet to come.
The reason- they are
constantly on the job to improve on the quality of their products &
services and avoid "waste".
Their definition of
"waste" is simple. Any activity that does not add value to the
customer is a waste. They keep abreast of the changes and aim to maintain their
leadership through innovation and world class technology. Value engineering is
a way of life at Apollo. No wonder the advances in Production Engineering you
notice in an Apollo equipment is rarely matched by competition. Advances that
help you complete the job faster with high cost savings.
Indigenisation of the
technologies for optimum utilization in Indian conditions is the focus of their
design department. Apollo's investment in R & D and quality manpower helps
in continuous improvement in product quality that more than meets the exacting
quality standards of Ministry of Surface Transport, Indian Roads Congress,
International Consultants and customers.
Yes, they have been in this
business for a long time, 30 years long. Thirty years during which they have
earned an enviable reputation with the customers for high quality road
construction equipment , prompt after sales service and a customer friendly
approach.
No stopping but. They will
continue to build on their strengths-rich experience, accent on R & D,
customer orientation and adaptability to change. They will keep on improving.
Refining. Changing. Leading the way. Apollo - the best piece of road
construction equipment you'll ever own.
PRODUCTS
Years of expertise in the design, manufacturing and after
sales support of equipment for the road building industry is built into every
product of Apollo. With the state-of-the-art manufacturing facilities, ISO
certified process, controlled production techniques combined with top quality
raw materials, Apollo delivers such high quality standards in the products that
justifies the pride of ownership.
At Apollo a sale is just
the beginning of a long-standing business relationship - one more step in
achieving their objective of Customer Delight.
Apollo equipment is ideally
suited for customers with an eye on bottom line and demanding excellent
performance
SERVICES
Apollo believes in delivering near zero defect equipment with sufficient
amount of parts that are likely to wear on use. However Apollo also believes
the best of the equipment in the world need a faultless service back up. They
commit :
Mobilization of spare parts
within 8 hours of order receipt Mobilization of man power within 48 Hours of
request.
Customer oriented and
trained managers are earmarked for taking care of the after sales needs.
NEWS
Ø
Fourth Asphalt
plant commissioned in Australia
Apollo proudly announces the commissioning of the fourth asphalt plant
unit supplied in to Australia. The plant was supplied with state of the art propane
gas burners, vertical bitumen tanks and decked with the latest version of plant
automation and software.
Ø
Rebuilding Kosovo
The first plant supplied in to the Kosovo is now fully commissioned. The
plant highlights specially designed features for cold operating conditions.
Ø
Oriental
Structural Engineers commissions ANP 3000 , 240 Tph Asphalt batch plant
This makes ANP 3000 the largest sized asphalt plant in OSE's equipment
bank that already has numerous ANP 2000, 160 Tph plants.
Ø
Rebuilding Afghanistan
Apollo has topped the global list of suppliers for asphalt plants in the
reconstruction of Afghanistan . Prompt Delivery, Admirable service support were
the main reason for this success.
Ø
AP 550 popularity
increases among army professionals
AP 550 has become the choice of the Border Roads Organisation.
Unbeatable product reliability, service support and ease in operation were
ranked as the main reason for the ever growing popularity of the paver. As of
today around 100 plus units are being put in to action by the Army at various
global locations.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.66 |
|
UK Pound |
1 |
Rs. 78.16 |
|
Euro |
1 |
Rs. 58.09 |
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 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|