MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AUDCO INDIA LIMITED |
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Registered Office : |
L and T House, Ballard Estate, Mumbai 400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.11.1961 |
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Com. Reg. No.: |
11-12188 |
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CIN No.: [Company
Identification No.] |
U74999MH1961PLC012188 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA07789F/CHEA00336A |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturing and Marketing of Industrial Valves, Actuators and Accessories, Offshore and Onshore Drilling Systems and Equipments and Safety Systems and Equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 7700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed engineering company having fine track. Directors are reported as experienced, respectable and resourceful industrialists. Their trade relations are reported as fair. Payments are usually correct and as per commitments The company can be considered normal for business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
L and T House, Ballard Estate, Mumbai 400001, Maharashtra, India |
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Tel. No.: |
91-22-67525656 |
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Fax No.: |
91-22-67525858 |
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E-Mail : |
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Website : |
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Factory 1 : |
Mount Poonamalle Road, Manapakkam, Chennai - 600089, Tamilnadu, India |
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Tel. No.: |
91-44-22342323 / 22492323 |
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Fax No.: |
91-44-22345055 /22495055 /22494055 |
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Factory 2 : |
B – 8, MMDA Industrial Area, Maraimalai Nagar, Chennai - 603209, Tamilnadu, India |
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Factory 3: |
Enathur Village, Kancheepuram - 631552, Tamilnadu, India |
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Factory 4: |
Malumichampatti Village, Coimbatore 641021, Tamilnadu, India |
DIRECTORS
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Name : |
Mr. Robert A. Whitley |
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Designation : |
Director |
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Address : |
41, Greenhurst Park, Capel, UK |
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Date of Birth/Age : |
16.05.1949 |
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Date of Appointment : |
17.05.1996 |
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Name : |
Mr. Thomas Louis Pajonas |
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Designation : |
Director |
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Address : |
917, Parkview Lane, South Lake, Texas, US |
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Date of Birth/Age : |
16.10.1955 |
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Date of Appointment : |
19.06.2006 |
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Name : |
Mr. Kumbla Surendra |
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Designation : |
Director |
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Address : |
Flat B3, 7th Main Road, Kasturba Nagar, Chennai 600020,
Tamilnadu, India |
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Date of Birth/Age : |
30.07.1942 |
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Date of Appointment : |
19.06.2006 |
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Name : |
Mr. Jagdish Pandurang Nayak |
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Designation : |
Director |
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Address : |
Gilder House, 2nd floor, 67 F, Bhulabhai Desai Road, Mumbai
400026, Maharashtra, India |
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Date of Birth/Age : |
13.11.1943 |
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Date of Appointment : |
29.07.1999 |
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Name : |
Mr. Surendra Kumbla |
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Designation : |
Director |
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Address : |
Flat B3, 7th Main Road, Kasturba Nagar, Chennai 600020,
Tamilnadu, India |
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Date of Birth/Age : |
30.07.1942 |
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Date of Appointment : |
06.11.2003 |
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Name : |
Mr. Thimmarajapuram Subramanian Sundaresan |
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Designation : |
Director |
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Address : |
Flat C, Venkatadri No. 10, Chittaranjan, Teynampet, Chennai 600018,
Tamilnadu, India |
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Date of Birth/Age : |
29.01.1951 |
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Date of Appointment : |
28.09.2006 |
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Name : |
Mr. Pajonas Thomas |
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Designation : |
Director |
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Address : |
917, Parkview Lane, Southlake 76092, United States of America |
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Date of Birth/Age : |
16.10.1955 |
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Date of Appointment : |
06.08.2004 |
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Name : |
Mr. Gopinath Sivasankar |
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Designation : |
Director |
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Address : |
Villa 83, Phase 1, Palm Meadows, Airport, Whitefield Road,
Ramagondanahalli, Bangalore 560066, Karnataka, India |
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Date of Birth/Age : |
26.05.1946 |
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Date of Appointment : |
21.09.2002 |
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Name : |
Mr. Paul David Williams |
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Designation : |
Director |
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Address : |
Apartment 1, Woodbury House, Lewes Road, East Grinstead RH 161 TL |
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Date of Birth/Age : |
15.11.1959 |
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Date of Appointment : |
30.03.2006 |
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Name |
Mr. Anilkumar M. Naik |
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Designation |
Director |
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Date of Appointment : |
29.08.1991 |
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Name |
Mr. Pravinchandra M. Mehta |
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Designation |
Director |
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Date of Appointment : |
07.03.2000 |
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DIRECTORSHIP OF OTHER COMPANIES : |
Ø Flowserve India
Controls Private Limited CIN No. : U29299KA1996PTC021388 |
KEY EXECUTIVES
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Name : |
Mr. Naveenan R. Narasimhalu |
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Designation : |
Secretary |
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Address : |
798 E, Panneerselvam Road, K. K. Nagar, Chennai 600078, Tamilnadu,
India |
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Tel. No. : |
91-44-24815950 |
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Fax No. : |
91-44-22495055 |
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Date of Birth/Age : |
22.12.1955 |
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Date of Appointment : |
09.05.2000 |
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Name : |
Mr. Subrahmanyam Chandilya |
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Designation : |
Manager |
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Address : |
5/396, 13th East Street, Kamaraj Nagar, Chennai 600041,
Tamilnadu, India |
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Date of Birth/Age : |
05.08.1948 |
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Date of Appointment : |
06.11.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Larsen and Toubro Limited |
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899996 |
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Audco Limited |
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899996 |
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Burns Robert Christopher and Audco Limited |
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1 |
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Shivsankar Gopinath and Audco Limited |
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1 |
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Surendra Kumbla and Larsen and Toubro Limited |
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1 |
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Pandurang Jagdish Nayak and Larsen and Toubro Limited |
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1 |
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Subramaniam Kumar and Larsen and Toubro Limited |
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1 |
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Pajonas Thomas and Audco Limited |
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1 |
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Narayanswamy Hariharan and Larsen and Toubro Limited |
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1 |
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William David Paul and Audco Limited |
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1 |
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Total |
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1800000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Foreign Holdings |
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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 : |
Manufacturing and Marketing of Industrial Valves, Actuators and Accessories, Offshore and Onshore Drilling Systems and Equipments and Safety Systems and Equipments. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Industrial Valves |
Nos. |
378584 |
878584 |
623635 |
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Actuators and Accessories |
Nos. |
-- |
10000 |
3880 |
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Safety Systems and Equipments |
Nos. |
4700 |
2500 |
-- |
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Offshore and Onshore Drilling Systems and Equipments |
Nos. |
4010 |
1500 |
-- |
GENERAL
INFORMATION
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No. of Employees : |
1800 |
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Bankers : |
Ø
Bank of Baroda,
Mount Road Branch, 1, Club House Road, Chennai 600002 Ø State Bank of
India, Guindy, Chennai 600002 Ø Indian Bank,
Guindy, Chennai 600032 Ø Standard
Chartered Bank, 19, Rajaji Salai, Chennai 60001 |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
L. Vaidyanathan Chartered Accountants |
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Address : |
Sharp and Tannan, Parsn Manere, A wing, 3rd floor, 602,
Anna Salai, Chennai 600006, Tamilnadu, India |
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Membership : |
Confederation of Indian Industry |
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Associates/Subsidiaries : |
Ø Larsen & Toubro Limited Ø Larsen & Toubro LLC, USA Ø L&T Finance Limited Ø L&T Infotech Limited Ø Flowserve Flow Control (UK) Limited, U.K Ø Flowserve Flow Control Benelux B. V., The Netherlands Ø ARGUS GmbH, Germany Ø Nordstrom Valves Inc, U. S. A. Ø BTR Flow Control SA (Pty) Limited Ø Edward Vogt Value Company, U. S. A Ø Audco Italina s. r. l., Italy Ø Worcester Controls (U.K.) Limited, U.K. Ø Flowserve Flow Control France S. A., France Ø Flowserve Flow Control Australasia Pty. Limited, Australia Ø Flowserve Flow Control Asia Pte. Limited Ø GESTRA GmbH, Germany Ø Worcester Controls, U. S. A. Ø Nordstrom Audco Inc. U.S.A Ø Flowserve India Controls Private Limited, Bangalore, Karnataka Ø Invensys, UK |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1800000 |
Equity Shares |
Rs. 100/- each |
Rs. 180.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1800000 |
Equity Shares |
Rs. 100/-
each |
Rs. 180.000 Millions
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
180.000 |
180.000 |
180.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1747.848 |
1414.476 |
1084.907 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1927.848 |
1594.476 |
1264.907 |
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LOAN FUNDS |
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1] Secured Loans |
646.057 |
403.831 |
321.924 |
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2] Unsecured Loans |
0.000 |
0.000 |
40.000 |
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TOTAL BORROWING |
646.057 |
403.831 |
361.924 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
65.969 |
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TOTAL |
2573.905 |
1998.307 |
1692.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
656.562 |
662.785 |
626.231 |
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Capital work-in-progress |
107.644 |
3.787 |
2.839 |
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INVESTMENT |
0.969 |
0.969 |
0.969 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
854.975
|
618.752 |
673.341 |
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Sundry Debtors |
2475.277
|
1958.000 |
1262.975 |
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Cash & Bank Balances |
0.441
|
0.290 |
0.480 |
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Other Current Assets |
0.000
|
0.355 |
0.120 |
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Loans & Advances |
679.501
|
395.488 |
377.582 |
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Total
Current Assets |
4010.194
|
2972.885 |
2314.498 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1823.164
|
1339.378 |
1027.307 |
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Provisions |
378.300
|
302.741 |
224.430 |
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Total
Current Liabilities |
2201.464
|
1642.119 |
1251.737 |
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Net Current Assets |
1808.730
|
1330.766 |
1062.761 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2573.905 |
1998.307 |
1692.800 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
6857.239 |
5737.478 |
4634.310 |
|
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Other Income |
33.337 |
31.567 |
8.164 |
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Total Income |
6890.576 |
5769.045 |
4642.474 |
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Profit/(Loss) Before Tax |
807.123 |
660.270 |
490.091 |
|
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Provision for Taxation |
283.792 |
227.362 |
169.694 |
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Profit/(Loss) After Tax |
523.331 |
432.908 |
320.397 |
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Earnings in Foreign Currency : |
NA |
NA |
1369.206 |
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Total Imports |
NA |
NA |
299.030 |
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Expenditures : |
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Raw Material Consumed |
5023.356 |
3907.113 |
3493.578 |
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Administration Expenses |
0.000 |
0.000 |
254.868 |
|
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Consumption of stores and spares parts |
208.669 |
162.517 |
0.000 |
|
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Increase/(Decrease) in Finished Goods |
[132.166] |
9.370 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
383.881 |
370.454 |
337.019 |
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Managerial Remuneration |
2.677 |
2.130 |
0.000 |
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Payment to Auditors |
0.699 |
0.617 |
0.000 |
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Interest |
10.015 |
0.000 |
0.000 |
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Insurance Expenses |
8.073 |
8.373 |
0.000 |
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Power & Fuel |
51.207 |
50.691 |
0.000 |
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Depreciation & Amortization |
67.816 |
68.396 |
66.918 |
|
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Other Expenditure |
459.226 |
529.114 |
0.000 |
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Total Expenditure |
6083.453 |
5108.775 |
4152.383 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.59
|
7.50 |
6.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.77
|
11.50 |
10.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.29
|
18.16 |
16.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.41 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.47
|
1.28 |
1.27 |
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Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.81 |
1.84 |
LOCAL AGENCY
FURTHER INFORMATION
It is in trade terms with:
Ø AV Industrial Products
Ø Abasi Engineering Works
Ø Blaze Enterprises
Ø Cosy Industries
Ø Excel Enterprises
Ø IGP Engineers Private Limited
Ø Maland Alloy Casting Private Limited
Ø Sargam Metals Private Limited
Ø Sri Kumaran Engineering Works
Ø Universal Engineering Works
Ø Shell Limited
Ø ExxonMobil
Ø Total-elf-Fina
Ø Texaco
Ø Arco
Ø Aramco
Ø Kuwait Oil Company
Fixed Assets
Ø
Freehold Land
Ø
Building
Ø
Plant and Machinery
Ø
Furniture and Fixtures
Ø
Vehicles
Contingent
Liabilities
Ø
Claims against the company not acknowledged as debts – Rs. 22.308
Millions
Ø
Customers Bills discounted – Rs. 1.469 Millions
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
AUDCO INDIA LIMITED |
|
Presented By |
R. NAVEENAN Company Secretary
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1) Date and description of instrument creating the change |
10.12.1996 – Joint Deed of Hypothecation of stock/book debts/movables |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Stocks of Raw
materials, Components, stock in process, semi finished and finished goods,
packing materials, stores and spares not relating to Plant and machinery [consumable
stores and spares] Bills Receivables, Book Debts and movables |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Margin Raw Materials 20% Other Stocks 25% Book Debts 25% |
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5) Name and Address and description of the person entitled to the
charge. |
Bank of Baroda,
Mount Road Branch, 1, Club House Road, Chennai 600002 For themselves
and other member banks of the Consortium State Bank of India, Guindy, Indian
Bank, Guindy and Standard Chartered Bank, Chennai |
|
6) Date and brief description
of instrument modifying the charge |
30.12.2003 –
Joint Deed of Hypothecation of stocks/Book Debts/ Movables 17.02.2005 Joint
Deed of Hypothecation of Stocks/Book Debts/movables |
|
This Form is for |
Creation of charge |
|
Charge
identification number of the charge to be modified |
NA |
|
Corporate
identity number of the company |
U74999MH1961PLC012188 |
|
Name of the
company |
AUDCO INDIA
LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
L and T House, Ballard Estate, Mumbai 400001, Maharashtra |
|
Type of charge |
Ø Book Debts Ø Others |
|
Particular of
charge holder |
Bank of Baroda Mount Road, Branch
No. 1, Club House Road, Chennai 600002, Tamilnadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
Joint deed of
hypothecation of stock/book debts/movables dated 28.09.2006 |
|
Date of
instrument Creating the charge |
28.09.2006 |
|
Amount secured by
the charge |
Rs. 600.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest interest shall be
charged on the outstanding in the said account at such rate or rates as may
be determined by the said banks from time to time and if such rate or rates
is or are linked to the commercial banks advance rates, then the effective
rate of interest on such account[s] shall correspondingly stand changed on
account of any revision therein from the date of any such revision. [b] Terms of
repayment the borrower
agrees to repay to each of the said banks their respective principal amounts
on demand as mentioned in the said consortium agreement. [c] Margin No margin
requirements have been specified in the joint deed of hypothecation. The working capital facilities have been
sanctioned on the terms and conditions to be stipulated by the consortium
from time to time. [d] Extent and
operation of the charge The borrower
[company] has created in favour of the said Banks a first charge on all the
Current Assets of the Company, Goods, Stores and Spares not relating to Plant
and Machinery [consumable stores and spares], Bills receivables and Book
Debts and all other movables [excluding such movables as may be permitted by
the BOB Consortium in their discretion from time to time] both present and
future. |
|
Short particulars
of the property charged |
First charge on
all the Current Assets of the Company, Goods, Stores and Spares not relating
to Plant and Machinery [consumable stores and spares], Bills receivables and
Book Debts and all other movables [excluding such movables as may be
permitted by the BOB Consortium in their discretion from time to time] both
present and future. The Property is
located at Audco India Limited, Administrative Office and Manapakkam Works,
Mount Poonamallee Road, Chennai 600089. |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
NA |
AS PER WEBSITE DETAILS:
PROFILE
Subject is a premier valve manufacturing company, is jointly owned by Larsen & Toubro Limited(L&T) in India and Flowserve Corporation, USA.
AIL's manufacturing operations commenced in 1962 and over last four decades the company has expanded to cater to the needs of the national and the International markets. Present manufacturing range includes Valves, Actuators and Special Valves for Power plants.
AIL, today has four independent modern manufacturing plants capable of producing thousands of valves. The main plant is at Manapakkam, Chennai (Madras) in Southern part of India. The other three plants are at MM Nagar, 40 Kms south and at Kancheepuram, 70 Kms west of the main plant at Chennai and Malumichampatti near Coimbatore.
The manufacturing range of AIL includes
Gate,Globe and Check Valves
Process Ball Valves
Trunnion Mounted Pipeline Ball Valves
Resilient Seated Butterfly Valves
Metal Seated Butterfly Valves
Pneumatic Actuators and Valve Automation
See the Product catalogue section for detailed specifications, materials and
dimensions.
World Class Manufacturing
AIL’s plants are spacious and well laid out. The modern production facilities
equipped with CNC machines, Special Purpose Machines (SPMs), Automatic welding
machines, heat treatment furnaces and testing equipment for total control of
all operations. The laboratory is equipped with latest testing instruments
including facilities for PMI and NDE. Gauge calibration facility ensures the
correct measuring instruments are always used in production shop as well as in
sub-contractor’s place. To keep pace with the market demands for faster
deliveries and customer service the AIL operations are fully integrated across
three plants through SAP R/3- ERP
system.
Cutting-Edge Technology
AIL’s Research &Development Centre carries out product design, analysis,
process evaluation and simulation. The design engineers employ state-of-the-art
facilities available in-house such as Pro/Engineer and Finite Element Analysis (FEA). Pro/E is
a computer aided design software, which enables engineers to design in three
dimensional environment rendering the whole process flexible, faster and error
free. In the Top-Down Design approach of Pro/E, the components are
interdependent and hence, the design is associative and truly parametric.
Pro-Mechanica is the Finite Element Analysis tool, which runs in synergy with
Pro/Engineer. Design optimizations are carried out after completing the 3D
modeling. Stresses and deflections are verified using structural simulations.
The design techniques and concurrent engineering practices employed by AIL, reduces the cycle time in new product development. Prototypes of new products are put through stringent endurance cycles and through destructive test like fire test wherever applicable. A well-focused team of qualified engineers work closely with end users for developing customized products be it in Low temperature services-Cryogenic, Fugitive emission , power plant valves or any special requirements.
Human Resources
Even in an era of technological advancements, AIL puts people first by
recognizing their value to propel the company to greater heights. AIL’s strong
belief of total customer satisfaction and competitiveness manifests in its HRD
policy. All employees go through a process of continuous learning by technical
and general management training programs, including on-the-job training.
As a philosophy, Quality and Reliability are built into every valve through a meticulously implemented Quality Assurance Programme. The Quality Management Syetem at AIL has been the cornerstone for many of its success stories in the International market.The QM System at AIL has been assessed by independent inspection agencies world wide. AIL has ISO 9001:2000 Certification for all three manufacturing plants. AIL QM System also meets the requirement of API Spec Q1 for manufacturing monogrammed products under API 6A and API 6D licenses. AIL Valves are supplied with CE Marking for EU market as per PED regulation.
AIL exercises a stringent selection criteria for procurement of steel castings
from foundries. The foundry approval is given only after rigorous inspection of
their facilities, systems, methodizing, sample casting and pilot batch. NDE
techniques such as RT and MP are extensively used for evaluation of the
soundness of the casting. All valves (100%) are subjected to pressure testing
after assembly to ensure reliability for valves performing under extreme
conditions. The test pressure used often far
exceeds the standards.
Safety
A safe and healthy work place is as important as production, quality, cost-effectiveness and other aspects of industry. AIL firmly believes that Safe, Healthy and Eco-friendly atmosphere is a must for producing good quality product. The company has a Safety policy emphasizing Total Loss Prevention and Safety of employees.
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. 42.30 |
|
UK Pound |
1 |
Rs. 84.03 |
|
Euro |
1 |
Rs. 66.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|