MIRA
INFORM REPORT
|
Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAHINDRA HINODAY INDUSTRIES LIMITED |
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Formerly Known As : |
DGP HINODAY INDUSTRIES LIMITED |
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Registered Office : |
Bhosari Industrial Estate, Pune – 411026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.09.1963 |
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Com. Reg. No.: |
019745 |
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CIN No.: [Company
Identification No.] |
U29299MH1963PLC019745 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNED03237D |
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PAN No.: [Permanent
Account No.] |
AAACD9841M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
The company is engaged in the business as Manufacturer, Exporter, Trader, Importer and Dealer of Ceramic Magnets for Auto Electrical and Industrial DC Motors, Ferrite Cores for Electronics, Telecommunications and Specialized Applications, Ductile Iron Castings for Automotive Industry. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 2916468 |
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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 and a part of Mahindra and
Mahindra Group. Available information indicates high financial responsibility
of the company. Trade relations are fair. Business is active. General
financial position is satisfactory. Payments are reported as usually correct
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
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Registered Office : |
Bhosari Industrial Estate, Pune – 411026, Maharashtra, India |
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Tel. No.: |
91-20-27120811/27120812 |
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Fax No.: |
91-20-27128592/27120389/27120989 |
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E-Mail : |
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Website : |
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Factory : |
Gat No. 318, Gaon Urse, Tal Maval, Pune, Maharashtra, India |
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Tel. No.: |
91-20-237061/62/63 |
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Fax No.: |
91-20-237064 |
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Branches : |
Located at :- DGP House, Old Prabhadevi Road, Mumbai – 400 025, Maharashtra Tel. 91-22-24301011/24303604 Fax. 91-22-24311270 D-31 Basement, Nizamuddin East, (Railway Station Road), New Delhi Tel. 91-11-24644924/24644923 Fax. 91-11-24644925 S-306, 3rd Floor, South Block, Manipal Centre, 47, Dickensen Road, Bangalore – 560 042, Karnataka Tel. 91-80-25591529/25599181/25588101 3049/Z Block, 4th Street, 13th Main Road, Anna Nagar, Chennai – 600 040, Tamilnadu Tel. 91-44-26214421 |
DIRECTORS
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Name : |
Mr. D. G. Piramal |
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Designation : |
Chairman |
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Name : |
Mr. Sudheer B. Tilloo |
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Designation : |
Managing Director |
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Address : |
Amit Blossom, Lane 12 Prabhat Road, Pune-411004, Maharashtra, India |
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Date of Birth/Age : |
29.08.1947 |
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Date of Appointment : |
01.01.1989 |
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Name : |
Mr. M. Maheshwari |
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Designation : |
Director |
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Name : |
Mr. N. K. Prasad |
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Designation : |
Director |
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Name : |
Mr. Zhooben Dossabhoy Bhiwandiwala |
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Designation : |
Additional Director |
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Address : |
S-13, Cusrow Baug, Shahid Bhagat Singh Road, Colaba, Mumbai – 400039,
India |
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Date of Birth/Age : |
09.12.1959 |
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Date of Appointment : |
22.01.2008 |
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Name : |
Mr. Tilloo G. Piramal |
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Designation : |
Director |
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Address : |
901, Lyndhurst, Cdurt, 36/38, Finchley Road, London-NW86EX |
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Date of Birth/Age : |
02.11.1949 |
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Date of Appointment : |
19.12.1981 |
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Name : |
Mr. Nobuo S. Mochida |
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Designation : |
Director |
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Address : |
4-90, Beppu Kumagayashi Saitarna Pref, Japan |
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Date of Birth/Age : |
01.04.1947 |
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Date of Appointment : |
13.08.2001 |
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Name : |
Mr. Akichita H. Itoh |
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Designation : |
Director |
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Address : |
9-14-6, Kamiochiai Sitama City, Sitama, Japan |
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Date of Birth/Age : |
23.12.1947 |
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Date of Appointment : |
23.12.2002 |
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Name : |
Mr. Bakhtiar S. Bhesania |
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Designation : |
Director |
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Address : |
139, A K Marg, Nazir House, Cumbala Hill, Mumbai-400036, Maharashtra, India |
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Date of Birth/Age : |
03.11.1933 |
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Date of Appointment : |
23.12.2002 |
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Name : |
Mr. Gopalkrishna N. Prasad |
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Designation : |
Director |
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Address : |
Ameya Culmohar Path, 73/3, Erandawana, Pune-411004, Maharashtra, India |
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Date of Birth/Age : |
20.08.1936 |
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Date of Appointment : |
23.12.2002 |
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Name : |
Mr. Ravindra G. Gurjar |
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Designation : |
Director |
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Address : |
A24, Manmohan Society, Niramay Karve Nagar, Pune-411052, Maharashtra, India |
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Date of Birth/Age : |
24.10.1953 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Manojkumar Maheshwari |
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Designation : |
Director |
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Address : |
Maheshwari House, 36L Jagmohandas Marg, Mumbai-400036, Maharashtra, India |
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Date of Appointment : |
29.09.2003 |
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Name : |
Mr. Jonathan Moses Mapgaonkar |
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Designation : |
Nominee Director |
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Address : |
B/4-21, Mahindra Nagar, Dahyabhai Patel Road, Malad East, Mumbai – 400097, India |
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Date of Birth/Age : |
13.02.1949 |
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Date of Appointment : |
06.01.2007 |
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Nominee of Company: |
Mahindra and Mahindra Limited |
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Name : |
Mr. Durgashankar Subramaniam |
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Designation : |
Nominee Director |
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Address : |
203, 2nd Floor, Ganga Towers, Atur Park, Sion Trombay Road, Mumbai – 400071, India |
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Date of Birth/Age : |
13.07.1959 |
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Date of Appointment : |
06.01.2007 |
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Nominee of Company: |
Mahindra and Mahindra Limited |
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Name : |
Mr. Sanjay Vasant Jolekar |
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Designation : |
Nominee Director |
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Address : |
Flat No.13, Joothica, Mahim Makarand CHS Limited, SVS Marg, Mahim West, Mumbai – 400016, India |
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Date of Birth/Age : |
09.10.1955 |
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Date of Appointment : |
06.01.2007 |
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Nominee of Company: |
Mahindra and Mahindra Limited |
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Name : |
Mr. Hemant Hans Raj Luthra |
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Designation : |
Nominee Director |
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Address : |
Breach Candy Garden, Flat No.6, 2nd Floor, 68 Bhulabhai Desai Road, opp. Amarsons, Mumbai – 400026, India |
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Date of Birth/Age : |
18.04.1949 |
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Date of Appointment : |
06.01.2007 |
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Nominee of Company: |
Mahindra and Mahindra Limited |
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Name : |
Mr. Kazuhiro Akitomo |
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Designation : |
Nominee Director |
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Address : |
402, 1-3-8-, Hibrarigaoka Nishi Tokyo – 2020001, Japan |
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Date of Birth/Age : |
16.02.1959 |
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Date of Appointment : |
27.06.2006 |
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Nominee of Company: |
Hitachi Metals Limited |
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Name : |
Mr. Tomoyasu Kubota |
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Designation : |
Nominee Director |
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Address : |
1-26-6, Kujike, Abiko- Shi, Chibaken – 2701163, Japan |
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Date of Birth/Age : |
12.04.1953 |
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Date of Appointment : |
29.09.2004 |
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Nominee of Company: |
Hitachi Metals Limited |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Hitachi Metals Limited |
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1600000 |
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Hitachi Metals Europe GmbH |
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5958840 |
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Vibhuti Investments Company Limited |
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5958838 |
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India Private Equity Fund (Mauritius ) |
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6000000 |
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DGP Securities Limited |
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2879420 |
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Vibhuti Investments Company Limited |
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5000000 |
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Others |
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202800 |
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Total |
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27599898 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in the business as Manufacturer, Exporter, Trader, Importer and Dealer of Ceramic Magnets for Auto Electrical and Industrial DC Motors, Ferrite Cores for Electronics, Telecommunications and Specialized Applications, Ductile Iron Castings for Automotive Industry. |
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Products : |
· Auto Components · Consumer Electronic Components |
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (60 days), L/C (60 days) |
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Purchasing : |
Cash and Credit (45 days), L/C (60 days) |
PRODUCTION STATUS (As on 31.03.2003)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Ferrite Division |
Tons |
9000 |
9000 |
7208 |
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Casting Division |
Tons |
16800 |
16800 |
12298 |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
835 (231 – Office and 604 – Factory) |
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Bankers : |
928, Fergusson College Road, Pune – 411004, Maharashtra, India
Industrial Finance Branch, Pune – 411003, Maharashtra, India · Bank of Baroda Corporate Banking Branch, Mantri Court, Pune – 411 001, Maharashtra, India (Subject enjoys Funded facilities of Cash Credit Rs. 187.500 millions, Bank Overdraft Rs. 10.000 millions, Bank Payment Rs. 5 millions, Packing Credit Rs. 70 millions, FOBP/FOBD of Rs. 7 millions Non Funded facilities of Rs. 40 millions as L/C and Rs. 25 millions as Bank Guarantee from its Bankers) · Kotak Mahindra Limited Bakhtawar, 2nd Floor, 229, Nariman Point, Mumbai – 400 021, Maharashtra (Subject enjoys Funded facilities of Cash Credit Rs. 5 millions, Bank Overdraft Rs. 26.500 millions and WCTL/ WCDL Rs. 25 millions from its bankers) · Corporation Bank No. 14, Mumbai-Pune Road, Wakdewadi, Pune – 411 003, Maharashtra (Subject enjoys Funded facilities of Cash Credit Rs. 48 millions, Bank Overdraft Rs. 4.500 millions, Bank Payment Rs. 10 millions Packing Credit Rs. 6.500 millions, FOBP/FOBD of Rs. 9.500 and WCTL / WCDL of Rs. 38.400 millions) Non-funded facilities Rs. 9 million as L/C and Rs. 6 million as Bank Guarantee from its Bankers) · The United Western Bank Limited Shivajinagar Branch, Pune-411005, Maharashtra, India (Subject enjoys Funded facilities Cash Credit of Rs. 14 millions and WCTL/WCDL Rs. 5.600 millions Non-funded facilities of Rs. 22.500 millions as L/C and Rs. 22.500 millions as Bank Guarantee from its bankers) from its bankers) · IDBI Bank Limited Ferguson College Road Branch, Pune-411004, Maharashtra, India (Subject enjoys Funded facilities of Cash Credit Rs. 10 million Packing Credit Rs. 15 millions, FOBP/FOBD Rs. 15 millions and WCTL/WCDL Rs.40 millions from its bankers) · The Saraswat Co-operative Bank Limited (Subject enjoys Cash Credit facility of Rs. 40 millions and Bank Payment facility of Rs. 20 millions from its bankers) · Indusind Bank 2401, Gen Thimmayya Road, Cantonment, Pune – 411 001, Maharashtra (Subject enjoys Term Loan facility of Rs.100.000 millions from its bankers) · IDBI Bank Limited, IDBI House, FC Road, Pune - 411 004, Maharashtra, India (Subject enjoys Term Loan facility of Rs.200.000 millions from its’ bankers) · Mizuho Corporate Bank Limited 168, Robinson Road, Singapore 068912 (Subject enjoys Foreign Currency Loan of $ 2,920,000 on 23rd October, 2003 from its bankers) |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
B. K. Khare and Company Chartered Accountants |
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Address : |
11, Venu – Madhav Apartments, Income Tax Lane, Erandwane, Pune - 411004, Maharashtra, India |
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Collaborators : |
Hitachi Metal Limited, Japan |
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Holding Company : |
Mahindra and Mahindra Limited |
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Joint Venture Companies: |
· Hitachi Metals Europe GmbH (Germany) Immermenstrasse 14-16, 40210 Dusseldorf 1, Germany Tel No :- 0049 2111 600900 / 600930 Fax No :- 0049 2111 600929
Immeuble Araine, 18 Rue Grange Dame Rose 78140 Velizy, France Tel No :- 0033 13465 0056 Fax No :- 0033 13946 1850
Milano Branch Office, Torre-7, S, Felice 20090 Segrate Milano, Italy Tel No :– 0039 27530188 /32613 Fax No :- 0039 27532558
Tudor House, Kingsway Business Park, Oldfield Road, Hampton, Middlesex TW-12 2 HE England Tel No :- 0044 208 9410123 Fax No :- 0044 208 9417231
12 Gul Avenue, Singapore-629656 Tel No :- 0065 6 –8617711 Fax No :-0065 6—861994 |
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Associates/Subsidiaries : |
· Vibhuti Investments Company Private Limited
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
24000000 |
Equity Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
15000000 |
Preference Share |
Rs.10/- each |
Rs.150.000 Millions |
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Total |
|
Rs.390.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
30599898 |
Equity Shares |
Rs.10/- each |
Rs.305.998
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 |
305.998 |
275.998 |
275.999 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
423.119 |
469.484 |
447.729 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
729.117 |
745.482 |
723.728 |
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LOAN FUNDS |
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1] Secured Loans |
800.129 |
584.576 |
631.280 |
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2] Unsecured Loans |
264.710 |
235.058 |
224.378 |
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TOTAL BORROWING |
1064.839 |
819.634 |
855.658 |
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DEFERRED TAX LIABILITIES |
144.790 |
122.129 |
104.858 |
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TOTAL |
1938.746 |
1687.245 |
1684.244 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1158.790 |
1184.093 |
1194.321 |
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Capital work-in-progress |
355.516 |
75.579 |
50.142 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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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 |
448.704
|
392.954 |
395.435 |
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Sundry Debtors |
488.797
|
411.759 |
386.811 |
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Cash & Bank Balances |
60.964
|
29.848 |
19.847 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
268.545
|
227.587 |
183.105 |
|
Total
Current Assets |
1267.010
|
1062.148 |
985.198 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
655.487
|
535.156 |
462.652 |
|
|
Provisions |
187.108
|
153.187 |
146.221 |
|
Total
Current Liabilities |
842.595
|
688.343 |
608.873 |
|
|
Net Current Assets |
424.415
|
373.805 |
376.325 |
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
53.743 |
63.431 |
|
|
|
|
|
|
|
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TOTAL |
1938.746 |
1687.245 |
1684.244 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
2491.520 |
2241.555 |
2230.012 |
|
|
Other Income |
35.016 |
47.277 |
51.833 |
|
|
Total Income |
2526.536 |
2288.832 |
2281.845 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
76.105 |
71.234 |
66.052 |
|
|
Provision for Taxation |
38.161 |
31.776 |
25.260 |
|
|
Profit/(Loss) After Tax |
37.944 |
39.458 |
40.792 |
|
|
|
|
|
|
|
|
Export Value |
744.072 |
655.183 |
443.866 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
994.739 |
920.719 |
870.645 |
|
|
Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
|
|
Consumption of stores and spares parts |
51.554 |
57.994 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
25.234 |
(1.861) |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
271.040 |
243.301 |
219.097 |
|
|
Managerial Remuneration |
13.328 |
9.040 |
9.723 |
|
|
Payment to Auditors |
0.775 |
0.625 |
0.700 |
|
|
Interest |
88.406 |
69.428 |
81.710 |
|
|
Insurance Expenses |
7.055 |
5.679 |
5.996 |
|
|
Power & Fuel |
322.231 |
259.923 |
240.164 |
|
|
Depreciation & Amortization |
165.018 |
156.715 |
151.256 |
|
|
Other Expenditure |
511.049 |
496.035 |
636.502 |
|
Total Expenditure |
2450.431 |
2217.598 |
2215.793 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
1.50
|
1.72 |
1.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.05
|
3.18 |
2.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.14
|
3.17 |
3.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.09 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.62
|
2.02 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.54 |
1.62 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U29299MH1963PLC019745 |
|
Name of the
Company |
MAHINDRA HINODAY INDUSTRIES LIMITED |
|
Address |
Bhosari Industrial Estate, Pune – 411026, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Book Debts Movable Property
(not being pledge) Whole of the
current assets |
|
Particulars of
the charge holder |
Bank of Baroda Corporate Financial
Services Branch, Pune – 411001, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental
Joint Deeds of Hypothecation for creating further charges. |
|
Date of the
instrument creating or modifying the charge |
15.11.2007 |
|
Amount secured by
the charge |
Rs.850.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: As per original
deeds as amended from time to time Terms of
repayment: As per original
deeds as amended from time to time Margin: As per original
deeds as amended from time to time Extent and
operation of the charge: First charge on
current assets and second charge on certain other movable property situated
at Bhosri and urse of the company. The amount secured is Rs.850.000 Millions
(Fund and Non-Fund based limit) sanctioned by bank consortium led by Bank of
Baroda consisting of itself, State Bank of India, ING Vysya Bank Limited,
Industrial Development Bank of India and Saraswat Co-op. Bank Limited. As per
first schedule attached to the deed. Others: Kotak Mahindra
Bank Limited opted out of aonsortium. |
|
Short particulars
of the property charged (including location of the property) |
Property
Explained as per second schedule attached second charge on certain movable
fixed assets located at Bhosari Industrial Estate, Pune and Gaon Urse Taluka
Maval District Pune. |
|
Particular of the
present modification |
Due to opting out
of Kotak Mahindra Bank Limited Credit Gap Has resulting and also to make
borrower entitled to increased working capital facilities of Rs.850.000
Millions. The reconstituted Bank consortium have agreed to revise/ continue/
grant enhancement as detailed in first schedule of supplemental joint deeds
of hypothecation for creating further charge. |
Profile:
Company is 40 years of manufacturing experience; Subject
today is a trusted name in Ferrites and Ductile Iron castings amongst
discerning buyers worldwide. With over 800 employees and 52 Million US
Dollars invested in two manufacturing plants at Pune, India
Three businesses:
Ceramic magnets for Auto Electrical and
Industrial DC Motors.
Ferrite Cores for electronics,
telecommunications and specialized applications.
Ductile
Iron castings for automotive industry.
Subject is a joint venture with Hitachi Metals of Japan.
Using India's abundantly available engineering resourses, Subject has
skillfully adapted Hitachi Metals technology to build advantages using local
resources.
The
Four Decades:
1963 - Dr.
D.E. Morris, an American solid-state physicist, sets up the company as Morris
Electronics Limited and pioneers ferrite manufacturing in India.
1974 - First
ever use of ferrite for the two wheeler magneto application in India.
1980 - Dilip
G. Piramal group takesover the management of the company.
1984/85 -
Technical collaboration with Hitachi Metals,Japan, for Hard and Soft ferrites.
1987 -
Equity participation by Hitachi Metals.
1991-93 -
Indigenisation of ferrites for use in new generation automobiles and colour televisions.
1994 - ISO
9002 certification.
1996 -
Equity increase for investing in plant and machinery to attain international
scale manufacturing capacity. Morris Electronics Limited renamed as "DGP
HINODAY INDUSTRIESLTD."
1997 –
Diversification into SG Iron Automotive Castings.
1998 - S.G.
Iron Automotive Casting sales commence.
1999 -
Colour Deflection Yoke Core business established.
2000- Sales
crossed Rs 1 Billion
2001 -
QS9000 certification for automotive castings and ceramic magnets group. Automotive
castings production crosses 1000 tons / month.
2002-
Commencement of direct exports of automotive castings to UK and USA
2003 - TPM
kickoff in Ferrite and casting
2004- TS
certification for castings division
2005- Sales
crossed Rs. 2 Billion and Exports Rs. 500 Million
Ceramic
Magnet Group
With an installed capacity of 5000TPA, the ceramic magnet
group manufactures permanent magnets for the automotive and electronic
industries. Specific applications include Arc segment magnets for use in auto
electrical such as magnetos and d. c. motors .These products are available from
entry level Barium based ferrite grades to high energy strontium ferrite
grades.
Equipment
Highlights
- Wet slurry calciner for powder processing
- 200T and 300T hydraulic presses with automatic pickup and retrieval
- Roller hearth, gas fired 75 mtr. long, world's largest sintering
kiln exclusively for speaker magnets
- Multi-spindle form grinding machine for arc segment magnets
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.40.77 |
|
UK Pound |
1 |
Rs.82.10 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
|