MIRA
INFORM REPORT
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Report Date : |
20.11.2008 |
IDENTIFICATION DETAILS
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Name : |
SHANTHI GEARS LIMITED |
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Registered Office : |
304-A,
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.07.1972 |
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Com. Reg. No.: |
181-000649 |
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CIN No.: [Company
Identification No.] |
L29130TZ1972PLC000649 |
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IEC No.: |
0488030421 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS03147E |
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PAN No.: [Permanent
Account No.] |
AADCS06922 |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the stock exchanges. |
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Line of Business : |
Manufacturers and Marketers of Gears, Gear Boxes and Geared Motors. |
RATING & COMMENTS
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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 8480000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are fair
general financial position is satisfactory. Payments are usually correct and
as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office / Head Office : |
304-A,
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Tel. No.: |
91-422-2273722
to 34 |
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Fax No.: |
91-422-2273884
and 85 |
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E-Mail : |
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Website : |
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Area : |
31653
sq. fts. |
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Location: |
Owned |
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Factory : |
Unit A 304-A, Telephone : 91-422-2273722 to 34 Fax : 91-422-2273886 Email : textilegears@shanthigears.com Area : Owned – 31653 sq. fts. B Unit 304-F,
Telephone : 91-422-2273722 to 34 Fax : 91-422-2273886 Area : 57524
sq. fts C Unit Engineering Division Telephone : 91-422-2360687, 2360571,
2360253, 2360254, 2360987 Fax : 91-422-2360987 Area : 1069398 sq. fts D Unit S. F. No. 23, K. Krishnapuram,
Kamanaickenpalayam, Palladam - 641 658 Telephone : 91-4255-266302, 266772,
266771, 266310 Area :
3080782 sq. fts. E Unit 2249, A-1, Telephone : 91-422-2573088 & 89 Fax : 91-422-2575213 Area :
393195 sq. fts F Unit 26, Telephone : 91-422-2687310,
2687410 Area :
250906 sq. fts FOUNDRY DIVISION Kannampalayam, Sulur Via, Coimbatore-641 402 |
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International
Office - |
Aachener
Str. 55/57, 41061 |
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Tel.
No.: |
49
2161 2472393 |
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Fax
No.: |
49
2161 2472394 |
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E-Mail
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Regional
Offices and Branches in |
Ahmedabad F-50, Rudrax Complex II, Near Tricampura
Patiaya, G.I.D.C Phase III, Vatva Ahmedabad - 382445 Telephone : 91-79-30903099 No.612,
45th Cross, 8th Block, Jayanagar, Telephone
: 91-80-26633818, 26341303, 26544013 Fax :
91-80-26654169 E-mail :sglblr@bgl.vsnl.net.in 337-340,
3rd floor, Phoenix Complex (Beside Suraj Plaza), Sayajigunj, Telephone
: 91-265-2363154, 2363219 Fax
: 91-265-2363208 E-mail
: sglbarad1@sancharnet.in Chennai No.157,
1st Floor, Telephone
: 91-44-25342404, 25359492 Fax
: 91-44-25341234 E-mail
: sglmds@vsnl.com No.
6, Local Shopping Centre, Chopra House, Karampura (Behind Milan
Cinema), New Delhi - 110 015 Telephone
: 91-11-25442335, 25432113 Fax
: 91-11-25116158 E-mail
: sgldel@del3.vsnl.net.in, sgldel@ndc.vsnl.net.in Dindigul H1/H2,
58, Telephone
: 91-451-2460564 Shanthi
Gears Limited, Plot No. 72, Ground Floor, New Vasavi Nagar Colony, Kharkhana,
Secunderabad - 500 015 Telephone
: 91-40-27744041, 27744042 Fax :
91-40-27729059 E-mail
: sglhyd@hd2.dot.net.in Kolkata 20H,
Ground Floor, Telephone
: 91 33 24409261 Fax :
91 33 24409261 E-mail
: sglcal@vsnl.net Door
No.11, Pandiyan Nagar, Thirunagar, Telephone
: 91 452 2482564 , 2484561 Fax : 91 452 2482614 Email
: sglmdu@sancharnet.in Mumbai No.
222, "Creative industries Building", Road No. 2, Sundar Nagar,
Kalina, Santacruz (E), Mumbai - 400 098 Telephone
: 91 22 26661088, 26665115, 26663800, 26661201, 26664567, 26664909 Fax :
91 22 26662349 E-mail
: sglbom@bom3.vsnl.net.in Pune Shop No.7-392/393-2 Kunalpuram, (Opp.
Atlas Capco), Phugewadi, Pune - 411 012 Telephone : 91-20-27148196,
30960578 E-mail
: sglpune@sancharnet.in 28,3rd Floor, Telephone : 91-771-3207208,
3123651 E-mail
: sglrpr@sify.com Shop No.: 12, First Floor, J. B. Wing,
Mangalwari Commercial Complex, Telephone : 91-712-3954047 |
DIRECTORS
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Name : |
Mr.
P. Subramanian |
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Designation : |
Chairman and Managing Director |
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Qualification : |
L. M. E., P. D. Prod. E |
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Address : |
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Age : |
63 years |
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Experience : |
41 years |
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Date of Appointments: |
01-07-1972 |
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Name : |
Mr.
P.N. Gopal |
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Designation : |
Director
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Address : |
1608,
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Age : |
66
years |
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Qualification : |
B. E.
FIE, Chartered Engineer |
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Date of Appointment : |
17/03/1986 |
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Name : |
Dr.
D. Padmanaban |
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Designation : |
Director
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Address : |
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Age : |
52
years |
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Qualification : |
B.
Com, M. B. A. Ph. D MCMI (U. K), MIMA ( |
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Name : |
Mr.
M. J. Vijayaraaghavan |
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Designation : |
Director
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Address : |
34-A,
K. G. Layout, |
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Age : |
73
years |
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Qualification : |
FCA,
Chartered Accountant |
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Date of Appointment : |
31/10/2001 |
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Name : |
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Designation : |
Whole time Director |
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Address : |
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Qualification : |
B. B. M. |
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Age : |
31 years |
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Experience : |
10 years |
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Date of Appointments: |
05/01/1996 |
KEY EXECUTIVES
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Name : |
Mr.
C. Subramaniam |
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Designation : |
Company Secretary |
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Name : |
Mr. S. Srinivas |
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Designation : |
Manager – Finance |
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Mobile No.: |
91-9843013313 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders [As on 31.03.2008] |
No. of Shares |
Percentage of
Holding |
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Promoters |
36519008 |
44.69 |
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Mutual funds, Banks, Financial Institution, Insurance Companies |
18942202 |
23.18 |
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Foreign Institutional Investors |
1843019 |
2.26 |
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NRI's/OCB's |
1417575 |
1.73 |
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Private Corporate Bodies |
3063632 |
3.75 |
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Indian Public |
19930417 |
24.39 |
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Total |
81715853 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Marketers of Gears, gear Boxes and Geared Motors. |
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Products: |
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Brand Name: |
“SHANTHI” |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Bearings from
SKF |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash or
Credit (30 days) |
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Purchasing : |
L/C, Cash or Credit
(30 days) |
PRODUCTION STATUS [As on 31.03.2008]
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Particulars |
Unit |
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Actual
Production |
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Gear wheels and Accessories (including the production for Captive Consumption) |
Nos. |
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645743 |
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Drafting Units, Conversion Brackets, Spares and
complete set of Head Stock Gearing End Conversions, Coilers etc., (including
the production for Captive Consumption) |
Nos. |
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1781 |
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Gear Boxes and Accessories (including the production for Captive Consumption) |
Nos. |
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29054 |
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Geared Motors |
Nos. |
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966 |
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Carding Machines |
Nos. |
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2 |
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Lathes
(including the production for Captive Consumption) |
Nos. |
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1 |
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Crane (including the production for Captive Consumption) |
Nos. |
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5 |
Installed Capacity: Most of the Plant and Machinery being common for
different Products manufactured by the Company and installed capacity being dependent
on Product mix, which in turn is decided by the actual demand for various
Products from time to time, and also on availing of sub-contracting facilities,
it is not feasible for the Company to indicate the exact installed capacity
GENERAL INFORMATION
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Customers : |
End
Users and OEM’s
Sulur
Railway, Tel
No.: 91-422-2360884/2360640/2360641 Fax
No. : 91-422-2360215
Elgi Industrial
Complex Singanallur, Tel
No.: 91-422-2589555 Fax
No. : 91-422-2573697
Global
Engineering Centre Tel
No. : 91-20-27146256 Fax
No. : 91-20-27146250
Maneja, Vadodara – 390 013, Tel
No. : 91-265-637297/637298/640764 Fax
No. : 91- 265- 649669 / 638955 |
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No. of Employees : |
893
(Office: 157; Factory: 736) |
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Bankers : |
Ř
State Bank of Commercial Branch, 1246, Ř
HDFC Bank Limited Ř
IDBI Bank Limited Ř
Axis Bank Ř
The South Indian Bank Limited Ř
The Ř
The Bank of Ř
The Toronto-Dominion Bank Ř
ICICI Bank Limited Ř
State Bank of |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
˛
S. Lakshminarayanan Associates Chartered Accountant ˛
Internal Auditor Shri T Raghunathan |
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Associates/Subsidiaries : |
Shanthi
Sales Limited |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Shares |
Re.
1.00 each |
Rs.
100.000 Millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
|
81715853 |
Equity Shares |
Re.1.00 each |
Rs. 81.715 Millions |
Notes:
1. Of the above 41,000 Equity Shares of Re. 1 each are allotted as fully
paid up for consideration otherwise than in cash.
2. 17,700,000 Equity Shares of Re.l each are issued as Bonus Shares by
Capitalisation of Rs. 17,700,000 from General Reserve.
3. 176,000 Equity Shares of Re. 1 each has been allotted to the Members
of Shanthi Non-Ferrous Castings Private Limited as per the Scheme of
Amalgamation.
4. 841,800 Equity Shares of Re. 1 each has been allotted to the Members
of Shanthi Precision Industries Limited as per the Scheme of Amalgamation.
5. 39,017,800 Equity Shares of Re.l Each has been issued as Bonus Shares
by Capitalisation of Rs. 39,017,800 from Securities Premium Account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
81.716 |
80.776 |
78.818 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1615.268 |
1234.494 |
859.046 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1696.984 |
1315.270 |
937.864 |
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LOAN FUNDS |
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1] Secured Loans |
435.386 |
829.005 |
603.577 |
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2] Unsecured Loans |
492.503 |
357.754 |
601.060 |
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TOTAL BORROWING |
927.889 |
1186.759 |
1204.637 |
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DEFERRED TAX LIABILITIES |
190.608 |
165.765 |
98.436 |
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TOTAL |
2815.481 |
2667.794 |
2240.937 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1811.471 |
1693.896 |
1132.252 |
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Capital work-in-progress |
161.615 |
131.933 |
86.451 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
548.031
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536.508
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476.420 |
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Sundry Debtors |
307.113
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252.038
|
236.178 |
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Cash & Bank Balances |
174.923
|
222.606
|
487.008 |
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Other Current Assets |
7.598
|
2.868
|
3.316 |
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Loans & Advances |
168.039
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176.308
|
137.128 |
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Total
Current Assets |
1205.704
|
1190.328 |
1340.050 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
363.309
|
348.363
|
317.816 |
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Provisions |
0.000
|
0.000
|
0.000 |
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Total
Current Liabilities |
363.309
|
348.363 |
317.816 |
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Net Current Assets |
842.395
|
841.965
|
1022.234 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2815.481 |
2667.794 |
2240.937 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
2441.361 |
2013.523 |
1629.939 |
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Other Income |
11.720 |
15.056 |
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Total Income |
2453.081 |
2028.579 |
1629.939 |
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Profit/(Loss) Before Tax |
675.449 |
511.766 |
430.919 |
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Provision for Taxation |
233.839 |
175.904 |
150.340 |
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Profit/(Loss) After Tax |
441.610 |
335.862 |
280.579 |
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Export Value |
237.260 |
178.551 |
91.171 |
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Imports Value |
145.807 |
497.614 |
358.610 |
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Expenditures : |
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Manufacturing Expenses |
117.158 |
92.251 |
94.100 |
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Administrative Expenses and Selling Expenses |
173.437 |
153.851 |
129.300 |
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Raw Material Consumed |
1000.495 |
834.789 |
631.700 |
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Increase/(Decrease) in Finished Goods |
[49.978] |
[14.227] |
05.400 |
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Interest and Financial Charges |
46.572 |
47.724 |
51.200 |
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Employees Cost |
188.707 |
154.264 |
108.700 |
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Power & Fuel |
76.636 |
65.865 |
67.200 |
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Depreciation & Amortization |
224.605 |
182.296 |
127.100 |
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Total Expenditure |
1777.632 |
1516.813 |
1214.700 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2008 |
30.09.2008 |
|
Type |
|
1st Quarter |
2nd Quarter |
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Sales Turnover |
|
602.800
|
656.000
|
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Other Income |
|
2.500
|
2.400
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Total Income |
|
605.300
|
658.400
|
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Total Expenditure |
|
364.700
|
397.300
|
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Operating Profit |
|
240.600
|
261.100
|
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Interest |
|
7.200
|
9.400
|
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Gross Profit |
|
233.400
|
251.700
|
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Depreciation |
|
59.900
|
63.900
|
|
Tax |
|
60.800
|
66.000
|
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Reported PAT |
|
111.700
|
121.800
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
|
0.70 |
1.06 |
1.07 |
|
Long Term Debt-Equity Ratio |
|
0.53 |
0.80 |
0.86 |
|
Current Ratio |
|
1.52 |
1.65 |
1.98 |
|
Fixed Assets |
|
0.97 |
1.00 |
1.11 |
|
Inventory |
|
5.07 |
4.50 |
4.06 |
|
Debtors |
|
9.83 |
9.34 |
9.73 |
|
Interest Cover Ratio |
|
10.02 |
8.47 |
9.41 |
|
Operating Profit Margin(%) |
|
35.46 |
34.57 |
33.05 |
|
Profit Before Interest And Tax Margin(%) |
|
27.28 |
26.57 |
26.15 |
|
Cash Profit Margin(%) |
|
24.25 |
23.73 |
22.13 |
|
Adjusted Net Profit Margin(%) |
|
16.07 |
15.73 |
15.23 |
|
Return On Capital Employed(%) |
|
29.24 |
26.08 |
28.40 |
|
Return On Net Worth(%) |
|
29.32 |
31.83 |
34.26 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject the
Shanthi gears, which was just the maker of gears for textile machinery when it
was started is now producing gears for industries as wide as process, power
steel, cement, sugar and aviation. The product range extends from gears for
simple applications such as hand-driven jacks to high-tech gears for supersonic
jet aircraft.
The company opened its first factory in 1972 and a decade later it expanded the
product range by start manufacturing worm gearboxes. In the mid-80's, SGL took
the next step and began manufacturing helical and bevel helical gears. The
company has also start producing geared motors simultaneously in this
period.
In 1986, it has completed the project of putting up its own foundry. The
foundry caters to the needs of grey iron and spheroid graphite castings, as
well as non-ferrous ones such as phosphor bronze, aluminium etc. As a part of
backward integration, a forging plant was also commissioned simultaneously. The
company is getting 50% of its business from executing special orders i.e.
custom made gears.
In Mar.'92, SGL came out with a rights issue to part-finance the
expansion-cum-modernization of its plants. Apart from this, the company made a
preferential issue of 0.34 Millions equity shares (premium: Rs 160) to banks
and mutual funds in Sep.'94.
Subject has a wholly-owned subsidiary 'Shanthi Sales', which looks after its
entire marketing. During the 2004-05, Shanthi Sales Ltd ceased to be the
subsidiary company consequent to the divestment of entire shares held by the
company. The group companies of Shanthi gears are Shanthi Clothsline, a woven
and Knitted garment manufacturing company; Shanthi Constructions, a
infrastructure construction company; Shanthi Precision Industries Ltd (SPL),
(Formerly Loyal Engineering - takeover by Shanthi group in 1998) and SPL was
merged with the company with effect from 1st July 2003 in the exchange ratio of
1:5.
In August 2004 the company sub-divided its equity share face value from Rs.10/-
to Re.1/-. Further the company has issued bonus equity shares for its
shareholders in the ratio of 1:1.
In 2006, The Company has state-of-the-art production machines/quality Control
Facilities worth Rs.441.9 millions
have been added during the FY 2005-2006 along with our existing
battery of Machines. Further, orders for Machineries worth Rs.374.7 millions
are yet to be executed by the respective suppliers.
OPERATING RESULTS
The Company has
achieved a Turnover of Rs. 2441.361 Million for the year under review as
against the turnover of Rs. 2013.523 Million of the previous year
showing a growth of 21.25%. The other financial parameters have also
improved in line with the sales growth. Barring unforeseen circumstances the
Directors hope to achieve satisfactory results for the current year.
CHANGES IN SHARE
CAPITAL
During the year
under review, the Company has allotted 939,638 Equity Shares of Re. 1 each upon
conversion of FCCBs for the value of US$ 1.2 Million. Consequent to changes,
the Issued, Subscribed and paid up Equity Capital of the Company is 81,715,853
Equity Shares of Re. 1 each.
MANAGEMENT
DISCUSSION AND ANALYSIS
1. Industry
Structure and Developments:
Industrial
activities throughout the year (2007-08) have been generally good although certain
specific industrial segments were alternating with boom and depressions in
varying degrees. Scientific planning and management of resources helped to keep
up margins without any stress or strain. New products, new bench marks, new
expertise and new ideas were evolved on a continuous basis to ensure their
position of leadership in the market place.
2. Opportunities
and Threats:
Opportunities:
Certain Industries
like Steel, Wind Mills and Construction etc. have been doing extremely well.
Consequently, the demand potential for the year 2008 - 09 from the domestic
market is expected to be on the upward swing.
Having earned a
very good name for their products in the foreign markets as well, the export
orders are also likely to register an upward trend.
Threats:
a. Entry of more
and more-new players both domestic and overseas.
b. Threat of
falling margins in view of price pressure on account of stiff competition and
rising input costs.'
c. Long delivery
period for Mother Machines and cutting Tools resulting in delayed expansion
activities.
3. Outlook:
With a good amount
of backlog of Orders, State-of-the-art Manufacturing/Quality Control facilities
coupled with the image of strong brand power, the business volume for their
Company continues to be good. Thus, the prospects for the year 2008 - 09 are
bright, barring unforeseen circumstances.
FIXED ASSETS
v
Land
v
Building
v
Plant and Machinery
v
Tools and Equipments
v
Electrical Equipments
v
Furniture and Fittings
v
Office Equipments
v
Computers
v Vehicles
Contingent Liabilities:
a) Estimated amount of contracts remaining to be executed on Capital
Accounts and not provided for Rs. 383.300 Millions.
b) On account of Guarantees issued Rs. 70.100 Millions.
TRADE REFERENCE:
- Interchange, L.L.C
Tel
No. : 540-825-7030
Fax
No. : 540-825-7037
- David Brown Radicon
Limited
Tel
No. : 44 1484 465757
Fax
No. : 44 1484 465589
David
Brown Radico Limited
700/43
Moo 6, Amatanakorn Industrial Estate,
Klongtam
Ru,
Tel
No. : 6638 459044
Fax
No. : 6638 743484
- African Textiles
Manufacturers Limited
Suhail,
Tel
No. 234 064 311074 to 76 / 234 064 635572 / 635671
- Blastomer Products
Limited
Tel
No. : 03-389-2125
Fax
No. 03-389-2230
- Atlas Copco Airpower
N.V.
Industrial
Air Division, A-Gate, Atomiumlaan, 2610
Attn:
Mr. Kris Schrooten
Tel
No. : 32 3 870 1043
Fax
No. 32 3 870 2883
- Total Drive
Transmissions SDN. BHD
No 8, Jalan Anggerik Mokara
31/61,
Tel
No. : 60 3-51226030
Fax
No. : 60 3-51226090
- Wuxi-Atlas Copco
Compressor Company Limited
Tel
No. 0510-5214326
Fax
No. 0510-5215392
- Syncrolift, Inc
Project
Seabird Site Office, A-2 Bungalow, Solaris Chemtech Compound, P. O Binaga 581
307 Karwar (
- ACE Sysmec Pte Limited
51,
UBI Avenue1, #03-20,
Tel
No.:65 6285 0900
Fax
No. : 65 6289 5505
- SKF India Limited
- Samputensili
- Reishauer
- Gleason – Pfauter
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 49.74 |
|
|
1 |
Rs. 74.37 |
|
Euro |
1 |
Rs. 62.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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/normal. |
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 |
|