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MIRA
INFORM REPORT
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Report Date : |
28.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEXAS INSTRUMENTS (INDIA) PRIVATE LIMITED |
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Registered Office : |
Golf View Homes Wind, Tunnel Road,
Murgesh Palya, Bangalore - 560 017,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
17.06.1988 |
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Com. Reg. No.: |
007067 |
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CIN No.: [Company
Identification No.] |
U29110KA1988PTC007067 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT02492A |
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PAN No.: [Permanent
Account No.] |
AAACT5445M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in
Designing and Development of Computer Software, Systems, Processors and
Hardware. |
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 13700000 |
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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 company having fine track.
Trade relations are fair. General financial position is good. Business is
active. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Golf View Homes Wind, Tunnel
Road, Murgesh Palya, Bangalore - 560 017,
Karnataka, India |
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Tel. No.: |
91-80-5269451 / 9452 |
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Fax No.: |
91-80-5298373 |
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E-Mail : |
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Website : |
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Corporate Office : |
Finance Department, Bagmane Tech Park No.66/ 3, Adjacent LRDE, Byrasandra
CV Raman Nagar Post, Bangalore – 560 093, Karnataka, India |
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Branch/ Overseas
Office : |
Located at: Dallas, USA Contact Person: Mr. Praveen P. R. Tel. No.: 972-480-3330 Fax No.: 972-480-3020 E-Mail: prp@msg.ti.com Taipei, Taiwan Contact Person: Ms. Cathye Merryweather Tel. No.: 886-2-378-6800 Fax No.: 886-2377-1460 E-Mail: cmac@msg.ti.com Singapore Contact Person: Mr. S. R. Dasgupta Tel. No.: 65-3907166 Fax No.: 65-3907066 E-Mail: srdg@msg.ti.com |
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Regional Offices : |
AHMEDABAD: BANGALORE Bagmane Tech Park, No. 66/3, Adjacent to LRDE, Byrasandra, C V Raman Nagar Post, Bangalore - 560 093, India Phone:91-80-25345454,25345455 CHANDIGARH Quark Media House, A-45, Phase VIII-B, Mohali - 160 071, Punjab, India Phone:91-172-4674116 CHENNAI Sterling Tower (8th Floor), 327, Anna Salai, Teynampet, Chennai - 600 006, India Phone:91-44-43965000 COIMBATORE 21/C, 4th-Floor, Ashirwad building, 36, D.B. Road, Coimbatore – 641002, Tamil Nadu, India Phone:91-422-4521019 HYDERABAD DBS Business Centre, DBS House, 43-46 S P Road, Secunderabad - 500 003, India Phone: 91-40-4050 9200 MUMBAI Regus, Level 4, Dynasty Business Park, Andheri-Kurla Road, Andheri (East), Mumbai - 400 059, India Phone:91-22-40309111 NEW DELHI Texas Instruments, Splendor Forum, Unit# 124 - 130, 1st Floor, Jasola District Centre, Jasola, New Delhi - 110 044, India Phone: 91-11-46504000 PUNE Muttha Towers, 103/123/1, 4th Floor, Yerawada, Pune - 411 006, India Phone:91-20-41004000 |
DIRECTORS
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Name : |
Mr.
Biswadip Mitra |
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Designation : |
Managing Director |
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Address : |
APT#401, Foot Prints, 7th Main, 7th Cross,
Indira Nagar, Bangalore – 560 042, Karnataka, India |
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Date of Birth/Age : |
10.04.1965 |
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Date of Appointment : |
01.01.2001 |
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DIN or Income-tax PAN : |
00903063 |
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Name : |
Mr. Richard Hudson |
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Designation : |
Director |
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Address : |
No.8101, Bridge Water, Drive Rowlett, Texas, USA 75088 |
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Date of Birth/Age : |
18.09.1946 |
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Date of Appointment : |
29.09.1998 |
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Date of Resignation : |
01.08.2006 |
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Name : |
Mr. Darryl Blackburn |
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Designation : |
Director |
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Address : |
No.1651, Nob Hill Road, Dallas, Texas, USA 75208 |
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Date of Birth/Age : |
22.11.1961 |
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Date of Appointment : |
01.08.2006 |
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Name : |
Mr. Murali M. Rao |
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Designation : |
Alternate Director to Mark E. Patrick |
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Address : |
No.403 C-SFS, Sheik Sarai I Phase, New Delhi – 100 017, India |
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Date of Birth/Age : |
08.08.1922 |
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Date of Appointment : |
07.11.2006 |
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Name : |
Mr. Patrick Mark Edward |
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Designation : |
Director |
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Address : |
No.15, Penny Green Sugar Land, Texas, USA 77479 |
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Date of Birth/Age : |
07.07.1961 |
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Date of Appointment : |
07.11.2006 |
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Name : |
Mr. Nagarajan Vittal |
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Designation : |
Alternate Director to Mr. Darryl Blackburn |
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Address : |
Flat No.12, 3rd Floor, Sreela Gilchrist Avenue, Chetpet,
Chennai – 600 031, Tamilnadu, India |
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Date of Birth/Age : |
31.01.1938 |
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Date of Appointment : |
01.08.2006 |
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Name : |
Mr. John C. Lindgren |
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Designation : |
Director |
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Address : |
7839, Churchill Way, M/S.3999, Dallas, Texas 75251, USA |
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Date of Appointment : |
27.03.2003 |
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Date of Resignation : |
07.11.2006 |
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Name : |
Mr. Wolf Braiding |
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Designation : |
Director |
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Date of Retirement : |
13.08.1997 |
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Name : |
Mr. Gerald R. Pierce |
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Designation : |
Director |
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Date of Retirement : |
13.08.1997 |
KEY EXECUTIVES
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Name : |
Mr. J. A. Bhagyanathan |
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Designation : |
Financial Controller and Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 17.09.2007
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Names of Shareholders |
No. of Shares |
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Texas Instruments Inc. |
29998 |
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Ashok C. Pratap |
1 |
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Texas Instruments International Capital |
1 |
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Total |
30000 |
As on 17.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in
Designing and Development of Computer Software, Systems, Processors and
Hardware. |
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Products : |
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Brand Names : |
"TEXAS" |
GENERAL
INFORMATION
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No. of Employees : |
Around 1400 |
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Bankers : |
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Facilities : |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi and
Company Chartered Accountants |
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Address : |
UB City Canberra Block,
12th and 13th Floor No.24, Vittal Mallya Road,
Bangalore - 560 001, Karnataka, India |
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Tel. No.: |
91-80-2245646-49 |
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Fax No.: |
91-80-2240695 |
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Holding Company : |
Texas Instruments Inc., USA |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs.100/- each |
Rs.3.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs.100/-
each |
Rs.3.000
millions |
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Out of the above 29998 Equity Shares are held
by Texas Instruments Inc., USA the holding company.
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 |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2740.287 |
2297.111 |
1830.586 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2743.287 |
2300.111 |
1833.586 |
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LOAN FUNDS |
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1] Secured Loans |
148.317 |
156.336 |
90.613 |
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2] Unsecured Loans |
401.300 |
736.100 |
759.435 |
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TOTAL BORROWING |
549.617 |
892.436 |
850.048 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3292.904 |
3192.547 |
2683.634 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1964.345 |
2181.128 |
1946.082 |
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Capital work-in-progress |
3.056 |
3.092 |
160.318 |
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INVESTMENT |
0.002 |
0.002 |
0.002 |
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DEFERREX TAX ASSETS |
142.000 |
28.000 |
64.620 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
1786.939
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1576.062 |
1278.184 |
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Cash & Bank Balances |
181.925
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213.137 |
375.210 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
317.622
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303.248 |
170.453 |
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Total
Current Assets |
2286.486
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2092.447 |
1823.847 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
713.263
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941.967 |
1071.020 |
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Provisions |
389.722
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170.155 |
240.215 |
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Total
Current Liabilities |
1102.985
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1112.122 |
1311.235 |
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Net Current Assets |
1183.501
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980.325 |
512.612 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3292.904 |
3192.547 |
2683.634 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
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Sales Turnover and Other Income |
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9387.773 |
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Total Income |
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9387.773 |
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Profit/(Loss) Before Tax |
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873.404 |
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Provision for Taxation |
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364.728 |
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Profit/(Loss) After Tax |
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508.676 |
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Total Expenditure |
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8214.369 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
5.42
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
9.30
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.53
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.32
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.60
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0.87 |
1.18 |
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Current Ratio (Current Asset/Current Liability) |
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2.07
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1.88 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONAL PERFORMANCE:
The year ending 31.03.2008 saw a growth of the semiconductor industry worldwide due to the demand for consumer products such as Mobile pones, MP3 Players and HD TV sets. Also industry saw an increase in semiconductor content of electronic systems.
Texas Instruments with its strong focus in Analog and Embedded Processing markets continued its growth above the industry average and expanded its profitable market share in these markets. TI India continued the excellent performance all around during this period as well.
Texas Instrument India closed at around 1400 employees this year. As part of the continuous customer focus TI India expanded its geographical reach and presence in India.
TI India continues to have a strong presence in the top Indian colleges and Universities and they continued to attract high class talent from these institutes.
TI India’s talent creation initiative PragaTI (a comprehensive internal TI India technical training program) completed two full years. The initiative has been fulfilling the aim to provide continuing learning opportunities for TI India employees. This year, PragaTI conducted several programs in Analog, AISC, RTL designs, signal processing and other competencies. Faculty for these programs came predominantly from TI India. Experts from TI Dallas and renowned professors from reputed Universities also helped to conduct the programs.
FOCUS ON THE INDIA
SEMICONDUCTOR MARKET:
TI India continues to provide and enhance Sales support and application support activities in India. According to the India Semiconductor Association and Frost and Sullivan (ISA-F and S Report, August 2007) the total available market in the semiconductor segment in India will grow to $3.18 billion in 2009, growing over the last three years at a CAGR of 36percent. With its vast portfolio of over 40000 products, 17000 of which are analog, TI India’s parent company Texas Instruments Inc. sees a great opportunity to help electronic design engineers to innovative products that can improve the quality of life of the people in the country. In particular, medical, industrial, automotive and security/ surveillance segments that are growing at a fast pace.
TI INDIA R&D
CENTER PLAYS A SIGNIFICANT ROLE IN NEW PRODUCT DEVELOPMENT:
TI India’s Research and Development Center located in Bangalore has played a significant role in the development of many new products that TI has announced in 2007-08. Engineers at the Center work seamlessly with their counterparts in other TI development centers and today, there is hardly any TI product that has not been touched by TI India design engineers during the development stage. As on 31.03.2008, TI India engineers had filed over 500 patents in the US, the highest for any technology company in the country. NASSCOM adjudged TI India as among the eight top innovating companies in 2007-08.
In March 2008, extending its high-performance analog expertise in the medical imaging market, TI introduced a family of fully integrated analog front ends (AFEs) for portable to high-end ultrasound diagnostic equipment. TI’s AFE58xx family allows the design of innovative ultrasound systems with superior image quality and reduced power consumption. The first device, the AFE5805, addresses the specific needs of the portable ultrasound market with nearly 50 percent space savings, 20 percent lower power consumption and 40 percent less noise than existing integrated solutions.
TI India is also deeply involved in developing state-of-the-art solutions for applications like wireless handsets, wireless infrastructure (base stations), video (security and surveillance, IP phones, set-top boxes), High Performance Analog, etc.
COLLABORATION WITH
SMST, IIT KHARAGPUR:
TI India has signed a collaborative agreement with the School of Medical Science and Technology (SMST), Indian Institute of Technology (IIT) Kharagpur, to develop semiconductor technologies that will improve the quality, comfort and accessibility of health care.
This is the first time that TI has partnered with any IIT in India on Research projects devoted to medical electronics innovation.
TI works with medical device customers across the globe to make quality health care more accessible to more people. In September 2007, the company announced that it would invest a total of $15 million to fund medical technology research at selected universities worldwide with a focus on quality, accessibility and affordability.
BUSINESS
Subject is engaged in designing and development of computer software,
systems, processors and hardwares.
Subject is a wholly
owned subsidiary of Texas Instruments Inc., USA (TI). It is incorporated under
Indian law as a 100% Export-Oriented Unit and operates as a Software Technology
Park administered by the Government of India Department of Electronics. It was
the first such unit established in India.
It has expertise in Digital Signal Processing (DSP) and Analog
Technologies. C55x - DSP used as end
user in Internet Devices.
The company's fixed assets
of important value include leasehold land, plant & machinery, computers,
furniture & fixtures, computer software, etc.
WEBSITE DETAILS:
India and Texas Instruments (TI) have had a close relationship for over 20 years. In August 1985, TI set up a R&D facility in Bangalore and became the first global technology company to establish its presence in India. Ever since, India has been a great resource for TI for great talent, great leadership and great innovation.
Over the last two decades, the focus at TI India has consistently been on innovation. The engineers have filed over 415 patents from India, the most from any technology company in the country. Dataquest and the Government of India have recognized TI as the most innovative company in India.
TI India has achieved many “firsts” in its impressive track record. In 1995, TI developed the first processor designed in India for control applications. The TI India R&D Center was also extensively involved in developing “LoCosto”, the industry’s first single chip solution for wireless handsets. Most recently, TI introduced the industry’s first floating point digital signal controller, F2833x, that was completely designed by engineers at TI India. This is a great example of development work being done in India to cater to global and local demand. The F2833x has innumerable applications, especially in the fast growing industrial electronics sector. The National Association for Software and Services Companies (NASSCOM) conferred TI with the NASSCOM Award for IT Innovation for 2007.
TI India is deeply involved in developing state-of-the-art solutions for applications like wireless handsets, wireless infrastructure (base stations), video (security and surveillance, IP phones, set-top boxes), High Performance Analog, etc. Today, there is hardly any chip produced by TI that is not touched by engineers at TI India.
Since 2006, in addition to being a significant and critical R&D center for TI globally, TI India has increased its focus on the Indian semiconductor market in a big way. The company is working closely with its customers in India in a wide array of sectors such as industrial electronics (UPS, inverters, energy meters, lighting, etc.), medical electronics (ultrasound scanners, x-ray machines, ECG machines, MRI scanners, etc.), consumer, telecom and automotive. TI India has opened offices in multiple locations in the country to reach out to its customers with sales and applications support.
TI's innovative analog and DSP technologies, along with the other semiconductor products, help customers meet real world signal processing requirements. TI is the world leader in digital signal processing and analog technologies.
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TI Products Semiconductors High-Reliability, Defense and Aerospace Digital Signal Processing (DSP) Temperature Sensors and Control ICs |
TI Applications Additional Product Resources Analog and Logic Cross-Reference Search Getting Started: |
New Products Interface Power Management Switches and Multiplexers |
BUSINESSES:
Texas Instruments serves the world’s most innovative electronics companies, helping them develop new ideas that change the way they live. By providing semiconductor technologies that promote greater power efficiency, enable more features, enhance performance and deliver more value, TI expands the possibilities every day for how they learn, connect, grow and discover.
Semiconductor
Analog
Analog chips are an essential element in today’s digital world. They convert “real-world” signals such as voice, sound, pressure, temperature and electricity into the 1s and 0s that power all digital devices, where the digital signals can be processed very fast by digital signal processors (DSPs) and back into real world signals again. Texas Instruments specializes in these real-time technologies that are widely used in thousands of different end equipments.
Digital Signal
Processing (DSP)
Digital signal processing (DSP) is helping fuel innovative, high-growth applications for many of today's fast-growing markets such as digital wireless, broadband access, digital audio, high-resolution imaging and digital motor control. Texas Instruments has close to 20 years of experience in real-time technologies, working with customers on thousands of different end equipments using TI DSP technology.
Wireless
TI is the leading manufacturer of wireless semiconductors, delivering the foundation of today's wireless technology and solutions and driving innovations to deliver the next generation of mobility. From traditional voice-centric mobile phones to the most advanced, multimedia-rich 3G devices, TI delivers a broad range of complete semiconductor and software solutions to meet the requirements of handset manufacturers, mobile operators and application software developers.
DLP® Technology
DLP® technology is a revolutionary display solution that uses an optical semiconductor to manipulate light digitally. It is a highly reliable, all-digital display chip that delivers the best picture across a broad range of products, including HDTVs, projectors for business, home, education and large venue and Digital Cinema (DLP Cinema®).
Education Technology
Beginning with the introduction of the TI-81 graphing calculator more than 15 years ago, TI has become one of the top technology choices among math and science educators and students. By involving educators at every step of product development and relying on the latest and best available pedagogical research, TI provides students with the most appropriate and effective educational technology.
TI People:
The people shaping TI’s history are as diverse as the customers they serve. They represent every continent and speak dozens of languages, but they all share a passion for discovery and a commitment to making a difference. They are people who bring ideas to life, who believe that by focusing on the customers’ success they make the business stronger.
They are also a company of scientists and engineers. Innovation is what they
do, and every day they look for new ways to help customers solve problems and develop
products that make the world say, “Wow.” Across the board, in every aspect of
the business, from product development to manufacturing to environmental
stewardship to community service, they know there is a better way. And the
people of TI are determined to dream it, design it and build it.
Government Relations
Decisions are made daily by elected officials - at the federal, state and local level - that directly affect Texas Instruments and the way they conduct the business. As a company, they have an obligation to the shareholders, employees and customers to promote the best government policies possible.
TI’s Government Relations staff is engaged at many levels of the regulatory and
legislative processes to promote and safeguard TI’s interests in a responsible,
ethical manner. The public policy objectives are carefully aligned with the
company’s strategic business priorities to help ensure the company’s continued
growth and profitability.
Whether they are advocating expanded trade, improved workforce and education policies, sound tax and environmental policies, or enhanced funding for R&D, TI seeks to work in a constructive, bipartisan manner to articulate the point of view. The goal is to secure results that facilitate growth or do not unfairly disadvantage the company and its stakeholders.
Responsible citizenship is an important value to us all and is an integral part of the overall business success. That is why they approach the public policy activities in a serious and respectful way.
PRESS RELEASES:
TI introduces
single-supply, auto-zero sensor amplifier with programmable gain and offset
Device used as
building block for bridge sensors and data acquisition
DALLAS (November 21, 2008) - Texas Instruments Incorporated (TI) (NYSE: TXN) today introduced a single-supply, auto-zero bridge sensor amplifier. Featuring programmable gain and offset, the PGA308 amplifies the sensor signal and provides digital calibration for zero (offset) and span (gain). A One-Wire, UART-compatible digital serial interface performs the calibration. The PGA308 is used as a building block for resistive bridge sensor conditioning and general data acquisition applications. (See www.ti.com/pga308-pr.)
At the heart of the PGA308 is a precision, low-drift and low-noise front-end programmable gain amplifier (PGA). Digital-programmable coarse offset, fine offset and selected gain (coarse and fine) may be controlled in real time or permanently programmed into the PGA308. The device can store seven banks of one-time programmable (OTP) memory of gain and offset calibration parameters. A separate power-on reset (POR) OTP bank can be programmed up to four times.
The fault monitor detects overload, burnout and system faults. The over-/under-scale limits offer additional system-level diagnostics.
Using auto-zero techniques, the device achieves excellent precision and noise over the extended industrial temperature range of -40C to +125C and has an operating voltage of +2.7 V to +5.5 V. Other digitally calibrated sensor signal conditioning ICs from TI include PGA309, a voltage output programmable sensor conditioner with temperature compensation, and XTR108, a 4-20 mA, two-wire transmitter, or voltage output programmable RTD signal conditioner.
Availability, packaging and pricing
The PGA308 is available now from TI and its authorized distributors in a MSOP-10 package and a 3 mm x 4 mm DFN-10 package. The device is priced at $1.85 each in 1,000-piece quantities (suggested resale price). A hardware and software PGA308EVM evaluation tool is available for calibration and configuration.
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.49.85 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.64.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
64 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|