MIRA
INFORM REPORT
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Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDO ALUSYS INDUSTRIES LIMITED |
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Formerly Known As : |
MAHAVIR ALUMINIUM LIMITED |
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Registered Office : |
606, Tolstoy House, 15, Tolstoy Marg, New Delhi – 110 001, Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.10.1979 |
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Com. Reg. No.: |
9937 |
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CIN No.: [Company
Identification No.] |
U74999DL1979PLC009937 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08506B |
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PAN No.: [Permanent
Account No.] |
AAACM5489L |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Sophisticated Quality Aluminium Extrusions. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually 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. 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 : |
606, Tolstoy House, 15, Tolstoy Marg, New Delhi – 110 001, Delhi,
India |
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Tel. No.: |
91-11-23738011-13 / 23317857-60 / 23712964 / 65 |
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Fax No.: |
91-11-23312677 |
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E-Mail : |
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Website : |
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Factory : |
SP-2/333, Industrial
Area, Bhiwadi, District Alwar, Rajasthan, India |
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Tel. No.: |
91-1493-220764 / 220868 /
220924 |
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Fax No.: |
91-1493-220786 |
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E-Mail : |
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Overseas Office : |
Located at ·
Sharjah ·
London ·
Singapore |
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Branch Office : |
Located at ·
Aligarh, Uttar Pradesh ·
Bhivani, Haryana ·
Bangalore, Karnataka ·
Kolkata, West Bengal ·
Jaipur, Rajasthan ·
Jhununu, Rajasthan ·
Ludhiana , Punjab ·
Mumbai, Maharashtra |
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Architectural Division : |
D-20, 1st Floor, Inner Circle, Connaught Place, New Delhi –
110 001, India |
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Tel. No.: |
91-11-23418878-79 / 43582612 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pradeep Jain |
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Designation : |
Managing Director |
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Qualification : |
B. Com. |
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Date of Appointment : |
17.10.1979 |
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Name : |
Mr. B R Gupta |
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Designation : |
Executive Director |
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Qualification : |
B. E. (Mech.) |
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Date of Appointment : |
28.01.1984 |
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Previous Employment : |
Electrical Manufacturing
Company Limited – Manager (Plant and Development) |
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Name : |
Mr. V. P. Punj |
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Designation : |
Director |
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Name : |
Mr. Anil Jain |
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Designation : |
Additional Director |
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Name : |
Mr. S P Sinha |
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Designation : |
Non Executive and Independent Director |
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Name : |
Mr. M K Doogar |
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Designation : |
Non Executive and Independent Director |
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Name : |
Mr. A P Gandhi |
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Designation : |
Non Executive and Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Naresh Sharma |
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Designation : |
Company Secretary |
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Name : |
Mr. Rakesh Bhalla |
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Designation : |
Company Secretary |
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Name : |
Mr. Rakesh Bhalla |
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Designation : |
Vice President |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Particulars |
No. of Shares |
Percentage of
Holding |
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Promoters, relatives, friends and associates |
7375031 |
86.68 |
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Indian Financialinstitutions and mutual funds |
889885 |
10.46 |
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Private Corporate bodies |
0 |
0 |
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Others |
242950 |
2.85 |
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Total |
8507866 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sophisticated Quality Aluminium Extrusions. |
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Products : |
·
Standard ·
Architectural Building Profiles ·
Architectural Hardware ·
Industrial Applications ·
Miscellaneous ·
Aluminium
Extrusion Division ·
Aluminium Architectural Division ·
Aluminium Ingots Division |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Aluminium extruded products/Circles |
M.T.p.a. |
8900 |
12400 |
6094 |
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Sprinkler irrigation systems |
Sets p.a. |
5000 |
Not Determined |
14 |
GENERAL
INFORMATION
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No. of Employees : |
Around 800 |
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Bankers : |
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State Bank of Mysore ·
State Bank of Bikaner and Jaipur ·
Development Credit Bank ·
The Bank of Rajasthan
Limited ·
Bank of America ·
Bank of Baroda |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B K Shroff and Company Chartered Accountants |
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Address : |
3/7B, Asaf Ali Road, New Delhi – 110 002, India |
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Internal
Auditors : |
K N Gutgutia and Company Chartered Accountants |
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Address : |
11K, Gopala Tower, Rajendra Place, New Delhi – 110 008, India |
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Associates/Subsidiaries : |
Pyrocast India Private Limited |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8507866 |
Equity Shares |
Rs.10/- each |
Rs.85.079
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
85.079 |
85.079 |
85.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
677.898 |
723.205 |
211.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
762.977 |
808.284 |
296.800 |
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LOAN FUNDS |
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1] Secured Loans |
154.980 |
71.714 |
28.600 |
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2] Unsecured Loans |
5.407 |
5.407 |
5.400 |
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TOTAL BORROWING |
160.387 |
77.121 |
34.000 |
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DEFERRED TAX LIABILITIES |
10.581 |
5.975 |
0.000 |
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TOTAL |
933.945 |
891.380 |
330.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
665.862 |
690.374 |
174.600 |
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Capital work-in-progress |
0.000 |
0.000 |
1.000 |
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INVESTMENT |
2.001 |
2.001 |
2.000 |
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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 |
257.392
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164.020 |
172.800 |
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Sundry Debtors |
208.386
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103.774 |
87.200 |
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Cash & Bank Balances |
21.931
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25.599 |
12.200 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
69.473
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69.732 |
33.900 |
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Total
Current Assets |
557.182
|
363.125 |
306.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
283.371
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160.008 |
151.600 |
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Provisions |
7.729
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4.112 |
1.300 |
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Total
Current Liabilities |
291.100
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164.120 |
152.900 |
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Net Current Assets |
266.082
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199.005 |
153.200 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
933.945 |
891.380 |
330.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1003.332 |
871.068 |
731.200 |
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Other Income |
2.245 |
4.871 |
2.200 |
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Total Income |
1005.577 |
875.939 |
733.400 |
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Profit/(Loss) Before Tax |
43.159 |
38.801 |
16.600 |
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Provision for Taxation |
15.472 |
6.820 |
1.400 |
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Profit/(Loss) After Tax |
27.687 |
31.981 |
15.200 |
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Earnings in Foreign Currency : |
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FOB Value of Exports |
38.388 |
(35.513) |
0.000 |
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Total Earnings |
38.388 |
(35.513) |
0.000 |
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Imports : |
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Raw Materials |
50.946 |
(97.634) |
0.000 |
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Stores & Spares |
5.065 |
(2.252) |
0.000 |
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Capital Goods |
20.582 |
(16.999) |
0.000 |
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Total Imports |
76.593 |
(116.885) |
0.000 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
17.200 |
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Selling and Distribution Expenses |
18.348 |
12.240 |
22.300 |
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Raw Material Consumed |
809.912 |
659.153 |
509.700 |
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Job Work |
16.162 |
7.601 |
0.000 |
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Consumption of stores and spares parts |
13.844 |
11.245 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(63.749) |
3.750 |
(16.500) |
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Employees |
36.437 |
29.716 |
23.900 |
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Excise Duty on variation of stock |
9.149 |
0.031 |
92.100 |
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Interest |
12.802 |
6.005 |
5.800 |
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Power & Fuel |
58.696 |
55.094 |
37.500 |
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Miscellaneous Expenses |
0.000 |
0.000 |
19.700 |
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Depreciation & Amortization |
9.282 |
5.916 |
5.100 |
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Other Expenses |
41.535 |
46.387 |
0.000 |
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Total Expenditure |
962.418 |
837.138 |
716.800 |
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KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
0.60 |
0.33 |
0.22 |
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Long Term Debt-Equity Ratio |
0.28 |
0.14 |
0.06 |
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Current Ratio |
1.52 |
1.72 |
1.72 |
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TURNOVER
RATIOS |
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Fixed Assets |
2.76 |
3.01 |
2.36 |
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Inventory |
5.4 |
5.81 |
4.23 |
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Debtors |
7.29 |
10.24 |
8.39 |
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Interest Cover Ratio |
4.37 |
7.47 |
3.86 |
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Operating Profit Margin(%) |
5.73 |
5.18 |
3.76 |
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Profit Before Interest And Tax
Margin(%) |
4.91 |
4.58 |
3.06 |
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Cash Profit Margin(%) |
3.25 |
3.87 |
2.78 |
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Adjusted Net Profit Margin(%) |
2.44 |
3.27 |
2.08 |
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Return On Capital Employed(%) |
17.63 |
20 |
12.02 |
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Return On Net Worth(%) |
13.97 |
19 |
9.97 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject (Formerly Mahavir Aluminium Limited)
is manufacturer of aluminium products in north India and incorporated in the
year 1979 with the main objective to manufacturer sophisticated Aluminium
Extrusions in India. The company with a clear vision and strong fundamentals,
in short span of time, established itself as one of the most promising and
developing Aluminium Extrusion Company, who cared for its valued customers by
providing excellent customer services through-out India and abroad.
The manufacturing facilities of subject
(Formerly Mahavir Aluminium Limited) is located in the highly developed
Industrial Area of Bhiwadi, in Alwar District of Rajasthan, which is about 70
kms the National Capital, New Delhi. The company has an installed capacity of
7600 M/Tons of Aluminium Extrusions.
The Plant of the company is equipped with
latest and most advanced plant and machinery and other supporting / balancing
mostly imported. Further, the technologies are updated with latest know-hoe
available in the world to give its products an edge over its competitors, to
manufacture extrusions of high precision and quality compared to the best in
the world.
The company has two Oil Hydraulic Extrusion
Presses of 1650 UST capacity designed by Schloeman of Germany and manufactured
by Sutton USA and 1250 UST capacity designed and manufactured by Ferrel.
The operations of both the presses are
controlled by Micro Processor based technology and Programmable Logic Control
(PLC) Systems. The above Presses are capable of producing Extruded Sections
with a circumscribing circle of 6.5 inches dia from container size upto 8
inches dia.
The Plant has a most modern foundry having facilities to melt and cast
Aluminium Alloy Billets of very high quality applying Hot Top Vertical Casting
Process. The Alloy compositions of the billets are controlled by a
computerlized Spectrometer at the stage of melting and subsequent casting.
Extrusion dies, which form the heart of an extrusion press, are
manufactured in-house. The most modern Die-Shop is equipped with computerized
EDM Wire Cut Machine, Spark-Erosion-cum-Electrical Discharge Machines, Extrude
hone Die Polishing Machine and other most modern equipments with highly skilled
Die Makers and Technicians to achieve a very high degree of dimensional
accuracy, close tolerance and smooth surface finish for its extruded profiles
and sections.
The plant also has in-house facility for Surface Treatment of Aluminium
Profiles such as Anodizing, Electro Colouring and Powder Coating.
DIVIDEND
Considering the need to conserve resources for meeting long-term capital
expenditure for increasing revenue generation of the Company, the Directors
consider it appropriate not to recommend dividend for the year under
report.
OPERATIONS
Turnover: The Company has recorded
turnover of Rs. 1132.600 millions during the year as against Rs. 974.500
millions during the previous year with an increase of 16.22%.
Profit: The Company has registered
higher profit of Rs. 43.159 millions as compared to Rs. 38.801 millions in the
previous year with a growth of 11.23%.
Performance overview: During the
year, the Company has recorded year of impressive performance with highest ever
top and bottom lines. The Aluminium business delivered outstanding results with
tremendous growth. Business grew due to expanded volumes from better asset
utilization and optimal load distribution, coupled with an increased share of
value added products. Cost pressure on account of input price escalation was
contained in some measures through cost reduction programmes initiated earlier.
Export: Exports have been an area of
the Company. With the emergence of indigenous overseas markets, exports
globally have become very competitive. Nevertheless, the Company is making
continuous concerted efforts to sustain its existing markets and at the same
time widen the horizon its products in new overseas markets by becoming
internationally competitive by its expertise and cutting costs at all
operational levels without compromising on the quality of the products.
MODERNIZATION:
The Company has undertaken several steps for up-gradation/modernization of its
existing infrastructure, which include installation of Hot Top Casting Machine,
Gas fired Log Heating Furnace, Gas Fired Homogenizing Furnace and CNC vertical
machine on CNC Centre. In view of above up-gradation/modernization Company is
expecting higher profitability and better cash flows in future.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
ANALYSIS AND BUSINESS OPPORTUNITIES
Aluminium extrusions are fast replacing conventional materials and metals in
almost every sphere because they offer versatility, high strength-to-weight
ratio, elegant looking, corrosion resistance, aesthetic appeal, easy
installation capability, high scrap value, vast choice of colour and design, easy
maintenance and substantial savings on costs. At the domestic Level this sector
emerged as most happening industry, because of improved purchasing power,
changing life style and ever increasing popularity of aluminium intensive
applications. Growth of Power Sector provides a tool for a strong growth of
Aluminium Industry in the near future. The Government has set a capacity
additional target of around 100000 MW in 10th plan (FY 02-07) and 11th Plan
(07-12).
The Automotive sector is the second largest user of the domestic Aluminium.
Consumption from Automotive Segment has grown because of the favorable
Government Schemes. The Growth Automotive Sector is expected to be doubled
during the year because of significant demand of both Two Wheelers and passengers
Cars. They believe that the contribution from this segment will grow in near
future.
The Building and construction sector is also poised to grow further. The
improving affordability on the back of lower interest rate and continued fiscal
incentives is driving the growth. This coupled with growing acceptance of
aluminium for construction and increasing standardization of extruded products
for construction would increase the sector's confidence in using aluminium
products.
With Government now considering the new incentives to be allowed, the usage of
aluminium will improve in the construction. The consumer durables and packaging
sectors are also showing positive growth signs with the rise in consumer
income.
The company is well positioned to capitalize on emerging opportunity due to
significant competitive strength, acquired over the years.
BUSINESS OVERVIEW/OUT LOOK
The Company has recorded year of impressive performance with highest ever top
and bottom lines. The Aluminium business delivered outstanding results with
tremendous growth. Business grew on the back of higher process on the LME,
expanded volumes from better asset utilization and optimal load distribution,
coupled with an increased share of value added products. Cost pressure on account
of input price escalation was contained in some measures through cost reduction
programmes imitated earlier.
Subject (Formerly Mahavir Aluminium Limited) has the distinction of being one
of the first extrusion companies of India to have ISO 9001-2000 certification
from the world-renowned certifying agency DET NORSKE VERITAS (DNV) of
Netherlands.
The Company manufactures quality Aluminium Products. The Company also exports
its products to various countries including UAE and U.K. The Company is an ISO
9001:2000. Plant of the company is equipped with latest and most advanced plant
and machinery and other supporting/ balancing
The business philosophy of the Company is to provide high quality products,
timely delivery and customer satisfaction. The Company is dedicated to
continual improvement of its products, services and company as a whole, through
process control, employee involvement and management commitment.
Industry Outlook: Domestic consumption of aluminium has recorded a strong
growth. Aluminium consumption will get a further boost from the mega power
projects as well as the initiatives announced by the Government in the budget
for the rural electrification. There is substantial investment needed in the
sector to meet the country's current and projected future power requirement
which bodes well for aluminium.
Aluminium consumption in transportations segment expanded at an even high rate
of 32%, rapidly increasing household income has provided a significant lift to
passenger vehicles segment growing at around 20% in the last couple of years.
Reduction in excise duty on small cars in the union budget 2006-07 is likely to
further enhance growth. Improvement in road infrastructure and increasing
economic activity bodes well for commercial vehicles demand. Export of Auto
component from India have clocked a growth rate of 33% in last 3 years, owing
to a huge increase in sourcing of auto components from India by several
developed countries. Export projects US$ 25 billion if value-realization from
India's auto components exports by 2015. This has significant potential for
domestic aluminium consumption.
The building and Construction sector has been witnessing an unprecedented
growth all over the country. The broad based economic growth has resulted in
rapid urbanization and development of smellers towns. This along with strong
sentiment is boosting demand for commercial properties. Experts forecast a
short fall of 19 million houses every year, which can lead to substantial
demand creation for aluminium products.
Towards capitalizing on emerging opportunities, your company has chalked out an
ambitious growth plan that is aimed at catapulting the company into the league
of top Indian Aluminium manufacturing Company.
Keeping in mind the ongoing value shift in alumina, favorable demand supply
conditions in growing markets of Asia and significant advantages available for
Indian producers, the company has decided to pursue aggressive growth by
strengthening the hold on domestic market and embark on value added export in
future.
FINANCIAL
PERFORMANCE
The Company reported gross turnover of Rs. 1132.600 millions during the year as
compared to Rs. 974.700 millions during the previous year, thus registered an
increase of about 16.220l0. The Company also earned in this year, higher profit
after tax of Rs. 43.159 millions against Rs. 38.801 millions earned in the
previous year, thus reporting registered an increase of 11.23%. The higher
profitability was due to modernization and up-gradation of existing
infrastructure, better sourcing of material and effective cost reduction in the
areas of conservation of energy and human resources.
FIXED ASSETS
·
Land – Leasehold
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Factory and Office
·
Equipment
·
Vehicles
WEB DETAILS
Subject (Formerly
Mahavir Aluminium Limited) is promoted by the Jain Group of Industries in the
year 1979,with a main objective to manufacture sophisticated quality Aluminum
Extrusions in India.
In a short span of time, the company geared up to multi -products and multi
dimensional activities with world class Aluminum Extrusion products, Aluminum
Architectural products and Alloy Ingots.
The manufacturing facilities of subject is located in the highly
developed Industrial Area of Bhiwadi, in Alwar District of Rajasthan, which is
about 70 kms from the National Capital, New Delhi. The company has an installed
capacity of 11,000 MT of Aluminum Extrusions, Alloy Ingot capacity of 10,000
MT, Powder coating and finishing capacity of 2400 MT and
Anodizing/Electro-coloring capacity of 2,000 MT per annum. They also have a
fabrication capacity of 1,50,000 sq.mtrs.for doors and windows, structural
glazing, curtain wall, aluminum cladding, skylights, frameless glazing.
The company has German Aluminum extrusion press & Italian know how of
Anodizing, Electro-coloring and powder coating.
Export has been thrust area of the Company. The quality range of the products
has been internationally accepted by European and Middle East markets for their
persistent reliability and competitive edge.
Future Outlook
With a view to boom in building construction Industry, real estate /
infrastructures in India, the company has been consistently developing a large
team of dedicated technical manpower, designers, planners etc. and resources to
meet future requirements.
To meet ever-growing demand in the Auto Ancillary industry, the company has
future plans to manufacture the Aluminum Casting Components and Assemblies
thereafter. They also have growth plan for fabricated extrusion products to be
used in Industrial applications.
On a diversification spree, Real Estate/ Infrastructural projects are under
planning. With a view to future, company ushers with host of ideas and
innovations for greener and healthier environment,
Production
The manufacturing facilities of subject is located in the developed
Industrial Area of Bhiwadi, in Alwar District of Rajasthan, which is about 70
kms from the National Capital, New Delhi. The company has an installed capacity
of 11,000 MT of Aluminum Extrusions, Alloy Ingot capacity of 10,000 MT, Powder
coating & finishing capacity of 2400 MT and Anodizing/Electro-coloring
capacity of 2,000 MT per annum.
The Plant Has Coveted With ISO 9001-2000 Certificate There Is In-house Facility
for Checking Other Parameters in Our Quality Control Lab As Per Bs-1474: 1987
and As Per Is: 733, 1285, 6477, 3965.
The Plant of the company is equipped with latest and most advanced plant
and machinery and other supported/balancing equipment mostly imported. Further,
the technologies are updated with latest know-how available in the world to
give its products an edge over its competitors, to manufacture extrusions of
high precision and quality compared to the best in the world.
The company has two Oil Hydraulic Extrusion Presses of 1650 UST capacity
designed by Schloeman of Germany and manufactured by Sutton USA and 1250 UST
capacity designed and manufactured by Ferrel.
The operations of both the presses are controlled by Micro Processor based
technology and Programmable Logic Control (PLC) Systems. The above Presses are
capable of producing Extruded Sections with a circumscribing circle of 6.5
inches dia from container size upto 8 inches dia.
The Plant has a most modern Foundry having facilities to melt and cast
Aluminium Alloy Billets of very high quality applying Direct Chilled Vertical
Casting Process. The Alloy composition of the billets is controlled by a
computerized Spectrometer at the stage of melting and subsequent casting.
Extrusion dies which form the heart of an extrusion press are manufactured
in-house. The most modern Die-Shop is equipped with computerized EDM Wire Cut
Machine, Spark-Erosion-cum-Electrical Discharge Machines, Extrudehone Die
Polishing Machine and other most modern equipments with highly skilled Die
Makers and Technicians to achieve a very high degree of dimensional accuracy,
close tolerance and smooth surface finish for its extruded profiles and
sections.
The Plant also have sophisticated Extrusion handling Systems/Equipments which
includes an Extrusion Puller and other related equipments to avoid manual
handling to produce a scratch free material suitable for subsequent surface
treatments like Anodizing, Electro Coloring and Powder Coating.
The Plant also has in-house facility for Surface Treatment of Aluminium
Profiles such as Anodizing, Electro Coloring and Powder Coating.
Quality
Quality norms of the Company
It is the Policy of the Company to provide
High Quality Products, Timely delivery and customer satisfaction. The Company
is dedicated to continual improvement of its products, services and company as
a whole through process control, employee involvement and management commitment.
Quality Objectives :
- High Quality
Products
- Timely
Delivery
- Customer
satisfaction
- Continual
improvement
- Fast
development of new products.
Subject believes in high quality and has ISO
9001:2000 certification from world renowned Certifying Agency DET NORSKE
VERITAS (DNV) OF NETHERLANDS.
The company lays great stern on quality control and has invested heavily on
quality control and testing equipments like Spectrometer, to keep a check on
the material as well as quality of finished products. This and other practices,
keeping in line with international standards have enabled the company to secure
the coveted ISO 9002 Certification.
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
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 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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. |
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 |
|