MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAN
INDUSTRIES INDIA LIMITED |
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Registered Office : |
102, Man House,
Opposite Pawan Hans, S.V. Road, Vile Parle (West), Mumbai – 400052,
Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
19.05.1988 |
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Com. Reg. No.: |
11-47408 |
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CIN No.: [Company
Identification No.] |
L99999MH1988PLC047408 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20899E |
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PAN No.: [Permanent
Account No.] |
AAACM2675G |
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Legal Form : |
A public limited
liability company. The company's
shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of
submerged arc welded pipes, aluminium extruded sections / profiles and
spirally welded tubes and pipes. |
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 12275408 |
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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
company having fine track. Trade relations are fair. Financial position is
good. Payments are usually correct and as per commitments. The company can be
considered good for normal business dealings at usual trade terms and
conditions. It can be
regarded as a promising business partner in a medium to long run. Man Aluminium
Limited is a separate legal entity incorporated on 08.07.2003 under company
registration no. 11-141224 |
LOCATIONS
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Registered Office |
102, Man House, Opposite
Pawan Hans, S.V. Road, Vile Parle (West), Mumbai – 400052, Maharashtra, India
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Tel. No.: |
91-22-66477500 / 2610 8888 |
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Fax No.: |
91-22-66477600 / 01 |
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E-Mail : |
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Website : |
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Administrative Office : |
1, Chandrageet, 120, S. V. Road, Andheri (West), Mumbai - 400 058, Maharashtra,
India. |
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Tel. No.: |
91-22-26201365-8 |
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Fax No.: |
91-22-26203561 |
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E-Mail : |
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Website : |
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Central Office : |
Man House, 15 PU 3, Scheme 54, A. B. Road, Indore – 452 008, Madhya
Pradesh. |
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Tel. No.: |
91-731-559070 / 71 / 72 / 73 |
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Fax No.: |
91-731-557891 / 92 |
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E-Mail : |
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Website : |
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Overseas Offices : |
Located at UK and UAE |
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Factory : |
Aluminium
Division
Plot No. 67, Sector No. 1, Pithampur Industrial Area, Pithampur (Near
Indore), Dhar District, Madhya Pradesh Tel. No. 91-7292-253446 Pipe and
Coating Division (Pithampur):-
Plot No. 257/258 B, Sector No. 1, Pithampur Industrial Area, Pithampur
(Near Indore), Dhar District, Madhya Pradesh Tel. No. 91-7292-253666 PIPE &
COATING COMPLEX (ANJAR):- (EXPANSION PROJECT) Village : Khedoi, Taluka : Anjar, District : Kutch (Gujarat) Tel. No : 91-2836-249160 |
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Delhi Office |
Flat No.
902, 9th Floor, Indraprakash Bldg., 21 Barakhamba Road, New
Delhi – 110001, India
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Tel No: |
91-11-3359405 / 3314473
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Fax No: |
91-11-3731920
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Mobile No: |
91-98210063629
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Email : |
manind@del6.vsnl.net.in
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United Kingdom |
No 54, Colum Road ,
Cathy’s,Cardiff cf10 3ej, Wales. (UK) |
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Tel No: |
0044 7775905222 |
DIRECTORS
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Name : |
Mr. R. C. Mansukhani |
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Designation : |
Chairman |
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Name : |
Mr. J. C.
Mansukhani |
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Designation : |
Managing Director |
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Name : |
Mr. J. L. Mansukhani |
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Designation : |
Director |
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Name : |
Mr. Sudatta
Mandal |
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Designation : |
Director |
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Name : |
Mr. Kirit Damania |
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Designation : |
Director |
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Name : |
Mr. Vijay G.
Kalantri |
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Designation : |
Director |
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Name : |
Mr. Vijay Ranchan |
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Designation : |
Director |
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Name : |
Mr. Rameshchandra Jindal |
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Designation : |
Director |
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Management
Team: |
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Mr. Somnath Roy |
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Mr. K G Mantri |
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Mr. Sandeep Pathak |
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Mr. S Kundu |
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Mr. Prakash Deshmnukh |
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Mr. Anil Wadhwani |
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Mr. P K Sharma |
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Mr. Manish Pathak |
KEY EXECUTIVES
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Name : |
Mr. Anil Cherian |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.06.2008
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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A] Shareholding
of Promoter and Promoter Group : |
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Indian |
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Individuals/ Hindu Undivided Family |
16076418 |
32.9243 |
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Central Government/ State Government |
95098 |
0.1948 |
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Foreign |
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Individuals (Non- Residential/ Foreign Individuals) |
7200092 |
14.7457 |
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B] Public
Shareholding |
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Institutions |
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Mutual Funds/ UTI |
5480745 |
11.2245 |
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Financial Institution/ Banks |
3006191 |
6.1566 |
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Foreign Institutional Investors |
2348324 |
4.8093 |
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Non Institutions |
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Bodies Corporate |
4653722 |
9.5308 |
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Individuals |
8463553 |
17.3333 |
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Individual Shareholders holding Nominal Share Capital up to Rs.0.1
Million |
519977 |
1.0649 |
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Any Others |
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Clearing Members |
104876 |
0.2148 |
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Non Residents Indians (Repat) |
455810 |
0.9335 |
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Non Residents Indians (Non Repat) |
74884 |
0.1534 |
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Foreign Companies |
347722 |
0.7121 |
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Trusts |
1000 |
0.0020 |
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Share Held by Custodians |
4456462 |
0.000 |
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Total |
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100.000 |
Note: Name, Number of Share held and Percentage of
shareholding of entities/ Persons holding more than 1% of the shares of the company
is as per annexure
BUSINESS DETAILS
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Line of
Business : |
Manufacturing of
submerged arc welded pipes, aluminium extruded sections / profiles and
spirally welded tubes and pipes. |
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Products
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Exports to : |
Middle East and
UK |
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Imports from : |
Europe and UK |
PRODUCTION STATUS (as on 31.03.2007):-
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Particulars |
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Quantity (MT) |
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Pipes Division (Pipes) |
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Installed Capacity |
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600000.00* |
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400000.00** |
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Opening Stock |
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13093.36 |
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Production / Coating in India |
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189.677 |
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Overseas |
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46.145 |
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Turnover in India |
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200279.09 |
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Overseas |
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46.145 |
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Closing Stock |
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2467.64 |
GENERAL
INFORMATION
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Suppliers : |
· Amin Machinery · Anukampa Salt and Chemicals · Carbonic Industries · Dwekam Electrodes · Geeta Machnies · Hydmark Applicon · Malwa Tools Private Limited · Motiwale Engineering · Rainbow Rub Tech |
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No. of
Employees : |
2555 |
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Bankers : |
v State Bank Of India, Commercial Branch,
Indore And Overseas Branch, Mumbai v State Bank Of Indore, P.Y.Road, Indore,
Madhya Pradesh v Bank Of Baroda, Mumbai Main Branch, Fort,
Mumbai, Maharashtra v ICICI Bank Limited, Backbay Reclamation
Branch, Mumbai, Maharashtra v
State Bank Of India, Commercial Branch, Indore v Axis Bank, Fort
Branch, Mumbai v
Corporation Bank, IFB, Fort, Mumbai v
ABN Amro Bank, Nariman Point, Mumbai |
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Facilities : |
- Term Loans from
Banks and Financial Institutions are secured by way of first pari-passu
charge on fixed assets of the Company and further secured by personal
guarantee by the promoter Directors. - Working Capital
facilities by banker's are secured by first pari-passu charge on all the
movable assets of the Company and second charge on the immovable assets of
the Company. - Vehicle finance
is secured by way of mortgage of the specific assets.
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Banking Relations : |
Satisfactory |
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Auditors : |
Rohira Mehta
& Associates Chartered
Accountants Mumbai |
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Membership : |
Confederation of
Indian Industry. |
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Associates/Subsidiaries : |
MAN Group of
Companies |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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35000000 |
Equity Shares |
Rs. 10/- each |
Rs 350.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26642437 |
Equity Shares |
Rs. 10/- each |
Rs.266.424
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
266.400 |
266.424 |
266.424 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3395.500 |
2802.428 |
2485.849 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3661.900 |
3068.852 |
2752.273 |
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LOAN FUNDS |
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1] Secured Loans |
1026.800 |
2453.712 |
2485.611 |
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2] Unsecured Loans |
2068.200 |
18.688 |
23.996 |
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TOTAL BORROWING |
3095.000 |
2472.400 |
2509.607 |
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DEFERRED TAX LIABILITIES |
0.000 |
368.288 |
261.859 |
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TOTAL |
6756.900 |
5909.540 |
5523.739 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2825.500 |
2647.375 |
2453.798 |
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Capital work-in-progress |
1052.100 |
239.611 |
10.884 |
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INVESTMENT |
333.800 |
11.460 |
2.749 |
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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 |
2783.100
|
1797.142
|
1154.196 |
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Sundry Debtors |
2165.500
|
3326.130
|
1005.742 |
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Cash & Bank Balances |
1162.300
|
145.756
|
1567.419 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
2640.100
|
1813.595
|
1230.119 |
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Total
Current Assets |
8751.000
|
7082.623
|
4957.476 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6175.800
|
4071.529
|
1901.168 |
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Provisions |
79.900
|
0.000
|
0.000 |
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Total
Current Liabilities |
6255.700
|
4071.529
|
1901.168 |
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Net Current Assets |
2495.300
|
3011.094
|
3056.308 |
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MISCELLANEOUS EXPENSES |
50.200 |
0.000 |
0.000 |
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TOTAL |
6756.900 |
5909.540 |
5523.739 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
14545.500 |
11331.029 |
8699.333 |
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Other Income |
532.900 |
0.000 |
0.000 |
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Total Income |
15078.400 |
11331.029 |
8699.333 |
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Profit/(Loss) Before Tax |
1086.700 |
839.548 |
513.259 |
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Provision for Taxation |
374.600 |
286.645 |
162.848 |
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Profit/(Loss) After Tax |
712.100 |
552.903 |
350.411 |
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Export Value
|
0.000 |
4162.760 |
4171.522 |
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Import Value
|
0.000 |
5646.086 |
3471.564 |
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Expenditures : |
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Cost of Goods Sold |
0.000 |
8733.445 |
7152.189 |
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Raw Materials |
11576.800 |
0.000 |
0.000 |
|
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Increase/(Decrease) in Finished Goods |
0.000 |
[80.135] |
[605.152] |
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Salaries, Wages, Bonus, etc. |
0.000 |
265.123 |
187.489 |
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Interest |
0.000 |
309.142 |
268.251 |
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Other Expenditure |
2414.900 |
1094.607 |
1027.644 |
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Total Expenditure |
13991.700 |
10322.182 |
8030.421 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2008 |
|
Type
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1
Quarter |
|
Sales Turnover |
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|
3168.800 |
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Other Income |
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|
0.000 |
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Total Income |
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|
3168.800 |
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Total Expenditure |
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|
2781.200 |
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Operating Profit |
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|
387.600 |
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Interest |
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|
93.800 |
|
Gross Profit |
|
|
293.800 |
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Depreciation |
|
|
72.900 |
|
Tax |
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|
51.000 |
|
Reported PAT |
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|
145.200 |
KEY RATIOS
|
Year |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
0.83 |
0.86 |
1.13 |
|
Long Term Debt-Equity Ratio |
0.56 |
0.37 |
0.68 |
|
Current Ratio |
1.27 |
1.27 |
1.26 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
4.11 |
3.52 |
3.04 |
|
Inventory |
6.35 |
7.60 |
9.19 |
|
Debtors |
5.30 |
5.18 |
7.59 |
|
Interest Cover Ratio |
4.46 |
3.72 |
2.91 |
|
Operating Profit Margin(%) |
11.57 |
11.75 |
11.42 |
|
Profit Before Interest And Tax Margin(%) |
9.63 |
10.24 |
9.52 |
|
Cash Profit Margin(%) |
6.83 |
6.44 |
6.17 |
|
Adjusted Net Profit Margin(%) |
4.90 |
4.93 |
4.27 |
|
Return On Capital Employed(%) |
22.88 |
21.28 |
20.01 |
|
Return On Net Worth(%) |
21.16 |
19.03 |
19.07 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:-
Subject was
incorporated on 19th May, 1988 at Mumbai in Maharashtra under the
name and style of Man Aluminium Limited having Company Registration Number
47408.
Subsequently, the name
of the company was changed to the present.
Subject
is a manufacturer of SAW pipes, Spiral pipes and Aluminium extrusions is part
of Mumbai based 'The Man Group'.
Even though Subject, which commenced its operations with manufacture of
aluminium extrusions, the company's diversification into manufacture of
SAW/Spiral pipes is presently contributing more to the company's turnover than
the aluminium extrusion division.
The company promoted by Rameshchandra Mansukhani and incorporated on March 19,
1988 has its aluminium extrusion plant at Pithampur, Madhya Pradesh. The pipes
division of the company which include both Saw Pipe manufacturing facility and
Spiral Pipe and Coating also located at Pithampur, MP near to the aluminium
extrusion plant.
The company has Collaboration agreement with Chr. Haeusler, Switzerland for
API-grade longitudinally welded SAW pipes. The SAW pipe division at Pithampur,
which commenced production in Dec.'95 and having an installed capacity of
50,000 tpa can manufacture pipes of diameters between 18 inches and 54 inches
and thicknesses between 6 mm and 25.4 mm and of lengths upto 12 mtr.
The company tapped the Capital Market in Aug '89 to part finance its project to
manufacture 4000 tpa of aluminium extrusions in Pithampur and this project
commenced commercial production in May 1990. Again in Aug 1994 the company came
out with right issue to part finance its project involving expansion of
aluminium extrusion capacity and diversification into manufacture of SAW Pipes.
The capacity of the aluminium extrusion plant was expanded by putting up an
imported 1100-tpa press which started production in Oct.'95. The
expansion-cum-diversification was part-financed by a rights-cum-public issue in
Aug.'94. The company proposed two new projects for P E Coating of Pipes and
Spiral Pipe Mill within the existing vicinity of its saw pipes plant at
Pithampur is going in full swing and the commercial production was expected by
October, 1998.
The Company's Spiral Pipe Project was commissioned and commercial production
was started in April 99. Company also completed diversification of pipe
division. The Company had set up a 3-Layer Poly Ethylene Coating Plant at
Pithampur for coating of pipes manufactured inhouse and also carry out job work
of coating of pipes. The production was started as per the schedule.
The company is now eligible to bid for major trunk line projects both in
domestic and as well in international level as it has upgraded its facilities
to meet international standards. Further the company has also got certified
with ISO 9002.
Achievements made by the Man Group :
·
An ISO
9001/14001/18001 Company
·
Largest
Exporters to Europe of Aluminium Extrusions
·
American
Petroleum Institute (API) Certification
·
Certified by
Engineers India Limited (EIL)
·
Government
recognized “Export House” status.
·
Recipient of
Export Excellence Award 1993 & 1994
·
Recipient of
Management Excellence Award in 1995
·
Recipient of
Rajeev Ratna Award in 1994
·
Recipient of
EEPC Award in 1996 & 1999
·
Recipient of “Niryat
Shree” Award of FIEO for 2001-2002
INTRODUCTION
Subject is a member of The Man Group, UK.
The organization has been expanding, integrating and growing at the speed of
light the fulfill the ambition of its Global excellence. Commissioning of its
Anjar Line Pipe and Coating Complex in the State of Gujarat on the West-Coast
of India in the year 2005 had been a major milestone in the path of progress of
the Group.
The Man Group has a track record of over 32 Years as a
successful trading organization and now over 16 Years as an ambitious and fast
growing manufacturer of Aluminum Extrusion Products and Large Dia. Line Pipes.
With strategic investments and continuous growth, Man Industries (India) Ltd.
has emerged out as a prominent player in the league of world-class
manufacturers of Line Pipe and Coating Systems in a short span of eight years
of its entry into the Global market.
The group under the leadership of Mr. R C Mansukhani and Mr. J C Mansukhani is
committed to quality products and also treasures its employees who make it
happen. Its vast organisational strength comprises of dedicated and skilled
teammates whose core competence lies in making a good products, a better one.
BIODATA
Subject, the flag ship company of The Man Group of UK is a leading
manufacturer of large diameter SAW Line Pipes and Coating Systems for high
pressure applications like transportation of Oil, Gas and other Petrochemical
products.
The Company is,a ISO 9001, ISO-14001 and ISO-18001 certified and all its
facilities hold valid API Licenses which is a mandatory requirement for
production of high pressure line pipes for hydrocarbon applicationsThe company
has its plant located at Pithampur, MP, at Kutch, Gujarat.Eventhough MIIL,
which commenced its operations with manufacture of aluminium extrusions in
1988, the company's diversification into manufacture of SAW/Spiral pipes in
1994 is presently contributing more to the company's turnover than the
aluminium extrusion division.
The company promoted by Rameshchandra Mansukhani and incorporated on March 19,
1988 has its aluminium extrusion plant at Pithampur, MP. The pipes division of
the company which include both Saw Pipe manufacturing facility and Spiral Pipe
and Coating are also located at Pithampur, MP near to the aluminium extrusion
plant.
The company has Collaboration agreement with Chr. Haeusler, Switzerland for
API-grade longitudinally welded SAW pipes. The SAW pipe division at Pithampur,
which commenced production in Dec.'95 and having an installed capacity of
50,000 tpa can manufacture pipes of diameters between 18 inches and 54 inches
and thicknesses between 6 mm and 25.4 mm and of lengths upto 12 mtr.
The company tapped the Capital Market in Aug '89 to part finance its project to
manufacture 4000 tpa of aluminium extrusions in Pithampur and this project
commenced commercial production in May 1990. Again in Aug 1994 the company came
out with an right issue to part finance its project involving expansion of
aluminium extrusion capacity and diversification into manufacture of SAW
Pipes.
The capacity of the aluminium extrusion plant was expanded by putting up an
imported 1100-tpa press which started production in Oct.'95. The expansion-
cum-diversification was part-financed by a rights-cum-public issue in Aug.'94.
The company proposed two new projects for P E Coating of Pipes and Spiral Pipe
Mill within the existing vicinity of its saw pipes plant at Pithampur is going
in full swing and the commercial production is expected by October, 1998.
The Company's Spiral Pipe Project was commissioned and commercial production
was started in April 99. Company also completed diversification of pipe
division. The Company had set up a 3-Layer Poly Ethylene Coating Plant at
Pithampur for coating of pipes manufactured inhouse and also carry out job work
of coating of pipes. The production was started as per the schedule.
The company is now eligible to bid for major trunk line projects both in
domestic and as well in international level as it has upgraded its facilities
to meet international standards. Further the company has also got certified
with ISO 9002.
During 2006-07, the company received the approval of the Honourable High Court
of Mumbai to demerge the Aluminium Extrusion division of the Company into a new
company, named Man Aluminium Ltd. Under the scheme, the shareholders of the
company will be entitled to receive shares of Man Aluminium Ltd, free of
cost.
During 2005-06, the companies production capacity of Aluminium Division which
produces Sections stood at 6000 MT and the companies production capacity of
Pipes expanded from 375000 MT to 425000 MT.
WEB DETAILS ATTACHED
The Man Group has emerged out as a well diversified
industrial conglomerate by the virtue of the vision and the dynamic leadership
of its management. With a trading background of more than 32 years, the senior
members of Mansukhani family ventured into manufacturing in the year 1988 with
the Aluminium Extrusion Division and did not turn back there after. With the
establishment of SAW Pipe Division in the year 1994 the Group has come a long
way by consistently scaling new heights and building up impressive track record
of exponential growth.
The Group steered by the Group Chairman, Mr. R. C.
Mansukhani has always believed in achieving high output in every aspect of the
business by adding values to work by strict adherence to the following key
principles :
· Efficient Planning and Optimization
of Finance, Resources and Manpower.
· Accurate Vision of Market Growth and
Adequate Expansion and Diversification.
· No compromise with Quality of
Products and Services.
· Continuous Improvement in Systems to
maintain Leading Position in the Global Market.
· Total Customer Satisfaction.
· Continuous Employee Motivation.
· Healthy and Long Lasting Vendor
Relations.
OTHER INFORMATION:-
The Honorable
Bombay High Court has approved the Scheme of Demerger of the Aluminium Division
of the Company as on 1st April 2006 and pursuant to the Scheme all
the assets and liabilities pertaining to the said division has been transferred
at their respective book values.
FIXED ASSETS:
· Land
· Factory Building
· Office Premises
· Plant and Machinery
· Dies and Patterns
· Office Equipment
· Electrical Equipment
· Furnitures and Fixtures
· Vehicles
· Computer
· Windmill
· Garden
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.46.63 |
|
UK Pound |
1 |
Rs.83.76 |
|
Euro |
1 |
Rs.66.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|