MIRA INFORM REPORT
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Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
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Name : |
NAPINO AUTO AND ELECTRONICS LIMITED |
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Registered Office : |
753 - 754, Udyog Vihar, Phase - V, Gurgaon – 122 016, Haryana |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
14.11.1991 |
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Com. Reg. No.: |
05-31470 |
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CIN No.: [Company
Identification No.] |
U34300HR1991PLC031470 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKN01531F/ RTKN00907E |
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PAN No.: [Permanent
Account No.] |
AAACN4973G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Auto Electrical and Electronic Products. |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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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 6200000 |
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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 a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Factory 1 : |
753 - 754, Udyog Vihar, Phase - V, Gurgaon – 122 016, |
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Tel. No.: |
91-124-2346204, 4001158 |
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Fax No.: |
91-124-2346205, 4001876 |
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E-Mail : |
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Website : |
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Head Office/ Factory 2 : |
Plot No.7, Sector 3, IMT- Manesar, District Gurgaon – 122 050, |
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Tel. No.: |
91-124-2290050 |
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Fax No.: |
91-124-2290049 |
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Factory 3 : |
3/P4, Sector 10, Hero Honda Park, Integrated Industrial Estate,
Haridwar-249 403, |
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Tel. No.: |
91-1334-239841/42/43 |
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Fax No.: |
91-1334-239844 |
DIRECTORS
As on 23.09.2010
|
Name : |
Mr. Vipin Raheja |
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Designation : |
Chairman and Managing Director |
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Address : |
C 5/ 6, Vasant Vihar, |
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Date of Birth/Age : |
31.07.1952 |
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Date of Appointment : |
14.11.1991 |
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Name : |
Mr. Ko Kawame |
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Designation : |
Director |
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Address : |
527/ 13, Akazawa, Honno, |
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Date of Birth/Age : |
07.01.1950 |
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Date of Appointment : |
01.07.2009 |
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Name : |
Mr. |
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Designation : |
Whole Time Director |
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Address : |
5/ 41, West Punjabi Bagh, |
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Date of Birth/Age : |
05.08.1922 |
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Date of Appointment : |
14.11.1991 |
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Name : |
Mr. Navin Raheja |
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Designation : |
Director |
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Address : |
5/ 41, West Punjabi Bagh, |
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Date of Birth/Age : |
12.03.1957 |
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Date of Appointment : |
14.11.1991 |
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Name : |
Ms. Vandana Raheja |
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Designation : |
Whole Time Director |
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Address : |
C 5/ 6, Vasant Vihar, |
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Date of Birth/Age : |
04.11.1958 |
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Date of Appointment : |
29.09.1999 |
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Name : |
Ms. Vani Raheja |
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Designation : |
Whole Time Director |
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Address : |
C 5/ 6, Vasant Vihar, |
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Date of Birth/Age : |
13.03.1983 |
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Date of Appointment : |
01.10.2005 |
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Name : |
Mr. Vaibhav Raheja |
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Designation : |
Whole Time Director |
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Address : |
C 5/ 6, Vasant Vihar, |
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Date of Birth/Age : |
20.02.1987 |
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Date of Appointment : |
20.02.2005 |
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Name : |
Mr. Mikio Okamoto |
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Designation : |
Whole Time Director |
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Address : |
B 7/ 1, Vasant Vihar, |
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Date of Birth/Age : |
23.10.1958 |
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Date of Appointment : |
01.04.2009 |
KEY EXECUTIVES
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Name : |
Ms. Anu P Sobti |
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Designation : |
Company Secretary |
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Address : |
E 73, Sector One, Rohini, |
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Date of Birth/Age : |
08.09.1978 |
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Date of Appointment : |
01.08.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vipin Raheja |
|
511011 |
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Navin Raheja |
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194600 |
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48160 |
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P.K. Munjal |
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16 |
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Vinod Ahuja |
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16 |
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J.K. Mehta |
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16 |
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V.K. Chhabra |
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16 |
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Vandana Raheja |
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506112 |
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Shindengen Electric Manufacturing Company Limited ( |
|
440000 |
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Vani Raheja |
|
136760 |
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Vaibhav Raheja |
|
112685 |
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Total |
|
1949392 |
As on 23.09.2010
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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] |
|
22.57 |
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Directors
or relatives of directors |
|
77.43 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Auto Electrical and Electronic Products. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
(Pcs. In Lacs) |
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Installed Capacity |
Actual Production (No.) |
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Auto Parts |
274.80 |
186.80 |
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Printed Circuit Assembly |
135.00 |
108.00 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
1906 (Approxiamtely) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sehgal Mehta and Company Chartered Accountants |
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Address : |
10172/ 3, Block No.15, Abdul Aziz Road, W.E.A. Karol Bagh, New Delhi –
110 005, India |
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Tel. No. : |
91-11-28753629 / 45064845 |
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Fax No. : |
91-11-28753629 |
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E-Mail : |
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Joint Venture : |
Shindegen Electric Manufacturing Company Limited, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 23.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
1949392 |
Equity Shares |
Rs.10/- each |
Rs.19.494
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
19.494 |
19.494 |
19.494 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
1529.976 |
1252.851 |
1089.530 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1549.470 |
1272.345 |
1109.024 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
1.158 |
4.117 |
7.565 |
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|
|
|
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TOTAL |
1550.628 |
1276.462 |
1116.589 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
741.443 |
728.369 |
335.885 |
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Capital work-in-progress |
145.695 |
127.296 |
264.475 |
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INVESTMENT |
1.121 |
11.321 |
96.396 |
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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 |
665.708
|
466.230
|
272.295 |
|
|
Sundry Debtors |
762.268
|
489.998
|
359.774 |
|
|
Cash & Bank Balances |
59.563
|
68.589
|
151.134 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
135.782
|
49.011
|
55.154 |
|
Total
Current Assets |
1623.321
|
1073.828
|
838.357 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
881.074
|
596.553
|
363.963 |
|
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Other Current Liabilities |
65.133
|
53.611
|
38.216 |
|
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Provisions |
14.745
|
14.188
|
16.345 |
|
Total
Current Liabilities |
960.952
|
664.352
|
418.524 |
|
|
Net Current Assets |
662.369
|
409.476
|
419.833 |
|
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|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1550.628 |
1276.462 |
1116.589 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4451.711 |
3054.069 |
2465.544 |
|
|
|
Other Income |
8.306 |
11.408 |
16.417 |
|
|
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TOTAL (A) |
4460.017 |
3065.477 |
2481.961 |
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Cost |
3566.447 |
2246.227 |
1709.961 |
|
|
|
Employees Cost |
311.699 |
237.004 |
170.441 |
|
|
|
Administrative & Selling Expenses |
122.739 |
101.277 |
106.911 |
|
|
|
Exchange Fluctuation Loss/Gain |
(81.204) |
88.228 |
0.000 |
|
|
|
TOTAL (B) |
3919.681 |
2674.128 |
1987.313 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
540.336 |
391.349 |
494.648 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
540.336 |
391.349 |
494.648 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
113.558 |
98.691 |
60.733 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
426.778 |
292.658 |
433.916 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
137.642 |
106.452 |
148.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
289.136 |
186.206 |
285.342 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
28.913 |
18.620 |
28.534 |
|
|
|
Proposed Dividend |
9.747 |
0.000 |
0.000 |
|
|
|
Interim Dividend |
9.747 |
19.494 |
19.494 |
|
|
|
Tax on Dividend |
3.275 |
3.313 |
3.313 |
|
|
BALANCE CARRIED
TO THE B/S |
237.454 |
144.779 |
234.001 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
52.562 |
6.046 |
-- |
|
|
TOTAL EARNINGS |
52.562 |
6.046 |
-- |
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2340.776 |
1380.845 |
871.570 |
|
|
|
Components & Spare Parts (Repair of
machinery) |
6.653 |
5.846 |
3.111 |
|
|
|
Capital Goods |
36.639 |
20.226 |
34.535 |
|
|
TOTAL IMPORTS |
2384.068 |
1406.917 |
909.216 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
148.32 |
95.52 |
146.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.48
|
6.07
|
11.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.59
|
9.58
|
17.60 |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.05
|
16.24
|
36.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.23
|
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.62
|
0.52
|
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69z
|
1.62
|
2.00 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND PROSPECTS
The year brought the much needed recovery of the economic stability
for the world after almost two years of the worst global economic and financial
crisis. As they all know, 2008-09 was indeed a very volatile year which
resulted in crashing of the financial, money and stock markets across the
world. The World Bank also reported that the positive growth in the developing
economies was more than offset by negative growth in the advanced economies,
thereby resulting in negative World GDP in 2009.
While most large economies have stumbled since the financial
crisis,
In
Being close associates of Hero Honda, Napino played an
important supporting role in the growth of its customers through considerable
efforts and timely investments. Helped by the success of our customers, your
company did extremely well with its production and sales growing to newer
heights. The Company has over the past few years benefited immensely through
use of innovative ideas in the improvement of productivity, operations and
quality with the able support of management and staff at all levels.
During the year, 2009-10, several activities were pioneered
at the shop floor level across all the plants of the Company so as to magnify
the turnover without making any large or significant investments. The Company
continued to enhance reliability of the supply chain with special focus on
getting them certified with relevant quality standards, addressing their
financial and industrial issues, cost reduction programmes including raw
material yield improvement or developing alternate sources of raw material, and
better management of global procurement of high technology components not
available in
Napino registered significant acceleration in sales which stand
at Rs. 4451.711 Millions, up 45.76% as compared to the previous year’s sales of
Rs. 3054.069 Millions. The improvement in the financial performance is mainly
attributable to the growth of the automobile industry specially in the two
wheeler sector. Profit before tax at Rs. 426.777 Millions has shown an increase
of 45.83% against previous year’s Rs.292.658 Millions. The profit after tax
stands at Rs. 289.135 Millions which has grown by 55.28% as compared to the
previous year’s Rs. 186.206 Millions.
The growth in the profitability, among other factors, was
also attributable to various tax benefits and concessions enjoyed by the
Haridwar Unit of the Company being located in special industrial zone.
The Company was successful in taking advantage of the growing
industry trend with improvement in overall process efficiency and excellence in
terms of Quality, Cost, Delivery, Development and Management and ability to
offer customer delight in every possible and logical manner.
During the year, Napino incurred a total capital expenditure
of Rs. 146.400 Millions. During the first quarter of the current year 2010-11,
increased by 21.04% to Rs 1324.141 Millions against Rs.1093.985 Millions in the
corresponding period in the year 2009-10.
New Manesar Plant
The construction of their new Manesar plant located at Plot
No. 131, Sector 8, IMT Manesar is expected to be completed by February, 2011
and the plant should be operational by the end of this financial year. This new
plant would provide great impetus to R and D activities of the Company with a
designated State-of-the-Art Design and
Research Centre being set up in this plant. The plant will also provide
manufacturing facilities for Die-cast Aluminium and Injection Moulded
Components and also comprise of a Modern Tool-Room and Propotype Sampling
facility.
During the year, Capital Expenditure of Rs. 33.414 Millions
was incurred on the New Manesar Plant.
Supplies
to Cummins
Napino has recently received orders from Cummins (
Future
Projects/Orders
In a recent Process Audit conducted by Volkswagen (which is
one of the toughest) at Napino, the company has qualified the audit with an “A”
rating. This feat has been accomplished by very few suppliers in
MOU
for Co-operation
- Napino has
signed two MOUs with IAV (one of the largest design company in
- Napino and
IWS International Inc.,
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
In respect of surety given to third party |
1.403 |
|
In respect of demand raised by Excise Authorities |
0.090 |
|
|
|
FORM 8 :
|
Corporate
identity number of the company |
U34300HR1991PLC031470 |
|
Name of the
company |
NAPINO AUTO AND ELECTRONICS LIMITED |
|
Address of the
registered office or of the principal place of business in |
753 - 754, Udyog Vihar, Phase - V, Gurgaon – 122 016, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Book Debts Movable Property Floating charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Letter of
Hypothecation of Stocks and Book Debts |
|
Date of
instrument Creating the charge |
01.12.2009 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As stipulated by
the bank from time to time. Terms of
Repayment : Repayable on
demand and other terms governed by terms of Letter of Hypothecation of Stock
and Book debts. Margin : As stipulated by
the bank from time to time. Extent and
operation of the charge : First Pari Passu
Charge on all the stock and book debts of the company both present and
future. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First Pari Passu
Charge on all the stock and book debts of the company both present and
future. |
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Electrical
Equipment
- Office
Equipment
- Computer
- Vehicle
- Furniture and
Fixture
- Items Less
than 5000
- Intangible
Assets
WEBSITE DETAILS:
BRIEF HISTORY,
AWARDS AND ACCOLADES:
Brief History:
Feb 1997- Commenced Commercial Operations at Gurgaon Plant
Jun 1997 - Established production of Main Wiring Harness
Jun 1998 - Signed Technical Assistance Agreement with Shindengen Electric
Manufacturing Company Limited Japan for the manufacture of CDI and
Regulator/Rectifier.
Nov 1998 - Commenced Commercial Production of CDI and Regulator/Rectifier
Jan 2001 - NAPINO became a QS 9000 registered Company.
Apr 2001 - Signed Capital Investment Contract with Shindengen Electric, Japan.
Dec 2001 - Commenced PCB Assembly Line at Manesar Plant.
Jan 2002 - Commenced Commercial Production of Electronic Products with PCB Assembly
at Manesar Plant.
Jun 2002 - Commenced Production of Wire Harnesses on Conveyors.
Feb 2003 - Commenced Production of Digital CDI.
Sep 2003 - Certified for Direct On Line supplies to Hero Honda.
Feb 2004 - Certified as a EMS ISO 14001 registered company.
May 2004 - Certified as a ISO/TS 16949 registered company.
Aug 2003 - Commissioned Second SMT Line.
Jan 2005 - Commissioned Third SMT Line.
Dec 2005 - Awarded "IMEA Platinum Award" in Automobile Category by Frost
and Sullivan
Dec 2005 - Awarded Excellent and Distinguished Case Study Award by QCFI
Feb 2006 - Received "Arch of Europe Award for Quality and Technology" in
Gold Category by BID,
Mar 2006 - Received "Best Vendor of the Year" Award in Electrical
Category’ from Honda Motorcycle and Scooter
Sep 2006 - Received First Prize – ELCINA “Business Excellence” Award for being the
Best Electronics Company in
Oct 2006 - Awarded Excellent and Distinguished Case
Study Award by QCFI
Mar 2007 - Received “Best Vendor of the Year” Award for 2006-2007 in Electrical
category from Honda Motorcycle and Scooters India Private Limited
Sep 2007 - Received “Certificate of Merit” ELCINA-Dun and Bradstreet Awards
2006-2007 for outstanding performance in “Environmental Management”.
Sep 2007 - Awarded Excellent and Distinguished Case Study Award in CCQC 2007 by
Quality Circle Forum of
Oct 2007 - Awarded Rolling Trophy as winner in CII Quality Circle Competition-2007,
Northern Region.
Nov 2007 - Certified for OHSAS 18001:2007 ( Occupational Health and Safety
Management System)
Dec 2007 - Awarded Par Excellence and Distinguished Case Study Award in National
Convention of Quality Circles 2007 by Quality Circle Forum of India.
Jan 2008 - Received "Best Vendor of the Year" Award in Electrical
Category’ from Honda Motorcycle and Scooter India Private Limited
Apr 2008 - Started Production at Haridwar Plant.
Apr 2008 - NAEL received "Excellence Award"
from
Apr 2008 - CMD conferred with "Udyog Rattan
Award" by
Jun 2008 - Award of Merit in Green Vendor Development
Programme by HHML
Sep 2008 - Received First Prize - ELCINA ~ Dun and
Bradstreet Award for Quality for the year 2007-08.
Sep 2008 - Awarded Par Excellent, Excellent and
Distinguished Case Study Award in Chapter Convention of Quality Circles 2008 by
QCFI.
Oct 2008 - Awarded Rolling trophy i.e. ist prize for QC Circle Preliminary
Competition of CII,
Oct 2008 - Awarded Outstanding Case Study Award in ICQC 2008 at
Nov 2008 - Awarded Excellent Case Study Award in NCQC 2008 at Vadhodara.
Dec 2008 - Received ‘IMEA Platinum Award in Automobile Category’ by Frost and
Sullivan.
Jan 2009 - Certified for OHSAS 18001:2007 (Occupational Health and Safety Management
System) at Haridwar Plant.
Mar 2009 - Certified for TS 16949:2002 at Haridwar Plant
Aug 2009 - Awarded First prize in ACMA Quality Circle competition-2009, North
Region
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
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 |
|
NB |
New Business |
- |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.