MIRA INFORM REPORT
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Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SANDVIK ASIA PRIVATE LIMITED (w.e.f. 15.03.2010) |
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Formerly known as : |
SANDVIK ASIA LIMITED |
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Registered Office : |
Mumbai – Pune Road, Dapodi, Pune – 411 012, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.07.1960 |
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Com. Reg. No.: |
11-011751 |
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CIN No.: [Company
Identification No.] |
U29299PN1960PTC011751 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES00125G |
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PAN No.: [Permanent
Account No.] |
AACCS6638K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Cutting Tools, Drilling Equipments, Machine Tools, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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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 17000000 |
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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 good for normal 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 |
INFORMATION PARTED BY
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Name : |
Mr. Kiran Acharya |
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Designation : |
Company Secretary |
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Contact No.: |
91-20-271046800 |
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Date : |
16.04.2011 |
LOCATIONS
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Registered/Head Office/Factory : |
Mumbai – Pune Road, Dapodi, Pune – 411 012, Maharashtra, India |
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Tel. No.: |
91-20-27146800 |
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Fax No.: |
91-20-27149370 |
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E-Mail : |
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Website : |
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Area : |
3500 sq. ft. |
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Location : |
Owned |
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Factory 2 : |
D-27/1,
MIDC, Lote Parshuram, Tal. Khed, Dist. Ratnagiri, |
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Factory 3 : |
Village Rajpur - 382740, Kadi, Mehsana |
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Factory 4 : |
49 49-B, Sipcot Industrial Complex, Hosur – 635 126, |
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Factory 5 : |
34/35,
K M |
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Factory 6 : |
Plot
No. 1174, Ahmedabad, |
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Branches : |
Located at :-
·
Ahmedabad, ·
·
·
Kolkata, ·
· Chennai, Tamilnadu ·
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·
·
·
Mumbai, ·
Pune, |
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Overseas Office : |
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Tel. No.: |
91-462-6260000 |
DIRECTORS
As on : 15.09.2010
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Name : |
Mr. Peter Gossas |
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Designation : |
Chairman |
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Address : |
Skillinggtan 5
784 54 Borlange Sweden |
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Date of Birth/Age : |
16.06.1949 |
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Date of Appointment : |
29.09.2009 |
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DIN No : |
00826608 |
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Name : |
Mr. Anders Gosta Thelin |
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Designation : |
Director |
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Address : |
AB Sandvik
Coromant 811 81 Sandviken Sweden |
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Date of Birth/Age : |
11.11.1950 |
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Date of Appointment : |
29.09.2009 |
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DIN No : |
01454140 |
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Name : |
Mr. Hakan Kingstedt |
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Designation : |
Managing Director and President
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Address : |
7 Aundh NCL Road, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
14.11.1950 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mr. Suresh Narsappa Talwar |
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Designation : |
Director |
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Address : |
10, Shiv Shanti Bhuvan, 146, Maharashi Karve Road, Churchgate
Reclamation, Mumbai – 400020, Maharashtra, India |
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Date of Birth/Age : |
21.11.1937 |
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Date of Appointment : |
23.09.2008 |
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DIN No : |
00001456 |
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Name : |
Mr. Ajitkumar Jadhav |
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Designation : |
Director |
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Address : |
409 Shakala Maharashi karve Road, Mumbai – 400021, Maharashtra, India |
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Date of Birth/Age : |
20.02.1947 |
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Date of Appointment : |
29.09.2009 |
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DIN No : |
02071304 |
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KEY EXECUTIVES
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Name : |
Mr. Kirankumar Acharya |
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Designation : |
Company Secretary |
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Address : |
2, |
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Date of Birth/Age : |
22.02.1961 |
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Date of Appointment : |
25.05.2009 |
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PAN No : |
AAJPA2008B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 15.09.2010
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Names of Shareholders (Equity Shares) |
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No. of Shares |
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1801241 |
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125000 |
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Sandvik Far East Limited AB, |
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1 |
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1 |
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Sandvik Invest AB, |
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1 |
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Setp Invest AB, |
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1 |
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AB |
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1 |
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Total |
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1926246 |
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Names of
Shareholders (Preference Shares ) |
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No.
of Shares |
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Sandvik Heating |
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3144565 |
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Names of
Shareholders (Preference Shares ) |
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14229000 |
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73558700 |
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Total |
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87787700 |
As on : 15.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Cutting Tools, Drilling Equipments, Machine Tools, etc. |
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Products |
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Exports : |
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Products : |
Seamless Stainless Steel Tubes / Pipes |
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Countries : |
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Imports : |
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Products : |
Chemical and Consumables |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash Credit (30/60/90 days) |
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Purchasing : |
L/C, Cash Credit (30/60/90 days) |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
1800 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountant |
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Address: |
703, 7th Floor, Godrej Castlemaine, Bund Garden Road, Pune
– 411001, Maharashtra, India |
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Memberships : |
Confederation of Indian Industry |
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Holding
Company : |
Sandvik AB |
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Subsidiary
Company : |
Sandvik Mining and Construction Tools India Private Limited (formerly Sandvik
Mining and Construction Tools India Limited) CIN No : U29299PN2004PTC018921 |
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Affiliates /
Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
shares |
Rs.100/-each |
Rs.200.000 millions |
|
87788000 |
2% redeemable cumulative
preference shares |
Rs.10/-each |
Rs.877.880 millions |
|
3145000 |
2% redeemable
cumulative preference shares |
Rs.25/-each |
Rs.78.625 millions |
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1232000 |
9% redeemable
cumulative preference shares |
Rs.25/-each |
Rs.30.800 millions |
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Total |
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Rs.1187.305
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1926246 |
Equity shares |
Rs.100/-each |
Rs.192.625
millions |
|
87787700 |
2% redeemable
cumulative preference shares (Redeemable at
par after completion of fifteen years from the date of issue, i.e. 11
February 2003. The Company has an option to call for an early redemption of
the said shares, wholly or partly, after completion of 5 years from the date
of issue, which has not been exercised as of date.) |
Rs.10/-each |
Rs.877.877
millions |
|
3144565 |
2% redeemable
cumulative preference shares (Redeemable at
par after completion of fifteen years from the date of issue, i.e. 11 February
2003. The Company has an option to call for an early redemption of the said
shares, wholly or partly, after completion of 5 years from the date of issue,
which has not been exercised as of date) |
Rs.25/-each |
Rs.78.614
millions |
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Total |
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Rs.1149.116 millions |
Issued,
subscribed and paid-up includes
Equity
Shares:
36000 (2009: 36000) equity shares of
Rs.100/- each (alloted as fully paid-up for consideration received other than
in cash.)
125000 (2009: 125000) equity shares of
Rs.100/- each fully paid-up (alloted to Sandvik Finance BV pursuant to the
scheme of amalgamation of erstwhile Titex India Private Limited with the
Company.)
1734869 (2009: 1734869) equity shares of
Rs.100 each (allotted as fully paid-up bonus shares by capitalization of the
General reserve.)
1801246 (2009: 1801246) equity shares of
Rs.100 each fully paid-up held by Sandvik AB, Sweden, the holding company.
Preference Shares:
87,787,700 (2009:
87,787,700) 2% redeemable cumulative preference shares of Rs.10 each, 3,144,565
(2009: 3,144,565) 2% redeemable cumulative preference shares of Rs.25 each
(were alloted pursuant to the scheme of amalgamation of erstwhile Sandvik Steel
Asia Private Limited and erstwhile Kanthal India Limited with the Company).
14229000 (2007: 14229000) 2% redeemable
cumulative preference shares of Rs.10/- each held by Sandvik AB Sweden, the
holding company.
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 |
1149.116 |
1154.484 |
1154.484 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3170.829 |
3022.406 |
3159.393 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4319.945 |
4176.890 |
4313.877 |
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LOAN FUNDS |
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1] Secured Loans |
457.668 |
850.000 |
0.000 |
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2] Unsecured Loans |
1668.263 |
2694.252 |
1305.946 |
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TOTAL BORROWING |
2125.931 |
3544.252 |
1305.946 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6445.876 |
7721.142 |
5619.823 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3115.442 |
3493.625 |
2878.238 |
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Capital work-in-progress |
387.334 |
466.160 |
586.745 |
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INVESTMENT |
20.250 |
105.250 |
20.250 |
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DEFERREX TAX ASSETS |
324.541 |
212.803 |
125.852 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
2032.629
|
2958.310
|
3007.890
|
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Sundry Debtors |
2140.258
|
2136.876
|
2111.401
|
|
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Cash & Bank Balances |
192.280
|
429.903
|
246.288
|
|
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Other Current Assets |
422.576
|
129.250
|
18.334
|
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Loans & Advances |
1212.135
|
1344.402
|
1086.431
|
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Total
Current Assets |
5999.878
|
6998.741
|
6470.344
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
2155.101 |
2886.583 |
3516.547 |
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Current Liabilities |
655.333
|
340.986
|
484.158
|
|
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Provisions |
591.135
|
327.868
|
460.901
|
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Total
Current Liabilities |
3401.569
|
3555.437
|
4461.606
|
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Net Current Assets |
2598.309 |
3443.304 |
2008.738 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6445.876 |
7721.142 |
5619.823 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
12827.794 |
11191.842 |
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Services Income |
12344.072 |
184.150 |
174.137 |
|
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Other Income |
|
827.787 |
915.163 |
|
|
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TOTAL (A) |
12344.072 |
13839.731 |
12281.142 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
|
13053.016 |
10712.704 |
|
|
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TOTAL (B) |
11863.205 |
13053.016 |
10712.704 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
786.715 |
1568.438 |
|
|
|
|
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|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
215.184 |
53.631 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
571.531 |
1514.807 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
750.997 |
602.009 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
480.867 |
(179.466) |
912.798 |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
149.812 |
(64.860) |
(277.220) |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
331.055 |
(114.606) |
635.578 |
|
|
|
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2550.660 |
2687.647 |
2260.271 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to
General Reserve |
35.000 |
0.000 |
70.000 |
|
|
|
Preference
Share Dividend |
22.307 |
19.130 |
19.130 |
|
|
|
Tax on
Preference Share Dividend |
0.000 |
3.251 |
3.251 |
|
|
|
Dividend on
Equity Shares |
120.063 |
0.000 |
98.997 |
|
|
|
Tax on
Dividend on Equity Shares |
0.000 |
0.000 |
16.824 |
|
|
|
BALANCE CARRIED
TO THE B/S |
2704.345 |
2550.660 |
2687.647 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at FOB Value |
4456.971 |
5946.066 |
5957.614 |
|
|
|
Recovery of Freight Insurance, etc. on exports |
4.015 |
2.803 |
3.928 |
|
|
|
Commission |
415.714 |
372.037 |
306.790 |
|
|
TOTAL EARNINGS |
4876.700 |
6320.906 |
6268.332 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1984.976 |
3941.191 |
4123.691 |
|
|
|
Stores & Spares |
95.961 |
263.064 |
306.895 |
|
|
|
Capital Goods |
231.387 |
525.119 |
804.082 |
|
|
|
Others |
1890.681 |
2398.777 |
1833.898 |
|
|
TOTAL IMPORTS |
4203.005 |
7128.151 |
7068.566 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
156.30 |
(69.20) |
309.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.68 |
(0.83) |
5.17
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
(1.40) |
8.16
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.09 |
(1.71) |
9.76
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.04 |
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.28 |
1.70 |
1.34
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76 |
1.97 |
1.45
|
LOCAL AGENCY FURTHER INFORMATION
SUNDARY CREDITORS
DETAILS
(Rs. in millions)
|
Particulars
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Due to Micro and Small Enterprises under MSMED Act 2006 |
18.049 |
6.500 |
0.947 |
|
- Other Sundry Creditors |
2137.052 |
2.880 |
3515.600 |
|
Total |
2155.101 |
2886.583 |
3516.547 |
GENERAL MARKET
SITUATION:
The turnaround in
Indian economy after the global financial crisis was evident in a GDP growth
rate of 7.4% for fiscal 2009. Industry with 9.3% and manufacturing with 10.6 %
led this growth, supported by a strong development in energy sector. The
discovery and exploration of large gas and oil resources in east coast and in
Rajasthan was a positive development. The Auto sector including commercial
vehicles recorded a recovery towards the end of 2009.The low base effect is now
coming to an end and the economy is poised to further acceleration to an
estimated 8.5% GDP growth in the current fiscal. Large inflationary pressure
has started to ease; mainly with reducing food prices. The second half of 2009
saw the turnaround aided by fiscal measures announced by the Government to
combat the financial crisis, particularly in the infrastructure sectors.
Deceleration in capital investments and reduction of stocks with the industries
taking precautionary steps, gradually relaxed in the 3rd and 4th quarter of the
last fiscal. Many engineering industries, important for Sandvik business,
therefore were affected almost till the 3rd. quarter, but started to reflect
the general turnaround from October-November of 2009. The Government stimulus
however kept some sectors in infrastructure in a positive profile. The
situation was further compounded with a failed monsoon in 2009 which severely
affected the agricultural sector, affecting the consumption trend in a large
section of population.
DEVELOPMENTS:
System 21 for
Sandvik Mining and Construction, India Sales Unit was implemented from 2nd
April .With the new ERP system, there will be better integration between the
order Desk, Logistics and Finance processes.
The Drill Rig-
DD210L, a low profile single boom electro hydraulic drilling machine for
underground mining application was successfully assembled and lunched.
Sandvik Mining and
Construction participated in STONA- the International Granite and Natural
Stones Exhibition 2010: Sandvik Booth received a favourable response from
visitors and the company finalized order for number of High value equipments.
A new function –
Tooling Engineering Centre (TEC) was inaugurated in Pune on July 1. The TEC
will support all product areas within Sandvik Tooling with engineering services
and will be part of Sandvik Tooling Competence Centre for CAD/CAM/CAE.
‘Goransson
Centrum’ was inaugurated in Pune on 4th September 2009. It is another milestone
towards employee welfare. The community centre has an employee club with world
class health and welfare facility for Dining, Indoor-Sports, Gymnasium, and
Library and is planning for a future Crčche.
BACKGROUND
Sandvik Asia
Private Limited (formerly Sandvik Asia Limited) was incorporated on 8 July 1960
under the Companies Act, 1956 as a subsidiary of Sandvik AB. Sandvik AB is a
body corporate registered in Sweden and having its registered office in
Sandviken. Sandvik Asia Private Limited has its primary work location and
registered office at Pune and additional manufacturing work locations at
Chiplun (Maharashtra), Mehsana (Gujarat), Patancheru (Andhra Pradesh) and Hosur
(Tamil Nadu) in India. The Company’s principal activities comprise
manufacturing and trading of tungsten carbide tools, rock processing equipments,
thermostatic electrical bimetal strips, wires, ribbons, heating elements, cold
finished tubes/pipes and manufacturing of hot extruded seamless stainless steel
tubes/pipes.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 Rs. in Millions |
31.03.2009 Rs. in Millions |
|
Income Tax in respect of appeals decided in favour of the Company but disputed further by Income Tax Authorities |
267.699 |
265.242 |
|
Excise Duty and Services Tax |
0.914 |
28.123 |
|
Labour Law Matters |
1.607 |
1.607 |
|
Advance Import Licensees under Export Obligation |
5.757 |
0.000 |
|
Total |
275.977 |
294.972 |
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29299PN1960PLC011751 |
|
Name of the
company |
SANDVIK ASIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
Mumbai – |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Citibank N A, 2413, Parmar House, East Street Camp, Pune – 411001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Joint Deed of
Hypothecation |
|
Date of instrument
Creating the charge |
09.07.2008 |
|
Amount secured by
the charge |
Rs. 1000.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As notified by the
bank in their sanction letters Terms of Repayment As notified by
the bank in their sanction letters Margin As notified by
the bank in their sanction letters of the respective banks Extent and Operation of the charge Pari passu first
charge on all the hypothecated assets of the company Others Charge created
for the fund based credit facilities provided by the banks |
|
Short particulars
of the property charged |
All the present and
future stocks of finished goods, raw materials and work in progress of the
borrower. All the present and future book debts, receivables, etc and bills
which are now due and owing and which may at any time hereafter during the
continuance of security become due and to the owing to the borrower in the
course of business. |
FIXED ASSETS
·
Land (freehold)
·
Land (leasehold)
·
Office and factory buildings
·
Plant and machinery
·
Furniture, fittings and office equipment
·
Vehicles
·
Technical know how
·
Brand Rhino
·
Brand Widia
·
Goodwill
TRADE REFERENCE :
ü Almonard (Private) Limited, Baroda
ü Vsas Automation Private Limited, Pune
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. 72.72 |
|
Euro |
1 |
Rs. 64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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.