MIRA INFORM REPORT
|
Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
FORBES TECHNOSYS LIMITED [w.e.f. 28.07.2004] |
|
|
|
|
Formerly Known
As : |
WANDEL AND COLTERMANN AND FORBES LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
09.07.1991 |
|
|
|
|
Com. Reg. No.: |
11-062425 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29290MH1991PLC062425 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02565D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF8567A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing specialized solutions and services in the areas of
self-service Automation, Retail Automation, Currency Handling, Cheque
Truncation and Financial Inclusion. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 41000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under severe pressure. There appears huge accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can
be considered for business dealings with some caution. |
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-40749191 |
|
Fax No.: |
91-22-40719103 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 22.09.2010
|
Name : |
Mr. Chandrasekhar Anant Karnik |
|
Designation : |
Director |
|
Address : |
15, Meherabad, Company Housing Society, 1/594, Bhulabhai Desai Marg, Mumbai
– 400026, |
|
Date of Birth/Age : |
17.06.1952 |
|
Date of Appointment : |
24.03.1999 |
|
DIN : |
00003874 |
|
|
|
|
Name : |
Mr Ashok Debabrata Barat |
|
Designation : |
Director |
|
Address : |
Everest House 3rd Floor, |
|
Date of Birth/Age : |
05.12.1956 |
|
Date of Appointment : |
22.09.2006 |
|
DIN : |
00492930 |
|
|
|
|
Name : |
Mr. Amit Mittal |
|
Designation : |
Director |
|
Address : |
Flat No. 8, 3rd Floor, Lyndewode House, 9 Bomanji Petit
Road, Mumbai – 400026, |
|
Date of Birth/Age : |
05.12.1966 |
|
Date of Appointment : |
03.11.2008 |
|
DIN : |
02292626 |
|
|
|
|
Name : |
Mr. Subramania Kuppuswamy |
|
Designation : |
Director |
|
Address : |
52, Praneet, 234, |
|
Date of Birth/Age : |
17.09.1950 |
|
Date of Appointment : |
04.09.2009 |
|
DIN : |
00058836 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod K Vora |
|
Designation : |
Secretary |
|
Address : |
303, Parshwanath Garden, 461, |
|
Date of Birth/Age : |
28.02.1958 |
|
Date of Appointment : |
16.03.2009 |
|
PAN : |
ACEPV9196J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Equity Shares |
|
|
|
Forbes Campbell Finance Limited,Chennai |
|
6897180 |
|
Forbes Campbell Finance Limited JV Mr. V. K . Vora, Chennai |
|
3 |
|
Forbes Campbell Finance Limited JV Mr. S.P. Kadakia, Chennai |
|
5 |
|
Forbes Campbell Finance Limited JV Mr. Amit Mittal, Chennai |
|
2 |
|
Forbes Campbell Finance Limited JV Mr. A. T. Shah, Chennai |
|
2 |
|
Forbes Campbell Finance Limited JV Mr. P. K. Pradhan, Chennai |
|
2 |
|
Forbes Campbell Finance Limited JV Mrs. Sunetra Ganesh, Chennai |
|
6 |
|
Total |
|
6897200 |
As on 28.09.2010
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Equity Shares |
|
|
|
Shapoorji Pallonji and Company Limited, Mumbai |
|
3000000 |
|
|
|
|
|
Total |
|
3000000 |
As on 06.12.2010
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Equity Shares |
|
|
|
Shapoorji Pallonji and Company Limited, Mumbai |
|
2000000 |
|
|
|
|
|
Total |
|
2000000 |
As on 17.05.2010
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Preference Shares |
|
|
|
Shapoorji Pallonji and Company Limited, Mumbai |
|
5000000 |
|
Forbes and Company Limited, Mumbai |
|
2000000 |
|
Total |
|
7000000 |
As on 06.12.2010
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Preference Shares |
|
|
|
Shapoorji Pallonji and Company Limited, Mumbai |
|
2000000 |
|
|
|
|
|
Total |
|
2000000 |
As on 22.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing specialized solutions and services in the areas of
self-service Automation, Retail Automation, Currency Handling, Cheque
Truncation and Financial Inclusion. |
GENERAL INFORMATION
|
Bankers : |
Ř
Development Credit Bank Limited, 301, Ř
Union Bank of Ř
Vijaya Bank |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai – 400018,
Maharashtra, India |
|
PAN No. : |
AABFD7919A |
|
|
|
|
Holding Company : |
Ř
Forbes Campbell Finance Limited
CIN : U51103TN1977PLC007310 Ř
Sterling Investment Corporation Private Limited Ř
Forbes and Company Limited |
|
|
|
|
Ultimate Holding
Company: |
Ř
Shapoorji Pallonji and Company Limited |
|
|
|
|
Fellow Subsidiary : |
Ř
Eureka Forbes Limited Ř
Gokak Textiles Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,000,000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
|
12,000,000 |
Preference Shares |
Rs.10/- each |
Rs.120.000 millions |
|
|
Total |
|
Rs.240.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,897,200 |
Equity Shares |
Rs.10/- each |
Rs.68.972
millions |
|
7,000,000 |
Preference Shares |
Rs.10/- each |
Rs.70.000
millions |
|
13,897,200 |
Total |
|
Rs.138.972 millions |
Note :
Fully Paid up shares
6897200 equity shares of Rs.10/- each fully paid up
All the shares are
held by Forbes Campbell Finance Limited the holding company and its nominee the
ultimate holding company is Shapoorji Pallonji And Company Limited
As on 22.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,000,000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
|
12,000,000 |
Preference Shares |
Rs.10/- each |
Rs.120.000 millions |
|
|
Total |
|
Rs.240.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,897,200 |
Equity Shares |
Rs.10/- each |
Rs.118.972
millions |
|
7,000,000 |
Preference Shares |
Rs.10/- each |
Rs.70.000
millions |
|
18,897,200 |
Total |
|
Rs.188.972 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
68.972 |
210.000 |
45.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(58.680) |
(171.028) |
(87.570) |
|
|
NETWORTH |
10.292 |
38.972 |
(42.570) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
50.707 |
19.949 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
109.000 |
|
|
TOTAL BORROWING |
50.707 |
19.949 |
109.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
60.999 |
58.921 |
66.430 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
46.878 |
23.525 |
36.120 |
|
|
Capital work-in-progress |
3.614 |
3.488 |
5.185 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
50.955
|
11.501 |
11.984 |
|
|
Sundry Debtors |
72.708
|
10.813 |
9.025 |
|
|
Cash & Bank Balances |
8.361
|
2.939 |
1.512 |
|
|
Other Current Assets |
0.540
|
0.046 |
0.000 |
|
|
Loans & Advances |
12.290
|
27.771 |
8.658 |
|
Total
Current Assets |
144.854
|
53.070 |
31.179 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
102.987
|
17.945 |
3.522 |
|
|
Other Current Liabilities |
24.907
|
2.479 |
1.512 |
|
|
Provisions |
6.454
|
0.738 |
1.020 |
|
Total
Current Liabilities |
134.348
|
21.162 |
6.054 |
|
|
Net Current Assets |
10.507
|
31.908 |
25.125 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
60.999 |
58.921 |
66.430 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
223.699 |
20.535 |
16.572 |
|
|
|
Services - Gross |
71.556 |
6.354 |
2.299 |
|
|
|
Other Income |
1.182 |
0.726 |
0.020 |
|
|
|
TOTAL (A) |
296.437 |
27.615 |
18.891 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing, Trading and other Expenses |
337.850 |
71.143 |
44.975 |
|
|
|
TOTAL (B) |
337.850 |
71.143 |
44.975 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(41.413) |
(43.528) |
(26.084) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.473 |
10.801 |
9.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(48.886) |
(54.329) |
(35.154) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.794 |
16.986 |
8.894 |
|
|
|
|
|
|
|
|
|
Less |
Provision for
impairment |
0.000 |
12.736 |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(58.680) |
(84.051) |
(44.048) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.593 |
0.261 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(58.680) |
(83.458) |
(44.309) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(171.028) |
(87.570) |
(43.261) |
|
|
|
|
|
|
|
|
|
Less |
Reduction
of Share Capital |
(171.028) |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(58.680) |
(171.028) |
(87.570) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
12.109 |
4.560 |
0.000 |
|
|
|
Purchases for Resale |
7.904 |
2.177 |
2.048 |
|
|
TOTAL IMPORTS |
20.013 |
6.737 |
2.048 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.92) |
(9.62) |
(16.49) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(19.80)
|
(302.22) |
(234.55) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(26.23)
|
(409.31) |
(265.80) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(30.61)
|
(109.73) |
(65.45) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(5.70)
|
(2.16) |
(1.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
17.98
|
1.05 |
(2.70) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08
|
2.51 |
5.15 |
LOCAL AGENCY FURTHER INFORMATION
Operations :
The Company posted a
significant increase in turnover due to the acquisition of business related to
the Business Automation Group ( BAG ) from Forbes and Company Limited. There
has been a significant reduction in loss compared with the previous year on account
of higher revenues and changes in the product mix. The Company had secured a
large contract from State Bank of India ( SBI ) for deployment of 490 kiosks at
a value of Rs. 52.400 millions. The Company is expanding its manufacturing
operations which got ISO 9001 : 2008 certification during the year to execute
the SBI order. The Company has fully deployed and made operational its kiosks
for payment collection in Punjab State Electricity Board (PSEB), TATA Indicom,
BSNL,TATA Power and several other Electricity Boards across
Future Plans
and Strategy :
The payment systems
landscape in the country is undergoing radical changes and in the next 3-4
years existing payment systems are set to be replaced with next generation
systems. Any time bill payments and deposits, imaged based cheque processing,
financial inclusion systems are high on the agenda of regulators and the
Government of India. This opportunity can be addressed through a deep
understanding of requirements of Indian organizations and consumers and the ability
to develop appropriate and affordable technology. The Company has been actively
engaged in the development of new solutions and services through its Centre for
Innovation and is launching a series of products to address the Financial
inclusion opportunity in
Capital Reduction :
During the year the Company proposed capital reduction to adjust
accumulated losses (Profit and loss account debit balance) against paid up
equity share capital, not represented by equivalent assets. In accordance with
the Order dated 26th February, 2010 passed by the Honorable High Court, Bombay
the Company cancelled and extinguished 1,71,02,800 equity shares of Rs.10 each
against debit balance of profit and loss account amounting to Rs.17,10,28,000
as at 31st March, 2009.
Contingent
Liability :
|
Particulars |
31.03.2010 Rs.in
Million |
|
Contingent Liability Not provided for Guarantees issued by bank |
27.164 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29290MH1991PLC062425 |
|
Name of the
company |
FORBES TECHNOSYS LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Creation
of Charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Development Credit Bank Limited, 301, Email : msramanujam@dcbl.com
|
|
Nature of
instrument creating charge |
Deed of
Hypothecation Dated 19.11.2010 Working Capital
Agreement Dated 19.11.2010 (Nature of
Facility : Adhoc Cash Credit : Rs.6.000 millions) |
|
Date of
instrument Creating the charge |
19.11.2010 |
|
Amount secured by
the charge |
Rs.6.000 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Bank's Benchmark Prime Lending Rate (BPLR) less 3.50% i.e. presently 12.00%
p.a. payable monthly Terms of
Repayment - On demand / For a period of 90 days from the date of disbursement Margin - 25% on
stocks and 30% on book debts up to 120 days Extent and
Operation of the charge - The charge is operative and created for Rs.6.000
millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
all the Borrower's movables including movable machinery such as Metal
enclosure body, PC Computers & monitors, Printer, MICR Reader |
FIXED ASSETS :
Ř Furniture and Fittings
Ř Data Processing Equipment
Ř Vehicles
Ř Office Equipment
Ř Intellectual Property / Distribution Rights
Ř Bill Payment and Cheque Deposit Software
Ř Goodwill
AS PER WEBSITE :
Profile
Subject aims to be a market leader in the technology based
transactions processing space with international presence and competencies and
a trusted brand amongst consumers for electronic service delivery.
Transaction growth is the natural outcome of economic growth. Major sectors
across the board are faced with tremendous challenges in dealing with this
growth while catering to the consumers’ demand for greater convenience and
efficiency in handling their transactions.
Subject is a pioneer in transaction processing solutions, services and networks
that help organizations handle large transaction volumes effectively and
efficiently, while improving quality of their services and reducing costs.
Subject is a wholly owned subsidiary of Forbes and Company Limited (FandCL).
Other subsidiaries of FandCL include Eureka Forbes, SCI Forbes, Nypro Forbes,
Forbes Bumi Armada.
Subject has a strong focus on Banking, Insurance, Telecom, Power, Government
and Retail and provides specialised solutions and services in the areas of Self
– Service Automation, Retail Automation, Currency Handing, Cheque Truncation
and Financial Inclusion.
Subject has a national presence and support network and currently supports over
15,000 client installations.
Cheque Processing Services :
The
cheque is currently the most visible and significant mode of payment in India
In view of the importance of cheque to the retail segment, Magnetic Ink
Character Recognition (MICR) technology was introduced by the Reserve Bank of
MICR technology enabled the banking system to handle the growth in the cheque
volumes and to provide faster and efficient clearing services to customers and
to do straight through processing using MICR data.
Cheque
Truncation is one of the ways to compress the clearing cycle to provide faster
clearances of local and intercity cheques. Cheque truncation, very loosely
defined, is the process in which the physical movement of cheque within a bank,
between banks or between banks and the clearing house is curtailed or
eliminated, being replaced in whole or in part, by electronic records of their
content (with or without the images) for further processing and transmission.
Forbes
Technosys Limited is a leading player in Cheque Truncation Systems in
The centre Provides : 
Ř Outsourcing
opportunity for banks
Ř No Capex to be
incurred by the bank
Ř End to End Cheque
Truncation Services-Processing and Archival
Ř Current processing
capacity approx 300,000 cheques per month
Ř Scanning services
at Forbes Data Centre
Ř Inward Application
at bank location
Ř Interface with
banking systems
Other Services Provided by Forbes Technosys
Limited
Ř Business
Continuity Planning Services
Ř On-site Processing
Services
Ř Mandate Processing
Services
Benefits :
Ř Zero Investment
per transaction model
Ř Expertise in CTS
Implementation
Ř Scalability
Government
The Central and State Governments are increasingly using IT
to facilitate governance. IT enables the delivery of government services,
catering to a large base of people across disparate segments and geographical locations.
This greatly helps the governments to enhance existing reach and efficiencies,
bring down costs, provide more consistency in services and increase
transparency in its functioning.
Their offerings for government include a wide array of solutions and services
in the areas of self service, financial inclusion, currency handling,
counterfeit traceability, enterprise mobility and e-stamping. These help the
governments to handle their large volume of “ government to citizen ”
transactions with higher levels of consistency and efficiency, at substantially
lower transaction costs.
The FTL portfolio includes e-Governance solutions such as G2C transaction
kiosks, bill payment kiosks, POS terminals, electronic cash registers, portable
biometric enabled platforms for UID registration and authentication, franking
machines for postal services, stamp duty collections and judicial franking.
They work with government departments and public utilities on a Public-Private Partnership
Model (BOO,BOOT etc) in order to enable automation in several areas including
ticketing, bill payment services,G2C transactions etc.
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 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.