MIRA
INFORM REPORT
|
Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELGI ELECTRIC AND INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2009 |
|
|
|
|
Date of
Incorporation : |
25.04.1963 |
|
|
|
|
Com. Reg. No.: |
18-000487 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31200TZ1963PLC000487 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Cmbe03026c |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Electric Motor, Over Head Traveling Cleaner and
Alternator system |
RATING & COMMENTS
|
MIRA’s Rating : |
B ( 30 ) |
|
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 124000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company and a part of Elgi Group.
Company’s profitability is under severe pressure and continues to incur
losses. General financial position is moderate having good amount of
accumulated losses. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings.
|
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 |
|
Registered Office/ Corporate Office : |
|
|
Tel. No.: |
91-422-2311711 |
|
Fax No.: |
91-422-2314411 |
|
E-Mail : |
eeil@eeh.saraelgi.com |
|
Website : |
www.elgielectric.com |
|
|
|
|
Factory : |
|
|
|
|
|
Branches : |
Located at E-Mail:
eeilblr@eeh.saraelgi.com E-Mail:
eeilhyd@eeh.saraelgi.com Kolkata E-Mail:
eeilkol@eeh.saraelgi.com E-Mail: eeilmadurai@eeh.saraelgi.com Mumbai E-Mail:eeilmumbai@eeh.saraelgi.com |
|
|
|
|
Domestic Agent : |
Mr. Hemant Agent Name : Shree Maruthi
Enterprises Phone : 91-11-26109549 / 26169550 Fax : 91-11-26895094 E-Mail : vaibhav@nda.vsnl.net.in Domestic Agent :
Mr.
J P saria Agent Name : Spintex Private Limited Phone : 91-11-25920530 / 31 / 32 Fax : 91-11-25920536 / 37 E-Mail : spintex1@vsnl.net Rajasthan Mr. G. K.Somani Agent Name : Shree Maruthi Associates P
Limited Phone : 91-294-2525010 / 2525814 Fax : 91-294-2523027 E-Mail : somani@bppl.net.in Mr.S.K.Dutta Agent Name : Sam International Phone : 91-79-26466629 / 26405467 Fax : 91-79-26405467 E-Mail : skdutta@satyam.net.in Tamilnadu Mr.S.Jeyaraman Agent Name : J.Engineers Phone : 91-422-2317841/43 Fax : 91-422-2317844 E-Mail : jeyaraman@vsnl.com Domestic Agent : Andhra
Pradesh, Karnataka, and Kerala Mr.P.K.Aggarwal Agent Name : R.J.Engineers
P Limited Phone : 91-422-2300348 / 2301347 Fax : 91-422-2301334 E-Mail : pka@md3.vsnl.net.in Mr.P.C. Sharma Agent Name : Spintex Corporation Phone : 91-22-65702588 / 89 Fax : 91-22-66924311 E-Mail : spintex_bom@satyam.net.in Mr. A. K. Maity Agent Name : AMJ Engineers and
Consultants Phone : 91-33-64506028 E-Mail : amjkol@gmail.com |
|
|
|
|
International Agent : |
Kenya/Thanzaina Agent Name : Lakshmi Machine Works
Limited Phone : 00254
- 2 - 3340639 Fax : 00254
- 2 - 3742208 E-Mail : Lakshmi@iconnect.co.ke Agent Name : Ikiler Tekstill Mumessillik
Ve Phone : 0090
- 212 - 2310400 Fax :
0090 - 212 - 231437 E-Mail : ikiler@ikiler.com.tr Agent Name : Intasia Co Phone : 0066
- 2 - 6881524 / 26883621 Fax :
0066 - 2 - 6883864 E-Mail : intasia2@hotmail.com Bangalesh International Agent : Agent Name : Rotaco Phone : 0020+2+2919502 / 2906703 Fax : 0020+2+2906935 E-Mail : rotaco@starnet.com.eg Agent Name : Diba Machine Company Phone : 0098 - 21 - 88752117-19 Fax : 0090 - 21 - 88752112 E-Mail : diba@dibamachine.com Agent Name : P.T.Jabar Mulia
Engineering Phone : 0062 - 21 - 5251209/5250237 Fax : 0062 - 21 - 5712484 E-Mail : loko@jabarmulia.co.id |
DIRECTORS
As on 19.03.2010
|
Name : |
Mr. Sumanth Ramamurthi |
|
Designation : |
Director |
|
Address : |
74, Appusamy Layout, Red Fields, |
|
Date of Birth/Age : |
12.08.1959 |
|
Date of Appointment : |
06.10.1988 |
|
DIN : |
00002773 |
|
|
|
|
Name : |
Mr. Arunachalam Nageshwaran |
|
Designation : |
Additional Director |
|
Address : |
Flat No.9, |
|
Date of Birth/Age : |
13.03.1945 |
|
Date of Appointment : |
17.09.2009 |
|
DIN : |
00919971 |
|
|
|
|
Name : |
Mr. Ramaswamy Raghupati |
|
Designation : |
Additional Director |
|
Address : |
7/3A, New No.10, Vidhya Nagar, Civilaerodrom, |
|
Date of Birth/Age : |
21.11.1946 |
|
Date of Appointment : |
17.09.2009 |
|
DIN : |
02799882 |
SHAREHOLDING PATTERN
As on 19.03.2010
|
Names of Shareholders |
|
No. of Shares |
|
B. Sarojini |
|
400 |
|
Chitra Vidhyaprakash |
|
16800 |
|
N. Ranganayaki |
|
7950 |
|
Sumanth Ramamurthy |
|
397950 |
|
Sara Elgi Insurance Advisory Services Private Limited, Tamilnadu |
|
456000 |
|
Sara Elgi Industrial Research and Development Limited, Tamilnadu |
|
456000 |
|
LG. Ramamurthy (HUF) |
|
904400 |
|
LG. Ramamurthy |
|
456000 |
|
Master Sanjay Krishna Ramamurthy |
|
100000 |
|
Hemlatha Ramamurthi |
|
50 |
|
Minor Nivedita Lakshmi Narayanaswamy |
|
60050 |
|
Master Nikhil Govind Ramamurthi |
|
400 |
|
Sumanth Ramamurthi (Managing Trustee) Nikhil Govind Ramamurthi Family
Trust |
|
252000 |
|
Sumanth Ramamurthi (Managing Trustee) Sanjay Krishna Ramamurthi Family
Trust |
|
252000 |
|
Super Spinning Mills Limited, Tamilnadu |
|
1150000 |
|
Arjun Prakash |
|
60000 |
|
Nithya Vidhya Prakash |
|
60000 |
|
Indralakshmi |
|
60000 |
|
Ajeyavel Narayanasamy |
|
60000 |
|
Total |
|
4750000 |
As on 19.03.2010
|
Category |
|
Percentage of
Holding |
|
Bodies corporate |
|
43.41 |
|
Directors or relatives of directors |
|
50.26 |
|
Other top fifty shareholders |
|
6.33 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electric Motor, Over Head Traveling Cleaner and
Alternator system |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Countries : |
Bangladesh, Mauritius, Switzerland, Sri Lanka, Bahrain, Iran, Nepal,
Kenya, Turkey, Pakistan, Nigeria, Egypt, Thailand, Tanzania, Lebanon,
Vietnam, Uganda, UAE, Indonesia, South Africa |
PRODUCTION STATUS (As on : 31.12.2009 )
Installed Capacity
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Sander Type RTJ |
|
Nos. |
400 |
- |
|
Clearer Roller Cleaner |
|
Nos. |
30 |
8 |
|
Electric motor |
|
Nos. |
12500 |
6112* |
|
Point Machine |
|
Nos. |
2180 |
667 |
|
Overhead Traveling Cleaner |
|
Nos. |
2000 |
947 |
|
Alternator |
|
Nos. |
1200 |
364 |
|
Yarn Conditioning |
|
Nos. |
18 |
21 |
|
Genset |
|
Nos. |
775 |
- |
[* includes 2322 nos. captively consumed
(previous year 6549 nos.)
Note:
Licensed and Installed Capacities are as per
certificate given by the management on which the auditors have relied.
GENERAL INFORMATION
|
Suppliers : |
· Babu Engineering Foundry · Sasi Engineering Company · Sri Bari castings · Sri Vidya Cottage Industries · Premier Carbon Industries · Emtycee Tubes and Steels · CMC Commutator Private Limited ·
· R R Metals products · N S V Engineering Works · Sriram Fabco Industries · Ramprasad tubes and Bars · Magnum Controls |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· HDFC bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra ·
State Bank of ·
Corporation Bank, Industrial Finance Branch, · Axis Bank Limited |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
--- |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Financial
Institutions : |
Elgi Equipments
Limited, Elgi Industrial Complex III, |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Auditors : |
|
||||||||||||||||||||||||||||||||||||||||||
|
Name : |
N R Doraiswami and Company Chartered Accountants |
||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Manchilu, 48 Race Course, |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Associates/Subsidiaries : |
· Elgi Building Products Limited · Ellargi and Company · Super spinning Mills limited · Elgi Software and Technologies Limited · Sara Elgi Industrial Research and Development Limited · Elgi Ultra Industries Limited · Elgi Equipments Limited · Elgi Tread India Limited · Sara Elgi Arteriors Limited · Sara Elgi Envirotech Limited · Festo Controls Private Limited · Magna Electro Casting Limited · Rayalaseema Technologies Limited |
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,500,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 75.000 millions |
|
1,000,000 |
11% redeemable
Non Cumulative Preference Shares |
Rs. 10/- Each |
Rs. 10.000 millions |
|
|
|
Total
|
Rs.
85.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,750,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 47.500 millions |
|
|
|
Total |
Rs. 47.500 millions |
Notes:
Of the above shares 1500000 shares allotted as
fully paid up by way of bonus shares by capitalization of reserves and 300000 Equity
Shares of Rs. 10/- each allotted for consideration other than cash as fully
paid up.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 [15 months] |
30.09.2008 [18 months] |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
47.500 |
47.500 |
47.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(16.359) |
(9.900) |
2.421 |
|
|
NETWORTH |
31.141 |
37.600 |
49.921 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
111.235 |
199.303 |
312.017 |
|
|
2] Unsecured Loans |
4.477 |
7.527 |
18.191 |
|
|
TOTAL BORROWING |
115.712 |
206.830 |
330.208 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
8.404 |
13.776 |
|
|
|
|
|
|
|
|
TOTAL |
146.853 |
252.834 |
393.905 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
149.087 |
190.707 |
269.580 |
|
|
Capital work-in-progress |
0.000 |
3.226 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.673 |
0.673 |
0.672 |
|
|
DEFERREX TAX ASSETS |
7.968 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
74.256
|
110.277 |
163.572 |
|
|
Sundry Debtors |
65.695
|
97.842 |
157.100 |
|
|
Cash & Bank Balances |
7.964
|
70.062 |
11.858 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
67.184
|
70.162 |
85.895 |
|
Total
Current Assets |
215.099
|
348.343 |
418.425 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
--
|
-- |
-- |
|
|
Other Current Liabilities |
218.360
|
282.936 |
296.619 |
|
|
Provisions |
10.512
|
10.949 |
7.955 |
|
Total
Current Liabilities |
228.872
|
293.885 |
304.574 |
|
|
Net Current Assets |
(13.773)
|
54.458 |
113.851 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.898 |
3.770 |
9.802 |
|
|
|
|
|
|
|
|
TOTAL |
146.853 |
252.834 |
393.905 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 [15 months] |
30.09.2008 [18 months] |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
393.181 |
956.184 |
782.025 |
|
|
|
Other Income |
24.998 |
66.350 |
10.232 |
|
|
|
TOTAL (A) |
418.179 |
1022.534 |
792.257 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
206.423 |
598.685 |
486.710 |
|
|
|
Stores and Consumables |
3.558 |
6.181 |
5.274 |
|
|
|
Power and Fuel |
4.712 |
10.107 |
7.622 |
|
|
|
Trading goods cost |
32.500 |
43.052 |
44.152 |
|
|
|
Employee cost |
61.415 |
97.942 |
69.495 |
|
|
|
Administrative Expenses |
11.818 |
21.821 |
25.190 |
|
|
|
Selling and Distribution Expenses |
46.182 |
149.095 |
118.587 |
|
|
|
Other Expenses |
18.570 |
1.286 |
0.770 |
|
|
|
Repairs and Maintenance |
2.748 |
6.645 |
5.627 |
|
|
|
Increase / Decrease in stock of finished goods |
5.149 |
3.392 |
18.648 |
|
|
|
Misc. Expenses |
10.908 |
6.780 |
6.009 |
|
|
|
TOTAL (B) |
403.983 |
944.986 |
788.084 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.196 |
77.548 |
4.173 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
25.202 |
53.991 |
35.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(11.006) |
23.557 |
(31.708) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
12.231 |
34.640 |
21.939 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(23.237) |
(11.083) |
(53.647) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
16.370 |
4.083 |
0.858 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(6.867) |
(7.000) |
(52.789) |
|
|
|
Prior year Taxes |
0.000 |
1.546 |
0.461 |
|
|
|
Gratuity For
Earlier years |
0.000 |
1.902 |
0.000 |
|
|
|
Prior year
expenses |
0.000 |
1.942 |
4.136 |
|
|
|
Donation |
0.000 |
0.003 |
0.004 |
|
|
|
Prior year
income |
0.408 |
(0.071) |
(0.663) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(12.401) |
(0.079) |
24.283 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
18.860 |
(12.401) |
(32.444) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods in fob basis |
10.790 |
119.191 |
103.336 |
|
|
|
Commission Earnings |
3.153 |
9.037 |
0.000 |
|
|
TOTAL EARNINGS |
13.943 |
128.228 |
103.336 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
8.375 |
13.740 |
26.304 |
|
|
|
Traded Goods |
27.987 |
31.370 |
47.481 |
|
|
TOTAL IMPORTS |
36.362 |
45.110 |
73.785 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.36) |
(2.59) |
(11.94) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 [15 months] |
30.09.2008 [18 months] |
31.03.2007 |
|
PAT / Total Income |
(%) |
[1.64]
|
[0.68] |
[6.66] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[5.91]
|
[1.16] |
[6.86] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[6.38]
|
[2.06] |
[7.80] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.75]
|
[0.29] |
[1.07] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
11.06
|
13.32 |
12.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94
|
1.19 |
1.37 |
LOCAL AGENCY FURTHER INFORMATION
Working of the
Company :
During the year the company achieved a sales turnover of Rs.393.200
millions as against a turnover of Rs.956.200 millions in the previous year. The
company has earned “other income” to the extent of Rs.24.900 millions as
against Rs.66.300 millions in the previous year.
During the period the company has incurred a loss of Rs.23.200 millions
(After charging Rs.12.200 millions for depreciation) as against a loss of
Rs.11.000 million in the previous year. After adjusting the carried forward
loss, the loss carried forward in profit and loss account is Rs.18.800 millions
Extension of
Financial Year :
The board of directors have extended to financial years if the company
to close on 31.12.2009. Accordingly the financial year of the company comprises
of a period of 15 months from 01.10.2008 to 31.12.2009.
Outlook for the
Current Year :
During the year the company has appointed Super sales
Due to changes in the global scenario, the directors are hopeful of a
better performance in the current year.
form 8:-
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U31200tz1963plc000487 |
|
Name of the
company |
ELGI ELECTRIC AND
INDUSTRIES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
Type of charge |
· Immovable property |
|
Particular of
charge holder |
Elgi Equipments
Limited, Elgi Industrial Complex III, Email : kalidossu@elgi.com |
|
Nature of
instrument creating charge |
Memorandum of
deposit of title deeds |
|
Date of
instrument Creating the charge |
12.06.2009 |
|
Amount secured by
the charge |
Rs.10.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest:
12% p.a. Terms of
repayment: within 1 year Margin: NA Extent and
Operation of the charge: In |
|
Short particulars
of the property charged (Including location of the property) |
In |
fixed
assets:-
·
Land
·
Buildings
·
Plant and Machinery
·
Electrical Fittings
·
Office Equipments
·
Vehicles
·
Technical Know How Fees
website details:-
Company Profile:
Subject over four decades of experience has been engineering solutions for the Rotating Machinery and Textile industry. The ability to comprehend customer needs and to evolve customized solutions is what makes it stand apart. The company has always been in the forefront of technological advancements has designed and developed products to suit the futuristic requirements of the industry.
Rotating Machinery Division offers premium/high efficiency electric motors and
alternators. They also offer AC/DC motors and traction changing pointing
machines to Indian Railways.
The company's textile products are a testimony to its technological
superiority. Small wonders then, over 25 million spindles spread across the
globe, are spinning high quality yarn with subject make products. The company
offers customized solutions to every application. Be it spinning or weaving,
it's range has just the right product for every application.
Apart from this, the company's portfolio of products comprises of yarn
conditioning systems, centralized vacuum cleaning systems, metal and spark
diversion systems, pneumafil waste collection systems, etc. Just to name few.
Technical tie-up with the world leaders have helped subject in latest
advancements and reinforce the image of Elgi as Quality conscious manufacturer.
Management :
Under the leadership of its Chairman, Mr. D. Vidyaprakash and the
Managing Director, Mr.Sumanth Ramamurthi, SARA ELGI GROUP strives to
meet the modern business demands ethically. The people led skills, the initiatives
taken by the Group and the team spirit helps SARA ELGI to march ahead in
becoming a global leader.
Core Attributes:
·
Being Driven by Market Need
·
Staying Focused
·
Being True to processes that they have laid down
·
Being fair and ethical at all times
·
Through Team Work and goal congruence at all levels
·
Assessing its progress through the satisfaction of
its clients
·
Determination, Passion and Integrity
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 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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
yes |
|
--AFFILIATION |
YES/NO |
no |
|
--LISTED |
YES/NO |
no |
|
--OTHER MERIT FACTORS |
YES/NO |
yes |
|
TOTAL |
|
30 |
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.