MIRA INFORM REPORT

 

 

Report Date :

18.02.2011

 

Note:

 

The given address of the company has been verified and validated by us.

 

IDENTIFICATION DETAILS

 

Name :

TATA AUTOCOMP SYSTEMS LIMITED

 

 

Registered Office :

Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

17.10.1995

 

 

Com. Reg. No.:

11-93733

 

 

CIN No.:

[Company Identification No.]

U34100MH1995PLC093733

 

 

Legal Form :

A  Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of moulding and Painting of Plastic components and assemblies for Automotive Industry.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba ( 46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 7800000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Tata Group, a highly reputed industrial house. It is having satisfactory track. Trade relations are fair. Payments are slow but correct.

 

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

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Nitin Natu

Designation :

Accounts Manager

Contact No.:

91-20-66085000

Date :

17.02.2011

 

LOCATIONS

 

Registered Office :

Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001, Maharashtra, India

Tel. No.:

91-22-22049131/56658282

Fax No.:

91-22-22845523/56658160

E-Mail :

taco@tacogroup.com

autocomp@tata.com

ajay.sharma@tacogroup.com

ta.ramkumar@tacogroup.com

Website :

http://www.tacogroup.com  

Area:

3000 sq.ft. (Owned)

 

 

Corporate Office :

Taco House, Damle Path, Off Law College Road, Pune- 411004, Maharashtra

Tel. No.:

91-20-66085000

Fax No.:

91-20-25438499/ 66085034/ 66085102

E-Mail :

taco@tacogroup.com

 

 

Corporate Office 2:

Taco  Technical Centre, Rajiv Gandhi IT Park, Hinjewadie Phase 2, S No 280 ands 281, Pune-411057, India

 

 

Factory 1 :

Muttha Chambers, 3rd Floor, Senapati Bapat Road, Pune 411 016, Maharashtra

Tel. No.:

91-20-25672782 / 25660691

Fax No.:

91-20-25660699

 

 

Factory 2 :

Plot 28, Bidadi Industrial Area, Ramnagar, Bangalore – 562109, Karnataka, India

 

 

Overseas Office :

35488 Crescent Court, Farmington Hills, MI 48335, United States of America

Tel. No.:

1-248-4744607

Fax No.:

1-248-4744668

 

 

Branches :

Located at:-

 

·         Lucknow, Uttar Pradesh

·         Vadodara, Gujarat

·         Mumbai, Maharashtra

·         Pune, Maharashtra

·         Jamshedpur, Bihar

·         Bangalore, Karnataka

·         Chennai, Tamilnadu

 

 

DIRECTORS

 

AS ON 07.06.2010

 

Name :

Mr. Ramabadran Gopalkrishnan

Designation :

Director

Address :

Baug – E, Abbas Flat No. 101, Captain Prakash Peth Marg, 21/A, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

25.12.1945

Date of Appointment :

27.06.2001

 

 

Name :

Mr. Kishor Anant Chaukar

Designation :

Director

Address :

72, NCPA Apartments, 7th Floor, Dorbabji Tata Road, Nariman Point, Mumbai - 400021, Maharashtra, India

Date of Birth/Age :

01.08.1947

Date of Appointment :

30.03.1999

 

 

Name :

Mr. Rajendra Ramdas Bhinge

Designation :

Director

Address :

83 Land Mark, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

04.11.1951

Date of Appointment :

30.07.2004

 

 

Name :

Mr. Satish Bhaskar Pradhan

Designation :

Director

Address :

NCPA Apartments 17 Floor, Apsara CHS, Natiman Point, Mumbai – 400021, Maharashtra, India 

Date of Birth/Age :

04.01.1955

Date of Appointment :

03.05.2002

 

 

Name :

Mr. Rameshwar Singh Thakur

Designation :

Whole Time Director

Address :

Flat No. 205, Burlington, Hiranandani Estate, Patilpada, Thane (West), Mumbai-400607, Maharashtra, India

Date of Birth/Age :

06.09.1948

Date of Appointment :

28.12.2007

Other Directorship:

Tata Motors Limited

 

 

Name :

Mr. Praveen P Kadle

Designation :

Director

Address :

224, NCPA, Apartments, Nariman Point, Mumbai- 400021, Maharashtra, India.

Date of Birth/Age :

21.01.1957

Date of Appointment :

29.09.2009

 

 

KEY EXECUTIVES

 

Name :

Mr. Ajay S Nagale

Designation :

Director

Address :

18/204, Nilgiri Sidhanchal Phase- 3, Near Vasant Vihar Road 2, Mumbai- 400010, Maharashtra, India.

Date of Birth/Age :

26.07.1966

Date of Appointment :

10.07.2008

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 07.06.2010

 

Names of Shareholders (Equity)

 

No. of Shares

Tata Industries Limited, India

 

69244903

Tata Motors Limited, India

 

52333170

Tata Capital Limited, India

 

48307333

Tata Sons Limited, India

 

28675598

Tata Investment Corporation Limited 

 

2720054

Tata Industries Limited, India  Jointly with Mr. R R Shastri

 

150

Tata Industries Limited, India Jointly with Mr. K A Chaukar

 

50

Tata Industries Limited, India Jointly with Mr. N J Driver

 

50

Mr. Dilip S. Pendse

 

50

TOTAL

 

201281358

 

Names of Shareholders (Preference )

 

No. of Shares

Tata Motors Limited, India

 

21000000

Tata Investment Corporation Limited, India 

 

15000000

Rajuvalika Investments Limited, India

 

7000000

Tata Consultancy Services Limited

 

5000000

Ratan Naval Tata Jointly with  Naval  H Tata

 

3000000

N A Soonaala

 

2000000

Tata Simone Naval Jointly with Naval H Tata

 

500000

TOTAL

 

53500000

 

 

AS ON 07.06.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of moulding and Painting of Plastic components and assemblies for Automotive Industry.

 

 

Products :

ITC Code No.

Product Description

87089900

Plastic Parts for Motor Vehicles

87081000

Bumpers and Parts Thereof Engineering Services Supply Chain Management Services Tooling Services Full Services Provider To the Global Automotive Industry

 

 

Exports :

 

Products :

Alloy  Steel Forgings

Countries :

UK and Sweden

 

 

Imports :

 

Products :

Carbon Steel Bar

Countries :

UK

 

 

Terms :

 

Selling :

L/C, Cash and Credit (30-60-90 Days)

 

 

Purchasing :

L/C, Cash and Credit (30-60-90 Days)

 

PRODUCTION STATUS As on 31.03.2010

 

Particulars

Unit

Installed Capacity

Plastic Parts for Motor Vehicles

MT

11350

 

 

GENERAL INFORMATION

 

Customers :

End Users and OEM’s

 

 

No. of Employees :

Approximately 500

 

 

Bankers :
  • State Bank of India, Industrial finance Branch, Tara Chambers, Wakdewadi, Pune-411 003, Maharashtra, India

 

 

  • HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

 

  • HSBC Bank Limited- Amar Avinash Corporate City, Sector No. 11, Bund Garden Road, Pune- 411001, Maharashtra, India.

 

 

  • Corporation Bank- Industrial Finance Branch, 14, Wakedewadi, Mumbai Pune Road, Pune- 411003, Maharashtra, India.

 

 

Facilities :

Secured Loans :

 

As on 31.03.2010

Rs. in Millions

Loans from Institutions

Non Convertible Debentures (redeemable at the expiry of 7 years from the date of allotment i.e. February 27, 2009) Secured by First pari- passu charge on the Movable and Immovable assets (including Land and building) of Interiors and Plastic Division of the Company

350.000

Loans from banks

Foreign Currency loans (including interest accrued and due Rs.0.239 million; Previous Year: Rs.0.781 million) Secured by a first charge on pad passu basis by way of hypothecation of the Company’s movable assets (save and except book debts), and mortgage of present and future immovable properties (amount due within one year; Rs.289.988 millions;

603.490

Rupee Term Loans (including interest accrued and due Rs.10.535 millions) Secured by a charge on the Company’s fixed assets, both present and future, including its movable plant and machinery, equipment, appliances, furniture, vehicles, machinery spares and stores, tools and accessories. (Amount due within one year; Rs.249.992 millions)

1090.122

Cash credit

Secured by hypothecation of the Company’s movable assets and second charge on present and future immovable properties.

212.009

Loan from Others

Loans for leased assets

(Secured against hypothecation of assets)

(amount due within one year; Rs.11.548 millions)

17.014

Total

2272.635

 

 

Unsecured Loans :

As on 31.03.2010

Rs. in Millions

Loans from others (amount due within one year Rs. Nil)

1100.000

Inter Corporate Deposits (repayable on demand)

488.300

Total

1588.300

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountant

Address :

6th Floor, Millenia Tower, D, 1 and 2, Murphy Road, Ulsoor, Bangalore-560 008, Karnataka, India 

 

 

Promoter Group Companies
  • Tata Industries Limited
  • Tata Motors Limited
  • Tata Motors Thailand Limited
  • Tata Capital Limited
  • Tata Sons Limited

 

 

Subsidiaries

 
  • Tata Toyo Radiator Limited

             CIN No. U99999PN1997PLC110139

  • Taco Composites Limited ( formerly known as Automotive Composite Systems (International) Limited)

       CIN No. U34300PN200PLC015253

  • TC Springs Limited (upto January 12, 2010)
  • Taco Sasken Automotive Electronics Limited

       CIN No. U32109PN2007PLC129527

  • Tata Autocomp Mobility Telematics Limited

       CIN No. U32109PN2005PLC020334

  • Taco Holdings (Mauritius) Limited
  • Taco Kunststofftechnik GmbH *
  • Taco Grundstuckverwaltungs GmbH #
  • Nanjing Tata Autocomp Systems Limited

 

 

Joint Ventures
  • Tata Johnson Controls Automotive Limited
  • Tata Ficosa Automotive Systems Limited
  • Tata Yazaki Autocomp Limited
  • Tata Nifco Fasteners Limited
  • Taco FAURECIA Design Center Private Limited (upto December 1, 2009)
  • Tata Autocomp GY Batteries Limited
  • Taco Visteon Engineering Private Limited (upto February 15, 2010)
  • Tata Visteon Automotive Private Limited ( upto February 15, 2010)
  • Taco Hendrickson Suspensions Pvt. Limited
  • Automotive Stampings and Assemblies Limited
  • Technical Stampings Automotive Limited

 

 

Associate

KNORR-BREMSE Systems for Commercial Vehicles India Private Limited (upto January 27, 2010)

 

 

CAPITAL STRUCTURE

 

AS ON 07.06.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

210000000

Equity Shares

Rs.10/- Each

Rs.2100.000 Millions

70000000

Preference Shares

Rs.10/- Each

Rs.700.000 Millions

 

TOTAL

 

Rs.2800.000 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

201281358

Equity Shares

Rs.10/- Each

Rs.2012.813 Millions

53500000

Preference Shares

Rs.10/- Each

Rs.535.000 Millions

 

TOTAL

 

2547.813 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

2547.813

2547.813

2377.345

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

31.939

6.939

1281.073

4] (Accumulated Losses)

(641.088)

(946.668)

0.000

NETWORTH

1938.664

1608.084

3658.418

LOAN FUNDS

 

 

 

1] Secured Loans

2272.635

3342.700

2720.511

2] Unsecured Loans

1588.300

738.300

500.000

TOTAL BORROWING

3860.935

4081.000

3220.511

DEFERRED TAX LIABILITIES

0.000

0.000

62.917

 

 

 

 

TOTAL

5799.599

5689.084

6941.846

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1952.289

2012.829

1461.903

Capital work-in-progress

134.053

249.181

913.137

 

 

 

 

INVESTMENT

3417.816

3490.017

3516.580

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
444.878

592.909

604.565

 

Sundry Debtors
1266.259

989.401

1080.347

 

Cash & Bank Balances
247.532

260.706

94.431

 

Other Current Assets
2.816

70.432

165.065

 

Loans & Advances
706.129

949.677

992.853

Total Current Assets
2667.614

2863.125
2937.261

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
1839.678

1311.967

 

Other Current Liabilities
381.036

1569.740

1790.701

 

Provisions
151.459

44.361

96.334

Total Current Liabilities
2372.173

2926.068
1887.035

Net Current Assets
295.441

(62.943)

1050.226

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

5799.599

5689.084

6941.846

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

9183.907

6593.580

5000.070

 

 

Interest

9.002

3.784

2.233

 

 

Dividend

201.562

146.917

168.327

 

 

Other Income

560.674

758.430

255.524

 

 

TOTAL                                     (A)

9955.145

7502.711

5426.154

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchases and outsourced Services Cost

857.586

900.187

835.83

 

 

Material Consumed and Manufacturing Expenses 

5961.895

3893.253

2278.434

 

 

Personnel, Sales and Administrative Expense

1909.705

3800.609

1299.916

 

 

Prior Period Expense

0.000

73.363

6.088

 

 

TOTAL                                     (B)

8729.186

8667.412

4420.268

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

1225.959

(864.701)

1005.886

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

471.061

464.377

240.760

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

754.898

(1329.078)

765.126

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

331.616

326.168

249.128

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

423.282

(1955.246)

515.998

 

 

 

 

 

Less

TAX                                                                  (H)

5.529

(30.605)

107.027

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

417.753

(1924.641)

408.971

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(946.668)

985.071

633.428

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Dividend on preference Share

82.808

6.067

49.000

 

 

Tax on Dividend

4.366

1.031

8.328

 

 

Transfer to Debenture Redemption Reserve

25.000

0.000

0.000

 

BALANCE CARRIED TO THE B/S

(641.089)

(946.668)

985.071

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

1347.851

921.385

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

419.668

575.801

NA

 

 

Stores & Spares

14.548

149.904

NA

 

 

Capital Goods

67.884

90.429

NA

 

TOTAL IMPORTS

502.100

816.134

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.84

(11.05)

2.02

 

Expected Sales (2010-2011) : Rs. 10000.000 Millions

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

31.03.2008

31.03.2007

PAT / Total Income

(%)
4.20

(25.65)

7.54

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.61

(29.65)

15.30

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
9.16

(40.10)

11.73

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.22

(1.22)

0.14

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.22

4.36

1.40

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.12

0.98

1.56

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References:

 

·         Ashok Leyland

·         BMW India

·         Force Motors

·         Honda Siel Cars India Limited

·         Toyota Kirloskar Motor Private Limited

·         Tractors and Farm Equipment Limited

 

Business Performance:

 

In view of the unprecedented slow down and global recession during 2008-09, the year started with utmost caution and a low degree of optimism. However, due to government of India’s timely actions and various measures, like easing of credit availability, reduction in the interest rate, reduction in the excise duty and service tax rates for most part of the year, the Indian economy, came back to recovery path. The Auto Industry also started showing improvements, after the first quarter in the current financial year and later witnessed strong growth, both in the Commercial and Passenger Vehicle segment, in the second half of the year. Driven by the necessity in recessionary times, in addition, the Company took a close look at operational efficiency; cost competitiveness, productivity of each of its units and asset sweating. The Company reviewed performance and future growth prospect of each of its business unit. Accordingly, the Company exited some of its business units by divesting its stake. In certain cases where there was no viable opportunity the businesses have been closed down. As a part of this restructuring, the Company has also acquired stakes held by its JV partner in one of its subsidiary and thus making it a 100% owned business. The successful implementation of restructuring exercise has made the Company more focused.

 

Bankers Charges Report as per Registry

 

Name of the company

TATA AUTOCOMP SYSTEMS LIMITED

Presented By

Mr. T A. Ramkumar, General Manager (Treasury and Accounts), Company Secretary

1) Date and description of instrument creating the change

Agreement of Hypothecation of Goods and assets (C2) dated 27.11.2001

2) Amount secured by the charge/amount owing on the securities of charge

Rs.100.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Current Assets of the company comprising Book Debts/ Receivables, Present and Future, as may be appearing in the of the company

4) Gist of the terms and conditions and extent and operation of the charge.

The principal amount together with accured interest and all related dues is payable on or before 03.06.2003

 

Interest is payable quarterly at the rate of 2.25 % over 6 months LIBOR

5) Name and Address and description of the person entitled to the charge.

State Bank of India, Industrial finance Branch, Tara Chambers, Wakdewadi, Pune-411 003, Maharashtra, India

6) Date  and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

 

 

Corporate identity number of the company

U34100MH1995PLC093733

Name of the company

TATA AUTOCOMP SYSTEMS LIMITED

Address of the registered office or of the principal place of  business in India of the company

Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001, Maharashtra, India

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property

Particular of charge holder

Corporation Bank- Industrial Finance Branch, 14, Wakedewadi, Mumbai Pune Road, Pune- 411003, Maharashtra, India.

Nature of description of the instrument creating or modifying the charge

Common Deed of Hypothecation of Movables/ Assets/ Debts dated 26th December, 2009

Date of instrument Creating the charge

26.12.2009

Amount secured by the charge

Rs.500.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

COBAR -1% i. e. 11.00% p. a. at present.

 

Terms of Repayment

To be repaid in one installment at the end of 35th month from the date of disbursement of the loan.

 

Margin

Nil

 

Extent and Operation of the charge

Hypothecation /1st Charge on inventory cum Book Debts/Current Assets of Services Div (viz. Eng, Supply Chain mgt, Corporate, Retail and other Business) stored/ stocked/ maintained at TACO House, V G Damale Path, Off Law College Road, Erandwane, Pune - 411004 and/or at such other places notified from time to time; 2nd Charge on Fixed Movable Assets of Interior and Plastics Div of the Co, with Gross Block : Rs.1582.700 millions and Net Block : Rs.766.400 millions as on 31-03-09 [1st Charge with SBI and LIC of India]

 

Others

For more information please refer attached deed of hypothecation.

Short particulars of the property charged

Hypothecation / First Charge on inventory cum Book Debts/Current Assets of the Services Division (viz. Engineering, Supply Chain management, Corporate, Retail and other Business) of the Company,

 

Stored / stocked/ maintained at TACO House, V G Damale Path, Off Law College Road, Erandwane, Pune – 411 004 and/or at such other places notified from time to time.

 

Second Charge on the Fixed Movable Assets of Interior and Plastics Division of the Coma, with Gross Block: Rs.1582.700 millions and Net Block : Rs.766.400 millions as on 31.03.09 -1st Charge with SBI and LIC of India.

 

Ref Sc A for description of hypothecated assets

 

 

Fixed Assets:

 

·         Freehold Land

·         Buildings

·         Plant and Machinery

·         Work Station/ office Equipments

·         Furniture, Fittings and Other Equipments

·         Vehicles

·         Vehicles on Finance Lease

·         Computer and Peripherals on financial lease

·         Specialised software

·         Engineering and Development cost

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.73.08

Euro

1

Rs.61.60

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.