MIRA
INFORM REPORT
|
Report Date : |
19.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
C AND S ELECTRIC LIMITED |
|
|
|
|
Formerly Known
As : |
CONTROLS AND SWITCHGEAR COMPANY LIMITED |
|
|
|
|
Registered
Office : |
222 Okhla Industrial Estate, New Delhi-110020 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
15.06.1971 |
|
|
|
|
Com. Reg. No.: |
55-005672 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909DL1971PLC005672 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELC06422D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC0909K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Suppliers of Electrical Equipment and Exporter of Industrial
Switchgear. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 12000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
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 : |
222 Okhla Industrial Estate, New Delhi-110020, |
|
Tel. No.: |
91-11-30887520/ 29 |
|
Fax No.: |
91-11-26847154/ 26829063 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
A-7 and 8, Sector-VIII, Noida-201301, District Gautam Budh Nagar, |
|
Tel. No.: |
91-120-3914301/ 02 |
|
Fax No.: |
91-120-3914303 |
|
|
|
|
Factory 2 : |
C-59, Phase-II, Noida-201305, District Gautam Budh Nagar, |
|
Tel. No.: |
91-120-3048800/ 02 |
|
Fax No.: |
91-120-3048801 |
|
|
|
|
Factory 3 : |
C-58, Phase-II, Noida-201305, District Gautam Budh Nagar, |
|
Tel. No.: |
91-120-3048709 |
|
Fax No.: |
91-120-32042149 |
|
|
|
|
Factory 4 : |
B-1, Site-IV, Surajpur Industrial Area, Kasna Road, Greater Noida,
District Gautam Budh Nagar, Uttar Pradesh, India |
|
Tel. No.: |
91-120-3914500/ 01 |
|
Fax No.: |
91-120-2341896 |
|
|
|
|
Factory 5 : |
44, Okhla Industrial Estate, Phase-III, New Delhi-110020, |
|
Tel. No.: |
91-11-30883763 |
|
Fax No.: |
91-11-26832259 |
|
|
|
|
Factory 6 : |
NSEZ Plot No. 63, NSEZ, Noida-201305, |
|
Tel. No.: |
91-120-3074391 |
|
Fax No.: |
91-120-3042149 |
|
|
|
|
Factory 7 : |
1C, Sector-8C, Integrated Industrial Estate, Ranipur, Haridwar-249403,
|
|
Tel. No.: |
91-1334-239551/ 52 |
|
Fax No.: |
91-1334-239292 |
|
|
|
|
Factory 8 : |
Plot No. 1B, Sector-8C, Integrated Industrial Estate (SIDCUL),
Ranipur, Haridwar-249403, |
|
Tel. No.: |
91-1334-308101/ 02 |
|
Fax No.: |
91-1334-239694 |
|
|
|
|
Marketing Offices : |
Located at: ·
·
·
Jaipur ·
·
·
Ahmedabad ·
·
·
·
·
Kolkata ·
Pune ·
Mumbai ·
Bhubaneshwar ·
Secunderabad ·
·
Bengaluru ·
Chennai ·
·
|
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Justice Prem Nath Khanna (Retired) |
|
Designation : |
Director |
|
Address : |
13, Ishwar Nagar, Mathura Road, New Delhi-110065, |
|
Date of Birth/Age : |
28.01.1912 |
|
Date of Appointment : |
01.07.1974 |
|
|
|
|
Name : |
Mr. Prithvi Raj Khanna |
|
Designation : |
Director |
|
Address : |
70, Sunder Nagar, New Delhi-110003, |
|
Date of Birth/Age : |
02.07.1933 |
|
Date of Appointment : |
09.07.2009 |
|
|
|
|
Name : |
Mr. V N Koura |
|
Designation : |
Director |
|
Address : |
7, Navjiwan Vihar, New Delhi-110017, |
|
Date of Birth/Age : |
08.04.1940 |
|
Date of Appointment : |
09.07.2009 |
|
|
|
|
Name : |
Mr. Ravinder Nath Khanna |
|
Designation : |
Director |
|
Address : |
C-69, Friends Colony, Mathura Road, New Delhi-110065, |
|
Date of Birth/Age : |
28.01.1940 |
|
Date of Appointment : |
15.06.1971 |
|
|
|
|
Name : |
Mr. Ashok Khanna |
|
Designation : |
Director |
|
Address : |
14, Ishwar Nagar, Mathura Road, New Delhi-110065, |
|
Date of Birth/Age : |
31.08.1945 |
|
Date of Appointment : |
15.06.1971 |
|
|
|
|
Name : |
Mrs. Kanwal Khanna |
|
Designation : |
Director |
|
Address : |
C-69, Friends Colony, Mathura Road, New Delhi-110065, |
|
Date of Birth/Age : |
07.10.1946 |
|
Date of Appointment : |
01.06.1985 |
|
|
|
|
Name : |
Mrs. Anju Khanna |
|
Designation : |
Director |
|
Address : |
14, Ishwar Nagar, Mathura Road, New Delhi-110065, |
|
Date of Birth/Age : |
05.07.1947 |
|
Date of Appointment : |
01.06.1985 |
|
|
|
|
Name : |
Mr. Rishi Nath Khanna |
|
Designation : |
Director |
|
Address : |
C-69, Friends Colony, Mathura Road, New Delhi-110065, |
|
Date of Birth/Age : |
18.12.1973 |
|
Date of Appointment : |
19.04.1999 |
|
|
|
|
Name : |
Mr. Anuj Khanna |
|
Designation : |
Director |
|
Address : |
14, Ishwar Nagar, Mathura Road, New Delhi-110065, |
|
Date of Birth/Age : |
12.07.1973 |
|
Date of Appointment : |
19..04.1999 |
|
|
|
|
Name : |
Mr. Aditya Khanna |
|
Designation : |
Director |
|
Address : |
14, Ishwar Nagar, Mathura Road, New Delhi-110065, |
|
Date of Birth/Age : |
12.06.1978 |
|
Date of Appointment : |
17.01.2005 |
|
|
|
|
Name : |
Mr. Bharat Bushan |
|
Designation : |
Director |
|
Address : |
Flat No. 634l, Air Force and Naval Offices Enclave, Plot No. 11,
Sector-7, Dawarka, New Delhi-110075, |
|
Date of Birth/Age : |
26.08.1936 |
|
Date of Appointment: |
20.05.2006 |
|
Date of Ceasing: |
10.11.2010 |
|
|
|
|
Name : |
Mrs. Radhika Kapoor |
|
Designation : |
Director |
|
Address : |
C-19, Friends Colony, New Delhi-110065, |
|
Date of Birth/Age : |
12.01.1971 |
|
Date of Appointment : |
24.07.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ravinder Nath Khanna |
|
1238492 |
|
Ashok Khanna |
|
1141799 |
|
Anuj Khanna |
|
250871 |
|
Rishi Nath Khanna |
|
250871 |
|
Aditya Khanna |
|
250852 |
|
Radhika Kapoor |
|
252253 |
|
Kanwal Khanna |
|
91596 |
|
Anju Khanna |
|
91596 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
9.52 |
|
Bodies corporate |
0.04 |
|
Directors or relatives of Directors |
89.77 |
|
Other top fifty shareholders |
0.67 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Suppliers of Electrical Equipment and Exporter of Industrial
Switchgear. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
Standard Chartered Bank (Acting as an Security Agent) Credit Risk
Control, Narain Manzil, 23, Barakhamba Road, New Delhi-110001, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloittee Haskins and Sells Chartered Accountant |
|
Address : |
7th Floor, Tower B, Building No. 10, |
|
|
|
|
Joint Ventures: |
|
|
|
|
|
Subsidiaries : |
·
C and ·
EON Telesystems Private Limited U72300DL2008PTC184889 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28000000 |
Equity Shares |
Rs. 10/- each |
Rs. 280.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4422872 |
Equity Shares |
Rs. 10/-
each |
Rs. 44.229
Millions |
Of the above:
·
7300 (Previous year 7300)
shares of Rs. 10 each were allotted as
fully paid up pursuant to a contract without payment being received in cash.
·
3045348 (Previous year
3045348) shares of Rs. 10 each were allotted as fully paid up bonus shares by
capitalization reserves.
·
949990 (Previous year
949990) shares of Rs. 10 each were allotted pursuant to amalgamation of C and S
Protection and Controls Limited and transfer to switchgear division to the
company pursuant to demerger of controls and Switchgear Contractors Limited.
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 |
44.229 |
44.229 |
31.359 |
|
|
2] Share Application Money |
0.000 |
0.000 |
9.500 |
|
|
3] Reserves & Surplus |
3192.399 |
2655.310 |
1434.391 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3236.628 |
2699.539 |
1475.250 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
861.900 |
915.800 |
893.281 |
|
|
2] Unsecured Loans |
73.752 |
24.257 |
167.437 |
|
|
TOTAL BORROWING |
935.652 |
940.057 |
1060.718 |
|
|
DEFERRED TAX LIABILITIES |
87.773 |
82.031 |
53.874 |
|
|
|
|
|
|
|
|
TOTAL |
4260.053 |
3721.627 |
2589.842 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1206.033 |
1026.258 |
813.235 |
|
|
Capital work-in-progress |
285.543 |
180.088 |
83.423 |
|
|
|
|
|
|
|
|
INVESTMENT |
653.312 |
436.187 |
148.304 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1128.097
|
1063.750 |
821.744 |
|
|
Sundry Debtors |
2080.836
|
1878.713 |
1406.272 |
|
|
Cash & Bank Balances |
103.011
|
157.059 |
204.465 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
315.733
|
266.079 |
274.128 |
|
Total
Current Assets |
3627.677
|
3365.601 |
2706.609 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1371.923
|
1180.075 |
1053.518 |
|
|
Other Current Liabilities |
79.679
|
52.150 |
27.427 |
|
|
Provisions |
60.910
|
54.282 |
80.784 |
|
Total
Current Liabilities |
1512.512
|
1286.507 |
1161.729 |
|
|
Net Current Assets |
2115.165
|
2079.094 |
1544.880 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4260.053 |
3721.627 |
2589.842 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5979.425 |
5441.504 |
4260.964 |
|
|
|
Other Income |
143.954 |
134.417 |
128.854 |
|
|
|
TOTAL (A) |
6123.379 |
5575.921 |
4389.818 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials consumed and purchase of goods |
3469.407 |
3347.804 |
2384.232 |
|
|
|
Increase/ Decrease in Stock |
[23.969] |
[183.730] |
9.838 |
|
|
|
Manufacturing and other Expenses |
1745.679 |
1547.787 |
1224.545 |
|
|
|
Transfer from revaluation Reserve |
[1.096] |
[1.096] |
[1.096] |
|
|
|
|
|
|
|
|
|
|
TOTAL (B) |
5190.021 |
4710.765 |
3617.518 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
933.358 |
865.156 |
772.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
120.516 |
140.731 |
90.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
812.842 |
724.425 |
681.568 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
99.793 |
89.298 |
63.347 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
713.049 |
635.127 |
618.221 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
164.241 |
135.508 |
146.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
548.808 |
499.619 |
471.481 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1151.653 |
714.970 |
246.889 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
55.500 |
50.000 |
3.400 |
|
|
|
Proposed Dividend |
11.057 |
11.057 |
-- |
|
|
|
Corporate Dividend Tax |
1.836 |
1.879 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
1632.068 |
1151.653 |
714.970 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
875.743 |
758.723 |
|
|
TOTAL EARNINGS |
NA |
875.743 |
758.723 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
NA |
727.485 |
395.799 |
|
|
|
Stores & Spares |
NA |
2.515 |
0.000 |
|
|
|
Trading Goods |
NA |
29.086 |
99.957 |
|
|
|
Technical know how |
NA |
19.067 |
59.425 |
|
|
TOTAL IMPORTS |
NA |
778.153 |
555.181 |
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted Earnings Per Share (Rs.) |
124.08 |
115.47 |
115.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.96
|
8.96 |
10.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.93
|
11.67 |
14.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.75
|
14.46 |
17.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.24 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
0.82 |
1.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
18.05 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
The Gross Sales for the year were Rs. 6253.900 Millions as against Rs. 5859.400
Millions for the previous year registering an increase of about 7%. The Profit
before tax (after interest and depreciation) of Rs. 713.000 Millions as against
Rs. 635.100 Millions during previous year and profit after tax of Rs. 548.800
Millions for the year as against rs. 499.600 Millions for the previous year
registered a growth of nearly 12% and 10% respectively.
Outlook:
Considering the ambitious target of the Indian Government to add
approximately 78000 of installed generation capacity during the current five
year plan ending fiscal year 2012 and consequent growth in demand for the power
equipments, the company sees tremendous growth opportunities ahead.
The company has already augmented its manufacturing capacities by
setting up new units Haridwar (Uttarakhand) and has a healthy order book of
nearly Rs. 3800.000 Millions.
Besides, the company is looking at forays beyond the Indian shores. As a
first step in this direction, the company is setting up a manufacturing
facility in
Further, with a view to enter the arena of non-conventional sources of
energy, the company has decided to set up a model solar power plant of 1-3 MW
capacity in northern
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U31909DL1971PLC005672 |
|
Name of the
company |
C AND S ELECTRIC LIMITED |
|
Address of the registered
office or of the principal place of
business in |
222 Okhla Industrial Estate, New Delhi-110020, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Standard Chartered Bank (Acting as an Security Agent) Credit Risk
Control, Narain Manzil, 23, Barakhamba Road, New Delhi-110001, India |
|
Nature of
instrument creating charge |
Unattested Memorandum of Hypothecation |
|
Date of
instrument Creating the charge |
27.09.2010 |
|
Amount secured by
the charge |
Rs. 300.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per facility
agreement dated 27.09.2010 to be amended form time to time Terms of
Repayment As per facility
agreement dated 27.09.2010 to be amended form time to time Margin As per facility
agreement dated 27.09.2010 to be amended form time to time Extent and
Operation of the charge d Extent of
Operation – 100% Others The security by
way of 1st and Exclusive
charge over Movable Fixed Assets has been created in favour of SCB for the
purpose of securing ECB facility to the extent of USD Rs 6.000 Millions
(Facility Amount) granted to company for the purpose of filing form 8,
Facility amount Equivalent in INR has been calculated at the Rs. 50 each per
US $. |
|
Short particulars
of the property charged |
Hypothecation by
way of first and exclusive charge over all present and future movable fixed
assets of the company including without limitation movable plant and
machinery, equipments, Machinery spares, tools and accessories and other
movable purchased through the term loan facility with minimum assets cover of
1.25 times, stores or to be stores at Company’s godowns or premises at 1A,
Sector-8C, Integrated Industrial Estate, BHEL, Ranipur, Haridwar or wherever
else the same may be. |
Fixed Assets:
·
Land
o
o
·
Building
o
o
o
Leasehold Improvements
o
Temporary Shed
·
Plant and Machinery
o
Plant and Machinery
o
Laboratory Testing Equipments
o
Tools, Dies, Jigs and Fittings
o
Generator
o
Storage Weighing ansd Handling Equipments
o
Air Conditioner
o
Office Equipments
o
Computer
·
Furniture and Fixtures
o
Furniture and Fixture
·
Vehicles
o
Vehicles
·
Intangible Assets
o
Technical Know how
o
Goodwill
o
Software
AS PER WEBSITE
Introduction:
Subject is amongst the leading suppliers of
electrical equipment in
The business operations of C and S Electric are divided in the following
3 strategic business units (SBUs)
·
Switchgear and Protection SBU
·
Power Busbars SBU
·
Lighting and Wiring Accessories SBU
C and S employs over 3000 people including 400 engineers, and has 16
state-of-the art manufacturing plants. It has 22 sales office across
History:
The CMD, Mr. R N Khanna after graduating from IIT Kharagpur, gets his
first taste of the switchgear business as a Design Engineer in a leading German
company.
1966 R N Khanna returns
to
1966 - 1982 The company goes on to become amongst the largest
1982 - 1985 In a short time enters the switchgear components business by technology
transfer from Terasaki
1992 - 1994 Diversities with 3 joint ventures: Wago (Terminals), RS (Mail Orders)
and AVK-SEG (Alternator and Relays until 2004 restructuring).
1998 - 2007 Second Generation join the business. Big thrust on exports. Entry into
Lighting and Wiring Accessories. Establishment of EOU and SEZ facilities.
Acknowledged as
2008 Enters Medium
Voltage business through a JV with Efacec of Portugal. Raises private equity
from GE Commercial Finance with intention to grow even more aggressively
through organic and inorganic means. Merges three main companies into a single
entity – C and S Electric Limited
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.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
58 |
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.