MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR OIL ENGINES LIMITED (w.e.f. 02.06.2010) |
|
|
|
|
Formerly Known
as : |
KIRLOSKAR ENGINES INDIA LIMITED |
|
|
|
|
Registered
Office : |
Laxmanrao Kirloskar Road, Khadki, Pune – 411003, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
12.01.2009 |
|
|
|
|
Com. Reg. No.: |
11-133351 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.291.260 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29120PN2009PLC133351 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK05398B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD3590P |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange |
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|
|
|
Line of Business
: |
Manufacturer of the wide range of Diesel Engines, Diesel Generating Sets
and Engine Bearings and Engine Valves. |
|
|
|
|
No. of Employees
: |
Not Divulged by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 27200000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Directors are reputed
as experiences respectable and resourceful businessman. Their trade relations
are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Kishor Huprikar |
|
Designation : |
Secretary |
|
Date : |
30.06.2011 |
LOCATIONS
|
Registered Office : |
Laxmanrao Kirloskar Road, Khadki, Pune – 411003, Maharashtra, India |
|
Tel. No.: |
91-20-25810341 |
|
Fax No.: |
91-20-25813208 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 09.07.2010
|
Name : |
Mr. Atul Kirloskar |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
Radha 453, Gokhale Road, Pune – 411016, Maharashtra, India |
|
Date of Birth/Age : |
13.02.1956 |
|
Date of Appointment : |
12.01.2009 |
|
|
|
|
Name : |
Mr. Gautam Kulkarni |
|
Designation : |
Managing Director |
|
Address : |
Yena 1, Adwatitnagar Paud Road, Erandwana, Pune – 411038, Maharashtra,
India |
|
Date of Birth/Age : |
30.12.1957 |
|
Date of Appointment : |
12.01.2009 |
|
|
|
|
Name : |
Mr. Rajendra Deshpande |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 704, Tulip Society, Mahaganesh Colony, Paud Road, Kothrud,
Pune – 411038, Maharashtra, India |
|
Date of Birth/Age : |
07.02.1954 |
|
Date of Appointment : |
12.01.2009 |
|
|
|
|
Name : |
Mr. Rahul Kirloskar |
|
Designation : |
Whole Time Director |
|
Address : |
Lakaki Compound, Model Colony, Pune – 411016, Maharashtra, India |
|
Date of Birth/Age : |
07.07.1963 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Hemendra Kothari |
|
Designation : |
Director |
|
Address : |
Sea View 57, Worli, Sea Face, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
25.08.1946 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Prataprao Pawar |
|
Designation : |
Director |
|
Address : |
Plot No.2, S. No. 131, , Gulmohar Park, Aundh Pune – Maharashtra,
India |
|
Date of Birth/Age : |
15.10.1944 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Udipi V. Rao |
|
Designation : |
Director |
|
Address : |
3294, 12th A, Main Street, Bangalore – 520008, Karnataka,
India |
|
Date of Birth/Age : |
04.12.2009 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Rangarajan Srinivasan |
|
Designation : |
Director |
|
Address : |
Dhanya, 126, Nandidurg Road, Bangalore – 560046, Karnataka, India |
|
Date of Birth/Age : |
10.09.1941 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Naushad Forbes |
|
Designation : |
Director |
|
Address : |
74, Koregaon Park, Lane No.3, Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
13.05.1960 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Anil Alawani |
|
Designation : |
Director |
|
Address : |
Flat 5, Yashodeep C, Rambaug Colony, Navi Peth Pune – 411030,
Maharashtra, India |
|
Date of Birth/Age : |
24.08.1948 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Lakshmi Narayan |
|
Designation : |
Director |
|
Address : |
133 4th Main Deference Colony, Indira Nagar, Bangalore –
460038, Karnataka, India |
|
Date of Birth/Age : |
07.09.1946 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Nihal Kulkarni |
|
Designation : |
Director |
|
Address : |
Yena 1 Adwait Nagar, Paud Road, Erandwana, Pune – 411038, Maharashtra,
India |
|
Date of Birth/Age : |
07.06.1981 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mrs. Smita Raichurkar |
|
Designation : |
Secretary |
|
Address : |
Flat No.303, Varnaz, Colony Paud Road, Pune – 411038, Maharashtra,
India |
|
Date of Birth/Age : |
21.04.1982 |
|
Date of Appointment : |
31.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of promoters and Promoter Group |
|
|
|
1. Indian |
|
|
|
Individuals / Hindu Undivided Family |
22651018 |
15.55 |
|
Bodies Corporate |
68181829 |
46.82 |
|
Sub Total (A)
(1) |
90832847 |
62.37 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
1. Institutions |
|
|
|
Mutual Funds / UTI |
7679635 |
5.27 |
|
Financial Institutions / Banks |
3827777 |
2.63 |
|
Insurance Companies |
6035778 |
4.14 |
|
Foreign Institutional Investors |
17472509 |
12.00 |
|
Sub Total (B)
(1) |
35015699 |
24.04 |
|
|
|
|
|
2. Non
Institutions |
|
|
|
Bodies Corporate |
2356915 |
1.62 |
|
Individual shareholders holding nominal share capital up to Rs. 0.100
million |
14199403 |
9.75 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
2937967 |
2.02 |
|
|
|
|
|
Any Others
(Specify) |
286454 |
0.20 |
|
|
|
|
|
Non Residents |
|
|
|
Clearing Members |
49469 |
0.03 |
|
NRI Non – Rept |
236483 |
0.16 |
|
Foreign National |
502 |
0.00 |
|
Sub Total (B)
(2) |
19780739 |
13.58 |
|
|
|
|
|
Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
|
|
|
|
|
Total (A) + (B) +(C) |
1456292845 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of the wide range of Diesel Engines, Diesel Generating
Sets and Engine Bearings and Engine Valves. |
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Product : |
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|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Engines between 2.5 HP to 740 HP (a) |
Nos |
662,100 |
196,694 (j) |
196,694 (j) |
|
Engines above 2400 HP to 10000 HP (a) |
Nos |
26 |
8 |
8 |
|
Generating Sets between 5 KVA to 600 KVA (a) |
Nos |
83,800 |
7,907 |
7,907 |
|
Generating Sets between 1.6 MW to 4.4 MW(a) |
Nos |
14 |
5 |
5 |
|
Bimetal Bearings & Engine Valves (a) , (h) and (i) |
Nos. (000’s) |
105,650 |
46,047 |
46,047 |
|
Bimetal Strips - (a) and ( c) |
MT |
11,981 |
3,599 |
3,599 |
|
Pump Sets (a) |
Nos |
210,000 |
-- |
-- |
|
R Type Engines (d) |
Nos |
8,000 |
8,000 |
-- |
|
Air Compressors up to 1000 cfm |
Nos |
500 |
500 |
-- |
|
Diesel /Electric compressors 30 to 2500 cfm |
Nos |
500 |
500 |
-- |
|
Garage compressors above 5 HP and parts |
Nos |
250 |
250 |
-- |
|
Air receiver, inter coolers, heat exchangers and parts thereof |
Nos |
500 |
500 |
-- |
|
Car lifts, washers and lubricants equipments |
Nos |
300 |
300 |
-- |
|
Aluminum Castings |
MT |
NA |
300 |
-- |
|
Agricultural Implements |
MT |
200 |
200 |
--- |
|
Self Priming Pumps |
Nos |
3,500 |
3,500 |
-- |
|
Crankshaft |
Nos |
43,500 (e) |
-- |
-- |
|
Camshafts |
Nos |
49,500 (e) |
-- |
|
Note :
Licensed capacity is given on the basis of IEM (Industrial
Entrepreneurs Memorandum) received by the Company till FY 2009-10.
Most of the plant and machinery being common for different
products manufactured by the company and installed capacity being dependent on
product mix, which in turn is decided by the actual demand for various products
from time to time and also on availing of subcontracting facilities, it is not
feasible for the Company to indicate the exact installed capacity. The Company
has, however, indicated the installed capacity on the basis of year’s Product
mix as certified by the Technical Personnel and accepted by Auditors, as
correct, being technical matter.
Includes 3,530 MT for internal consumption.
Unit closed.
The Company has obtained Letter of intent (ref : LI
1194/SIA/IMO/2010 dated 05.04.2010) issued by Ministry of Industry, New Delhi
to manufacture camshafts and crankshafts.
The company also holds permission to manufacture at its
Ahmednagar plant, Gas Turbine up to 20 MW capacity including packaging of
various applications.
The Company has filed Memorandum under Liberalized License
Scheme to manufacture the following items:
1) Control Panels
2) Steam Turbine Generating sets
3) Steam Turbines
4) Canopies for Gensets.
Production quantity represents number of components “meant
for sale only” and includes components produced and kept on hold due to
technical reason in earlier years and released after inspection which being a
technical matter, is certified by technical personnel and accepted by auditors
as correct.
Includes 4,203 Nos (000’s) for internal consumption.
Includes 2,235 Nos for internal consumption.
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the Management |
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|
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Bankers : |
·
HSBC Bank Limited ·
HDFC Bank |
||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shishir Dalal Chartered Accountant |
|
Address : |
49/55, Easr West Insurance Building, Fort, Mumbbai – 400001,
Maharashtra, India |
|
|
|
|
Holding Company : |
Kirloskar Industries Limited |
|
|
|
|
Associates : |
Kirloskar Integrated Technologies Limited (Formerly Known as Kirloskar Kisan Equipment Limited) |
|
|
|
|
Subsidiary Companies : |
·
Cess Investments and Consultants Private Limited ·
Navsai Investments Private Limited ·
Kirloskar Consultants Limited ·
Achyut and Neeta Holding and Finance Private
Limited ·
Alpak Investments Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
145629750 |
Equity Shares |
Rs.2/- each |
Rs.291.260
Millions |
|
|
|
|
|
Notes :
1
The company was incorporated on 12 January 2009 with Authorized share capital
of Rs. 1.000 millions (0.500 millions equity share of Rs. 2 each). The entire
share capital was held by Kirloskar Oil Engines Limited.
2 In
terms of Scheme of Arrangement, between erstwhile Kirloskar Oil Engines
Limited, Kirloskar Engines India Limited and their respective shareholders and
creditors sanctioned by the Honorable High Court of the Judicature of Bombay
which became effective from 31 March 2010, the following effects were given .
a)
Authorized share capital is increased to Rs. 400.000 millions (200.000 millions
equity shares of Rs. 2 each).
b)
The paid-up share capital held by erstwhile Kirloskar Oil Engines Limited
stands cancelled on 30 April 2010.
c)
145.629 millions Equity Shares of Rs.2 each are deemed to be issued, subscribed
and fully paid-up, specified for the purpose of ascertaining the entitlement,
in terms of the Scheme of Arrangement, detailed in note no. 2, becoming operative
from 31 March 2010 (the Effective Date), since allotted on 30 April 2010.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
291.259 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
6512.807 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
6804.066 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2695.633 |
|
|
2] Unsecured Loans |
|
|
0.435 |
|
|
TOTAL BORROWING |
|
|
2696.068 |
|
|
DEFERRED TAX LIABILITIES |
|
|
323.305 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9823.439 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
5626.473 |
|
|
Capital work-in-progress |
|
|
124.029 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2000.922 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1402.960 |
|
|
Sundry Debtors |
|
|
3854.363 |
|
|
Cash & Bank Balances |
|
|
636.553 |
|
|
Other Current Assets |
|
|
741.332 |
|
|
Loans & Advances |
|
|
1169.230 |
|
Total
Current Assets |
|
|
7804.438 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
46.512 |
|
|
Other Current Liabilities |
|
|
4298.891 |
|
|
Provisions |
|
|
1387.020 |
|
Total
Current Liabilities |
|
|
5732.423 |
|
|
Net Current Assets |
|
|
2072.015 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9823.439 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
22185.049 |
|
|
|
Operating Income |
|
|
424.384 |
|
|
|
Financial Income |
|
|
82.289 |
|
|
|
TOTAL (A) |
|
|
22691.722 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
|
|
13589.741 |
|
|
|
Employees Cost |
|
|
1293.915 |
|
|
|
Manufacturing Expenses |
|
|
2101.337 |
|
|
|
Selling and Administrative Expenses |
|
|
2096.384 |
|
|
|
Expenses Capitalized |
|
|
(0.511) |
|
|
|
TOTAL (B) |
|
|
19080.866 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
3610.856 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
136.432 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
3474.424 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
839.878 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
2634.546 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
|
994.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
|
1640.127 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
164.013 |
|
|
|
Dividend |
|
|
582.519 |
|
|
|
Tax on Dividend |
|
|
96.749 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
796.846 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
1075.675 |
|
|
|
Other Earnings |
|
|
22.171 |
|
|
TOTAL EARNINGS |
|
|
1097.846 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
1597.278 |
|
|
|
Capital Goods |
|
|
82.763 |
|
|
TOTAL IMPORTS |
|
|
1680.041 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
11.26 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
PAT / Total Income |
(%) |
|
|
7.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
11.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
19.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.36 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY
CREDITORS
(Rs. In Millions )
|
Particulars |
31.03.2010 |
|
|
|
|
Sundry creditors |
|
|
Due to Micro and Small
Enterprises |
43.382 |
|
Others |
3.130 |
|
|
|
|
Total |
46.512 |
TRANSFER
OF DEMERGED UNDERTAKING
During
the year, the Hon’ble High Court of Judicature at Bombay approved the Scheme of
Arrangement between the Company and Kirloskar Oil Engines Limited (now known as
Kirloskar Industries Limited (KIL) with effect from 31 March 2010) vide its
order dated 31 July 2009 read with its order dated 19 March 2010 (the
“Scheme”). The Appointed Date of the Scheme of Arrangement is 1 April 2009. The
Balance Sheet and Profit and Loss Account and related financial statements have
accordingly been made, as per the provisions of the said Scheme.
In
terms of the Scheme, the Engines and Auto-components business of KIL was
transferred to the Company with effect from 31 March 2010, and vested in
Company with effect from the Appointed Date, i.e. 1 April 2009. KIL carried on
the business in trust on behalf of the Company for the period from 1 April 2009
to 31 March 2010. The first financial year of the Company is from 12 January
2009 (date of incorporation) to 31 March 2010.
NAME
CHANGE OF THE COMPANY
As
per clause 18 of the Scheme, upon the Scheme becoming effective, the Resulting
Company shall be renamed as Kirloskar Oil Engines Limited. Accordingly, the
Company has applied to the Registrar of Companies, Pune, for change in name of
the Company. The said application is pending before the competent authorities.
ALLOTMENT
OF SHARES
Pursuant
to the Scheme, the Committee of the Board of Directors of the Company on 30
April 2010, issued and allotted 14,56,29,750 fully paid-up equity shares of Rs.
2/- each to those shareholders of Kirloskar Industries Limited (KIL) whose
names appear in the Register of Members as on the Record Date i.e. 22 April
2010, in the ratio of three (3) equity shares of Rs. 2/- each for every four
(4) equity shares held in KIL.
LISTING
ON STOCK EXCHANGES
After
the allotment of shares, the Company has initiated the process of making an
application for listing of the new
shares, on the Bombay Stock Exchange Limited (BSE) and
National Stock Exchange of India Limited (NSE).
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. 44.58 |
|
|
1 |
Rs. 71.75 |
|
Euro |
1 |
Rs. 64.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.