MIRA
INFORM REPORT
|
Report Date : |
14.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
THAI SUMMIT NEEL AUTO PRIVATE LIMITED |
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Registered
Office : |
601, Hemkunt Chambers, 89, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.12.2003 |
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Com. Reg. No.: |
55-123285 |
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Capital Investment
/ Paid-up Capital : |
Rs.510.000 millions |
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CIN No.: [Company Identification
No.] |
U34300dl2003ptc123285 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer of Metal Components. |
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No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2094000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between JBM Group of 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) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
601, Hemkunt Chambers, 89, |
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Tel. No.: |
91-11-42099920/ 26427104/ 29522570/ 571 |
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Fax No.: |
91-11-26427100/ 29521512 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 4, Sector 10, I.I.E Pantnagar, U. S. Nagar, |
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Fax No.: |
91-59-44250134 |
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Location : |
Owned |
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Factory 2 : |
Plot No. 1 and 6,TVS Industrial Estate, Hosur – 635 126, |
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91-4344-277756, 275458 |
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91-4344-277785 |
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Location : |
Owned |
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Factory 3 : |
Behrampur Industrial Area, Begampur, |
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Tel No.: |
91-124-4199500-507 |
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Fax No.: |
91-124-4199548-49 |
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E-Mail: |
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Website : |
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Factory 4 : |
C-1, MIDC, Chakan Industrial Area, Chakan, Pune – 410 501, |
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Tel No.: |
91-213-5320093 |
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91-213-5664031 |
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Factory 5: |
Plot No.128, Village Rajpura, |
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Branch Office : |
Plot No. 8, Sector 10, I.I.E. Pantnagar, U. S. Nagar, |
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Tel No.: |
91-999-7304443 |
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Other Branches : |
Located at: v
v
Gurgaon v
Noida |
DIRECTORS
As on 16.09.2010
|
Name : |
Mr. Surendra Kumar Arya |
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Designation : |
Chairman |
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Address : |
Neelanchal No.7, |
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Date of Birth/Age : |
10.11.1957 |
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Date of Appointment : |
02.12.2003 |
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DIN No.: |
00004626 |
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Name : |
Mr. Bharat Bhusan Gupta |
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Designation : |
Director |
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Address : |
L – 19/17, Ground Floor, DLF – Phase – III, Gurgaon – 122 002, |
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Date of Birth/Age : |
16.10.1955 |
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Date of Appointment : |
15.12.2003 |
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DIN No.: |
00004733 |
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Name : |
Mr. Anand Swaroop |
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Designation : |
Director |
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Address : |
C – 5A/ 14, Second Floor, Janakpuri, |
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Date of Birth/Age : |
07.10.1960 |
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Date of Appointment : |
15.12.2003 |
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DIN No.: |
00004816 |
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Name : |
Mr. Nishant Arya |
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Designation : |
Director |
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Address : |
Neelanchal No.7, |
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Date of Birth/Age : |
01.11.1986 |
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Date of Appointment : |
22.09.2009 |
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DIN No.: |
00004954 |
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E-Mail: |
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Name : |
Mr. Channarong Lelanpaparn |
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Designation : |
Director |
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Address : |
69/67, Moo – 3, Pravei – |
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Date of Birth/Age : |
22.11.1952 |
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Date of Appointment : |
15.12.2003 |
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DIN No.: |
01474289 |
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Name : |
Mr. Thanathorn Juangroongruangkit |
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Designation : |
Director |
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Address : |
157, Moo – 9, Dokmai Pravej – |
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Date of Birth/Age : |
25.11.1978 |
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Date of Appointment : |
15.12.2003 |
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DIN No.: |
01474342 |
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Name : |
Mrs. Somporn Juangroongruangkit |
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Designation : |
Director |
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Address : |
157, Moo – 9, Dokmai Pravej – |
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Date of Birth/Age : |
17.04.1951 |
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Date of Appointment : |
15.12.2003 |
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DIN No.: |
02786287 |
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Name : |
Mr. Somchai Chongcharoenthaweesuk |
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Designation : |
Director |
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Address : |
99/179, M005 M Plukpi Lom – Bangkuntien, Rama-2, SA-MEA-DUM, |
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Date of Birth/Age : |
31.10.1954 |
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Date of Appointment : |
20.04.2010 |
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DIN No.: |
03163412 |
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Name : |
Mr. Chumpol Rangson |
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Designation : |
Director |
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Address : |
54/58 Village No. 5, Sub Division Parwate, District Prawate, |
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Date of Birth/Age : |
31.10.1954 |
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Date of Appointment : |
10.08.2006 |
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Date of Ceasing : |
20.04.2010 |
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DIN No.: |
01302067 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Thai Summit Autoparts Industry Company Limited, |
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5100000 |
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Somporn Juangroongruangkit |
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10200000 |
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Chanapun Juangroongrugkit |
|
5100000 |
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Thanathom Juangroongruangkit |
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5100000 |
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Neel Metal Products Limited, |
|
25500000 |
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Total |
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51000000 |
As on 16.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
10.00 |
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Bodies
corporate |
|
50.00 |
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Directors
or relatives of directors |
|
40.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Metal Components. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
2009-2010 |
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Licensed Capacity
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N.A. |
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Installed
Capacity (On Double Shift Basis) MT |
105120 |
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Production (In Nos.) Sheet Metal and Tubular Component for Automobiles |
16077950 |
GENERAL INFORMATION
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No. of Employees : |
1500 (Approximately) |
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Customers : |
v
Honda Motorcycle and Scooter v
Suzuki v
Bajaj Auto Limited |
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Bankers : |
v
State Bank of v
Canara Bank, M.M. reddy Complex, v
Canara Bank, Prime Corporate Branch - II, World
Trade Tower, Barakhamba Lane, New Delhi – 110 001, India v
Standard Chartered Bank, Narain Manzil, 23, v
HDFC Bank Limited v
ICICI Bank Limited v
State Bank of v
Axis Bank v
Yes Bank v
Kotak Mahindra Bank |
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Facilities : |
* Term loans are secured/to be secured by pari passu first charge over fixed assets of the Company. ** Working Capital Loan is secured by way of first charge over stocks and book debts of the Company. *** vehicle loans from Banks are secured by way of hypothecation of respective vehicles. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sahni natrajan and bahl Chartered Accountants |
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Address : |
303, mansarovar, 90, |
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Tel. No.: |
91-11-26224755/
26433003/ 3004/ 3005/ 47347000 |
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Fax No.: |
91-11-26485081 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AABFS5696R |
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Group Companies : |
v
ANS Tubes v
Arcelor Neel Tailored Blank Private Limited v
Jaico Steel Fasteners v
Jay Bharat Exhaust Systems v
Jay Bharat Maruti Limited v
JBM Auto Limited v
JBM Auto Systems Limited v
JBM Industries v
JBM Cadmium Private Limited v
Neel Industries Private Limited v
Neel Metal Fanalca Environment Management Private
Limited v
Neel Metal Products Limited |
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|
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Joint Venture and Associates : |
v
Thai
Summit Auto Parts Industry Company Limited v
Thai v
Neel
Metal Products Limited v
PT
Indonesia v
ANS
Steel Tubes Limited v
Thai Summit
Harness Public Company |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55000000 |
Equity Shares |
Rs.10/- each |
Rs.550.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
51000000 |
Equity Shares |
Rs.10/- each |
Rs.510.000 millions |
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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 |
510.000 |
510.000 |
390.000 |
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2] Share Application Money (pending allotment) |
1.142 |
1.142 |
121.142 |
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3] Reserves & Surplus |
12.349 |
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
0.000 |
(6.230) |
(1.224) |
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NETWORTH |
523.491 |
504.912 |
509.918 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1205.958 |
1260.860 |
1259.540 |
|
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2] Unsecured Loans |
130.004 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1335.962 |
1260.860 |
1259.540 |
|
|
DEFERRED TAX LIABILITIES |
25.116 |
0.000 |
5.445 |
|
|
Deferred Payments |
0.000 |
0.000 |
32.561 |
|
|
|
|
|
|
|
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TOTAL |
1884.569 |
1765.772 |
1807.464 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
1666.562 |
1624.048 |
1646.218 |
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Capital work-in-progress including Capital Advances |
120.254 |
155.961 |
170.999 |
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|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
244.499
|
142.771 |
148.504
|
|
|
Sundry Debtors |
985.681
|
384.505 |
431.639
|
|
|
Cash & Bank Balances |
15.863
|
14.428 |
12.504
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
87.687
|
67.280 |
55.610
|
|
Total
Current Assets |
1333.730
|
608.984 |
648.257 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1143.015
|
522.477 |
608.955 |
|
|
Other Current Liabilities |
75.672
|
93.339 |
44.799
|
|
|
Provisions |
17.290
|
7.405 |
4.256
|
|
Total
Current Liabilities |
1235.977
|
623.221 |
658.010 |
|
|
Net Current Assets |
97.753
|
(14.237) |
(9.753)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1884.569 |
1765.772 |
1807.464 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Net Sales |
6031.341 |
4151.787 |
2687.806 |
|
|
|
Other Income |
5.985 |
17.302 |
1.517 |
|
|
|
TOTAL (A) |
6037.326 |
4169.089 |
2689.323 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
4748.307 |
3193.649 |
1938.365 |
|
|
|
Employees Remuneration and Benefits |
422.931 |
302.019 |
219.572 |
|
|
|
Manufacturing, Administrative and Other
Expenses |
562.799 |
420.722 |
343.506 |
|
|
|
Prior Period Expenses |
0.000 |
1.281 |
0.000 |
|
|
|
Increase/ Decrease in Stock |
(15.987) |
5.270 |
(18.216) |
|
|
|
TOTAL (B) |
5718.050 |
3922.941 |
2483.227 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
319.276 |
246.148 |
206.096 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
145.507 |
140.252 |
101.573 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
173.769 |
105.896 |
104.523 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
119.964 |
113.865 |
99.378 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
53.805 |
(7.969) |
5.145 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
35.226 |
(2.963) |
8.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
18.579 |
(5.006) |
(3.310) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(6.230) |
(1.224) |
1.871 |
|
|
|
|
|
|
|
|
|
Add |
Adjustment made
in accordance with the conditional provision of Accounting Standard 15 on
Employees Benefit |
0.000 |
0.000 |
0.215 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
12.349 |
(6.230) |
(1.224) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
0.922 |
5.521 |
2.802 |
|
|
TOTAL EARNINGS |
0.922 |
5.521 |
2.802 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Store & Spares |
2.513 |
0.000 |
0.000 |
|
|
|
Raw Materials |
4.112 |
24.127 |
0.350 |
|
|
|
Capital Goods |
7.157 |
2.736 |
9.544 |
|
|
TOTAL IMPORTS |
13.782 |
26.863 |
9.894 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.36 |
(0.10) |
(0.08) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.31
|
(0.12) |
(0.12)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.89
|
(0.19) |
0.19
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.79
|
(0.36) |
0.22
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
(0.02) |
0.01
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.91
|
3.73 |
3.76
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08
|
0.98 |
0.99
|
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from Neel House, Lado Sarai Opposite Qutab
Minar,
BUSINESS PERFORMANCE:
During the year,
the Company recorded Net sales of Rs.6031.340 millions as against Rs.4151.790
millions last year thereby recording an increase of 45.27%. The Company also
recorded a Profit before Depreciation Interest and Tax of Rs.319.280 millions
as against Rs.246.150 millions in the previous year thereby achieving an
increase of 29.70%. Profit before tax as % of sales increase to the company has
shown post tax profit of Rs.18.580 millions against a post tax loss of Rs 5.010
millions in the previous year.
TWO WHEELER INDUSTRY TRENDS
The automobile
industry in general and two wheeler industry in particular has shown a
tremendous growth over the recent years. The two wheeler domestic sales were
10.51 million units for 2009-10 against last year 8.42 million, in 2008-09 an
increase of 24.82%
|
Category |
2009-10 In
Thousand Nos. |
2008-09 In
Thousand Nos. |
|
Scooters |
1493 |
1172 |
|
Motorcycles |
8444 |
6806 |
|
Mopeds Other Two Wheelers |
575 |
439 |
|
Grand Total |
10512 |
8417 |
form 8:-
|
Corporate identity
number of the company |
U34300dl2003ptc123285 |
|
Name of the
company |
THAI SUMMIT NEEL AUTO PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
601, Hemkunt Chambers, 89, E-Mail: raviarora@jbm.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10179460 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Canara Bank, Prime Corporate Branch - II, World Trade Tower,
Barakhamba Lane, New Delhi – 110 001, India E-Mail: crmgrdelhi1942@canbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement for
creating second charge on movable property dated 14.12.2010 |
|
Date of
instrument Creating the charge |
14.12.2010 |
|
Amount secured by
the charge |
Rs.200.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per sanctioned
terms. Terms of
Repayment: As per sanctioned
terms. Margin: As per sanctioned
terms. Extent and
Operation of the charge: First Charge on
inventory and receivables and all other current assets of the Hosur Unit. Others: The above is to
secure OCC (Stocks and Book Debts) Limit of Rs.20.000 millions, Supply Bills
of Rs.100.000 millions and ILC/FLC(DA/DP) Limit of Rs.80.000 millions
aggregating Rs.200.000 millions granted to the Company together with all
interests, costs, charges, expenses etc. |
|
Short particulars
of the property charged |
Exclusive First
Charge on inventory and receivables and all other current assets of the Hosur
Unit. |
|
Particulars of
the present modification |
Existing Credit
facilities of Rs.200.000 millions stands collaterally secured by 2nd
Charge on Plant and Machinery, Tools, Jigs and Fixtures, Electrical
Installations, Furniture, Fixture and Office Equipments, IT Equipments
valuing Rs.349.570 millions situated at Plot No. 1 and 6, TVS Industrial
Estate, Harita, Hosur (Tamilnadu). Now the account has been shifted to Canara
Bank, Prime Corporate Branch - II, Other terms and
conditions remained the same. |
|
Name of the company |
THAI SUMMIT NEEL AUTO PRIVATE LIMITED |
|
Presented By |
Company and Standard Chartered Bank, |
|
1) Date and description of instrument creating the change |
Agreement of
hypothecation of machinery dated 15.06.2005. Registered on
20.06.2005. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 160.000 millions
as under: Rs.40.000
millions– Term Loan with tenor of 2 years Rs.40.000
millions– Term Loan with tenor of 3 years Rs.40.000
millions – Term Loan with tenor of 4 years Rs.40.000
millions– Term Loan with tenor of 5 years |
|
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 |
Hypothecation by
way of first pari passu charge over the whole of the fixed assets of the borrowers
situated at Behrampur Industrial Area, Begumpur Khatola Road, Village
Khandsa, Gurgaon and at C -1, MIDC Industrial Area, Chakkan District Pune,
Maharashtra, including its movable plant and machinery, machinery spares,
tools and accessories and other movables both present and future whether
installed or not and whether now lying
loose or in cases or which are now lying or stores or in open or shall
hereafter from time to time during the continuance of the security of these
present the brought into and or upon or to
be stored or to be in or about
all the borrowers factories premises and godown situated at Behrampur
Industrial Areas, Begumpur Khatola Road, Village – Khandsa, Gurgaon and at C
-1, MIDC Industrial Area, Chakan, District Pune, Maharashtra or wherever
else the same will be or shall be held
any party to the order or disposition of the borrowers or in the course of
transit or on high seas or on order delivery howsoever and wheresoever in the
possession of the borrowers. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and
other charges as may be determined by the bank from time to time To secure term
loan and buyers credit facilities. |
|
5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank, sansad Marg, As lenders of the
facilities and as security trustees / agents for their successors and
assigns. |
|
6) Date and brief description of instrument modifying the charge |
First supplementary
hypothecation agreement of machinery dated 14.11.2005. |
|
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. |
The charge is
being modified to cover the buyers credit facilities within the overall limit
of Rs.160 millions to be secured by first hypothecation pari passu charge
over present and future fixed assets. Total limit remains unchanged at Rs.160
millions, other terms and conditions remaining the same. |
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Description |
31.03.2010 (Rs. in millions) |
|
a) Shipping Guarantee |
0.400 |
|
b) Estimated amount of contract remaining to be executed on capital account and not provided for (Net of advances) |
41.099 |
fixed assets:
Tangible Assets
v Land – Leasehold
v Building
v Leasehold Improvements
v Plant and Machinery
v Tools, Jigs and Fixtures
v Electrical Installations
v Furniture, Fixture and Office Equipments
v IT Equipments
v Air Conditioners
v Vehicles
Intangible Assets
v Non-Compete Fee
WEBSITE DETAILS:
PROFILE:
Subject is a joint venture company between JBM Group of
Almost all major two-wheeler manufacturers (motorcycle and scooters) in
A vast range of products of this venture include parts of the two-wheeler such
as Fuel tanks, assemblies, guards, tubular frames and complete mufflers.
Their
In
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.44.59 |
|
|
1 |
Rs.71.07 |
|
Euro |
1 |
Rs.62.40 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
no |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
no |
|
--OTHER MERIT FACTORS |
YES/NO |
yes |
|
TOTAL |
|
48 |
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.