MIRA
INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
REMI SALES AND ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
Plot No.11, Cama Industrial Estate, Goregaon (East), Mumbai-400063,
Maharashtra |
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|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
07.03.1980 |
|
|
|
|
Com. Reg. No.: |
11-022314 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.922 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31100MH1980PLC022314 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14112A / NGPR01595G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR0421M |
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|
Legal Form : |
Public Limited
Liability Company. The Company’s
Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of household fans, process plants and equipments,
induction, flame proof and geared motors, stainless steel seamless and welded
pipes and tubes, laboratory instruments for industries, research labs,
hospitals, Blood Banks etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 320000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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 / Corporate Marketing Office : |
Plot No.11, Cama Industrial Estate, Goregaon (East), Mumbai-400063,
Maharashtra, India |
|
Tel. No.: |
91-22 - 4058 9888 |
|
Fax No.: |
91-22 - 4058 9890 |
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E-Mail : |
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|
Website : |
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|
Branch Office : |
H No.1-4-879/78 (MCH New No.968), Colony Gandhi Nagar, Street No.8,
Hyderabad-500080, India |
|
Tel. No.: |
91-40 2754 6291, 2753 0217, 3294 7135 |
|
Fax No.: |
91-40-2754 2646 |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Vinod C Jalan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Sandeep Kasera |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M P Sharma |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
281800 |
57.25 |
|
|
281800 |
57.25 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
281800 |
57.25 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
(2) Non-Institutions |
|
|
|
|
95300 |
19.36 |
|
|
|
|
|
|
10557 |
2.14 |
|
|
83400 |
16.94 |
|
Any others (Specify) |
21143 |
4.30 |
|
Trusts |
21143 |
4.30 |
|
|
210400 |
42.75 |
|
Total
Public shareholding (B) |
210400 |
42.75 |
|
Total
(A)+(B) |
492200 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of household fans, process plants and equipments,
induction, flame proof and geared motors, stainless steel seamless and welded
pipes and tubes, laboratory instruments for industries, research labs,
hospitals, Blood Banks etc. |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of India |
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Facilities : |
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Banking
Relations : |
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|
|
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Auditors : |
|
|
Name : |
Sundarlal Desai and Kanodia Chartered Accountant |
|
Address : |
India |
|
|
|
|
Associates: |
·
Kuberkamal Industries Investment Limited ·
Remi Securities Limited ·
Rajendra Finance Private Limited ·
Remi Finance and Investment Private Limited ·
Bajrang Finance Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
492200 |
Equity Shares |
Rs.10/- each |
Rs. 4.922
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.922 |
4.922 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
77.416 |
58.314 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
82.338 |
63.236 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
29.015 |
41.487 |
|
|
2] Unsecured Loans |
|
21.250 |
19.355 |
|
|
TOTAL BORROWING |
|
50.265 |
60.842 |
|
|
DEFERRED TAX LIABILITIES |
|
6.369 |
5.427 |
|
|
|
|
|
|
|
|
TOTAL |
|
138.972 |
129.505 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
31.657 |
33.024 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
2.583 |
5.406 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
59.942 |
49.966 |
|
|
Sundry Debtors |
|
229.449 |
185.823 |
|
|
Cash & Bank Balances |
|
7.836 |
7.030 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
12.748 |
13.763 |
|
Total
Current Assets |
|
309.975 |
256.582 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
172.933 |
136.408 |
|
|
Other Current Liabilities |
|
25.959 |
22.221 |
|
|
Provisions |
|
6.351 |
6.878 |
|
Total
Current Liabilities |
|
205.243 |
165.507 |
|
|
Net Current Assets |
|
104.732 |
91.075 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
138.972 |
129.505 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
785.521 |
590.110 |
|
|
|
Other Income |
|
3.762 |
1.594 |
|
|
|
TOTAL (A) |
|
789.283 |
591.704 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
|
659.817 |
498.285 |
|
|
|
Administrative Expenses |
|
57.181 |
54.614 |
|
|
|
Increase / (Decrease) In Stock |
|
(8.023) |
(14.188) |
|
|
|
Employees Remuneration |
|
43.330 |
36.639 |
|
|
|
TOTAL (B) |
|
752.305 |
575.350 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
36.978 |
16.354 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
4.812 |
5.717 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
32.166 |
10.637 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.858 |
2.842 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
29.308 |
7.795 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
10.192 |
3.429 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Excess / (Short)
: Provision of Taxation of earlier years |
|
(0.014) |
0.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
19.102 |
4.386 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
20.814 |
18.928 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
5.000 |
2.500 |
|
|
BALANCE CARRIED
TO THE B/S |
|
34.916 |
20.814 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
|
200.430 |
10.768 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
38.81 |
8.91 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
268.470 |
205.610 |
218.940 |
314.260 |
|
Total Expenditure |
252.340 |
200.000 |
212.660 |
298.800 |
|
PBIDT (Excl OI) |
16.130 |
5.610 |
6.280 |
15.460 |
|
Other Income |
0.430 |
0.080 |
0.280 |
0.650 |
|
Operating Profit |
16.560 |
5.690 |
6.560 |
16.110 |
|
Interest |
1.250 |
0.970 |
1.090 |
1.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
15.310 |
4.720 |
5.470 |
14.910 |
|
Depreciation |
0.730 |
0.750 |
0.740 |
0.760 |
|
Profit Before Tax |
14.580 |
3.970 |
4.730 |
14.150 |
|
Tax |
4.850 |
0.890 |
1.980 |
5.310 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
9.740 |
3.080 |
2.750 |
8.840 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
9.740 |
3.080 |
2.750 |
8.840 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
2.42 |
0.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.73 |
1.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.58 |
2.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.36 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.18 |
3.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.51 |
1.55 |
LOCAL AGENCY FURTHER INFORMATION
CONTINGENT
LIABILITIES NOT PROVIDED FOR :
i) Bank Guarantees
given Rs. 0.785 million (P.Y. Rs. 1.633 millions)
ii) Guarantees
given to bank on behalf of third party Rs.43.000 millions ( P.Y.Rs. 84.600
millions)
iii) Claim of
third party towards rent not acknowledged by Company Rs. 3.007 millions ( P.Y.
Rs. 3.007 millions)
FIXED ASSETS
·
Plant and Machinery
·
Wind Mill
·
Dies and Modules
·
Office Equipments
·
Testing Equipments
·
Air Conditioners
·
Generators
·
Computers
·
Furniture and Fixture
·
Electrical Installation
·
Motor Cars
·
Motor Cycle
·
Bicycles
·
Motor Tempo
·
Goodwill
·
Computer Software
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE
QUARTER ENDED 31ST MARCH, 2011
(Rs.
In Millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2011 (Unaudited) |
30.09.2010 (Unaudited ) |
|
|
|
|
|
Net sales/ Other Operating Income |
314.261 |
1007.600 |
|
|
|
|
|
Expenditure |
|
|
|
a) Increase and Decrease in stock in trade |
(10.333) |
(44.098) |
|
b) Consumption of raw materials |
279.111 |
897.733 |
|
c) Employees cost |
13.727 |
48.548 |
|
d) Depreciation |
0.762 |
2.975 |
|
e) Other expenditure |
16.291 |
61.611 |
|
f) Total |
299.558 |
966.769 |
|
|
|
|
|
Profit(+) /Loss
(-) from operations before other income, interest and exceptional items and
tax |
14.703 |
40.831 |
|
Other income |
0.652 |
1.122 |
|
Profit(+) / Loss
(-) from operations before
interest and exceptional items and tax |
15.355 |
41.953 |
|
Interest and Finance cost |
1.197 |
4.505 |
|
Profit(+) / Loss
(-) after interest but before
Exceptional items |
14.158 |
37.448 |
|
Exceptional Items |
-- |
-- |
|
|
|
|
|
Profit/
(Loss)(-) from ordinary Activities after tax |
14.158 |
37.448 |
|
Tax expenses |
5.314 |
13.033 |
|
Net Profit/
(Loss) from ordinary Activities after tax |
8.844 |
24.415 |
|
Extraordinary Items |
-- |
-- |
|
Net Profit(+) /
Loss (-) for the Period |
8.844 |
24.415 |
|
|
|
|
|
Paid up Equity share capital (face value of the share of Rs.10/- each) |
|
|
|
Reserve excluding Revaluation Reserve |
-- |
-- |
|
Earning per share (EPS) |
|
|
|
Basic |
17.97 |
49.60 |
|
Diluted |
17.97 |
49.60 |
|
|
|
|
|
Public Share
holding |
|
|
|
Number of Shares |
210400 |
210400 |
|
% of Shareholding |
42.75% |
42.75% |
|
|
|
|
|
Promoters and Promoter Group shareholding |
|
|
|
a) Pledge/
emcumberred |
|
|
|
Number of Shares |
Nil |
Nil |
|
% of Shareholding of Promoter and Promoter group |
Nil |
Nil |
|
% of Shareholding to total share capital of the company |
Nil |
Nil |
|
|
|
|
|
b) Non-
Encumbered |
|
|
|
Number of Shares |
281800 |
281800 |
|
% of Shareholding of Promoter and Promoter group |
100% |
100% |
|
% of Shareholding to total share capital of the company |
57.25% |
57.25% |
SEGMENT WISE INFORMATION
AS PER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER ENDED 31ST
MARCH 2011
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Quarter Ended |
|
31.03.2011 |
31.03.2011 |
||
|
(Un-audited) |
(Un-audited) |
||
|
1 |
Segment Revenue (Net of Excise & Other Taxes) |
|
|
|
|
|
|
|
|
|
a) Trading and Services |
313.775 |
1003.304 |
|
|
b) Wind Power |
0.486 |
4.296 |
|
|
|
|
|
|
|
Total |
314.261 |
1007.600 |
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
-- |
-- |
|
|
|
|
|
|
|
Net Sales / Income from Operation |
314.261 |
1007.600 |
|
|
|
|
|
|
2 |
Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment) |
|
|
|
|
|
|
|
|
|
a) Trading and Services |
15.549 |
41.243 |
|
|
b) Wind Power |
(0.194) |
0.710 |
|
|
|
|
|
|
|
Total |
15.355 |
41.953 |
|
|
|
|
|
|
|
Less :Interest |
1.197 |
4.505 |
|
|
|
|
|
|
|
Net Profit (+) / Loss(-) before Tax |
14.168 |
37.448 |
|
|
|
|
|
|
3 |
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
|
|
|
|
|
a) Trading and Services |
86.104 |
86.104 |
|
|
b) Wind Power |
26.742 |
26.742 |
|
|
|
|
|
|
|
Total |
112.846 |
112.846 |
Notes:
1. There was no investor complaint pending at the beginning of the current quarter, no complaint was received during the quarter and no complaint was pending at the end of quarter.
2. Previous period figures have been regrouped wherever necessary to confirm to current periods classification.
3. The above unaudited financial results were approved by the Board of Directors at their meeting held on May 14, 2011.
|
4. STATEMENT OF ASSETS AND LIABILITIES |
31.03.2011
UNAUDITED |
|
SHAREHOLDERS FUNDS |
|
|
1] Share Capital |
4.922 |
|
2] Reserves & Surplus |
101.830 |
|
|
|
|
LOAN FUNDS |
51.182 |
|
|
|
|
DEFERRED TAX LIABILITIES |
6.093 |
|
|
|
|
TOTAL |
164.027 |
|
|
|
|
FIXED ASSETS [Net Block] |
30.043 |
|
|
|
|
INVESTMENT |
2.583 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
109.253 |
|
Sundry Debtors |
233.614 |
|
Cash & Bank Balances |
5.067 |
|
Loans & Advances |
13.782 |
|
Total Current
Assets |
361.716 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
224.012 |
|
Provisions |
6.303 |
|
Total Current
Liabilities |
230.315 |
|
Net Current
Assets |
131.401 |
|
|
|
|
TOTAL |
164.027 |
WEB SIDE DETAILS
COMPANY PROFILE
REMI, founded in 1960,
by the late visionary Mr. C. K. Saraf, with a small factory, is today Turning,
Evolving, Growing. From a humble beginning, REMI has diversified into
multi-product manufacturing divisions to become one of India’s most trusted
brands. This year, yet another chapter is written in REMI’s history, as they
complete 50 glorious years. Over these 50 epic years, they have dreamt,
innovated, succeeded and are on their way to become a world class enterprise.
Headquartered in Mumbai, REMI, today, is a global Laboratory
and Blood Banking Instruments manufacturer and
exporter. The world class quality products and its talented team of
professionals make it a premier player in the country, with a presence in 50
countries across the globe.
At REMI, they pursue research with a pioneer’s zeal by threading new paths and
attempting breakthrough products and processes. No wonder, they are pioneers
in introducing host of new products in Indian market.
Today, REMI is the industry leader in manufacturing Laboratory/ Magnetic
Stirrers and Centrifuges, and Blood Bank Refrigerators / Freezers catering to
over 50% of the total Indian demand. Their manufacturing facilities adhere to WHO-GMP
guidelines, with ISO 9001-2008 certification for design,
manufacturing and supply of Laboratory and Blood Banking Instruments and ISO-13485:2003
for medical devices. All our products are CE
marked.
Their goal is to
be a top global player. In pursuance of their objective, they are committed to
maintain world-class quality standards, efficient delivery schedules,
cost-effective rates and exceptional after sales service.
MILESTONES
|
1960 |
A team of 10, produced motorized Laboratory Centrifuges and Stirrers
in a small factory |
|
1962 |
Started manufacturing Industrial Mixers, Agitators and Oil Field
equipments |
|
1969 |
First to manufacture fans for Car, Coach and Bus Fans in India. |
|
1970 |
Foray
into Household segment with Domestic Mixies (Blender and Grinder) Introduced Geared Motors in Indian Market in technical collaboration with German Giant VEB KOMBINAT ELECTROMASCHINENBAU Started to
manufacture Three phase and Single phase electric motors Started
manufacturing welded Stainless steel pipes In technical collaboration with
KOBE STEEL of Japan |
|
1980-85 |
- REMI Sales and Engineering Limited became a marketing
hub for all the REMI GROUP products |
|
1983-85 |
REMI begins to manufacture equipments and instruments used
in Blood Banks and Hospitals |
|
1992 |
Tarapur SS pipe plant operational with an area of 50,000
sq. mtrs. |
|
1994 |
Fan Manufacturing plant set up at Mahad |
|
2003 |
Appointed as National Distributors by Fenwal, USA for
their ancillary products of Blood Banks. |
|
2004 |
Lab Instruments Division awarded ISO-9001 |
|
2005 |
OE manufacturer and supplier to foreign brands for
laboratory instruments. |
|
2007 |
Major expansion with state-of-the-art manufacturing
facility of instruments division to Vasai, (outskirts of Mumbai). |
|
2008 |
Appointed by Euroengel, Italy as national distributors for
their professional mobile refrigerators |
|
2008-09 |
-
WHO-GMP certification received for manufacturing
process. |
|
2010 |
Corporate offices of all REMI Group divisions under
one roof |
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.