Business
information report
1. Summary Information
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|
|
Country |
India |
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Company Name |
SHARP INDIA LIMITED |
Principal Name 1 |
Mr. K Ajikawa |
|
Status |
Moderate |
Principal Name 2 |
Mr. T Sakamoto |
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|
|
Registration # |
11-36759 |
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Street Address |
Gat No. 686/4 Tal. Sirur Koregaon, Bhima, Pune – 412 216, Maharashtra |
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|
Established Date |
05.07.1985 |
SIC Code |
-- |
|
Telephone# |
91-2137-666520 / 252417 (4 Lines) |
Business Style 1 |
Manufacturer of Consumer Durable Electronics. |
|
Fax # |
91-2137-252417 |
Business Style 2 |
-- |
|
Homepage |
www.sharpindialimited.com |
Product Name 1 |
-- |
|
# of employees |
300 Approximately |
Product Name 2 |
-- |
|
Paid up capital |
259440000 |
Product Name 3 |
-- |
|
Shareholders |
Bodies Corporate 80 % |
Banking |
Citi Bank |
|
Public Limited Corp. |
-- |
Business Period |
26 years |
|
IPO |
-- |
International Ins. |
-- |
|
Public |
-- |
Rating |
B (32) |
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|||
|
Relation – Holding Company |
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Company
Name |
Sharp Corporation, Japan |
|
Note |
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||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
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|
Current Assets |
194,609,000 |
Current Liabilities |
228,178,000 |
|
Inventories |
145,190,000 |
Long-term Liabilities |
0 |
|
Fixed Assets |
125,793,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
228,178,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
180,600,000 |
|
|
0 |
Net Worth |
237,414,000 |
|
Total Assets |
465,592,000 |
Total Liab. & Equity |
465,592,000 |
|
Total Assets (Previous Year) |
439,553,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,069,631,000 |
Net Profit |
16,081,000 |
|
Sales(Previous yr) |
915,114,000 |
Net Loss (Prev.yr) |
800,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHARP INDIA LIMITED |
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Registered Office : |
Gat No. 686/4 Tal. Sirur Koregaon, Bhima, Pune – 412 216, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
05.07.1985 |
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Com. Reg. No.: |
11-36759 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.259.440
millions |
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|
|
|
CIN No.: [Company
Identification No.] |
L36759MH1985PLC036759 |
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|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
pnek05203C |
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PAN No.: [Permanent
Account No.] |
aaack8541m |
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|
Legal Form : |
Public Limited Liability Company. The Company's shares are listed on
the Stock Exchange. |
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|
Line of Business : |
Manufacturer of Consumer Durable Electronics. |
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No. of Employees : |
300 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 949656 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company of Sharp Corporation, The company can be considered for business dealings with slight
caution, initially. |
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 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Shekhar Chavan |
|
Designation : |
Supervisor of Accounts department |
|
Contact No.: |
91-2137-666448 |
LOCATIONS
|
Registered Office / Factory : |
Gat No. 686/4 Tal. Sirur Koregaon, Bhima, Pune – 412 216, |
|
Tel. No.: |
91-2137-666520 / 252417 (4 Lines) |
|
Fax No.: |
91-2137-252417 |
|
E-Mail : |
mayuresh.vaze@sharpindialimited.com shekhar.chavan@sharpindialimited.com |
|
Website : |
www.sharpindialimited.com |
|
Location : |
Owned |
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|
|
|
Region Offices: |
WESTERN REGION -
SHARP INDIA LIMITED
EASTERN REGION - SHARP INDIA LIMITED
NORTHERN REGION
- SHARP INDIA LIMITED
|
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. K Ajikawa |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. T Sakamoto |
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Designation : |
Executive Director |
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|
Name : |
Mr. Noboru Fujimoto |
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Designation : |
Non executive
Director |
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|
Name : |
Mr. S S Vaidya |
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Designation : |
Director |
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|
Name : |
Mr. Sanjay Asher |
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Designation : |
Director |
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Name : |
Mr. T Mori |
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Designation : |
Non – executive Director
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Name : |
Mr. Y Mizuro |
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Designation : |
executive Director |
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Name : |
Mr. M Takahashi |
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Designation : |
Non – executive
Director |
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Name : |
Mr. K Kawamata |
|
Designation : |
Non Executive independent
Director |
KEY EXECUTIVES
|
Name : |
Mr. Shekhar Chavan |
|
Designation : |
Supervisor of Accounts department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Category of
Shareholder |
Total No. of
Shares |
% of total No. of Shares |
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|
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|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
20,755,200 |
80.00 |
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|
20,755,200 |
80.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
20,755,200 |
80.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
1,700 |
0.01 |
|
|
1,200 |
- |
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|
2,900 |
0.01 |
|
|
|
|
|
|
491,078 |
1.89 |
|
|
|
|
|
|
3,532,595 |
13.62 |
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|
996,585 |
3.84 |
|
|
165,642 |
0.64 |
|
|
35,292 |
0.14 |
|
|
129,350 |
0.50 |
|
|
1,000 |
- |
|
|
5,185,900 |
19.99 |
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Total Public shareholding (B) |
5,188,800 |
20.00 |
|
Total (A)+(B) |
25,944,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
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|
- |
- |
|
Total (A)+(B)+(C) |
25,944,000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Consumer Durable Electronics. |
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Products : |
Generic Names of principal Products of Company
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Imports : |
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Products : |
CPT Colour, Pictures Tubes |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
300 Approximately |
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Bankers : |
·
Citi
Bank, Pune ·
State Bank of ·
Bank of ·
The Bank of
Tokyo-Mitsubishi Ufj Limited ·
The Mizuho
Corporate Bank Limited |
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Facilities : |
The above is secured by first hypothecation charge on the company’s entire
stock of raw material, finished goods, work in progress, spares and packing
material, book debts and movable plant and machinery
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S R batliboi and Company Chartered Accountants |
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Holding Company : |
Sharp Corporation, |
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Fellow Subsidiaries : |
·
Sharp Electronics ( ·
Sharp Manufacturing Cd.(M) SON BHD ·
Sharp Business Systems ( ·
Sharp Roxy Electronics Corporation (M) SDN.BHD ·
Sharp Manufacturing Thailand Company Limited, ·
Sharp Appliances ( ·
P.T. Sharp Electronics ·
Sharp Roxy Sales ( |
CAPITAL STRUCTURE
As on: 31.03.2009:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs.400.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25944000 |
Equity Shares |
Rs. 10/-
each |
Rs.259.440
millions |
Notes:-
of the above 20755200 (Previous year 20755200) Equity Shares of Rs. 10/- each are held by Sharp Corporation, Japan the Holding Company.
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 |
259.440 |
259.440 |
259.440 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
180.600 |
180.600 |
180.600 |
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4] (Accumulated Losses) |
(202.626) |
(218.707) |
(219.507) |
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NETWORTH |
237.414 |
221.333 |
220.533 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
8.838 |
14.421 |
|
|
2] Unsecured Loans |
0.000 |
10.000 |
100.000 |
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|
TOTAL BORROWING |
0.000 |
18.838 |
114.421 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
237.414 |
240.171 |
334.954 |
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
125.793 |
123.435 |
132.137 |
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Capital work-in-progress |
0.000 |
0.000 |
1.750 |
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|
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|
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INVESTMENT |
0.000 |
0.000 |
0.036 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
145.190
|
115.360
|
159.091 |
|
|
Sundry Debtors |
90.651
|
73.282
|
115.007 |
|
|
Cash & Bank Balances |
59.042
|
34.363
|
34.627 |
|
|
Other Current Assets |
0.202
|
0.440
|
0.000 |
|
|
Loans & Advances |
44.714
|
92.673
|
88.914 |
|
Total
Current Assets |
339.799
|
316.118
|
397.639 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
134.676
|
99.597
|
NA |
|
|
Current Liabilities |
70.852
|
75.393
|
169.695 |
|
|
Provisions |
22.650
|
24.392
|
26.913 |
|
Total
Current Liabilities |
228.178
|
199.382
|
196.608 |
|
|
Net Current Assets |
111.621
|
116.736
|
201.031 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
237.414 |
240.171 |
334.954 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Sales |
1069.631 |
915.114 |
914.191 |
|
|
|
Other Income |
10.630 |
4.190 |
18.153 |
|
|
|
TOTAL (A) |
1080.261 |
919.304 |
932.344 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative Expenses |
194.158 |
155.424 |
134.911 |
|
|
|
Raw Material Consumed |
546.949 |
454.413 |
214.537 |
|
|
|
Purchases made for re-sale |
174.679 |
136.215 |
306.663 |
|
|
|
Personnel Expenses |
108.396 |
102.478 |
109.665 |
|
|
|
Increase/(Decrease) in Finished Goods |
11.042 |
38.905 |
138.243 |
|
|
|
TOTAL (B) |
1035.224 |
887.435 |
904.019 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
45.037 |
31.869 |
28.325 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.154 |
10.953 |
27.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.883 |
20.916 |
1.304 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.785 |
18.660 |
17.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
16.098 |
2.256 |
(16.566) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.017 |
1.456 |
(1.256) |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
16.081 |
0.800 |
(17.822) |
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.704 |
1.652 |
NA |
|
|
TOTAL EARNINGS |
0.704 |
2.356 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
466.858 |
334.806 |
|
|
|
|
Stores & Spares |
1.997 |
2.674 |
410.963 |
|
|
|
Capital Goods |
19.271 |
1.084 |
|
|
|
|
Others |
122.461 |
142.730 |
|
|
|
TOTAL IMPORTS |
610.587 |
481.294 |
410.963 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.62 |
0.03 |
(0.687) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
262.940 |
320.630 |
257.070 |
275.530 |
|
Total Expenditure |
256.050 |
314.550 |
252.650 |
272.500 |
|
PBIDT (Excl OI) |
6.890 |
6.080 |
4.420 |
3.030 |
|
Other Income |
0.570 |
8.580 |
0.330 |
(2.620) |
|
Operating Profit |
7.460 |
14.660 |
4.750 |
0.410 |
|
Interest |
0.350 |
0.390 |
0.300 |
1.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
7.110 |
14.270 |
4.450 |
(1.190) |
|
Depreciation |
4.320 |
9.040 |
4.140 |
(1.050) |
|
Profit Before Tax |
2.790 |
5.230 |
0.310 |
(0.140) |
|
Tax |
0.000 |
0.000 |
0.000 |
0.010 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2.790 |
5.230 |
0.310 |
(0.150) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.48
|
0.08 |
(1.91) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.50
|
0.24 |
(1.81) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.45
|
0.51 |
(3.12) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.01 |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
0.98 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.58 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
operations:
Gross
sales and service income during the year under review has increased by 12.70%,
over the previous year mainly due to increase in sales of Colour Televisions and
LCDs. The Company has continued its efforts in inventory control, quick
realization of the receivables which has resulted in reduction in interest
cost. During the current year under review. The company has made a profit of Rs
16.08 millions after tax.
MANAGEMENT DISCUSSION
and ANALYSIS:
The Growth
rate of the Indian economy (GDP) registered a growth of around 7 4% during the
year 2009-2010 agamsl the estimates of 7,2% The economy has posted remarkable
recovery The growth in the industnal sector was accelerated- The manufacturing
sector registered a growth of 10.8% in 2009-10 as against a growth of 3.2% in
2008-09 The government through its various measures was successful in
restricting the economic slowdown by increasing the disposable income in the hands
of the people.
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The
electronics market in India is growing strongly at the rate of 22% to 25%.
'Consumer Electronics' market is one of the largest segment of the electronics segment
in India and with the boom in the Indian economy in the current year it is
poised for a strong growth in the years to come and is expected to have very
good demand in the current year The key products in consumer durable industry
are Colour TV , LCD. refngerators. washing machines, air conditioners and micro
wave ovens.
CTV market
has witnessed very rapid charges in the last decade in terms of technology,
pnces and consumer aspirations The consumer demand is rapidly shifting from the
conventional Colour TVs to LCD. plasma displays. The Television market is
witnessing an immense competition from domestic as well as foreign brands. The
refngerator market is growing at the tremendous rate of around 23%. The demand
for refngerators is continuously escalating due to the low penetration and
increase in demand from the rural and semi urban areas. The demand for micro
wave ovens with latest technology is also on a nse and has a very good growth
potential.
OUTLOOK:
The
consumer demand is rapidly shifting to latest technology and energy efficient
products. There is a huge growth potential for the consumer electronics goods
industry in India. The company is determined to make available "one of its
kind products "with latest technology to its customers. LCD has a very
good growth potential due its competitive prices, low power consumption,
performance and technology and the company will focus on the same along with
conventional CTV. The company will also focus on the sales of refrigerators and
microwave ovens the company will aim at making available environment friendly
.energy efficient and economical products to the consumers. the Company is
inclined to keep a proper product mix, well established distnbution network,
technological superiority, and after sales service and create a brand image in
the mind of consumers tocombat with the stiff competition and rising consumer
aspirations.
FINANCIAL
AND OPERATIONAL PERFORMANCE :
The
financial highlights for the fiscal 2009 - 2010 are dealt with in the
Directors' Report. During the year under review the company has achieved a
gross turnover of Rs.1142.B84 mn which is 12.70% higher compared with the
previous year. This was mainly due to increase in sale of Colour televisions
and LCD. In terms of volume turnover of CTV has increased by 16.1% and ol LCD
by 81.6%.Your company will continue to focus on increasing the sale of LCD
Televisions and improve sales of Refngerators and microwave ovens in the coming
years.
Fixed assets:
· Land Freehold
· Factory Buildings
· Plant and Machinery
· Moulds, Jigs and Fixtures
· Furniture, Fittings and Equipments
· Computer
· Vehicles
trade references:
·
Sharp Appliances,
·
Share Electrical,
sundry creditors details:
|
Particulars |
31.03.2009 |
31.03.2008 |
|
|
(Rs. in
millions) |
|
|
Sundry creditors |
84.580 |
116.930 |
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31.03.2011
|
|
Year ended
31.03.2011 |
|
|
Audited |
|
Income from Operations |
|
|
Gross Sales |
1206.028 |
|
Less: Excise
duty on sales |
89.863 |
|
Net Sales |
1116.165 |
|
Total Income |
1116.165 |
|
|
|
|
Expenditure |
|
|
(Increase)/Decrease
in stock in trade and work in progress |
(47.699) |
|
Consumption of
raw materials |
551.451 |
|
Purchase of traded goods |
284.901 |
|
Employee Cost |
111.921 |
|
Depreciation /
Amortisation |
16.451 |
|
Other
expenditure |
195.173 |
|
Total Expenditure |
1112.198 |
|
|
|
|
Profit from Operations before Other Income,
Interest and Exceptional Items |
3.967 |
|
|
|
|
Other Income |
6.859 |
|
|
|
|
Profit before Interest & Exceptional Items |
10.826 |
|
|
|
|
Interest (Net) |
2.644 |
|
|
|
|
Profit/ (Loss) after interest but before
Exceptional Items |
8.182 |
|
|
|
|
Exceptional
Items – Gain / (Loss) (Refer note no. 2) |
-- |
|
|
|
|
Profit /Loss from Ordinary Activities before tax |
8.182 |
|
|
|
|
Tax Expense : |
|
|
Provision for Current Tax |
0.013 |
|
Provision for Fringe benefit tax |
0.000 |
|
Net Profit /Loss for the period |
8.169 |
|
|
|
|
Paid-up equity share
capital (Face Value of Rs.10/- each ) |
259.440 |
|
|
|
|
Reserves
excluding Revaluation Reserves as per balance sheet of previous accounting
year |
-- |
|
|
|
|
Earnings Per
Share (EPS) |
|
|
-Basic (Rs.) |
0.31 |
|
-Diluted (Rs.) |
-- |
|
|
|
|
EPS for the
quarter (not annualized) |
|
|
Public
shareholding |
|
|
-Number of
shares |
5188800 |
|
-Percentage of
shareholding |
20.00 |
|
|
|
|
Promoters and promoter group shareholding |
|
|
a.
Pledged/Encumbered |
|
|
Number Of shares |
0.00 |
|
Percentage Of
Shares (as a %of the total shareholding of promoter and promoter group) |
0.00 |
|
Percentage Of
Shares (as a % of the total share capital of the company) |
0.00 |
|
|
|
|
b.
Non-encumbered |
|
|
Number Of shares |
20755200 |
|
Percentage Of Shares
(as a % of the total shareholding of promoter and promoter group) |
100.00 |
|
Percentage Of
Shares (as a % of the total share capital of the company) |
80.00 |
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.44.74 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
32 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.