MIRA
INFORM REPORT
|
Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
DAIKIN AIRCONDITIONING INDIA
PRIVATE LIMITED |
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Registered Office : |
F -25/2 Okhla Industrial Area, Phase-II, New Delhi-110020 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.04.2000 |
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Com. Reg. No.: |
55-104990 |
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Paid-up Capital : |
Rs. 2229.239 Millions |
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CIN No.: [Company
Identification No.] |
U74899DL2000PTC104990 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD04648A |
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PAN No.: [Permanent
Account No.] |
AABCD0971F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Air Conditioner |
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No. of Employees
: |
200 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 10000000 |
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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 subsidiary of Daikin Industries Limited. It is a well established and reported company having satisfactory
track. The company has incurred some losses in the current year. However, the
company is well known in air conditioning industry. 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) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : |
F -25/2 Okhla Industrial Area, Phase-II, New Delhi-110020, |
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E-Mail : |
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Website : |
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Branches : |
Delhi NCR Contact : Mr. Sanjeev Gianchandani Jaipur Contact: Mr.
kamal Ahmedabad
Contact: Mr. Amit Puri
Contact: Mr. Dinesh Daniya
Chennai
Pune Fax:91-20-25561304 Kolkata Contact: Mr. U D Trivedi
Contact: Mr. K. Ganesh Rao |
DIRECTORS
AS ON 15.09.2010
|
Name : |
Mr. Toshiki Hayashi |
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Designation : |
Managing Director |
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Address : |
G – 501, Central Park – I, Gurgoan, |
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Date of Birth/Age : |
17.01.1962 |
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Date of Appointment : |
29.07.2003 |
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DIN No.: |
00165914 |
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Name : |
Mr. Egawa Seiichi |
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Designation : |
Director |
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Address : |
7-2-3, Sagankadal, Kizu – Cho, Sourkugun, |
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Date of Birth/Age : |
01.01.1956 |
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Date of Appointment : |
10.05.2004 |
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DIN No.: |
00044198 |
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Name : |
Mr. Ryuji Koga |
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Designation : |
Director |
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Address : |
2481-2-301, Fukaisawa – Machi Naka – Ku, |
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Date of Birth/Age : |
22.07.1961 |
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Date of Appointment : |
30.01.2008 |
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Date of cessation : |
12.12.2009 |
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DIN No.: |
02054458 |
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Name : |
Mr. Junichi Sato |
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Designation : |
Director |
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Address : |
2-10-5, Nozomizaka Misaki – Cho Sennan- Gun, |
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Date of Birth/Age : |
26.03.1950 |
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Date of Appointment : |
07.11.2007 |
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DIN No.: |
01964380 |
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Name : |
Mr. Shinya Nishi |
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Designation : |
Director |
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Address : |
7-37-204, Tuchiyama – Cho, Nada ku, |
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Date of Birth/Age : |
11.11.1964 |
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Date of Appointment : |
22.05.2009 |
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DIN No.: |
02670675 |
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Name : |
Mr. Rohit |
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Designation : |
Director |
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Address : |
B – 605/606, Som Vihar Apartments, Sector – 12, R.K. Puram, New Delhi
– 110019, India. |
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Date of Birth/Age : |
25.08.1970 |
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Date of Appointment : |
22.05.2009 |
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DIN No.: |
00453642 |
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Name : |
Mr. Siddharth D. Shriram |
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Designation : |
Director |
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Address : |
3A Chitrakoot, The Green Opposite Air Force Station, Rajokri, |
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Date of Appointment : |
19.11.2004 |
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Name : |
Mr. S. Mushiake |
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Designation : |
Director |
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Address : |
34, Sunder Nagar, |
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Date of Appointment : |
11.11.2004 |
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Name : |
Mr. Hirro Hideo Katsuta |
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Designation : |
Additional Director |
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Address : |
402, Higashimikuni, Yodogavaku, |
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Date of Appointment : |
19.11.2004 |
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Name : |
Mr. Katsuhiko Takagi |
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Designation : |
Additional Director |
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Address : |
2-4-12, Usaka 530-083230, Japan |
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Date of Appointment : |
19.11.2004 |
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Name : |
Toshio Akio Nakano |
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Designation : |
Director |
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Address : |
12th Floor, Building NO. 9, Tower A, |
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Date of Birth/Age : |
19.12.1944 |
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Date of Appointment : |
07.02.2011 |
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DIN No.: |
03310877 |
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Name : |
Hitoshi Hideki Tanaka |
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Designation : |
Director |
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Address : |
12th Floor, Building NO. 9, Tower A, |
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Date of Birth/Age : |
21.02.1967 |
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Date of Appointment : |
07.02.2011 |
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DIN No.: |
03310959 |
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Name : |
Masakatsu Syozou Morimoto |
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Designation : |
Director |
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Address : |
12th Floor, Building NO. 9, Tower A, |
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Date of Birth/Age : |
05.11.1962 |
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Date of Appointment : |
07.02.2011 |
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DIN No.: |
03310980 |
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Name : |
Motohiro Takashi Nakai |
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Designation : |
Director |
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Address : |
12th Floor, Building NO. 9, Tower A, |
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Date of Birth/Age : |
10.04.1964 |
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Date of Appointment : |
07.02.2011 |
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DIN No.: |
03310997 |
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Name : |
Mr. Tetsuya Kamji |
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Designation : |
Additional Director |
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Address : |
D-401, Central Park – 1, Sector 42, Gurgaon – 122002, |
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Date of Birth/Age : |
01.09.1962 |
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Date of Appointment : |
12.12.2009 |
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DIN No.: |
02896894 |
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Name : |
Mr. Kanwal Jeet Jawa |
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Designation : |
Additional Director |
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Address : |
C-204, Greater Kailash Part 1, |
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Date of Birth/Age : |
10.11.1959 |
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Date of Appointment : |
10.09.2010 |
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DIN No.: |
00057351 |
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Name : |
Mr. Hiroyuki Nakabayashi |
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Designation : |
Alternate Director |
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Address : |
A-251, Ashiana Green, STI GHO, RICO Industrial Area, Neemrane, Alwar –
301705, Rajasthan, India |
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Date of Birth/Age : |
01.06.1959 |
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Date of Appointment : |
30.09.2009 |
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Date of Cessation : |
12.12.2009 |
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DIN No.: |
02685257 |
KEY EXECUTIVES
|
Name : |
Ms. Sonam Sarin |
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Designation : |
Secretary |
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Address : |
833, Sector – 15, Part –II, Gurgoan, Haryana – 122001 |
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Date of Birth/Age : |
30.03.1980 |
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Date of Appointment : |
05.11.2007 |
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Date of cessation : |
06.08.2009 |
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Pan No.: |
BAFPS8490C |
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Name : |
Mr. Rakesh Kumar Bajaj |
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Designation : |
Company Secretary |
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Address : |
H. No. 12, 2nd Floor, Pocket-11, Rajeev Enclave, Sector-5,
Rohini, |
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Date of Birth/Age : |
31.01.1974 |
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Date of Appointment : |
10.08.2009 |
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Pan No.: |
AFHPB4738C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2010
|
Names of Shareholders |
No. of Shares |
|
Daikin Industries Limited, |
22292389 |
|
Daikin Airconditioning ( |
1 |
|
Total |
22292390 |
AS ON 15.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Air Conditioner |
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Products : |
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PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Air Conditioners |
Nos |
|
20000 |
800 |
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|
Notes:
i)
The company’s products
are exempt from licensing requirements.
ii)
Installed capacity is
certified by the management of the company
iii)
As the company has set up
its plant in the current year, installed capacity for pervious yea has not been
given.
GENERAL INFORMATION
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No. of Employees : |
200 (approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
7th Floor, Building No.10, Tower – B, DLF Cyber City
Complex, DLF City Phase –III, Gurgoan – 122002, Haryana, India. |
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Pan No.: |
AABFD2095B |
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Holding Company: |
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Associates/Subsidiaries : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity Shares |
Rs. 100/- Each |
Rs.2400.000 millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22292390 |
Equity Shares |
Rs. 100/- Each |
Rs. 2229.239
millions |
Of the above, 22292389 shares (Previous year :
22292389 shares) are held by Daikin Industries Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2229.239 |
2229.239 |
147.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
454.535 |
681.933 |
641.654 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2683.774 |
2911.172 |
788.654 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2683.774 |
2911.172 |
788.654 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1374.207 |
262.245 |
247.714 |
|
|
Capital work-in-progress |
223.289 |
898.411 |
20.085 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.013 |
|
|
DEFERREX TAX ASSETS |
0.000 |
24.374 |
25.608 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1048.579
|
709.346
|
391.274
|
|
|
Sundry Debtors |
80.445
|
85.944
|
65.495
|
|
|
Cash & Bank Balances |
455.309
|
1336.315
|
344.488
|
|
|
Other Current Assets |
0.000
|
0.000
|
5.359
|
|
|
Loans & Advances |
441.256
|
246.606
|
125.780
|
|
Total
Current Assets |
2025.589
|
2378.211
|
932.396 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
738.293
|
494.337
|
313.382
|
|
|
Other Liabilities |
166.726
|
126.816
|
105.827
|
|
|
Provisions |
34.292
|
30.916
|
17.953
|
|
Total
Current Liabilities |
939.311
|
652.069
|
437.162
|
|
|
Net Current Assets |
1086.278
|
1726.142
|
495.234
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2683.774 |
2911.172 |
788.654 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2587.030 |
2137.232 |
|
|
|
Other Income |
|
104.627 |
49.944 |
|
|
|
TOTAL (A) |
|
2691.657 |
2187.176 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
|
2011.215 |
1353.175 |
|
|
|
Selling and Distribution Expenses |
|
299.291 |
277.870 |
|
|
|
Administrative Expenses |
|
292.565 |
173.269 |
|
|
|
Increase/(Decrease) in Finished Goods |
NA |
(314.429) |
(98.954) |
|
|
|
Employees Remuneration and Benefits |
|
284.783 |
150.738 |
|
|
|
TOTAL (B) |
|
2573.425 |
1856.098 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
118.232 |
331.078 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
1.974 |
2.151 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(84.300) |
116.258 |
328.927 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
116.100 |
38.334 |
23.759 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(200.400) |
77.924 |
305.168 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.400 |
37.645 |
88.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(228.800) |
40.279 |
216.861 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
641.654 |
424.792 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(228.800) |
681.933 |
641.6543 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Earnings |
174.402 |
173.990 |
91.977 |
|
|
|
Other Earnings |
8.566 |
11.116 |
1.014 |
|
|
TOTAL EARNINGS |
182.968 |
185.106 |
92.991 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
186.323 |
3.643 |
0.000 |
|
|
|
Stores & Spares |
83.477 |
84.703 |
48.056 |
|
|
|
Capital Goods |
347.709 |
2.042 |
2.903 |
|
|
|
Finished Goods |
1467.191 |
1559.505 |
940.066 |
|
|
TOTAL IMPORTS |
2084.700 |
1649.893 |
991.025 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(10.26) |
3.01 |
147.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
1.49
|
10.35
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.01
|
14.93
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.95
|
29.67
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
0.02
|
0.38
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.22
|
0.55
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.16
|
3.64
|
2.13
|
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Subject was incorporated on 04.04.2000 to manufacture, export, assemble,
supply, distribute and import all types of air conditioning and refrigeration
equipment and accessories. The company is a subsidiary of Daikin Industries
Limited. 22292389 shares are held by DIL,
The company was only in the trading business and has also started
manufacturing at Neemrana Plant from 30.09.2009.
Note:
The Registered Office of the company has been shifted from 12th
Floor,
History:
The $7.6 billion Daikin Industries is a multi product
company with the air-conditioning business comprising 74 per cent of its
business. It has a 10 per cent share in the residential air-conditioning market
and 36 per cent in the commercial air-conditioning in
With a well-established presence in 8 major world markets, it is targeting to be a global leader in air-conditioning. Subject is the only air-conditioning company worldwide which manufactures everything on its own from refrigerants till compressors.
Subject has guaranteed a steady stream of technologically advanced air conditioning from Daikin worldwide product's portfolio to the Indian market.
Company distribution network in
In addition they have an estimated of 250 dealers across the country that are fully equipped to handle all activities related to sales, service and installation.
Daikin’s global philosophy – “Quality First” is clearly reflected in the value delivered - such as low noise level, low power consumption, cooling efficiency, ease of installation, high reliability – all targeted to improve the quality of life.
OPERATIONS
Daikin have started
its manufacturing of VRV at the Neemrana plant starting from 30.09.2009. The Indian made product was
very well accepted in the market. This has resulted in reducing the transit
time in delivering the product to the end customer in
I) Market
The Company's
respectable position in premium brand market is already there adding value by
setting up manufacturing facility in
i) Campaign has been
to promote Daikin Inverter technology, which superior in performance, lower consumption
of energy and an eco friendly air conditioner series.
ii) The Company has
promoted the Inverter technology in magazines and on electronic media.
Manufacturing set up:
The Company is glad
to inform you that the company has commenced its commercial production for VRV
ODU series of air conditioners on 10.09.2009 and also commenced commercial
production for chiller on 02.07.2010. The facility at Neemrana consists of
manufacturing plant and development centre with an investment of Rs. 2082.000 million
(approx).
DAIPL started
serving the Indian market with the locally manufactured products which were
very well accepted by the Indian market. This has given an edge over the
competitors as the lead time has reduced drastically. Not only VRV, the company
got good orders for the locally manufactured chillers to be supplied in the
Indian market.
With a view to
further improve the level of product quality and service, DAIPL has also
established air-conditioning training centre within the factory grounds for the
purpose of enhancing workmanship in terms of product quality, installation,
commissioning, after sales service etc.
Financial Overview:
The Turnover for the
year ended 31.03.2010 stood at Rs.2984.000 million as compared to Rs. 2587.000
million for the year ended 31.03.2009, the Company grew by 15% over previous
year.
In compliance with
the Accounting Standard 22 (AS-22) relating to "Accounting for Taxes on
Income", issued by the Institute of Chartered Accountants of India, the
Company has charged off deferred tax asset (Net) Rs. 24.300 millions as the
company is not expecting to generate profits for the next 2-3 years as the new
manufacturing set up will take its time to deliver profits to the company.
As per the
requirements of Accounting Standard 29 on Provisions, Contingent Liabilities
and Contingent Assets. a provision of Rs.16.300 million has been provided for
expected warranty claims on products1 projects, sold/commissioned during the
financial year.
The Directors are
also pleased to inform that cash position of the company is sound; the Company
has not taken any debts during the financial year. As a result there was no
interest burden during the financial year.
The Directors would
like to put on record their appreciation to all employees who have made it
possible to achieve 15% growth in sales in these difficult times and
controlling accounts receivable to 6.56
days of sales. The Directors feel gratified that due to team efforts or
DAIPI, all accounts receivable are good and there is no requirement of making
any provision against doubtful debts.
FORM 8
|
Name of the company |
DAIKIN AIRCONDITIONING INDIA
PRIVATE LIMITED |
|
Presented By |
State Bank of |
|
1) Date and description of instrument creating the change |
Hypothecation
agreement dated 24.09.2002 and registered on 23.11.2002 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 50.000
millions |
|
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 |
All Current
Assets including inventories and bills receivables. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin @ 25% on
current assets |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of |
|
6) Date and brief description of instrument modifying the charge |
20.02.2003, No
Instrument Further charge by way of consent letter dated 18.02.2003 |
|
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 above limit
of Rs. 50.000 millions will now also be secured by way on 1st
chare over the company’s fixed assets namely goodwill, Patents and
Trademarks, Leaseholds Improvements, Plant and Machinery, Furniture and
Fixtures, Office equipments and Vehicles both present and future wherever
stored kept and lying. |
Fixed Assets:
·
Leasehold Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Office equipment
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
·
Software’s
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.44.93 |
|
|
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.