MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TAIKISHA ENGINEERING INDIA LIMITED (w..e.f. 01.07.1998) |
|
|
|
|
Formerly Known
As : |
TAIKISHA ENGINEERING INDIA PRIVATE LIMITED |
|
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Registered
Office : |
14, Palam Marg, Vasant Vihar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.02.1995 |
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|
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Com. Reg. No.: |
55-065836 |
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Capital
Investment / Paid-up Capital : |
Rs.6.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999DL1995PLC065836 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELT01889G |
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PAN No.: [Permanent Account No.] |
AAACT2634G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Plant and Machinery for Automobile
Industries. |
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|
|
|
No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2509000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular 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.
INFORMATION PARTED BY
|
Name : |
Mr. Pradeep |
|
Designation : |
Office Executive |
|
Date : |
23.06.2011 |
LOCATIONS
|
Registered Office : |
14, Palam Marg, Vasant Vihar, |
|
Tel. No.: |
91-11-26147101/ 26148671 |
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Fax No.: |
91-11-26148671 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Head Office/ Factory 1 : |
Plot No. 404, Udyog Vihar, Phase-IV, Gurgaon -122 015,
Haryana |
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Tel. No.: |
91-124-2348246/ 2455215/ 16 |
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Fax No.: |
91-124-2348246/ 2348247 |
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E-Mail : |
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Factory 2 : |
Sheet Metal Factory Gat No. 321/323, Village Kondapuri, Taluka-Shirur,
District-Pune, |
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Tel. No.: |
91-213-7270231 |
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|
|
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Factory 3 : |
19, Sector III, IMT Manesar, Gurgaon – 122 051, |
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Tel. No.: |
91-124-2290152/ 4669011 |
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Fax No.: |
91-124-2290153 |
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Mumbai Office : |
123-126, Building No.S-2, Vedant, |
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Tel. No.: |
91-22-25885130/ 25885131/ 25885132 |
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Fax No.: |
91-22-25886133/ 25834793 |
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E-Mail : |
DIRECTORS
As on 22.09.2009
|
Name : |
Mr. Natwarlal Amrutlal Makwana |
|
Designation : |
Whole Time Director |
|
Address : |
“Astha”, Plot No.438, Sector 14, Gurgaon – 122 001, |
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Date of Birth/Age : |
20.06.1940 |
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Qualification : |
BE Mechanical and Electrical |
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Experience : |
41 Years |
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Date of Appointment : |
24.02.1995 |
|
DIN No.: |
00329059 |
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|
Name : |
Mr. Hashimoto Kazunori |
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Designation : |
Managing Director |
|
Address : |
2-20-4, |
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Date of Birth/Age : |
11.03.1957 |
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Qualification : |
Mechanical Engineer |
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Experience : |
30 Years |
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Date of Appointment : |
09.03.2000 |
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DIN No.: |
01070724 |
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|
|
|
Name : |
Mr. Hiroshi Asano |
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Designation : |
Director |
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Address : |
2-5-11, Chigusa, Takarauka, Hyogo, Japan |
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Date of Birth/Age : |
27.02.1948 |
|
Date of Appointment : |
10.06.2004 |
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DIN No.: |
01070788 |
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|
Name : |
Mr. Etsuo Kawahara |
|
Designation : |
Director |
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Address : |
9-3-51, Zaimoku-Cho, Aichi Pref, |
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Date of Birth/Age : |
09.03.1951 |
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Date of Appointment : |
10.06.2004 |
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DIN No.: |
01070868 |
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|
|
Name : |
Mr. Hemant N. Makwana |
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Designation : |
Whole Time Director |
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Address : |
“Astha”, Plot No.438, Sector 14, Gurgaon – 122 001, |
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Date of Birth/Age : |
11.07.1972 |
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Date of Appointment : |
10.06.2004 |
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DIN No.: |
00329094 |
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|
Name : |
Mr. Masaaki Saito |
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Designation : |
Director |
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Address : |
1-1040-7, Owada-Saitama-Shi, Saitam, Japan |
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Date of Birth/Age : |
23.10.1948 |
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Date of Appointment : |
01.08.2005 |
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DIN No.: |
01070909 |
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|
Name : |
H. Yoichi |
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Designation : |
Technical Director |
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Date of Birth/Age : |
53 Years |
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Qualification : |
Mechanical Engineer |
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Experience : |
28 Years |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Taikisha Limited, |
|
329997 |
|
Sumitomo Corporation, |
|
30000 |
|
Margo Engineers Private Limited, |
|
239998 |
|
Satoru Kamiyama |
|
1 |
|
Hashimoto Kazunori |
|
1 |
|
Masaaki Saito |
|
1 |
|
Hemant N. Makwana |
|
1 |
|
P. Shivraj |
|
1 |
|
Total |
|
600000 |
As on 22.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
60.00 |
|
Bodies
corporate |
|
40.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Plant and Machinery for Automobile
Industries. |
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|
|
Products : |
v
Design and Drawing v
Erection and Commissioning of Metal Finish Plant |
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Exports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed/
Approved Capacity (Per Annum) |
Installed
Capacity |
Actual
Production |
|
Control Panel and Parts for own projects |
Nos. |
N.A. |
N.A. |
76 |
|
Control Panel for others |
Nos. |
N.A. |
N.A. |
34 |
|
Thermisters |
Nos. |
N.A. |
N.A. |
20 |
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GENERAL INFORMATION
|
Customers : |
Automobile Industry v
TATA Motors v
VARROC Private Limited v
Piaggio 3 wheeler v
Terex Vectra earth moving equip v
Bajaj Auto Limited v
Tecumseh Compressor v
Delphi USA- Noida plant v
Integral Coach Factory v
Steel Strips Limited v
JCB Limited v
v
Honda v
TATA v
Maruti Suzuki v
Suzuki v
Ashok Leyland v
Hero Honda v
Escorts v
Mahindra v
Mitsubishi Motors v
Piaggio v
Yamaha v
Denso v
Bajaj v
TEREX Vectra v
Nestle v
v
Hero Honda v
Daruhera-Paintshop PT, Booth, ASU and
Oven |
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No. of Employees : |
450 (Approximately) |
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Bankers : |
Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Gupta Thapar and Company Chartered Accountants |
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Address : |
D-53, Anand Niketan, |
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Tel. No.: |
91-11-24118176/ 41661979 |
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E-Mail : |
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Holding Company : |
Taikisha Limited, |
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Related Parties : |
v
Multi Engineering Services v
Margo Engineer Private Limited v
Multi Tech Engineers Private Limited v
Progressive Engineering Services v
Advantech Engineering Private Limited v
Multi Engineering Industries v
Hemant Enterprises |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000
millions |
|
|
|
|
|
(Of the above 330000 equity share of Rs.10/- each held by Taikisha
Limited, 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 |
6.000 |
6.000 |
6.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
621.193 |
574.070 |
531.963 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
627.193 |
580.070 |
537.963 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
50.426 |
113.636 |
97.307 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
50.426 |
113.636 |
97.307 |
|
|
DEFERRED TAX LIABILITIES |
4.762 |
5.430 |
5.030 |
|
|
|
|
|
|
|
|
TOTAL |
682.381 |
699.136 |
640.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
222.760 |
184.358 |
116.239 |
|
|
Capital work-in-progress |
3.603 |
2.383 |
21.306 |
|
|
|
|
|
|
|
|
INVESTMENT |
59.628 |
46.879 |
63.342 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
72.930
|
77.413 |
70.258 |
|
|
Sundry Debtors |
302.375
|
459.319 |
587.414 |
|
|
Cash & Bank Balances |
286.319
|
244.461 |
284.004 |
|
|
Other Current Assets |
10.539
|
1.299 |
1.163 |
|
|
Loans & Advances |
169.372
|
145.301 |
230.381 |
|
Total
Current Assets |
841.535
|
927.793 |
1173.220 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
262.553 |
241.841 |
398.037 |
|
|
Other Current Liabilities |
98.491
|
179.497 |
119.114 |
|
|
Provisions |
84.100
|
40.939 |
216.656 |
|
Total
Current Liabilities |
445.144
|
462.277 |
733.807 |
|
|
Net Current Assets |
396.390
|
465.516 |
439.413 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
682.381 |
699.136 |
640.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
1014.195 |
1088.312 |
2273.320 |
|
|
|
Work in Progress |
72.930 |
77.413 |
70.258 |
|
|
|
Interest on FDR’s |
14.658 |
12.762 |
11.650 |
|
|
|
Other Income |
9.271 |
16.560 |
27.420 |
|
|
|
TOTAL |
1111.054 |
1195.047 |
2382.648 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Work in Progress |
77.413 |
70.258 |
116.415 |
|
|
|
Purchase |
594.044 |
709.001 |
1590.771 |
|
|
|
Work Expenses |
29.489 |
15.448 |
34.006 |
|
|
|
Royalty Expenses |
29.327 |
31.597 |
66.065 |
|
|
|
Payments to Employees |
105.156 |
104.227 |
71.554 |
|
|
|
Administrative Expenses |
107.004 |
114.522 |
134.899 |
|
|
|
TOTAL |
942.433 |
1045.053 |
2013.710 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
168.621 |
149.994 |
368.938 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
11.252 |
34.782 |
11.072 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX,
DEPRECIATION AND AMORTISATION |
157.369 |
115.212 |
357.866 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
29.273 |
24.120 |
17.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
BEFORE TAX AND EXCEPTIONAL ITEMS |
128.096 |
91.092 |
340.792 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENT |
(1.140) |
4.795 |
5.379 |
|
|
Add |
EXCESS PROVISION
OF WRITTEN OFF |
0.000 |
0.000 |
0.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
129.236 |
86.297 |
335.507 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
44.358 |
34.523 |
112.634 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
& BEFORE EXCEPTIONAL ITEMS |
84.878 |
51.774 |
222.873 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
(1.556) |
2.648 |
1.979 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
86.434 |
49.126 |
220.894 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
471.792 |
434.598 |
339.684 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
33.600 |
6.000 |
88.800 |
|
|
|
Corporate Dividend Tax |
5.710 |
1.020 |
15.091 |
|
|
|
General Reserve |
8.644 |
4.912 |
22.089 |
|
|
BALANCE CARRIED
TO THE B/S |
510.272 |
471.792 |
434.598 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
11.468 |
11.803 |
6.921 |
|
|
TOTAL EARNINGS |
11.468 |
11.803 |
6.921 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
30.280 |
25.943 |
64.505 |
|
|
|
Stores & Spare Parts |
0.000 |
0.000 |
0.024 |
|
|
|
Capital Goods |
2.016 |
28.284 |
1.215 |
|
|
TOTAL IMPORTS |
32.296 |
54.227 |
65.744 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
144.06 |
81.88
|
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.78
|
4.11 |
9.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.74
|
7.93 |
14.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.14
|
7.76 |
26.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.15 |
0.62 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.79
|
0.99 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
2.01 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Total
outstanding dues of small scale industry undertaking |
-- |
-- |
-- |
|
- Total
outstanding dues to other creditors |
262.553 |
241.841 |
398.037 |
|
|
262.553 |
241.841 |
398.037 |
OPERATIONS:
The year was another difficult year for the company. The sales turnover
decreased marginally by around 7% from Rs.1088.300 millions to Rs.1014.200
millions. However, due to better efficiencies in materials procurement and productivity,
the profit after taxes grew by Rs.49.126 millions to Rs.86.434 millions i.e. a
growth of 76%. Increase in dividend income and income on fixed deposits
contributed to this healthy increase. The main reasons for the fall in turnover
are high competition in the industry and the Company making a conscious effort
to avoid low margin contracts.
The Company targets to achieve a turnover of Rs.1800.000 millions to
2000.000 millions and accordingly, company has facilities and has employed
manpower to do so. However, due to global recession particularly in the markets
of
The amount of write off on account of depreciation has gone up from
Rs.24.120 millions to Rs.29.273 millions due to new investments in plant and
machinery for building in Pune factory and some office equipments. Finance
expense in this year is Rs.11.262 millions against Rs.34.782 millions. This
expense is basically bank expense for OD interest, hundi and bank guarantees,
etc. During the year 2008-09, there was serious problem of finance with some of
their clients and they had almost full payment received from them by hundi and
hence, company incurred such huge finance expenses. This became un-avoidable,
otherwise the Company would have had to face payment cash flow problem. The
project schedule also would have suffered. The Company came out successfully
and also maintained very strong relations with clients which they appreciated
and the Company expects to recover such costs thru future business.
The company is making all out efforts to continue to improve efficiency
at all levels. The trends in the first four months of the current year are
encouraging and the automobile industry is doing well. The Company shall strive
to get its due share in the growth of the industry and maintain its eminent
position. The company is also exploring the possibility to diversify its
business activities and tap new industry segments.
PUNE FACTORY
MANUFACTURING ACTIVITY AND BUSINESS
Initially, Pune factory was established .for manufacturing sheet metal
job mainly for subject internal consumption especially oven for subject paint
shop project. Since this work load was not constant and installed capacity was
running idle, subject done job work for their labour company like Sulzar.
The purpose of establishing this facility was to meet the project
schedule so that project can complete on time and complicated critical items
can manufacture in house so that no rejection take place etc. but definitely
this operation is expensive to subject compare to their vendors because they
are not able to get continuous job of their sheet metal facility. The outside
labour job, subject can get but their delivery schedule and supply are critical
which subject may not able to comply their requirement due to their internal
work load. Their internal work load has no firm schedule and is random
therefore with present facility, they can not take out side job work and hence,
their cost of production turns down higher.
To utilize sheet metal facility idle capacity, they have to quote extra
production line only for job work and regular supply of job work can be met to
the client. With that, whenever their sheet metal internal consumption line is
idle can be utilized for production of job work and cost can be recovered.
Subject is considering this and make separate proposal. Subject Pune factory is
concern, infrastructure is there so increase one more line will not cost very
heavy.
Subject have already put laser cutting facility from April’ 10, it is
operating in full swing and they prepare balance sheet every month for laser
cutting accurately. In general this operation basically is labour job and
material supply by client.
Subject has good reputation among international clients like Bombardier
for earth moving equipment, John Deer for Agro equipment, Wohr Parking System
for car body lift.
Subject is getting more enquiries and expanding this activity by
installing one more machine. The machine order is already placed to Trumpf and
the machine is expecting to receive by December’ 10.
Subject is already discussing with future vendors not to supply
component but to make sub assembly to them. Subject present business is
Rs.5.000 millions per month i.e. Rs.60.000 millions to Rs.120.000 millions in a
year. The profit before tax after all the expenses is 20% and such balance
sheet are prepared every month now.
BUSINESS
DIVERSIFICATION:
Subject is seriously looking for diversify business in the allied line
similar activity what is being done presently by subject. Briefly can be listed
as under:
a) Electrical sub-station and, distribution transmission
b) Electrical control panel for automation and power plant
c) Fabrication of railway coach sheet metal job, sound proof enclosure
for generator etc. by which subject will be able to use their sheet metal
fabrication facility.
Subject is proceeding carefully without any business risk.
JQINT VENTURE AND
ROYALTY AGREEMENT:
As the members are aware, subject is a joint venture and the original
agreement in this respect was signed on 24th January’ 1995. The
specified period of 15 years under the JV Agreement expired on 23 Jan.2010.
Accordingly, it was necessary to revise the Joint Venture agreement.
The original Royalty Agreement was signed on 14th December’
2005 for five years from 1st April, 2005 to 31st March,
2010. Accordingly, it became necessary to renew the same. The matter was
discussed with Taikisha Limited Japan. Taikisha
As per the previous Royalty Agreement, subject has to pay 3% of sale
turnover of paint shop equipment for year 2009-10, which workout to be
Rs.29.327 millions and the necessary provision for the amount has been made in
the balance sheet.
CURRENT YEAR
2010-11 BUSINESS:
During the current financial year 2010-11, the business sentiment and
situation has improved remarkably and the annual turnover is expected to be
Rs.1500.000 millions and profit after tax of Rs.49.000 millions.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
Guarantees given by bank on behalf of Company |
47.229 |
|
Corporate Guarantees given by the Company |
NIL |
|
|
|
FIXED ASSETS:
v
Land
v
Building
v
Furniture and Fixture
v
Office Equipments
v
Computer
v
Plant and Machinery
v
Tools
v
Vehicles
v
Temp Structure
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.72.09 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.