MIRA
INFORM REPORT
|
Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
PIX TRANSMISSIONS LIMITED |
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|
|
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Registered Office : |
J-7,
MIDC, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.07.1981 |
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Com. Reg. No.: |
11-024837 |
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CIN No.: [Company
Identification No.] |
L25192MH1981PLC024837 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16300E |
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PAN No.: [Permanent
Account No.] |
AAACP6016C |
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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 “V” Belts, Raw Edge, Poly V-Belts, Variable Speed Belts, Fire Resistant
Belts, Antistatic Belts, Oil and Heat Resistant Belts, Dry Cover Belts, 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 910000 |
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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 an established company having satisfactory track. Trade
relations are 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 |
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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
|
Registered Office : |
J-7,
MIDC, |
|
Tel. No.: |
91-7104-236501
(5 Lines)/ –236503/504/ 237051 / 237729 |
|
Fax No.: |
91-7104-236505
/ 236506 / 235753 |
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E-Mail : |
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Website : |
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Mumbai Office : |
Pals |
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Tel. No.: |
91-22-26404556 / 26402229 |
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Fax No.: |
91-22-26402225 |
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Factory : |
Ř (Unit no. 1) J-7, MIDC Hingna,
Nagpur - 440 016, Maharashtra,
India Ř (Unit no. 2) K-36, K-37, k-38,
MIDC Hingna, Nagpur - 440 016, Maharashtra,
India Ř (Unit no. 3) Bazargaon, Amravati Road, Nagpur-440 023, Maharashtra, India Ř (Unit no. 4) Khasra No.57,
Mouza Nagalwadi, Tehsil-Hingna Nagpur-40016, Maharashtra, India |
DIRECTORS
As On : 31.03.2010
|
Name : |
Mr.
Amarpal Sethi |
|
Designation : |
Chairman
and Managing Director |
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|
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|
Name : |
Mr.
Sukhpal Singh Sethi |
|
Designation : |
Director |
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|
Name : |
Mr.
Sonepal Singh Sethi |
|
Designation : |
Join Managing
Director |
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|
Name : |
Mr.
Haresh Eidnani |
|
Designation : |
Director |
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Date of Birth/Age : |
12.10.1964 |
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Qualification : |
B. Sc |
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Date of Appointment : |
21.09.1999 |
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|
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|
Name : |
Mr.
Jose Jacob |
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Designation : |
Director |
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Name : |
Mr.
Joe Paul |
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Designation : |
Director |
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Date of Birth/Age : |
08.03.1962 |
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Qualification : |
B.Com., MIRPM |
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Date of Appointment : |
01.05.2000 |
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Name : |
Mr. Darshan Singh Chadha |
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Designation : |
Director |
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|
Name : |
Mr. Rishipal Sethi |
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Designation : |
Director |
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Date of Birth/Age : |
15.06.1973 |
|
Qualification : |
B.Sc. (Elec. |
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Date of Appointment : |
29.12.2004 |
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|
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|
Name : |
Mr. Karanpal Sethi |
|
Designation : |
Director |
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|
Name : |
Mr. Pradeep Havnur |
|
Designation : |
Director |
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Name : |
Mr.
Aqueel A Mulla |
|
Designation : |
Director
|
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|
Name : |
Mr.
Om Prakash Arora |
|
Designation : |
Director
|
KEY EXECUTIVES
|
Name : |
Mr.
Shybu Varghese |
|
Designation : |
Company
secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Names of
Shareholders |
No. of Shares |
Percentage of Holding |
|
|
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|
Shareholding
of Promoter and Promoter Group |
|
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|
Indian |
|
|
|
Individuals/Hindu Undivided family |
7108191 |
54.99 |
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Public
Shareholding |
|
|
|
Institutions |
|
|
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Financial Institutions/Banks |
4100 |
0.03 |
|
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Any Others
(Specify) |
81481 |
0.63 |
|
Overseas Corporate Bodies |
2600 |
0.02 |
|
Non Resident Indians |
5350 |
0.04 |
|
HUF |
73531 |
0.57 |
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Non-Institutions |
|
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Bodies Corporate |
683808 |
5.29 |
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Individuals |
|
|
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Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
4855951 |
37.57 |
|
|
|
|
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Any Others
(Specify) |
191669 |
1.48 |
|
Clearing Members |
66718 |
0.52 |
|
Market Maker |
5145 |
0.04 |
|
Directors and their relatives and friends |
119806 |
0.93 |
|
|
|
|
|
Total |
12925200 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of “V” Belts, Raw Edge, Poly V-Belts, Variable Speed Belts, Fire Resistant
Belts, Antistatic Belts, Oil and Heat Resistant Belts, Dry Cover Belts, etc. |
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Products : |
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PRODUCTION STATUS (As On : 31.03.2010)
|
PARTICULAR |
Unit |
Amount (Rs. In
Millions.) |
|
1. i) Licensed Capacity |
|
|
|
A) V-BELTS |
Nos. |
31.000 |
|
B) High Pressure Braided Hoses |
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|
|
Hoses |
Mtrs. |
25.000 |
|
C) End Fitting |
Tons |
70.000 |
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|
|
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ii) Installed Capacity |
|
|
|
A) V-BELTS |
Nos. |
15.900 |
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B) High Pressure Braided Hoses |
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|
|
Hoses |
Mtrs. |
17.200 |
|
C) End Fitting |
Tons |
10.300 |
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2. Production in quantity |
|
|
|
A) V-BELTS |
|
9930127 |
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B) High Pressure Braided Hoses |
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|
|
Hoses |
Mtrs. |
3345169 |
|
|
Nos. |
321779 |
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C) End Fitting |
|
772658 |
|
D) Hose Assemblies |
Nos. |
121751 |
GENERAL INFORMATION
|
Suppliers : |
·
Exclusive Diamond Products ·
Gujrat Polymers ·
Ideal Enterprises ·
John Steel Tech. Private Limited ·
Kailash Timber Corp. ·
Merchem Limited ·
Noble Catalyst ·
N. C. Corporation ·
Om Tex Chem. Private Limited ·
Plasto Pack (I) Private Limited ·
Paper Combines ·
Progressive Products ·
Roshan Industries ·
SOS Enterprises ·
Shrjnath Packers ·
Unipack ·
Uttkarsh Packers Private Limited |
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No. of Employees : |
1200
(Approximately) |
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Bankers : |
v
State Bank of v
IDBI Bank Limited v
State Bank of |
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Facilities : |
Note : 1.
Term Loan from bank are secured by first pari
passu charge on all fixed assets and second charge on current assets of the
company. 2.
Corporate loan and working capital from bank are secured
first pari passu charge on current assets and second charge on all fixed
assets 3.
Term / Corporation Loan and Working Capital
facilities are further secured by personal guarantee of three promoters
directors.
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. C. Bandi and
Company Chartered Accountants |
|
Address : |
Mumbai,
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Subsidiaries : |
·
Pix ·
De Correias E Mangueiras Limited ·
Pix Middle |
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|
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|
Joint Venture Company |
·
Pix Europe Limited ·
Pix QCS Limited |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20500000 |
Equity Shares |
Rs. 10/- each |
Rs. 205.000 millions |
|
2950000 |
Non Convertible 6 % Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 295.000 millions |
|
|
Total |
|
Rs. 500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10540200 |
Equity Shares |
Rs. 10/- each |
Rs. 105.402
millions |
|
1145000 |
Addition During the year after conversion warrant in Equity |
Rs. 10/- each |
Rs. 11.450
millions |
|
|
Total (A) |
|
Rs. 116.852 millions |
|
|
|
|
|
|
11685200 |
Equity Shares (A) |
Rs. 10/- each |
Rs. 116.852
millions |
|
|
Less: Allotment Money in Arrears from Public
Other than Directors |
|
Rs. 0.011
million |
|
|
Total (B) |
|
Rs. 116.841 millions |
|
|
|
|
|
|
Non – Convertible 6% Cumulative Redeemable Preference Shares |
|||
|
575000 |
Non – Convertible 6% Cumulative Redeemable
Preference Shares |
Rs. 100/- each |
Rs. 57.500
millions |
|
542110 |
Preference Shares |
Rs. 100/- each |
Rs. 54.211
millions |
|
|
Total (C) |
|
Rs. 111.711 millions |
|
|
|
|
|
|
Paid Up Capital |
|||
|
|
Application Money of Warrants (B+C) |
|
Rs. 228.552 millions |
|
|
|
|
|
|
2385000 |
Warrants |
Rs. 30/- each |
Rs. 7.155
millions |
|
1145000 |
(Less) :Warrants concerted into Equity
Shares |
|
Rs. 3.435
millions |
|
|
Total |
|
Rs. 3.720 millions |
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 |
228.552 |
162.891 |
144.741 |
|
|
2] Equity Share Warrants |
3.720 |
7.155 |
9.379 |
|
|
3] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
242.473 |
212.646 |
234.833 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
474.745 |
382.692 |
388.953 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1624.168 |
1519.796 |
916.901 |
|
|
2] Unsecured Loans |
397.830 |
459.617 |
412.622 |
|
|
TOTAL BORROWING |
2021.998 |
1979.413 |
1329.523 |
|
|
DEFERRED TAX LIABILITIES |
98.077 |
75.368 |
75.454 |
|
|
|
|
|
|
|
|
TOTAL |
2594.820 |
2437.473 |
1793.930 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1847.599 |
1182.795 |
1068.742 |
|
|
Capital work-in-progress |
0.000 |
408.891 |
72.308 |
|
|
|
|
|
|
|
|
INVESTMENT |
17.531 |
17.231 |
14.375 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
565.891
|
505.074
|
366.422
|
|
|
Sundry Debtors |
354.002
|
284.142
|
265.389 |
|
|
Cash & Bank Balances |
58.021
|
75.156
|
77.747 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
164.711
|
181.317
|
161.623 |
|
Total
Current Assets |
1142.625
|
1045.689 |
871.181 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
365.376
|
185.801 |
|
|
|
Other Current Liabilities |
15.132
|
6.204
|
233.523
|
|
|
Provisions |
34.392
|
27.409
|
0.000 |
|
Total
Current Liabilities |
414.900
|
219.414 |
233.523 |
|
|
Net Current Assets |
727.725
|
826.275
|
637.658 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.965 |
2.281 |
0.847 |
|
|
|
|
|
|
|
|
TOTAL |
2594.820 |
2437.473 |
1793.930 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1693.412 |
1788.369 |
1654.516 |
|
|
|
Other Income |
1.999 |
0.000 |
2.314 |
|
|
|
TOTAL (A) |
1695.411 |
1788.369 |
1656.830 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
766.698 |
980.681 |
831.315 |
|
|
|
Manufacturing Expenses |
567.980 |
540.601 |
582.962 |
|
|
|
Other Expenditure |
0.000 |
0.000 |
12.643 |
|
|
|
Extra Ordinary Item foreign exchange loss |
0.000 |
47.324 |
0.000 |
|
|
|
TOTAL (B) |
1334.678 |
1568.606 |
1426.920 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
360.733 |
219.763 |
229.910 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
178.291 |
132.180 |
100.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
182.442 |
87.583 |
129.029 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
146.669 |
125.335 |
113.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
35.773 |
(37.752) |
15.111 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.809 |
2.113 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.964 |
(39.865) |
15.111 |
|
|
|
|
|
|
|
|
|
Less |
Adjustment
relating to previous year |
0.036 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
110.342 |
150.208 |
135.097 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
117.270 |
110.342 |
150.208 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
867.091 |
1077.076 |
NA |
|
|
|
Dividend |
1.511 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
868.602 |
1077.076 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
319.923 |
441.160 |
NA |
|
|
|
Capital Goods |
10.435 |
203.616 |
NA |
|
|
TOTAL IMPORTS |
330.358 |
644.776 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.65 |
(3.92) |
1.04 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
629.900 |
602.400 |
513.700 |
|
Total Expenditure |
503.800 |
473.800 |
400.500 |
|
PBIDT (Excl OI) |
126.100 |
128.600 |
113.200 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
126.100 |
128.600 |
113.200 |
|
Interest |
55.900 |
60.900 |
50.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
70.200 |
67.700 |
62.700 |
|
Depreciation |
47.100 |
49.100 |
45.000 |
|
Profit Before Tax |
23.100 |
18.600 |
17.70 |
|
Tax |
2.940 |
(1.510) |
1.850 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
20.160 |
20.110 |
15.850 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
20.160 |
20.110 |
15.850 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.41
|
(2.23) |
0.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.11
|
(2.11) |
0.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.20
|
(1.69) |
0.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
(0.10) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.34
|
5.94 |
4.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.75
|
4.77 |
3.73 |
LOCAL AGENCY FURTHER INFORMATION
Increase in Share
Capital
The Directors and
Promoters were allotted convertible warrants during the year, consequent to the
above, the issued, subscribed and paid up share capital of the company has increased
from 10540200 Equity Shares of Rs.10/- each aggregating to Rs.105.402 millions
11685200 Equity Shares of Rs.10/- each aggregating to Rs.116.852 millions - as
on 31.03.2010.
Proceeds of Preferential Issue of warrants
The company issued
shares and warrants on preferential basis to Promoters and Promoters group. The
company has mobilized total funds to the extent of Rs.34.350 millions (Previous
year Rs.11.205 millions), were deployed towards expansion manufacturing
facilities and for working capital.
Subsidiaries
1.
Pix South America Importacao E Exportacao De
Correias E Mangueiras Limited, Brazil
Pix South America
Importacao E Exportacao De Correias E Mangueiras Limited promote the business
of Pix Products in the market of Latin American Countries such as Brazil
Argentina, Chile, and Peru etc.
2.
Pix Middle East FZC, UAE.
Pix Middle East
FZC promoted to carrying on business of Pix Products in the market of Middle
East Countries.
Management
Discussion and Analysis Overview of the Economy
The global
economic crisis did impact the economic growth story in India, albeit
temporarily. The economy slowed down considerably is fourth quarter of 2008 and
first quarter of 2009. However, backed by the stimulus offered by the
Government of India, the economy recovered quite quickly in third and fourth
quarters of 2009. In the first quarter of 2010 the economy shows positive
growth. In the long run they will continue to see significant investments in
the infrastructure segment to cover existing gaps and new ones that arise with
growth in other sectors.
Retention of
talent remains a big challenge especially in view of the growth momentum of the
Indian economy and alternate avenues that may open up. They have rich talent
pool of the technical manpower, skilled workers who have grown with Pix.
Review of
operations
Total income for
the year, Rs. 1789.872 millions. The profit before interest and depreciation
and tax Rs.360.733 millions
The profit before
tax Rs.35.772 millions after providing Rs. 178.291 millions for Interest, Rs.
146.669 millions for depreciation.
With the real rate
of interest still high compared to the global standard, there is a further
scope to reduce the interest rate and the growth of the corporate sector will
depend much upon the availability of credit at the right time and right price.
Though it is expected that softening commodity prices and stimulus packages
would have a positive impact on the industrial production in the months ahead,
the economic recovery on a sustainable basis requires a revival of the global
economy.
Fixed Assets:
·
Plot
·
Plant and Machinery
·
Electrical Instrument
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
Web Side Details
Subject
is the fastest emerging Global Leader in Mechanical Power and Fluid Transmission
Business. It is engaged into the manufacturing of World Class Quality
Industrial, Automotive Belts, Agricultural Belts, Hoses, Hose Assemblies and
End Fittings to suit various Power Drive needs.
Product
Range:
PIX
Manufactures entire range of in several constructions such as-
•
Wrap Belts
•
Cut Edge Belts
• Ribbed / Poly
V-Belts
• Synchronous / Timing
Belts
and application
specific: special construction belts such as Double Cogg, Double Poly, Poly +
Timing, Honey Comb, PT-0, PT-6, PT-7, 2TP Belts, Variable Speed Belts,
Elasticated Belts, Banded Belts, Kevlar Cord Belts, Antistatic Oil and Heat
Resistant Belts, Dry Cover Belts and many more.
It’s range in Hoses
include extensive range of medium & high Pressure wire braided Hydraulic
Hoses, Spiral Hoses, Hose Assemblies and End Fittings.
PIX is the only Indian
company to manufacture Hoses and Fittings in-house, and can cater to its
customers by providing a complete fluid power transfer solution, in terms of
Hose Assemblies of various types and sizes.
History
Ř June 1982: Established PIX Transmissions Limited. Nagpur. India
Ř January 1994: Commencement of production at K-36 plant, Nagpur. India
Ř June 1999: Established PIX Bazargaon Plant
Ř April 1999: Established PIX Europe Limited, United Kingdom
Ř April 2000: Acquired Distag Euro Limited United Kingdom
Ř February 2004: Commencement of production at K-37/38 facilities, Nagpur. India
Ř April 2004: Established PIX Germany GmbH, Germany
Ř June 2004: PIX Europe Limited, purchase of new 33,000 sq. feet unit at Ipswich, United Kingdom
Ř April 2007: Established PIX Middle East FZC at Ras-Al-Khaimah, UAE
Ř February 2007: Established PIX Flexequip Hydraulics Limited, United Kingdom
Ř April 2009: Established PIX Hydraulics and Transmissions (Hangzhou) Limited, China
Ř October 2009: PIX centralised fully-automated mixing plant at Nagalwadi, Nagpur. India
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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--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.