MIRA
INFORM REPORT
|
Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
L AND T CHIYODA LIMITED |
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Registered Office : |
L and T House, Ballard Estate, Mumbai-400001, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.11.1994 |
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Com. Reg. No.: |
11-83035 |
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CIN No.: [Company
Identification No.] |
U28920MH1994PLC083035 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Providing Engineering and Related Services |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 2200000 |
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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 part of Larsen and Toubro group. It is a well established
and a reputed company having fine track. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. Company can be considered good for normal 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 |
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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 |
INFORMATION DECLINED BY
The management non cooperative
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai-400001, |
|
Tel. No.: |
91-22-67525656 |
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Fax No.: |
91-22-67525893 |
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E-Mail : |
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Website : |
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Head Office : |
B.P. Estate, |
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Tel. No.: |
91-265-2771003/ 2771902 |
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Fax No.: |
91-265-2771596/ 2774985 |
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E-Mail : |
DIRECTORS
As On 15.07.2010
|
Name : |
Mr. Ravindranath Kundurti |
|
Designation : |
Director |
|
Address : |
Ravindranath-A-604, Eternia, |
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Date of Birth/Age : |
22.08.1950 |
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Date of Appointment : |
11.06.2006 |
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DIN No. : |
00262462 |
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Name : |
Kiyomi Torataro Inoue |
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Designation : |
Director |
|
Address : |
7A Patwa House, B/H |
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Date of Birth/Age : |
10.02.1953 |
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Date of Appointment : |
28.09.2002 |
|
DIN No. : |
00255721 |
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Name : |
Mr. Mathur Ramaswamy Shanker |
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Designation : |
Director |
|
Address : |
301, Orloff, Apartment, 38, Haribhakti Colony, |
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Date of Birth/Age : |
06.05.1946 |
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Date of Appointment : |
06.07.1999 |
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DIN No. : |
00509190 |
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Name : |
Mr. Sumio Akio Nakshima |
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Designation : |
Director |
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Address : |
3-6-48-507, Kitashinagwa, Shinagwa-KU, Tokyo-1140001, |
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Date of Birth/Age : |
01.01.1951 |
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Date of Appointment : |
21.05.2007 |
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DIN No. : |
01629758 |
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Name : |
Mr. Inoue Torataro Kiydmi |
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Designation : |
Director |
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Address : |
1 Nove Torataro Kiyomi, Ta Patwa House, B/H Bomay Shopping Centre, Off
R C Duttroad Alkapuri, Vadodara-390007, |
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Date of Birth/Age : |
10.02.1953 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Mohammad Gouse Habibulla |
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Designation : |
Director |
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Address : |
304 White Rose, Apartment Behind Kalyan Cafe, Fatehgunj,
Vadodara-390002, |
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Date of Birth/Age : |
09.12.1953 |
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Date of Appointment : |
10.08.2007 |
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DIN No. : |
01719204 |
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Name : |
Mr. Koichi Shirakawa |
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Designation : |
Director appointed in casual vacancy |
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Address : |
1-31-17-503, O-Okayama, Meguro-Ku, Tokyo-1520033, |
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Date of Birth/Age : |
05.02.1950 |
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Date of Appointment : |
31.07.2009 |
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DIN No. : |
02684820 |
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Name : |
Shogo Masahi Shibuya |
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Designation : |
Director |
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Address : |
1-12-307, Wakabadai, Asahiku, 2410801, |
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Date of Birth/Age : |
06.02.1951 |
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Date of Appointment : |
15.07..2010 |
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DIN No. : |
03102429 |
KEY EXECUTIVES
|
Name : |
Mr. Jigishbhai Vindhutkumar Vasa |
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Designation : |
Secretary |
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Address : |
Vasa Vidhutkumar Jigishbhai, 3/B |
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Date of Birth/Age : |
05.03.1978 |
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Date of Appointment : |
11.03.2002 |
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Pan No.: |
ACFPV1670E |
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Name : |
Mr. Dinesh Udpa |
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Designation : |
Manager |
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Address : |
201-Aries Retereat Flat, 9 Ranjan Society Chikuwadi Race Course,
Vadodara-390007, |
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Date of Birth/Age : |
25.10.1952 |
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Date of Appointment : |
10.08.2007 |
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Pan No.: |
ABCPU3368A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 15.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Larsen and Toubro Limited – |
|
4499997 |
|
Chiyoda Corporation – |
|
4499997 |
|
Mohammad Habibulla and Larsen and Toubro Limited – |
|
1 |
|
Koichi Shirakawa and Chiyoda Corporation – Japan |
|
1 |
|
Nakshima Sumio and Chiyoda Corporation – Japan |
|
1 |
|
Mathur Ramaswamy Shanker and Larsen and Toubro Limited – |
|
1 |
|
Ravindranath K and Larsen And Toubro Limited – |
|
1 |
|
Inoue Torataro Kiyomi and Chiyoda Corporation – |
|
1 |
|
Total |
|
9000000 |
As On 15.07.2010
|
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 |
49.99 |
|
Bodies corporate |
49.99 |
|
Directors or relatives of Directors |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Engineering and Related Services |
GENERAL INFORMATION
|
Customers: |
Indian Clients: ·
Oil India Limited(OIL), ·
Gas Authority of India Limited, ·
Indian Petrochemical Corporation
Limited, ·
Cairn Energy India Pty. Limited,
Chennai ·
Chennai Petroleum Corporation
Limited, Chennai ·
Indian Oil Corporation Limited Delhi
for petroleum refining projects in their various refineries like, Panipat
Refinery, Digboi Refinery, Barauni Refinery, Haldia Refinery, Gujarat
Refinery, Guwahati Refinery etc. ·
Kochi Refineries Limited, ·
Shriram Fertilizer and Chemicals
Limited, ·
Bharat petroleum Coproration Limited,
Mumbai ·
Hindustan Petroleum Corporation
Limited(HPCL),Mumbai ·
Oil and Natural Gas Corporation
Limited, Mumbai Overseas Clients : ·
Abu Dhabi Gas Industries
Company(GASCO), ·
Abu Dhabi Gas Liquefaction
Company(ADGAS), ·
·
Ruwais Fertilizer Industries, ·
Bahrain Petroleum Company, ·
Karnaphuli Fertilizers Company
Limited(KAFCO), ·
BA Energy Inc., ·
Haldor Topsoe A/S, ·
Kashima Oil Refinery, ·
Melaka Refinery, Malasiya ·
·
Foster Wheeler Italiana, ·
·
Qatar Fertiliser Company(S.A.Q), ·
Qatar Fuel Additives Company Limited,
·
Qatar Shell GTL Limited, ·
·
Ras Laffan LNG Company Limited, ·
SAFRA Company Limited, ·
Saudi Formaldehyde Chemical Company
Limited, ·
Saudi International Petrochemical
Company, ·
OJSC Taneco Refinery,
Tatarstan-Russia |
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No of Employees : |
Information not divulged by management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountant |
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Address : |
194, Ravindra Annexe, Churchgate Reclamation, |
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Tel. No.: |
91-22-22047722/ 23/ 66338343 |
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Fax No.: |
91-22-66338352 |
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E-Mail : |
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Pan No.: |
AAAFS2967E |
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Associates/Subsidiaries : |
·
Larsen and Toubro Limited ·
Chiyoda Corporation` |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 90.000
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 |
90.000 |
90.000 |
90.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
478.025 |
390.442 |
289.743 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
568.025 |
480.442 |
379.743 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.002 |
0.113 |
|
|
TOTAL BORROWING |
0.000 |
0.002 |
0.113 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
568.025 |
480.444 |
379.856 |
|
|
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|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
55.700 |
63.452 |
74.362 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.454 |
|
|
|
|
|
|
|
|
INVESTMENT |
152.264 |
143.719 |
195.058 |
|
|
DEFERREX TAX ASSETS |
9.491 |
6.129 |
3.456 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
97.482
|
30.797
|
17.401 |
|
|
Sundry Debtors |
239.496
|
105.946
|
147.811 |
|
|
Cash & Bank Balances |
174.035
|
272.537
|
92.571 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
167.241
|
167.451
|
131.744 |
|
Total
Current Assets |
678.254
|
576.731
|
389.527 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
112.757 |
135.249 |
137.923 |
|
|
Other Current Liabilities |
32.544
|
0.000
|
0.000 |
|
|
Provisions |
182.383
|
174.338
|
145.078 |
|
Total
Current Liabilities |
327.684
|
309.587
|
283.001 |
|
|
Net Current Assets |
350.570
|
267.144
|
106.526 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
568.025 |
480.444 |
379.856 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
828.236 |
769.932 |
657.083 |
|
|
|
Other Income |
47.573 |
27.378 |
24.964 |
|
|
|
TOTAL (A) |
875.809 |
797.310 |
682.047 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operation and Establishment Expenses |
295.987 |
234.120 |
202.867 |
|
|
|
Staff Expenses |
415.388 |
389.167 |
336.984 |
|
|
|
TOTAL (B) |
711.375 |
623.287 |
539.851 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
164.434 |
174.023 |
142.196 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.214 |
7.754 |
0.117 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
154.220 |
166.269 |
142.079 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.520 |
28.412 |
31.373 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
131.700 |
137.857 |
110.706 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
44.116 |
37.158 |
35.395 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
87.584 |
100.699 |
75.311 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
390.442 |
289.743 |
214.432 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
478.026 |
390.442 |
289.743 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consultancy engineering services |
291.207 |
426.428 |
391.857 |
|
|
TOTAL EARNINGS |
291.207 |
426.428 |
391.857 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.73 |
11.19 |
8.37 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.00
|
12.63
|
11.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.90
|
17.91
|
16.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.94
|
21.53
|
23.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.29
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.58
|
0.64
|
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.86
|
1.38 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Due to: |
|
|
|
|
Micro and small enterprises |
-- |
-- |
-- |
|
Others |
112.757 |
135.249 |
137.923 |
|
Total |
112.757 |
135.249 |
137.923 |
Year In Retrospect
In the year in
retrospect, the Company celebrated a milestone of 15 years of engineering
excellence in the hydrocarbon industry.
Despite the difficult
economic conditions and low job market, the Company has been able to maintain
reasonable growth in sales and margin in profits with planned approach to
efficiency building and cost c6ntrols. Jobs received in the later part of the
year helped Company achieve significantly higher work backlog.
The Sales and other
income for the year stood at RS. 875.810 millions as against Rs. 797.310
millions for the previous financial year registering a growth of 10%. In spite
of the challenging business environment the Company has been able to maintain
its margin and growth in business.
The total order
booking (including carried forward jobs) amounted to Rs. 1646.180 millions.
Jobs to the extent of Rs. 808.490 millions were executed during the year while
jobs valuing to Rs. 839.450 millions are carried over to the next financial
year.
Quality Management
System:
In today’s competitive business environment only those organizations
grow that have sharp focus on sustained quality in their core business
processes.
To ensure smooth execution of domestic as well as international projects
with high quality of engineering, the company has adopted/ upgraded following
management systems:
·
ISO 9001:2000 for Quality Management System from
DNV,
·
ISO 14001:2004 for environment management system
from UNV,
·
OHSAS 18001:2007 for Occupational Health and Safety
Management System from DNV,
·
ISO : IEC 27001:2005 for information security and
Management System from BVQ1,
·
CMMI Maturity Level 5, Registration at SEI-USA
The company is first engineering company to get CMMI Level 5
registration.
Award
During the year, Indian Economic Development and Research Association (IEDRA) conferred the Company with the prestigious 'International Achiever's Award for Industrial Development'.
Fixed Assets:
·
Plant and Machinery
·
Air-conditioners and
Refrigeration Equipments
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Electrical Installations
·
Computers
·
Computer software
AS PER WEBSITE
OVERVIEW:
Subject is an engineering
consultancy organization formed by Larsen and Toubro Limited, India's premier
engineering, manufacturing and construction company (holding 50% equity) and
Chiyoda Corporation, Japan, world renowned Engineering Company with five
decades of experience in Hydrocarbon and related fields (holding 50% equity).
Incorporated on 19.11.1994, LTC commenced operations in
February 1995 and is catering to national and international clients, both
directly and through its parent companies. LTC offers international grade
engineering and project management services with integrated engineering
concepts, supported by state-of-the-art computer hardware and software
facilities operating in a networking environment.
LTC, the youngest organization of its kind to get the ISO
9001 accreditation certification, has established an independent identity
amongst major clients and process know-how suppliers globally, through its
indigenous and export engineering credentials. It has already upgraded its ISO
certification to ISO 9001:2000 and also achieved certifications for ISO
14001:2004, ISO 27001:2005, OHSAS 18001:2007 and CMMI maturity level 5.
Working towards positive engineering through plant modeling
in electronic media, LTC offers a creative response to clients' needs. The
actual plant itself is 'visualized' to a very close reality in the engineering
office during the detailed engineering stage, resulting in high efficiency and
accuracy in engineering and ease of construction.
LTC has specialized in the engineering for fast track EPC
jobs of multiple complexities; repeatedly proving it's adaptability from time
to time.
The major industries in which LTC adds significant dimension
includes Petroleum refining, Petrochemicals, Chemicals, Fertilizers, Oil and
Gas and LNG and LPG.
Management:
L and T Chiyoda is managed by a team of highly motivated and
well-experienced professionals.
Mr. Dinesh Udpa, Chief Executive of the Company, is a
postgraduate in Chemical Engineering from the Indian Institute of Science,
Mr. Kiyomi Inoue, Chief of Operations of the Company, is a
Mechanical Engineer and has wide experience in plant and piping engineering of
Hydrocarbon related plants. He is also a Director representing Chiyoda
Corporation.
Corporate Policy:
TO PROVIDE DESIGN, ENGINEERING AND PROJECT MANAGEMENT
SERVICES TO DEVELOP SAFE, ECONOMICAL, CONSTRUCTABLE, OPERABLE AND MAINTAINABLE
PROJECTS WITHIN AGREED SCHEDULE :
·
SATISFYING APPLICABLE LEGAL AND
STATUTORY REGULATIONS.
·
ADDRESSING THE CURRENT AND FUTURE
REQUIREMENTS OF CUSTOMER.
·
ADHERING TO RELATED OCCUPATIONAL
HEALTH, SAFETY AND ENVIRONMENTAL CRITERIA.
·
ENSURING REDUCTION IN RE-WORK AND COST
OF SERVICES THROUGH VALUE ENGINEERING.
·
TO CREATE AN ADEQUATE ENVIRONMENT FOR
OCCUPATIONAL HEALTH AND SAFETY OF THE EMPLOYEES.
TO MINIMIZE THE ADVERSE IMPACT OF ORGANISATIONAL ACTIVITIES
ON ENVIRONMENT.
THEY ARE COMMITTED TO:
·
PROVIDE ADEQUATE RESOURCES FOR
ACHIEVING THE ABOVE.
·
CONTINUAL IMPROVEMENT OF THE
EFFECTIVENESS OF THE QUALITY, ENVIRONMENT, OCCUPATIONAL HEALTH AND SAFETY
MANAGEMENT SYSTEMS.
·
COMPLY WITH APPLICABLE LEGISLATION AND
REGULATIONS.
Feasibility
Study
Techno-economic feasibility studies are undertaken typically during the project conceptualization stage to establish the feasibility of the Project with respect to technical soundness, operational flexibility and economic viability.
The activities performed during this study encompasses from market study of feedstock and products (from availability & price point of view) to evaluation of all competing technologies and finally financial analysis including sensitivity of profitability.
LTC's Project services group have recognized importance of such studies and possesses required competence to undertake such activities for grass-roots projects as well as revamping of existing plants. LTC, with its wide knowledge of various technologies in different industries combined with its staff having extensive design, engineering and plant operation skills and backed with extensive data bank and multi-disciplinary support is poised well to undertake such feasibility studies.
Petroleum Refining
LTC has already executed no. of projects for providing
detailed design and Engineering services to Refining Sector in
In this context, LTC is quite well versed with number of Licensors like UOP, IFP, HTAS, KTI, Delta Hudson etc., covering all process units starting from CDU/VDU to crackers, Sulphur Recovery units and Hydrogen Generation Units. LTC has established its credentials well by providing quality engineering services to many projects for Indian refineries.
NEWS:
LandT Chiyoda Limited honored with “International Achievers
Award for Industrial Development” by IEDRA
L and T-Chiyoda (LTC) has been conferred with “The International Achievers
Award for Industrial Development” by ‘The Indian Economic Development &
Research Association’,
Mr. Dinesh Udpa, Chief Executive, L and T-Chiyoda Limited, received the
award during a Ceremony held on the occasion of 52nd National Seminar on
“National Economic Growth and World Peace” on 06.06.2009 at New Delhi.
IEDRA is a National Level Organization and promotes National Economic
and Social Development. Leading Industrialists, Corporate Directors,
Professionals and Business Leaders were also present during the Seminar.
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.45.15 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.