MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
GALA PRECISION TECHNOLOGY PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
GALA PRECISION TECHNOLOGY LIMITED GALA EQUIPMENT LIMITED |
|
|
|
|
Registered Office : |
116, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
09.06.1989 |
|
|
|
|
Com. Reg. No.: |
11-52116 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999MH1989PLC052116 |
|
|
|
|
TAN No.: [Tax
Deduction and Collection Account No.] |
MUMG08261B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACG1777F |
|
|
|
|
Legal Form : |
A Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturers of Precision Auto Components |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appear
accumulated losses recorded by the company. Profitability position of the
company is under pressure. However, trade relations are reported as fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
116, |
|
Tel. No.: |
91-22-25821232 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
A-59, Road No. 10,
Wagle Industrial Estate, Thane - 400 604, |
|
Tel. No.: |
91-22-25821232 / 25820252 |
|
Fax No.: |
91-22-25820771 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Wada Plant Plot No. 295, Village Vadavali at Post Met, Masurne Road, Bhiwandi – Wada Highway, Taluka Wada, Thane – 421 312, India. |
|
Tel. No.: |
91-2526-220154 / 220155/ |
|
Fax No.: |
91-2526-220577 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Export Oriented
Unit Plot No. 302/1, Village Musarne, |
|
Tel. No.: |
91-2526-220154/ 221233 |
|
Fax No.: |
91-2526-220292 |
|
E-Mail : |
|
|
|
|
|
Factory : |
·
No.4
Workshop, Email: china@galaprecision.com |
DIRECTORS
As on 30.06.2010
|
Name : |
Mr. Sanjai Prabhakar Kulkarni |
|
Designation : |
Managing Director |
|
Address : |
E-702 Riturang Society, |
|
Date of Birth/Age : |
27.03.1958 |
|
Date of Appointment : |
01.06.2009 |
|
DIN No.: |
00008134 |
|
|
|
|
Name : |
Mr. Thomas Georg Englamann |
|
Designation : |
Director |
|
Address : |
Spilhofstr 4A, Munich-81927, |
|
Date of Birth/Age : |
06.05.1968 |
|
Date of Appointment : |
30.09.2009 |
|
DIN No.: |
02608924 |
|
|
|
|
Name : |
Mr. Eckhard Gatawis |
|
Designation : |
Director |
|
Address : |
Westen 927, Mallersdore, Pfaffenberg-84066, |
|
Date of Birth/Age : |
21.06.1963 |
|
Date of Appointment : |
30.09.2009 |
|
DIN No.: |
02735032 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2010
|
Names of Shareholders |
No. of Shares |
|
Vishanji Gala |
3000 |
|
Kirit Gala |
16000 |
|
Rumie Kirit Gala |
8000 |
|
Taramati Gala |
13000 |
|
India Value Fund Trustee Company Private Limited |
8520 |
|
IVF ( |
4827 |
|
Indium ( |
9653 |
|
Hoerbiger Deulschland Holding GmbH |
623991 |
|
National Securities Depository Limited |
2190121 |
|
Total |
2877112 |
Equity Shares Breakup (Percentage of Total Equity)
(as on 30.06.2010)
|
Category |
Percentage |
|
Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial institutions,
non residents or Overseas corporate bodies or others |
98.31 |
|
Bodies Corporate
(not mentioned above) |
0.30 |
|
Other top fifty (50) shareholders |
1.39 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Precision Auto Components |
|
|
|
|
Products: |
Standard
Finishing Machine · Vibro Benz Vibratory Finishing Systems · Centrifugal Finishing system – Technology Series. · Trough Vibrators · Spiral Vibrators Compressors
Valves · Valve Plates and Asemblies · Reeds and Retainers · Plate Valve Assembly |
GENERAL INFORMATION
|
No. of Employees : |
250 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
706, ‘B’ Wing, 7th Floor, |
|
|
|
|
Holding Company: |
Hoerbiger Deutschland Holding GmbH |
CAPITAL STRUCTURE
As on
31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2877112 |
Equity Shares |
Rs.10/- each |
Rs.28.771
millions |
Notes
a)
1527400 Equity Shares are
held by Holding Company – Hoerbiger Deutschland Holding GmbH.
b)
781900 Equity Shares
are issued as fully paid bonus shares by
capitalizing Securities premium Rs. 1.558 Millions, General Reserve Rs. 1.259
Millions and accumulated profits Rs. 5.002 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 (9 Months) |
31.03.2009 (12 Months) |
31.03.2008 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
28.771 |
28.771 |
28.771 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves and Surplus |
244.586 |
270.568 |
352.337 |
|
|
4] (Accumulated Losses) |
[10.989] |
0.000 |
0.000 |
|
|
NETWORTH |
262.369 |
299.339 |
381.108 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.213 |
320.925 |
294.891 |
|
|
2] Unsecured Loans |
40.376 |
65.937 |
76.595 |
|
|
TOTAL BORROWING |
40.589 |
386.862 |
371.486 |
|
|
DEFERRED TAX LIABILITIES |
14.900 |
51.834 |
48.484 |
|
|
Employee Stock Option |
0.000 |
0.000 |
2.503 |
|
|
|
|
|
|
|
|
TOTAL |
317.858 |
738.035 |
803.581 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
156.681 |
451.534 |
448.452 |
|
|
Capital work-in-progress |
0.941 |
1.704 |
15.730 |
|
|
Capital Advance |
2.022 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.087 |
19.567 |
19.567 |
|
|
DEFERREX TAX ASSETS |
14.900 |
7.092 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
68.799
|
217.548
|
192.705
|
|
|
Sundry Debtors |
99.612
|
225.780
|
220.546
|
|
|
Cash and Bank Balances |
34.240
|
1.668
|
10.515
|
|
|
Other Current Assets |
0.186
|
0.280
|
0.000
|
|
|
Loans and Advances |
38.632
|
53.943
|
45.861
|
|
Total
Current Assets |
241.469
|
499.219
|
469.627
|
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
79.916
|
109.355
|
102.631
|
|
|
Other Current Liabilities |
5.126
|
14.418
|
32.822
|
|
|
Provisions |
13.200
|
117.308
|
14.342
|
|
Total
Current Liabilities |
98.242
|
241.081
|
149.795
|
|
|
Net Current Assets |
143.227
|
258.138
|
319.832
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
317.858 |
738.035 |
803.581 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 (9 Months) |
31.03.2009 (12 Months) |
31.03.2008 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
377.315 |
812.445 |
715.413 |
|
|
|
Other Income |
NA |
NA |
1.684 |
|
|
|
TOTAL (A) |
NA |
NA |
717.097 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
278.981 |
|
|
|
Manufacturing Expenses |
|
|
124.388 |
|
|
|
Employee Cost |
|
|
94.660 |
|
|
|
Administrative and Selling Expenses |
|
|
92.056 |
|
|
|
TOTAL (B) |
NA |
NA |
590.085 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
127.012 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
49.705 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
77.307 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
38.709 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
[83.553] |
[80.981] |
38.598 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
[9.741] |
0.787 |
14.913 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
[73.812] |
[81.768] |
23.685 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.982 |
98.750 |
75.065 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[56.830] |
16.982 |
98.750 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
325.503 |
|
|
TOTAL EARNINGS |
NA |
NA |
325.503 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
168.964 |
|
|
|
Capital Goods |
NA |
NA |
4.612 |
|
|
TOTAL IMPORTS |
NA |
NA |
173.576 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[25.65] |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 (9 Months) |
31.03.2009 (12 Months) |
31.03.2008 (12 Months) |
|
PAT / Total Income |
(%) |
NA
|
NA |
3.30
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
5.40
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[20.99]
|
[8.52] |
4.20
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.32]
|
[0.27] |
0.10
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.53
|
2.10 |
1.37
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.46
|
2.07 |
3.14
|
LOCAL AGENCY FURTHER INFORMATION
Outlook of Current
Year and Future Plans:
The company is expecting 25% growth in Sales coming year and thereafter of
about 15% growth per year. The growth expected is by maximum utilization of the
capacity and matching with the customer orders. The company would be generating
a good income of about 10-12% on
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90156645 |
|
Corporate identity
number of the company |
U99999MH1989PTC052116 |
|
Name of the
company |
GALA EQUIPMENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
No Instrument,
Memorandum of Deposit for Creation of further charge for term loan/ overall
limit where the initial charges is created by way of mortgagee by deposit of
title deeds |
|
Date of
instrument Creating the charge |
12.04.2008 |
|
Amount secured by
the charge |
Rs. 442.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
terms. Terms of
Repayment As per sanction
terms. Margin As per sanction
terms. Extent and
Operation of the charge As per sanction
terms. |
|
Short particulars
of the property charged |
All Present and future
including of title to the goods and other assets such as book debts,
outstanding moneys, receivables, including receivables by way of cash
assistance and / or cash incentives under the cash incentives. |
|
Date of latest
modification prior to the present modification |
12.04.2008 |
|
Particulars of
the present modification |
Now by the
present modification dated 12.04.2008 the company created an extension of
charge by way of an equitable mortgage by deposit of title deeds over the
immovable properties created earlier on 14.08.1997 to secure the credit
facilities now extended to Rs. 442.800 Millions. |
|
Name of the
company |
GALA PRECISION TECHNOLOGY LIMITED |
|
Presented By |
Mr. Vishanji H
Gala |
|
1) Date and description
of instrument creating the change |
Term Loan
agreement dated 30.12.2005 executed by M/s Gala Precision Technology Limited
(hereinafter referred to ass “the company”) in favour of Citibank NA
(Hereinafter referred to as the “Lender”) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Term Loan
facilities of Rs. 7.000 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 |
The whole of
movable assets including plant and machinery , office equipments, Furnitures
and fixtures , computer air conditioner, etc both present and future
belonging to or pertaining to the company located at A – 59 Wagle Estate
Thane together with all benefits , advantages
and legal incidence thereof. Property
including land and building located at A – 59 , Wagle Estate, Thane |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
In consideration of the lender having agreed to lend advance to the
company, credit facilities under agreement and declaration by the company
interalia as follows: Covenant by the company to repay the facility at (2) above and pay Interest
and all other monies in the manner set out in the agreement between the
company and the lender and to comply with the terms and conditions of said
agreement. The said movable assets (including plant and machinery) by way of
first charge and equitable mortgage in favour of the lender will rank first
pari passu with the existing charges
created / to be charged with the repayment of the term loan along with all
Interest , liquidated , damages, premia on prepayment or on redemption,
costs, charges, and other expenses payable by the company to the lender in
respect thereof. The company to keep the said goods and property in marketable and good
condition and also insured as provided therein. Power of entry power to take charge and / or possession of seize,
recover, receive, appoint and sell contract, dispatch for realisation or
otherwise dispose of or deal with all
or any part of the said goods and property , etc as provided therein. |
|
5) Name and
Address and description of the person entitled to the charge. |
Citi Bank NA Citigroup Centre, Bandra Kurla Complex Bandra (East), Mumbai – 400 015, |
|
6) Date and brief description of instrument
modifying the charge |
NA |
|
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. |
NA |
Fixed Assets
·
Borewell
·
·
·
R and D Building
·
Plant and Machinery
·
Effluent System
·
Electrical Installation
·
Computers
·
Vehicles
·
Furniture and Fixtures
·
Office Equipment
·
Spares, tools and Equipment
·
Dies and Moulds
Web Details
Overview:
Subject is manufacturer of Valve Plates, Retainers, Reeds for Hermetic
compressors such as domestic refrigeration, AC and Passenger Cars. The company
has an extraordinarily strong representation in the Indian market. In addition,
Gala has excellent business relations to Europe, South
Profile:
Perfect
Performance never occurs by error, It is a calculated effort
The Hoerbiger Group has customers all over the world. They excel in the
fields of compression technology, automation technology and drive technology.
The prime focus of the business activities consists of manufacturing and
providing services for compressors, pneumatic- and hydraulic systems for
vehicles and machine tools as well as components and systems for shift and
clutch operations in vehicle drivelines.
Being present in more than 100 countries and a dedicated, qualified human
capital puts themin an advantageous position. Employee-oriented values such as
Pioneering spirit, Courage, Fairness and Closeness contribute to the success of
the organization.
The inception of Gala Compressor Valves Division took place in 1997 and has
matured noticeably ever since. Its purpose was to set lofty standards and
manufacture superior quality products and it has successfully achieved its aim.
Gala manufactures Valve Plates, Retainers, Reeds and Valve Assemblies. Today,
it is a matter of pride that leading compressor manufacturers supply
compressors with Gala Compressor Valves as original equipment.
Gala is considered to be a globally proven source of Valve Plates, Retainers,
Reeds for Hermetic compressors such as domestic refrigeration, AC and Passenger
Cars.
Quality, Precision and Innovation is intrinsic in the group's innovative
engineering excellence. The young, dynamic, committed work-force and the
Research and Development facility at Gala are the two pillars on which the organization
stands.
Gala
This Plant is TS 16949/2009 certified by BUREAU VERITAS.
To offer the customers the finest possible products and services and to make
constant progress in the field of technology, two experts Hoerbiger and Gala
now join hands. The Gala acquisition by Hoerbiger has brought in numerous
benefits. Gala can now offer assemblies in Full Hermetic segment. By employing
all the impressive competencies of Hoerbiger, they can excel in the efforts and
escalate in the value chain. Furthermore, they can design partnership with
global OEMs in Hermetic compressors, thanks to the access to modern Simulation
Software. Also, having all advanced facilities at hand, Gala has had a strong
market presence in the Indian market and now, new competencies in Hermetic
Business like Testing and Validation know how for Valve assemblies is added to
its profile. Gala can now take its 'One Stop Solution' internationally.
Products
They aim to set lofty standards and successfully achieve it, like
winners do
The Gala products are characterized by smooth edges and excellent
surface finish which increases the reliability and volumetric efficiency of the
compressor, which in turn augments the value of the end product. It is no
surprise then, that the leading automobile vendors world across prefer to use
Gala Compressor Valves for air-conditions in their vehicles. These comprise of
unique features that enable greater efficiency and ensure silent operation.
They are assembled meticulously adhering to environmentally-friendly
operations.
A valve is the chief component of a compressor. Valves bear the heaviest load
in compressors. They are extremely vital for the compressor's efficiency and should
be able to operate under constantly changing pressure. The long and rich
experience and advanced designs aid themin creating valves that posses maximum
level of reliability and optimal efficiency.
Here are the fields where the Valve Reeds, Retainers and Valve plates are used:
• Domestic Refrigeration compressors
• Domestic AC compressors Reciprocating as well as for Rotary
compressors
• Passenger Car AC compressors
News
HOERBIGER acquires
Gala compressor business
Effective 1st
June, 2009, the HOERBIGER Group, Zug, Switzerland, acquired the compressor
business of Gala Precision Technology Private Limited,
Gala Precision
Technology Private Limited,
HOERBIGER will
continue to operate the compressor business and the production site of Gala in
HOERBIGER and Gala
are already worldwide leading suppliers to the compressor OEM industry for
hermetic, semi-hermetic and open compressor valve applications. This also
covers valve systems for air conditioning, refrigeration and the braking system
compressors for industrial and automotive applications.
With the acquisition of the compressor business of Gala, HOERBIGER Compression
Technology will be in a position to gain significant market share in the area
of hermetic compressor valve applications. In the field of semi-hermetic
compressor valve applications, HOERBIGER will be able to sustainably expand its
global market position due to Gala’s strong presence in
Thomas Englmann,
Head of the Serial Compressors Business Area in the Strategic Business Unit
Compression Technology, said: “Our goal is to expand our position as a global
market leader for the development and production of reed valve systems and at
the same time be a reliable and value-adding partner to our worldwide
customers. To do so, we must strengthen our market position, especially in
For our long-term
success it is critical that we can satisfy the requirements of our global
customers with uniform standards worldwide.”
This acquisition
widens our industry coverage and opens the doors to Hermetically Sealed
Compressor business as a strategic venture where Hoerbiger can combine its
global reach with the innovative and reliable products of Gala.
“In order to be
able to offer the best performance and the best service to our customers, it is
important to produce locally, especially in
Thomas Englmann
mentions “I am convinced that the cultures of the two companies perfectly
complements each other. The success of HOERBIGER and Gala is based on a shared
technological and entrepreneurial understanding, dedicated employees, and
proximity to our customers.“
Mr. Thomas Englmann also announced the nomination of Mr. Sanjai Kulkarni as
Managing Director of the company, consequent to the acquisition.
CMT REPORT (Corruption, Money Laundering and 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.45.27 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.