MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
VOLTAMP TRANSFORMERS LIMITED (w.e.f. 22.02.2006) |
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Formerly Known
As : |
VOLTAMP TRANSFORMERS PRIVATE LIMITED |
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Registered
Office : |
Makarpura, Vadodara – 390 014, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.03.1967 |
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Com. Reg. No.: |
001437 |
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CIN No.: [Company Identification
No.] |
L31100GJ1967PLC001437 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMV00819A BRDV01071A |
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PAN No.: [Permanent Account No.] |
AAACV5048G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of oil filled and dry type power and distribution transformers for generation, transmission and distribution of electrical energy. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
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 |
|
Maximum Credit Limit : |
USD 13298000 |
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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 an old and 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 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) |
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|
A1 |
A1 |
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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/ Head Office/ Factory 1 : |
Makarpura, Vadodara – 390 014, |
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Tel. No.: |
91-265-2646775 / 2642011 / 2642012 / 3041403 |
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Fax No.: |
91-265-2646774 / 2648454 |
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E-Mail : |
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Website : |
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Factory 2 : |
Village Vadadla, Tehsil Savli, District Vadodara, |
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Regional Office : |
Located at: ·
·
·
Kolkata ·
Bhubaneshwar ·
Chennai · Secunderabad ·
·
·
Mumbai ·
Pune ·
Ahmedabad ·
·
|
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Lalitkumar H.
Patel |
|
Designation : |
Chairman |
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|
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|
Name : |
Kunjal L. Patel |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Kanubhai S.
Patel |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Kewalkrishna
G. Tuli |
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Designation : |
Director |
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|
Name : |
Mr. Vasantlal L.
Patel |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Jagannath S.
Aiyar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Arvind N.
Shelat |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vallabh N.
Madhani |
|
Designation : |
Company Secretary |
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|
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|
Name : |
Mr. Kanubhai S. Patel |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Category of Shareholder |
No. of Shares |
Percentage of
Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4,559,080 |
45.06 |
|
|
100,000 |
0.99 |
|
|
4,659,080 |
46.05 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
4,659,080 |
46.05 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
830,024 |
8.20 |
|
|
1,880 |
0.02 |
|
|
2,692,594 |
26.61 |
|
|
3,524,498 |
34.84 |
|
|
|
|
|
|
807,866 |
7.99 |
|
|
|
|
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|
958,380 |
9.47 |
|
|
85,960 |
0.85 |
|
|
81,336 |
0.80 |
|
|
45,650 |
0.45 |
|
|
35,686 |
0.35 |
|
|
1,933,542 |
19.11 |
|
Total Public shareholding
(B) |
5,458,040 |
53.95 |
|
Total (A)+(B) |
10,117,120 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
10,117,120 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of oil filled and dry type power and distribution transformers for generation, transmission and distribution of electrical energy. |
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|
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Products : |
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GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chandulal M. Shah and Company Chartered Accountants |
CAPITAL STRUCTURE
As on 30.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each
|
Rs.120.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10117120 |
Equity Shares |
Rs.10/- each
|
Rs.101.171
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 |
101.170 |
101.170 |
101.170 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3223.410 |
2545.570 |
1545.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3324.580 |
2646.740 |
1646.670 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
10.420 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
10.420 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
3324.580 |
2646.740 |
1657.090 |
|
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|
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APPLICATION OF FUNDS |
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|
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|
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|
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FIXED ASSETS [Net Block] |
437.380 |
180.390 |
177.570 |
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Capital work-in-progress |
35.320 |
143.840 |
16.920 |
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|
|
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INVESTMENT |
1426.790 |
1352.520 |
581.050 |
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DEFERREX TAX ASSETS |
1.930 |
4.620 |
2.530 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
605.250
|
522.690 |
806.530 |
|
|
Sundry Debtors |
1304.310
|
1018.530 |
826.100 |
|
|
Cash & Bank Balances |
43.480
|
60.640 |
46.100 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
112.550
|
62.640 |
94.210 |
|
Total
Current Assets |
2065.590
|
1664.500 |
1772.940 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors & Other Current Liabilities |
391.540
|
423.700 |
646.080 |
|
|
Provisions |
250.890
|
275.430 |
247.840 |
|
Total
Current Liabilities |
642.430
|
699.130 |
893.920 |
|
|
Net Current Assets |
1423.160
|
965.370 |
879.020 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3324.580 |
2646.740 |
1657.090 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
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Income |
5419.700 |
6489.100 |
5552.960 |
|
|
|
Other Income |
232.120 |
228.900 |
110.720 |
|
|
|
TOTAL (A) |
5651.820 |
6718.000 |
5663.680 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/Decrease in Stock |
(25.150) |
197.470 |
(117.250) |
|
|
|
Raw Materials Consumed |
3836.140 |
4150.070 |
3877.180 |
|
|
|
Power & Fuel Cost |
26.170 |
28.530 |
17.870 |
|
|
|
Employee Cost |
112.960 |
111.730 |
116.350 |
|
|
|
Other Manufacturing Expenses |
265.650 |
315.640 |
316.050 |
|
|
|
General and Administration Expenses |
89.060 |
118.260 |
98.940 |
|
|
|
Selling and Distribution Expenses |
43.770 |
45.980 |
36.440 |
|
|
|
Miscellaneous Expenses |
13.110 |
10.220 |
28.780 |
|
|
|
TOTAL (B) |
4361.710 |
4977.900 |
4374.360 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1290.110 |
1740.100 |
1289.320 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
7.400 |
6.490 |
8.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1282.710 |
1733.610 |
1281.140 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
59.710 |
44.650 |
31.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1223.000 |
1688.960 |
1249.810 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
397.690 |
540.940 |
450.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
825.310 |
1148.020 |
799.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BALANCE BROUGHT FORWARD |
145.180 |
145.110 |
144.030 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
970.490 |
1293.130 |
943.070 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
81.58 |
113.47 |
78.98 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1193.29 |
1243.39 |
1336.36 |
|
Total Expenditure |
1063.38 |
1118.28 |
1191.57 |
|
PBIDT (Excl OI) |
129.91 |
125.11 |
144.79 |
|
Other Income |
45.65 |
45.43 |
48.15 |
|
Operating Profit |
175.55 |
170.54 |
192.94 |
|
Interest |
2.40 |
2.06 |
1.50 |
|
Exceptional Items |
0.00 |
0.00 |
0.00 |
|
PBDT |
173.15 |
168.48 |
191.44 |
|
Depreciation |
17.78 |
16.44 |
18.02 |
|
Profit Before Tax |
155.37 |
152.04 |
173.42 |
|
Tax |
48.30 |
58.87 |
45.56 |
|
Provisions and contingencies |
0.00 |
0.00 |
0.00 |
|
Profit After Tax |
107.08 |
93.17 |
127.87 |
|
Extraordinary Items |
0.00 |
0.00 |
0.00 |
|
Prior Period Expenses |
0.00 |
0.00 |
0.00 |
|
Other Adjustments |
0.00 |
0.00 |
0.00 |
|
Net Profit |
107.08 |
93.17 |
127.87 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.60
|
17.09 |
14.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.57
|
26.03 |
22.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
48.86
|
91.55 |
64.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.64 |
0.76 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.19
|
0.26 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.22
|
2.38 |
1.98 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW:
The sales in terms of volume increased marginally and stood at 10,009 MVA as compared to 9,540 MVA in the previous year. Sales and other income for the year were lower at Rs.5650.000 millions compared to Rs.6720.000 millions in the previous year. Profit before tax was lower at Rs.1220.000 millions compared to Rs.1690.000 millions in the previous year. Profit after tax has declined to Rs.830.000 millions compared to Rs.1150.000 millions in the previous year.
The Company’s business is focused more on non-SEBs segments. The impact of slowdown in investment and project activities was felt the most in the Industry Sector. With an acute liquidity crunch, most investments in non-government projects were deferred and projects were scaled down or deferred. The decline in demand led to severe price pressures in the market with transformers manufacturers anxious to fill up idle capacities, which were expanded on large scale in the last 24 months. However, compared to its peers in Industry, profitability of the Company is much better though it is on lower side compared to last year. This was possible due to close monitoring of order execution with tight control on costs and reviving major orders which came under hold in the previous year.
The current year is more challenging in terms of managing bottomline as industry is having sizeable unutilized capacity. However, the silver lining is revival and pickup of growth rate in manufacturing sector and revival of corporate capex and large number of projects in power and infrastructure projects started moving. Barring unforeseen circumstances, the Company expects to increase its volume of business in the current year.
CAPACITY EXPANSION:
New factory at Village Vadadla, Tehsil Savali, District Vadodara has became fully operational from November 2009. With this expansion, total installed capacity of the Company gone up to 13000 MVA per annum.
BEST CFO AWARD:
Shri Kanubhai S. Patel, CEO, CFO and Managing Director of
the Company has been awarded the Business Today, Yes Bank Best CFO Award in the
category of Best Transformation Agent. Shri Kanubhai S. Patel has received the
said award from Shri Pranab Mukherjee, Honourable Minister of Finance, the
Government of India, on April 14, 2010, at
UN-AUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 31ST DECEMBER, 2010
(Rs. in millions)
|
Particulars |
Quarter Ended On 31.12.2010 |
Nine Months Ended On 31.12.2010 |
|
Unaudited |
Unaudited |
|
|
1 INCOME |
|
|
|
Gross Sales / Income from operations |
1503.272 |
4237.762 |
|
Less: Excise Duty |
166.913 |
464.726 |
|
Net Sales /
Income from operations |
1336.359 |
3773.036 |
|
2 EXPENDITURE |
|
|
|
a) (Increase) / Decrease in stock |
(159.595) |
(294.340) |
|
b) Consumption of raw materials |
1292.982 |
3469.323 |
|
c) Employee cost |
39.257 |
121.059 |
|
d) Depreciation |
18.021 |
52.236 |
|
e) Other expenditure |
18.929 |
77.198 |
|
f) Total |
1209.594 |
3425.476 |
|
3 Profit from operations before other income and
interest (1-2) |
126.765 |
347.560 |
|
4 Other Income |
48.154 |
139.233 |
|
5 Profit before interest (3+4) |
174.919 |
486.793 |
|
6 Interest and Bank Charges |
1.498 |
5.961 |
|
7 Profit from ordinary activities before tax (5-6) |
173.421 |
480.832 |
|
8 Tax expenses |
45.556 |
152.720 |
|
9 Net profit for the period (7-8) |
127.865 |
328.112 |
|
10 Paid up equity capital (face value of Rs. 10/- each) |
101.171 |
101.171 |
|
11 Reserve excluding revaluation reserves |
-- |
-- |
|
12 Basic and diluted EPS for the period, for the year to date and for
the previous year (not annualized) |
12.64 |
32.43 |
|
13 Public shareholding |
|
|
|
- Number of shares |
5458040 |
5458040 |
|
- Percentage of shareholding |
53.95 |
53.95 |
|
14 Promoter and Promoter Group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil |
Nil |
|
- Percentage of Share (as a % of the total Shareholding of promoters
and promoter group) |
Nil |
Nil |
|
- Percentage of Share (as a % of the total share capital of the
company) |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
4659080 |
4659080 |
|
- Percentage of Share (as a % of the total Shareholding of promoters
and promoter group) |
100 |
100 |
|
- Percentage of Share (as a % of the total share capital of the
company) |
46.05 |
46.05 |
NOTES:
1. The above results, for the quarter ended 31st December, 2010,
have been reviewed by the Audit Committee and approved by Board of Directors at
their meeting held on 14th February, 2011.
2. The Statutory Auditors of Company have carried out limited review of
the above results.
3. The activities of the Company relate to only one segment i.e.
Electrical Transformers.
4. Number of complaints during the third quarter ended 31st December,
2010: Opening - Nil, Received - Nil, Disposed off - Nil, Pending – Nil
5. Previous period figures have been regrouped / rearranged, whenever
necessary.
WEBSITE DETAILS:
PROFILE:
Subject was initially incorporated as Private Limited Company and established in year 1967 in Vadodara. Further, by a special resolution passed by the shareholders under section 31 and 44 of the Companies Act, 1956, the Company has been converted from Private Limited to Public Limited Company w. e. f. 22.02.2006.
The Company has installed facility to manufacture Oil filled Power and Distribution Transformers up to 160MVA, 220kV Class, Resin Impregnated Dry type Transformers up to 5 MVA, 11KV Class (In Technical collaboration with MORA, GERMANY) and Cast Resin Dry type Transformers up to 12.5 MVA, 33 KV Class (In Technical collaboration with HTT, GERMANY). There are two plants located at:
1.
Makarpura, Vadodara,
2. Village
Vadadla, Tehsil Savli, District Vadodara,
The total
installed capacity is 13000 MVA per annum on three shift basis.
Subject delivers its strength from its customers. Over the years of sincere service and dedication to its customers has earned the company, distinguished customers which includes leaders in Government and Semi-Government projects, Refineries, Fertilizer Plants, Power sector, Pharma, Paper, Steel, Cement sectors etc and various other Industries and State Electricity Boards.
The turnover of the COMPANY for the year ended 31.03.2010
was Rs.5420.000 millions.
80% of the present annual sales is from Project Business. In most of the Projects, Transformer orders are through leading consultants of International repute like – ENGINEERS INDIA LIMITED, KAVERNER, TATA CONSULTING ENGINEERS, MN DASTUR, AVANT GARDE, TOYO ENGINEERING, JACOBS HG, UHDE, CHEMTEX ENGG., DALAL CONSULTANTS LIMITED, BECHTEL, MECON, DEVELOPMENT CONSULTANTS, FICHTNER CONSULTING ENGINEERS - to name a few. All the turnkey Contractors like ABB, SIEMENS, L and T etc. are regularly sourcing their Transformer requirements for their Industrial and Switchyard package projects.
The Promoters
Subject was
initially incorporated as a Private Limited Company in the year 1967, in the
State of Gujarat by converting the erstwhile Partnership Firm “VOLTAMP
CORPORATION” which was established in the year 1963 by Mr. Lalitkumar H Patel,
B. Sc. (Engg.), London, A.C.G.I., M.I.E. From 1959 to 1961, worked with
SIEMENS,
Infrastructure
Plants
They are currently operating four plants Oil filled Power Transformers,
Distribution Transformers, Dry type Resin impregnated Transformers and Cast
Resin transformers respectively. Each plant is an independent entity having
full fledged individual facilities for design, manufacture, material handling,
testing and servicing of a wide range of transformers up to 160 MVA, 220 KV
Class. The Manufacturing capacity totals 9000 MVA per year. They are an ISO
9001 - 2000 Company, accredited by ISOQAR.
Testing and Quality Controls
At each test of production various quality tests are carried out and
then passed on to the next stage of production. The quality control department
monitors all quality controls with proper documentation. On customer request
supplementary tests are carried out and they also provide IEC certification on
request. On customers requests dynamic short circuit test and lighting input
test are carried out buy reputed agencies.
Testing Parameters
They are available to owners, consultants, project directors and for almost
any type of transformers in the range. They provide reliable and cost effective
solutions, including final design and installation on any project world wide.
They have over 15,000 installations totaling hundreds of
thousands of KVA capacity all over
Services
As you are aware
that they are one of the leading designer and manufacturers of Power and
Distribution as well Dry Type (VPI) and Cast Resin (CRT) transformers. The
transformers are running trouble free at several sites all over the country as
well abroad too. They are on the approved list of leading consultant, major
houses and also with Electricity Boards in the country.
They are fully
aware about the downtime loss in a production unit. Especially if it comes
about due to the failure of a transformer. Irrespective of brand of
transformer, kindly note that,
· Subject undertakes repair of transformers of any make and a range upto 220 KV / 200 MVA, both at the works and also at site (if adequate handling and working facilities are available). Generally most of leading manufacturers do not carry out repairs of transformers, especially if they are not their own brands.
· Subject has hands on experience to inspect failed / damaged transformers “in-situ” and ability to give quickly a rough cost estimate for taking immediate decision regarding repairs.
· Subject has excellent design back up to check the transformer undertaken for repair and to suggest alteration in design and to repair the same with suitable modification for trouble-free operations subsequently. All improvements to enhance better performance are carried out without obligation.
· Subject has the requisite confidence in its in-house technical strength to offer suitable guarantees on such repaired transformers even though the original units are of a make other than its own.
· Subject undertake the overhauling / major maintenance / any transformer related problem services at site for any brand / any type / any application transformer such as ICT / GT / UAT / ST/ Rectiformers / Traction – Loco transformer / Special application Transformer of various brands such as BHEL, HHE, NGEF, CGL, TELK, GEC, ABB, indigenous / imported brands.
· They undertake overhauling of transformer of continuous process plant on annual rate contract basis also. Similar contract are executed for GSFC, GACL, IPCL, IOCL, BPCL, NALCO, ONGC, AEC-SEC, UPL, NTPC like clients. They are also undertaking overhauling of Large Power Transformers at site as a Life Enhancement Program for various customers.
· In subject, they do not differentiate the transformer under manufacturing and the transformer under repair as far as quality aspects are concern.
· Subject has a complement of about 300 personnel (including 60 engineers) with branches in all major cities and service centres spread all over the country in important locations such as Mumbai, New Delhi, Chennai, Bangalore, Secunderabad, Pune, Bhubaneshwar, etc.
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.45.27 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
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.