MIRA
INFORM REPORT
|
Report Date : |
19.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIRGO ENGINEERS LIMITED |
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Registered Office : |
277, Hinjenwadi Phase II, Maan (Mulshi), Pune-411057, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.06.1987 |
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Com. Reg. No.: |
11-43673 |
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CIN No.: [Company
Identification No.] |
U28939PN1987PLC043673 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEV00608G |
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PAN No.: [Permanent
Account No.] |
AAACV1586H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing, buying, selling, distributing, importing
and exporting of all kinds of engineering goods and articles |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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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 : |
277, Hinjenwadi Phase II, Maan (Mulshi), Pune-411057, |
|
Tel. No.: |
91-20-66744000 |
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Fax No.: |
91-20-66744021 |
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E-Mail : |
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Website : |
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Corporate Office : |
North and Virgo Engineers
Inc. 2900, |
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Tel. No.: |
+1-713-5543143 |
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Fax No.: |
+713-5543148 |
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|
|
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Sales and Distribution Virgo Engineer Inc. : |
13219, N. Promenade, Blvd, |
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Tel. No.: |
+1-281-4910400 |
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Fax No.: |
+1-281-4910444 |
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Overseas offices : |
Located at:- Ř
Continental Ř
Ř
Mioddle East and Ř
Far East |
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Branches : |
Located At: ·
Mumbai ·
·
·
Chennai ·
Kolkata |
DIRECTORS
As On 11.08.2010
|
Name : |
Mr. Vaidyanath Sathnur Balsubramanian |
|
Designation : |
Whole-time –director |
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Address : |
-504, Ganga Estate, Off |
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Date of Birth/Age : |
12.09.1945 |
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Date of Appointment : |
08.06.1987 |
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DIN No. : |
00335644 |
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Name : |
Mr. Mahesh Shivanand Desai |
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Designation : |
Director |
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Address : |
B-11/12, Chaitraban Residency, Off
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Date of Birth/Age : |
16.09.1956 |
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Date of Appointment : |
08.06.1987 |
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DIN No. : |
00335134 |
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Name : |
Mr. Jagdish Shivanand Desai |
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Designation : |
Director |
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Address : |
F/2, Shanti Co-operative Housing Society, |
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Date of Birth/Age : |
21.01.1959 |
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Date of Appointment : |
01.07.1995 |
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DIN No. : |
00335436 |
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Name : |
Mr. Rajaram Moreshwar Ajgaonkar |
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Designation : |
Director |
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Address : |
Mandar,Opposite Buramshell, Pump, |
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Date of Birth/Age : |
07.02.1958 |
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Date of Appointment : |
10.07.1995 |
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DIN No. : |
00605034 |
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Name : |
Mrs. Hetal Madhukant Gandhi |
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Designation : |
Additional Director |
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Address : |
Rosy CHS, Flat No. 61, |
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Date of Birth/Age : |
29.07.1965 |
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Date of Appointment : |
18.10.2006 |
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DIN No. : |
00106895 |
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Name : |
Mr. |
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Designation : |
Executive Director |
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Address : |
H-4, Duplex
Shrinath Heritage, Pashian, Pune-411008, |
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Date of Birth/Age : |
22.06.1951 |
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Date of Appointment : |
16.10.2001 |
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Name : |
Mr. Arun M. Shiroor |
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Designation : |
Executive Director |
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Address : |
8, Dhanshree
Apartments, S.No.133/1-2, Off |
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Date of Birth/Age : |
07.02.1958 |
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Date of Appointment : |
01.11.2003 |
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Name : |
Mr. Kishore A. Kulkarni |
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Designation : |
Director |
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Address : |
33, ICICI Apartments,
Spring Mills Compound, Mumbai-400014, |
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Date of Birth/Age : |
06.06.1954 |
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Date of Appointment : |
18.06.2004 |
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DIN No. : |
01572451 |
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Name : |
Mr. Bill Neimann |
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Designation : |
Director |
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Address : |
12009, |
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Date of Birth/Age : |
04.11.1943 |
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Date of Appointment : |
20.07.2005 |
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Name : |
Mr. Paresh Jaisingh
Rajda |
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Designation : |
Whole Time Director |
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Address : |
F-6/1, |
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Date of Birth/Age : |
18.01.1957 |
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Date of Appointment : |
10.02.2009 |
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DIN No. : |
00680340 |
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Name : |
Mr.
Narayana Iyer Venkiteswaran |
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Designation : |
Director |
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Address : |
House No. 415. IIM
Campus, IIM Vastrapur. Ahmedabad 380015, |
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Date of Birth/Age : |
23.04.1950 |
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Date of Appointment : |
26.10.2007 |
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DIN No. : |
00056000 |
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Name : |
Mr. Dheerendra Ramrao Joshi |
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Designation : |
Director |
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Address : |
4114.Garden View Amritvan, Goregaon (E) Mumbai 400 063,
Maharashtra, |
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Date of Birth/Age : |
19.05.1955 |
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Date of Appointment : |
27.04.2010 |
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DIN No. : |
00077046 |
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Name : |
Mr. Manu Mahmud Parpia |
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Designation : |
Director |
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Address : |
72,
Tenerife Little |
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Date of Birth/Age : |
16.01.1950 |
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Date of Appointment : |
26.10.2007 |
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DIN No. : |
00118333 |
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Name : |
Mr. Abhay Mahadeo Nalawade |
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Designation : |
Director |
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Address : |
Aman 53, National Housing Society, |
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Date of Birth/Age : |
23.03.1949 |
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Date of Appointment : |
26.10.2007 |
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DIN No. : |
00342055 |
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Name : |
Mr. Dhananjay Shrikrishna Kelkar |
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Designation : |
Director |
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Address : |
902, |
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Date of Birth/Age : |
06.11.1961 |
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Date of Appointment : |
26.10.2007 |
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DIN No. : |
01195954 |
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KEY EXECUTIVES
|
Name : |
Mr. Manoj
Ramakant Kohok |
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Designation : |
Company Secretary |
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Address : |
Shreeeramkunj,
43/73, Navsahyadri Housing Society, Karvenagar, Pune-411052, |
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Date of Birth/Age : |
28.08.1967 |
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Date of Appointment : |
13.08.1999 |
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Pan No.: |
ABJPK9557C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 11.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Tano |
|
4088072 |
|
Neeta Mahesh Desai |
|
769600 |
|
Sujata Jagdish Desai |
|
685000 |
|
V.R. Jayaraman |
|
583200 |
|
Billy Dean Neimann |
|
443348 |
|
B. Praveena |
|
495000 |
|
S.N. Srinivasan |
|
360000 |
|
Deepak Kirtialal Shah |
|
310000 |
|
B. Prasad |
|
413400 |
|
Mahesh Shivanand Desai |
|
13633004 |
|
Paresh Jaisinh Rajda |
|
201600 |
|
V. Balabsubramanian (HUF) |
|
120000 |
|
V. Balabsubramanian |
|
11744064 |
|
Shamalal Kishhore Kulkarni |
|
64400 |
|
Sheetal Deepak Kulkarni |
|
48000 |
|
Nitin D. Kanade |
|
40000 |
|
Samir Madhukar Kumta |
|
36000 |
|
Sarang Rajaram Sathe |
|
36000 |
|
Meena Kumta |
|
36000 |
|
Anagha N. Kanade |
|
33600 |
|
Krupa Kishore Kulkarni |
|
33600 |
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Rajaram M. Ajgaonkar |
|
2999200 |
|
Jagdish Shivanand Desai |
|
2327200 |
As On 11.08.2010
|
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 |
12.02 |
|
Bodies corporate |
0.08 |
|
Directors or relatives of Directors |
84.09 |
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Other |
3.81 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, buying, selling, distributing, importing
and exporting of all kinds of engineering goods and articles |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
2000 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
C-401,
Fourth Floor, |
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Tel. No.: |
91-20-66036000 |
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Fax No.: |
91-20-66015900 |
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Pan No.: |
AABFS3421N |
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Subsidiaries : |
CIN: U29120MH2004PLC146916
CIN: U29299PN2004PLC019901
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21098262 |
Equity Shares |
Rs. 10/- each |
Rs. 210.982
Millions |
|
|
|
|
|
Notes:
(Of the above 197,556
(177,338) equity shares were allotted as fully paid up pursuant to contracts
for consideration other than cash. Further, 19,727,522 (19,727,522) equity shares were allotted as fully paid
up bonus shares by capitalisation
of Capital Redemption Reserve, General
Reserve and Securities Premium Account.
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 |
210.982 |
210.780 |
210.780 |
|
|
2] Equity Share pending allotment |
0.000 |
10.038 |
0.000 |
|
|
3] Employee Stock Options Outstanding |
0.811 |
0.734 |
0.567 |
|
|
4] Reserves & Surplus |
1042.117 |
553.035 |
428.318 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1253.910 |
774.587 |
639.098 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
648.104 |
941.259 |
578.608 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
29.810 |
|
|
TOTAL BORROWING |
648.104 |
941.259 |
608.418 |
|
|
DEFERRED TAX LIABILITIES |
41.374 |
30.905 |
21.619 |
|
|
|
|
|
|
|
|
TOTAL |
1943.388 |
1746.751 |
1269.702 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
735.615 |
685.184 |
390.180 |
|
|
Capital work-in-progress |
30.544 |
85.452 |
78.468 |
|
|
|
|
|
|
|
|
INVESTMENT |
26.290 |
126.355 |
110.122 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
509.832
|
642.685 |
483.554
|
|
|
Sundry Debtors |
810.471
|
641.818 |
583.487
|
|
|
Cash & Bank Balances |
63.952
|
53.937 |
32.389
|
|
|
Other Current Assets |
144.668
|
141.176 |
158.562
|
|
|
Loans & Advances |
195.676
|
239.882 |
175.457
|
|
Total
Current Assets |
1724.599
|
1719.498 |
1433.449 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
298.870 |
422.118 |
375.751
|
|
|
Other Current Liabilities |
186.415
|
385.932 |
305.071
|
|
|
Provisions |
88.375
|
61.688 |
61.695
|
|
Total
Current Liabilities |
573.660
|
869.738 |
742.517
|
|
|
Net Current Assets |
1150.939
|
849.760 |
690.932
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1943.388 |
1746.751 |
1269.702 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2800.851 |
2486.394 |
2225.306 |
|
|
|
Other Income |
398.994 |
153.320 |
88.106 |
|
|
|
TOTAL (A) |
3199.845 |
2639.714 |
2313.412 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed (including cost of job work) |
1652.286 |
1582.390 |
1557.546 |
|
|
|
Purchase of traded goods |
0.066 |
5.398 |
46.793 |
|
|
|
(Increase)/Decrease in inventories |
26.199 |
6.427 |
(117.107) |
|
|
|
Operating and other expenses |
360.710 |
377.966 |
267.113 |
|
|
|
Employees remuneration and benefits |
202.107 |
183.131 |
154.067 |
|
|
|
TOTAL (B) |
2241.368 |
2155.312 |
1908.412 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
958.477 |
484.402 |
405.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
152.270 |
132.243 |
85.936 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
806.207 |
352.159 |
319.064 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
75.411 |
56.385 |
43.355 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
730.796 |
295.774 |
275.709 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
135.510 |
65.667 |
80.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
595.286 |
230.107 |
195.703 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
256.943 |
162.226 |
108.538 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
59.600 |
30.000 |
40.000 |
|
|
|
Interim dividend on equity shares |
52.746 |
52.695 |
42.156 |
|
|
|
Proposed final dividend on equity shares |
63.294 |
52.695 |
52.695 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
7.164 |
|
|
BALANCE CARRIED
TO THE B/S |
676.589 |
256.943 |
162.226 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
14.11 |
5.46 |
9.28 |
|
|
|
- Diluted |
14.11 |
5.45 |
9.28 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
18.66
|
8.72 |
8.46
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
26.09
|
11.90 |
12.39
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.60
|
12.30 |
15.12
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58
|
0.38 |
0.43
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.97
|
2.34 |
2.11
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.01
|
1.98 |
1.93
|
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 subsidiary companies |
29.924 |
53.206 |
77.964 |
|
- Due to micro, small and medium enterprises |
2.956 |
9.250 |
5.885 |
|
- Due to others |
265.990 |
359.662 |
291.902 |
|
Total |
298.870 |
422.118 |
375.751 |
THE YEAR IN
RETROSPECT
REVENUES
During the year the Company's total revenue grew by 21.22% from Rs.2,639.710 Million to Rs.3,199.840 Million compared to Financial
Year 2008-09. Profit after tax
(PAT) increased by 158.70% from Rs.230.110 Million to Rs.595.290 Million. This
growth in revenue and PAT also includes an increase in other income on account
of profit on sale of investments within the group companies amounting to
Rs.238.23 Million.
On a consolidated basis, the Company's
total revenue dropped by 1.83% from Rs,6,944.120 Million to 6,816.720 Million.
This marginal drop in total revenue is primarily on account of reduced business
activity from
markets. During the same period consolidated PAT decreased by 14.81%
from Rs. 1021.170 Million to
Rs.869.890 Million though the company was able to maintain its gross margins
inspite of difficult market conditions. During this period, as part of there
growth strategy, company's manufacturing and sales capabilities in
Form 8:
|
Name of the company
|
VIRGO ENGINEERS LIMITED |
||||||||
|
Presented By |
Mr. V. R.
Jayaraman, Director |
||||||||
|
1) Date and description of instrument creating the change |
Working Capital Consortium Agreement Joint Deed of Hypothecation. (Both Agreements dated 03.12.2005 and constitute a single
charge) |
||||||||
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs.327.5 millions
(Details of Facility Structure – As per Agreement) |
||||||||
|
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 the current assets of Borrower namely Stocks
of Raw Material, Stock in Process, Semi- finished and Finished Goods, Stores
and Spares not relating to Plant and Machinery (Consumables Stores and
Spares), Bills receivables and book debts and all other movables both present
and future whether now lying loose or in cases or which are now lying or
stored in or about or shall hereinafter from time to time during the
continuance of the security of these presets be brought into or upon or be
stored or be in or about of the Borrower’s factories, premises and godowns
situated at J-517, J-525, J-156 and J-160, MIDC Industrial Area, Off Telco
Road, Bhosari, Pune-411026 in the State of Maharashtra or wherever else the
same be or to be held any party to the order or disposition of the Borrower
or in the course of transit or on order or delivery, howsoever and where to
ever in the possession of the Borrower and either by way of substitution or
addition.
The hypothecated assets shall be security by way of first
charge in favour of the said banks jointly and to each of them severally. |
||||||||
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
Interest shall be charged on the outstanding in the said accounts
at such rate or rates as may be determined by the said Banks from time to
time and if such rate or rates is or are linked to the Commercial Bank
Advance Rate, then the effective rate of interest on such accounts shall
correspondingly stand charged on account of any revision therein fro the date
of any such revision. |
||||||||
|
5) Name and Address and description of the person entitled
to the charge. |
Canara Bank, Industrial Finance Branch,
ING Vysya Bank Limited, 928,
Bank of
Union Bank of |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10103796 |
|
Corporate
identity number of the company |
U28939PN1987PLC043673 |
|
Name of the
company |
VIRGO ENGINEERS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
277, Hinjenwadi Phase II, Maan (Mulshi), Pune-411057, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38, Nariman Bhavan, 227,
D, Nariman Point, Mumbai-400021, |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry(MOE) |
|
Date of
instrument Creating the charge |
15.07.2008 |
|
Amount secured by
the charge |
Rs. 195.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
for cash credit and letter of credit or buyer credit facility shall be
floating over the tenure of the facility and it shall be linked with the
bank’s benchmark prime lending rate. Terms of
Repayment Cash Credit : On
Demand Purchase Bill
Discounting/ WCDL: By debit to Borrower’s Current Account PCFC : Repayment
out of Export Bills Discounted with the Bank or out to Export realsations. Margin Cash Credit /
WCDL: 25% on stock and book debts PCFC : 5% Letters of
Credit/ Buyers Credit / Bank Guarantee: 5% Extent and
Operation of the charge Second pari passu
charge on the immovable properties of the company to secured working capital
facilities – Fund based Rs. 120.000 Millions , Nion-fund based Rs. 75.000
Millions |
|
Short particulars
of the property charged |
Second pari passu
charge on immovable properties of the company situated at plot No. J-525
situated at Pimpari Industrial area , Bhosari, Taluka Pune and Ladn at S-2787
(Old S No. 322) Hissa No. 1 (Old Hissa No., 4) situated at village Maan,
Taluka Mulshi, Pune more particularly described in the second schedule to the
MOE (Attached) |
Fixed Assets:
- Buildings
- Dies and patterns
- Furniture and Fixture
- Plant and Machinery
- Electrical Installation
- Computers
- Office Equipments
- Vehicles
- ERP Software
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.45.09 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.