MIRA
INFORM REPORT
|
Report Date : |
28.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAZDA LIMITED |
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Registered
Office : |
C/1 39/13/16 G I D C Naroda, Ahmedabad – 382330, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.09.1990 |
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Com. Reg. No.: |
014293 |
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CIN No.: [Company Identification
No.] |
L29120GJ1990PLC014293 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMM00286G |
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PAN No.: [Permanent Account No.] |
AABCM9273H |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of
automated valves packages |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
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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 1600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an well established and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for good 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 |
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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 |
LOCATIONS
|
Registered Office/ Factory 1 : |
C/1 39/13/16 G I D C Naroda, Ahmedabad – 382330, |
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Tel. No.: |
91-79-22821779/22822274 |
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E-Mail : |
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Website : |
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Corporate Office : |
Mazda House, 650/1, |
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Tel. No.: |
91-79-40007000 (30 Lines) |
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Fax No.: |
+91-79-26565605 |
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E-Mail : |
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Factory 2 : |
Hitendra Nagar Sahakari Vasahat Limited, |
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Tel. No.: |
91-79-22801670/22801654 |
DIRECTORS
As On 31.03.2010
|
Name : |
Nanalal C. Mehta |
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Designation : |
Chairman |
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Name : |
Mr. Sorab R. Mody |
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Designation : |
Managing Director |
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Name : |
Samuel W. Croll |
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Designation : |
Director |
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Name : |
Dady K. Contractor |
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Designation : |
Director |
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Name : |
Mr. Mohib N. Khericha |
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Designation : |
Director |
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Name : |
Sheila S. Mody |
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Designation : |
Director |
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Name : |
Houtoxi F. Contractor |
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Designation : |
Director |
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Name : |
Harbhajansingh B. Khalsa |
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Designation : |
Director |
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Name : |
Percy X. Avari |
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Designation : |
Whole-Time Director |
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Name : |
Shanaya S. Mody |
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Designation : |
Whole-Time Director |
KEY EXECUTIVES
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Name : |
Mr. Cyrus J. Bhagwagar |
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Designation : |
Financial Bhagwagar |
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Name : |
Mr. Nishith C. Kayasth |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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1,421,548 |
33.39 |
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|
1,421,548 |
33.39 |
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Total shareholding of Promoter and Promoter Group (A) |
1,421,548 |
33.39 |
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(B) Public Shareholding |
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|
10,000 |
0.23 |
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|
800 |
0.02 |
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129,942 |
3.05 |
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140,742 |
3.31 |
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551,883 |
12.96 |
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1,167,177 |
27.41 |
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604,067 |
14.19 |
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372,583 |
8.75 |
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83,083 |
1.95 |
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289,500 |
6.80 |
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2,695,710 |
63.31 |
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Total Public shareholding (B) |
2,836,452 |
66.61 |
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Total (A)+(B) |
4,258,000 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
4,258,000 |
- |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of
automated valves packages |
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Products : |
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GENERAL INFORMATION
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Bankers : |
·
State Bank of |
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Facilities : |
Note: 1.
Cash credit
facility, Term Loan, Export Packing Credit, Bill purchase facility and Cheque
Purchase facility from the State Bank of India are secured by the
Pledge/Hypothecation of stock, Book debts and equitable mortgage of the
assets of the company and co-lateral security of premises owned by Mr. S. R.
Mody, situated at Odhav GIDC and also personally guaranteed by Mr. S. R.
Mody, who is the Managing Director of the company. 2.
loan from other
banks are related to vehicle and crain loans which are hypothecated against
vehicles/crain.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Apaji Amin and
Company Chartered
Accountants |
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Address : |
304, Akansha Building,
Near Mount Carmel School, Navrangpura, Ahmedabad-380 009, Gujarat, India |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
4258000 |
Equity Shares |
Rs. 10/- each |
Rs. 42.580
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
42.580 |
42.580 |
42.580 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
381.949 |
298.307 |
215.303 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
424.529 |
340.887 |
257.883 |
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LOAN FUNDS |
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1] Secured Loans |
2.853 |
40.553 |
44.666 |
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2] Unsecured Loans |
1.500 |
1.500 |
1.500 |
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TOTAL BORROWING |
4.353 |
42.053 |
46.166 |
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DEFERRED TAX LIABILITIES |
17.552 |
15.437 |
14.224 |
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TOTAL |
446.434 |
398.377 |
318.273 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
132.347 |
126.294 |
113.747 |
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Capital work-in-progress |
13.270 |
0.000 |
1.188 |
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INVESTMENT |
45.748 |
0.003 |
0.003 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
150.041
|
138.329
|
167.887 |
|
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Sundry Debtors |
147.188
|
201.240 |
111.681 |
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|
Cash & Bank Balances |
30.185
|
2.044 |
1.515 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
201.243
|
159.332 |
135.348 |
|
Total
Current Assets |
528.657
|
500.945 |
416.431 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
76.193
|
20.630 |
77.501 |
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Other Current Liabilities |
56.192
|
73.120 |
26.411 |
|
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Provisions |
141.203
|
135.115 |
109.184 |
|
Total
Current Liabilities |
273.588
|
228.865 |
213.096 |
|
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Net Current Assets |
255.069
|
272.080 |
203.335 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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|
|
|
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TOTAL |
446.434 |
398.377 |
318.273 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
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|
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Income |
803.590 |
805.217 |
602.201 |
|
|
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Other Income |
6.311 |
7.727 |
0.119 |
|
|
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TOTAL (A) |
809.901 |
812.944 |
602.320 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other expenses |
501.282 |
469.135 |
413.760 |
|
|
|
Administrative and selling expenses |
150.243 |
149.989 |
120.466 |
|
|
|
Increase/decrease in stock of semi-finished and finished goods |
(1.949) |
38.240 |
(39.765) |
|
|
|
Pior period and extra ordinary items |
(0.433) |
(1.886) |
0.237 |
|
|
|
TOTAL (B) |
649.143 |
655.478 |
494.698 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
160.758 |
157.466 |
107.622 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.104 |
2.568 |
2.523 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
160.654 |
154.898 |
105.099 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.318 |
10.605 |
10.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
149.336 |
144.293 |
95.068 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
53.241 |
51.326 |
35.758 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
96.095 |
92.967 |
59.310 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
241.704 |
165.700 |
116.962 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
7.000 |
3.100 |
|
|
|
Proposed Dividend |
10.645 |
8.516 |
6.387 |
|
|
|
Dividend Tax |
1.809 |
1.447 |
1.085 |
|
|
BALANCE CARRIED TO
THE B/S |
315.345 |
241.704 |
165.700 |
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
174.704 |
152.189 |
105.102 |
|
|
TOTAL EARNINGS |
174.704 |
152.189 |
105.102 |
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|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12.195 |
6.789 |
5.641 |
|
|
|
Capital Goods |
0.000 |
0.512 |
1.410 |
|
|
|
Repairs and maintenance |
0.360 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
12.555 |
7.301 |
7.051 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.47 |
21.39 |
13.98 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
209.030 |
179.970 |
188.160 |
|
Total Expenditure |
169.850 |
146.580 |
152.360 |
|
PBIDT (Excl OI) |
39.180 |
33.390 |
35.800 |
|
Operating Profit |
39.180 |
33.390 |
35.800 |
|
PBDT |
39.180 |
33.390 |
35.800 |
|
Depreciation |
3.000 |
3.460 |
3.000 |
|
Profit Before Tax |
36.180 |
29.930 |
32.800 |
|
Tax |
12.300 |
10.180 |
11.230 |
|
Profit After Tax |
23.880 |
19.760 |
21.570 |
|
Extraordinary Items |
108.240 |
0.000 |
0.000 |
|
Net Profit |
132.120 |
19.760 |
21.570 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.86
|
11.43 |
9.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.58
|
17.92 |
15.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.59
|
23.00 |
17.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.42 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.65
|
0.79 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
2.19 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The year shows marginal increase in the net sales and other
income. The net sales and other income of the company during the year marginally
increased to Rs. 809.900 Millions against Rs. 807.900 Millions of the previous
financial year.
The profit before tax increased by about 5% to Rs. 148.900
Millions from Rs. 142.400 Millions of the previous financial year. The profit
after tax has increased by 5% to Rs. 95.700 Millions from Rs. 91.100 Millions
of the previous financial year.
FINANCE AND ACCOUNTS
During the year, the company has regularly paid the
principal and interest to the term lender and there has been no default towards
them. The company is at present using financial assistance in the form of
working capital facilities from State Bank of
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure and Developments:
The year has started with the midst of the global crisis,
financial melt down and adverse business conditions as Indian economy growth
rate remains below the average level. The government has taken several stimulus
measures like cut in excise duty rates, change in interest rates etc. As a
result of the same the market sentiments improved in the part of the year.
Engineering Business:
The global economic crisis did impact the continuous growth
of the company. However the impact was minimized due to backlog of orders on
hand. The company has gone forward in the “balance of plant supply” for power
plants by now supplying complete condensing packages comprising of surface
condensers, C.E. pumps, gland steel condensers, air evacuation systems, low pressure
feed water heaters and high pressure feed water heaters. The company has bagged
orders from prestigious OEM’s like Jebson and Jebson, Malayasia and GE Oil and
Food Business:
BCool has added several new products to its portfolio this
year. To move away for the volatility of commodity prices, the focus for this
year has been preliminarily on food colours, food essences, soya sauce and
distilled vinegar. Moreover, this year the food division has also been able to
add new countries to its export oriented business. With an increased capacity
this year, they have been able to offer there customers faster delivery and
improved quality. BCool has also started retailing as an established brand in 2
major supermarkets in the U.A.E. The food division will continue to develop new
products in the face of rising food costs. They aim to significantly increase
there customer base whilst furthering strong brand recognition this year.
Segment wise performance:
The company has divided the business in two segments i.e.
Engineering Division and Food Division.
The company's performance has remained constant in their
engineering division as the current year sales has remained more or less the
same.
The food business of the company is facing competition and increase
in the raw material prices. The sale has increased by 10% in the current year.
Outlook:
The Indian economy is getting back to the growth path. The
demand of the products will grow in the coming years
as the engineering industry is growing with good pace. In
the export segment, there are no changes in demand as the markets have not
improved at the international level. Notwithstanding the above the company has
continued its innovations in the product chain and technology upgradation has
resulted in the cost effective production. The company is an established player
in the engineering industry for its products and it offers to introduce new
products to maintain its leadership position and to deliver profitable growth.
The utilization of the sale proceeds of the valve division
in growth of the main business of the vacuum systems and evaporators will
generate handsome profits. Entering into turnkey based projects related to
vacuum systems will improve the growth line of the company.
The fourth unit will give additional capacity to the company
which will be functional in the next year.
UNAUDITED
FINANCIAL RESULTS FOR THE THREE QUARTER ENDED 31.12.2010
Rs. In Millions
|
Particulars |
Three months ended 31.12.2010 |
Year to date figures for current period ended 31.12.2010 |
|
a) Sales / Income from Operations |
197.638 |
603.788 |
|
Less: Excise Duty |
14.355 |
37.746 |
|
b) Other Operating Income |
4.878 |
11.116 |
|
Total Income |
188.161 |
577.158 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
(26.252) |
(48.329) |
|
(b) Consumption of Raw Materials |
115.322 |
326.705 |
|
(c) Employees Cost |
16.184 |
52.430 |
|
(d) Depreciation |
3.000 |
9.455 |
|
(e) Labour charges |
17.445 |
49.775 |
|
(f) Other Expenditure |
29.665 |
88.202 |
|
Total |
155.364 |
478.238 |
|
Interest |
0.000 |
0.000 |
|
Exceptional items |
0.000 |
0.000 |
|
Profit / (Loss) after interest before tax |
32.797 |
98.920 |
|
Tax Expense |
11.225 |
33.700 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
21.572 |
65.220 |
|
Profit on sale of valve business as an extraordinary item (net of tax expenses Rs. 27.060 millions) |
0.000 |
108.240 |
|
Net Profit/(Loss) for the period |
21.572 |
173.460 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
42.580 |
42.580 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
|
Basic and Diluted
EPS (Rs.) |
|
|
|
-Basic and Diluted EPS before extraordinary items |
5.07 |
15.32 |
|
-Basic and Diluted EPS after extraordinary items |
-- |
40.74 |
|
Public Share Holding |
|
|
|
- Number of Shares |
2836452 |
2836452 |
|
- Percentage of shareholding |
66.61 |
66.61 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
Nil |
Nil |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
|
- Percentage of shares(as a % of the total share capital of the company) |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
1421548 |
1421548 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
33.39 |
33.39 |
Notes
1 The above results were approved and taken on
record in the board Meeting held 29.01.2011
2 The Statutory Auditors have carried out a incited
review of the tinanictal results (or the three months ended 31.12.2010 as par
Clause 41 of the Listing Agreement with the Stock Exchanges.
3 a. Number of inventor complaints pending at
the beginning of quarter - Nil
b.
Received and disposed of during thin quarter Nil
c.
Lying unresolved at the end of the quarter - Nil
4 Fixed Assets used company business or
liabilities contracted have not bean identified to any of the reportable
segment, as allocation of assets and liabilities to segments is currently not
practicable.
5 Provision of Deferred Tax has not been
considered on quarterly basis anti will he effected in the Annual Accounts.
6 The company had sold its value division to
Circor Flow Technologies India Private Limited on going concern basis as a
slump sale as on 31.05.2010. The capital gain arising from the sale is shown as
an extraordinary item at point no. 10 above.
7 previous year figures have been regrouped
wherever necessary.
Segment wise
Revenue and Results
Rs. In Millions
|
|
Quarter ended
31.12.2010 |
|
1. Segment Revenue |
|
|
a. Engineering Division |
179.195 |
|
b. Food Division |
8.966 |
|
Total |
188.161 |
|
Less: Inter Segment Revenue |
-- |
|
Net sales/income from operations |
188.161 |
|
2. Segment Result |
|
|
Profit/(loss) before tax and interest |
|
|
a. Engineering Division |
55.773 |
|
b. Food Division |
(0.692) |
|
Total |
55.081 |
|
Less: |
|
|
i) Interest |
0.000 |
|
ii) Unallocable Expenditure |
22.284 |
|
Profit before tax |
32.797 |
Note:
Fixed assets used in the company’s business or
liabilities contracted have not been identified to any of the reportable
segment, as allocation of assets and liabilities to segments is currently not
practicable.
Fixed Assets
- Factory
- Office building
- Factory building
- Plant and machinery
- R and D machinery
- Electrical installation
- Furniture and fixtures
- Vehicles
- Computers
- Patterns
- Technical Design and drawing
- Technical know how
- Computer software
AS PER WEB SITE DETAILS
PROFILE:
Mazda is a truly unique engineering company, situated in the
Western Region of India. While
Mazda pride’s itself on its company, space and energy saving
ejector vacuum system developed by there R and D centre. These systems
installed in several polyester plants globally, are ejector vacuum systems for
steel degassing and vapour powdered ethylene glycol ejector vacuum systems. The
high level of success of such installations and the actual savings are evident
through the repeat orders they get through there customers.
Mazda has supplied in the past its state-of-the-art Severe
Service Turbine Bypass Valves and Control Valves to various segments of
industries namely Nuclear, Atomic, Utility and Process. Mazda has successfully
exported its Severe Service Valves for 660 MW power plants and also caters to
complete South-East Asian region. There valve division was recently purchased
by Circor International U.S.A. Circor, a 700 million dollar specialized
company. There sale was aimed towards consolidating there efforts towards
focused grown in there Vacuum division.
With there elaborate reference list, don’t take there word
for it, why don’t you try it for there self
With there focus heavily on process and power industries,
Mazda is on track with its goal – to become a world leader in the design and
manufacture of engineered equipment.
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.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--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.