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MIRA
INFORM REPORT
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Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
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Name : |
OTIS ELEVATOR COMPANY ( |
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Registered Office : |
9th Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.10.1953 |
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Com. Reg. No.: |
11-009158 |
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Capital
Investment / Paid-up Capital : |
Rs.118.082 Millions |
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CIN No.: [Company
Identification No.] |
U29150MH1953PLC009158 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO00083G |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Lifting and Handling Equipment |
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No. of Employees
: |
2632 ( 258 Engineers, 115 Manager, others 2259) Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (75) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 19700000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Directors are reported
to be 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
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Registered Office : |
9th Floor, |
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Tel. No.: |
91-22-66795151 / 28449700 / 28805060 |
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Fax No.: |
91-22-28449771 / 9793 / 28441471 / 1279 |
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E-Mail : |
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Website : |
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Factory 1 : |
Manufacturing Facility, 92, KIADB Industrial Estate Phase 11, Jigani Industrial Area, Anekal Taluk, Bangalore – 562 106, Karnataka, India |
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Tel. No.: |
91-80-27825401 / 02 / 03 |
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Fax No.: |
91-80-27825404 |
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Factory 2 : |
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Tel. No.: |
91-22-28873346 |
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Fax No.: |
91-22-28878767 |
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Factory 3: |
Mumbai – |
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Logistics Centre: |
Otis Consolidation, Otis Elevator Company (India) Limited, Sativali Village, Mumbai Ahmedabad Road, Taluka Vasai (East), Thane – 401 202 |
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Tel. No.: |
91-250-2480740 / 0737 |
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Fax No.: |
91-250-2480760 |
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Service Centre: |
National Service Centre, ‘E’ Wing, Bonanza Industrial Estate Private Limited, Ashhok Chakravarty Road, Kandivli (East), Mumbai – 400 101 |
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Regional Offices : |
·
Jeevan Deep 1, Tel No: 91-33-22882220 / 9724 Fax No: 91-33-22884270 ·
11th Floor, Himalaya House, 23, Kasturba Gandhi Marg, Tel No: 91-11-23312686/92 /51606847 Fax No: 91-11-23310677 ·
272 Anna Saiai, Teynampet, Chennai – 600 018, Tamil Nadu, Tel No: 91-44-24320849/24340280 Fax No: 91-44-24347995 · 504-505, 5th Floor, Rectangle One, D -4, Saket Place, Saket, New Delhi – 110 017, India Tel No: 91-11-46069000 / 9030 / 4606 Fax No: 91-11-46069111 ·
Otis House, The Tel No: 91-80-22111190 / 40314500 Fax No: 91-80-22111191 ·
Bhupati Chambers, 2nd Floor, 13, Tel No: 91-22-23631690 Fax No: 91-22-23634693 |
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Service Centers : |
Agra, Ahmedabad, Allahabad, Anand, Ankleshwar, Aurangabad, Bangalore, Baroda, Bhopal, Bhubaneshwar, Bokaro, Bhavnagar, Calicut, Chandigarh, Chennai, Coimbatore, Cuttack, Damanjodi, Dehradun, Delhi, Dhanbad, Durgapur, Ernakulam, Gandhinagar, Guwahati, Gaziabad, Goa, Gurgaon, Hardwar, Hyderabad, Indore, Jaipur, Jammu, Jamshedpur, Kalyan, Kanpur, Kolhapur, Kolkata. Kottayam, Kota, Lucknow, Madurai, Mangalore, Mira Road, Mumbai, Mysore, Nashik, Navi Mumbai, Noida, Ootacamund, Patna, Pondicherry, Pune, Raipur, Rajkot, Ramagundam, Ranchi, Rourkela, Salem, Shaktinagar, Siliguri, Shimla, Srinagar, Surat, Tirunelveli, Thiruvananthapuram, Thane, Trichur, Trichy, Udaipur, Varanasi, Vijaywada, Valsad, Visakhapatnam, Nepal, And Bangladesh |
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Sales Representatives : |
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DIRECTORS
As on 29.09.2010
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Name : |
Mr. Ashok Inderbal Malhotra |
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Designation : |
Director |
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Address : |
190 Sai Leela, |
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Date of Birth/Age : |
23.07.1948 |
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Qualification : |
B. E. (Mech), MMS |
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Date of Appointment : |
26.08.2008 |
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DIN : |
00873554 |
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Name : |
Dr. Ram Sukhraj Tarneja |
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Designation : |
Director |
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Address : |
4, Pashmina, 33A, |
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Date of Birth/Age : |
07.12.1931 |
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Date of Appointment : |
22.03.1977 |
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DIN : |
00009395 |
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Name : |
Ms. Priya Shankar Dasgupta |
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Designation : |
Director |
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Address : |
J-1810, |
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Date of Birth/Age : |
30.06.1955 |
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Date of Appointment : |
12.04.2001 |
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DIN : |
00012552 |
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Name : |
Mr. Wijeyakumar Ratnabalasurier |
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Designation : |
Director |
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Address : |
11, |
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Date of Birth/Age : |
24.10.1947 |
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Date of Appointment : |
22.06.2004 |
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DIN : |
02508712 |
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Name : |
Mr. Laurent Jean Robert Bruyere Pirot |
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Designation : |
Managing Director |
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Address : |
Flat No.5, Le-Papeyon Cooperative Housing Society, 13 and 14th
Floor, Mount Marry, Bandra –West, Mumbai – 400050, |
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Date of Birth/Age : |
13.08.1960 |
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Date of Appointment : |
07.07.2010 |
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DIN : |
03144509 |
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Name : |
Jean Pierre Dejoux |
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Designation : |
Director |
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Address : |
35, Rue Malar 75007, |
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Date of Birth/Age : |
22.05.1965 |
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Date of Appointment : |
28.06.2007 |
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DIN : |
01534971 |
KEY EXECUTIVES
|
Name : |
Mr. Atul Juvle |
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Designation : |
Company Secretary |
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Name : |
Tanhieya Ghosh |
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Designation : |
Secretary |
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Address : |
Flat No.604, Sai Shristi CHS. Plot No.7, Charkop Sector 8, Kandivali
west, Mumbai – 400067 |
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Date of Birth/Age : |
18.10.1976 |
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Date of Appointment : |
05.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
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 |
98.24 |
|
Other top fifty shareholders |
0.55 |
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Others |
1.21 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Lifting and Handling Equipment |
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Products : |
·
Elevators and Escalators |
GENERAL INFORMATION
|
Suppliers : |
· Ace Electronics · Bibhuti Engineering Works · Cimotech Hydro Machines · Deepak Automotive Industries ·
· S. R. Engineering Works · Vashi Electrical Private Limited · Fon-Ess India Private Limited · Kansa Enterprises Private Limited · Mallik Engineering · Premier Sealing Products · Unique Panch Systems Private Limited · Welflex Polymer Private Limited |
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No. of Employees : |
2632 ( 258 Engineers, 115 Manager, others 2259) Approximately |
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Bankers : |
·
Citi Bank N. A., 293, ·
Standard Chartered Grindlays Bank, 90, · Canara Bank, B.S. Marg, Mumbai – 400 001 · HDFC Bank Limited, Tulsiani Chambers, Nariman Point, Mumbai – 400 021 |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, |
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Holding Company : |
· Otis Elevator Company |
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Ultimate Holding Company : |
· United Technologies Corporation Incorporation |
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Subsidiary Companies : |
·
Trio Elevators Company ( CIN : U31103GJ2006PLC048885 ·
Supriya Elevators Company ( CIN : U29150TN2008PLC068160 |
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Associates Company : |
·
Information Systems Resource Centre Private
Limited |
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Fellow Subsidiaries : |
· Otis Elevator Company Pty Limited ·
Otis Elevator Company ( · Otis Elevator Company (HK) Limited, Hongkong ·
Pernas Otis Elevator Company Limited Sdn Bhd – Pernas ·
Otis Elevator Company Limited , ·
·
Otis Elevator Company, ·
Otis Limited, ·
Otis SPA, ·
Zardoya Otis SA, ·
Otis Elevator Company, Philippines, Inc, ·
China Tianjin Otis Elevator Company, ·
Hang Chau Xizi Otis Elevator Company, ·
Otis Elevator Company , ·
Otis Elevator Company, · Otis Elevator Company, Bloomfield ·
Otis GMBH And Company OHG, ·
·
Guangzhou Otis Elevator Company Limited, ·
Otis Elevator Company, ·
PT Citas Otis Elevator, ·
LG Otis Elevator Company Limited, ·
Pratt And ·
Otis Lilama Elevator Company Limited, ·
Tatung Otis Elevator Company, ·
Sigma Elevator (M) Sdn. ·
Shanghai Otis Elevator Company Limited, · Otis LLC, UAE · Carrier Aircon Limited · Carrier Refrigeration Private Limited ·
Otis Escalators ·
Otis Elevator Company, ·
Otis Elevator Company (S) Pte, Limited, ·
Otis |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity shares |
Rs. 10/- each |
Rs.150.000 millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,808,222 |
Equity Shares |
Rs. 10/-
each |
Rs.118.082
Millions |
|
|
|
|
|
Notes:
(1) Of the above,
10,586,044 Equity Shares of Rs. 10 each were allotted as fully paid-up Bonus
Shares by way of Capitalization of General Reserve and Share Premium Account.
(2) Of the above, 5,644,800
(Previous Year 5,644,800) Equity Shares, 2,995,810 (previous Year 2,995,810)
Equity Shares and 2,959,209 (Previous year 2,959,209) Equity Shares are held by
Otis Elevator Company, New Jersey, U. S. A., Otis Elevator Company (S) Pte.
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 |
118.082 |
118.082 |
125.421 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4827.764 |
4008.251 |
3840.317 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4945.846 |
4126.333 |
3965.738 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4945.846 |
4126.333 |
3965.738 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
265.457 |
300.255 |
296.665 |
|
|
Capital work-in-progress |
3.031 |
1.627 |
3.331 |
|
|
|
|
|
|
|
|
INVESTMENT |
100.000 |
100.000 |
72.000 |
|
|
DEFERREX TAX ASSETS |
118.595 |
48.304 |
32.139 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
562.546
|
435.753
|
440.884 |
|
|
Contract Work in Progress |
136.599
|
207.973
|
157.415 |
|
|
Sundry Debtors |
1522.271
|
1376.022
|
1529.267 |
|
|
Cash & Bank Balances |
6179.212
|
5071.279
|
5045.929 |
|
|
Other Current Assets |
17.951
|
17.632
|
38.730 |
|
|
Loans & Advances |
1054.797
|
730.043
|
560.492 |
|
Total
Current Assets |
9473.376
|
7838.702
|
7772.717 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3217.768
|
2634.469
|
2610.465 |
|
|
Sundry Creditors |
1334.041
|
1169.430
|
1271.797 |
|
|
Provisions |
462.804
|
376.185
|
381.613 |
|
Total
Current Liabilities |
5014.613
|
4180.084
|
4263.875 |
|
|
Net Current Assets |
4458.763
|
3658.618
|
3508.842 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
17.529 |
52.761 |
|
|
|
|
|
|
|
|
TOTAL |
4945.846 |
4126.333 |
3965.738 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7461.798 |
7232.199 |
7775.755 |
|
|
|
Other Income |
360.721 |
627.297 |
472.302 |
|
|
|
TOTAL (A) |
7822.519 |
7859.496 |
8248.057 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Decrease increase in work in progress at site |
8.346 |
(3.658) |
4.653 |
|
|
|
Material Consumed |
3013.497 |
2818.237 |
3157.424 |
|
|
|
Payments to and provision for employees |
1208.204 |
1182.258 |
991.480 |
|
|
|
Operating and other Expenses |
2128.840 |
1871.993 |
1951.448 |
|
|
|
TOTAL (B) |
6358.887 |
5868.830 |
6105.005 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1463.632 |
1990.666 |
2143.052 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1463.632 |
1990.666 |
2143.052 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
96.304 |
66.711 |
63.590 |
|
|
|
|
|
|
|
|
|
less |
Voluntary
Retirement Expenditure |
92.135 |
35.232 |
70.312 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1275.193 |
1888.723 |
2009.150 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
455.680 |
749.885 |
753.751 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
819.513 |
1138.838 |
1255.399 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4000.912 |
3141.704 |
1886.305 |
|
|
|
|
|
|
|
|
|
Less |
Utilized
for buy back of equity shares |
0.000 |
279.630 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
4820.425 |
4000.912 |
3141.704 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basis |
29.195 |
31.000 |
-- |
|
|
|
Technical Design Fees |
7.890 |
35.195 |
-- |
|
|
|
Export Services |
0.276 |
0.161 |
-- |
|
|
|
Other Income [Freight, insurance etc.] |
2.476 |
2.630 |
-- |
|
|
|
Other Earnings |
0.344 |
0.000 |
-- |
|
|
TOTAL EARNINGS |
40.181 |
68.986 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components |
565.610 |
486.776 |
-- |
|
|
|
Capital Goods |
51.917 |
5.858 |
-- |
|
|
TOTAL IMPORTS |
617.527 |
492.634 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
69.40 |
92.09 |
100.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.48
|
14.49
|
15.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.09
|
26.12
|
25.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.09
|
23.20
|
24.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.46
|
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.01
|
1.01
|
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.87
|
1.82 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
FINANCIALS
During the year, the world economy continued with the downturn. However,
the Indian economy started showing signs of growth amidst the global slowdown.
The current fiscal year saw a GDP growth rate of 7.2%. During this year, the
Company took some strategic initiatives to improve its volumes and
profitability. The effects of these changes are expected to bring results in
the coming years. During the year ended March 31, 2010, the company has
registered a Sales Turnover of Rs. 7539.90 million as compared to Rs. 7340.90
million, recorded last year. The profit before tax was Rs.1275.19 million
against Rs. 1888.72 millions, recorded last year.
BUSINESS
In the current economic scenario, they have witnessed good activity in
the construction industry in a large number of nonmetro cities besides the
metro themselves. The company has experienced growth in revenues in the year.
As you are aware, the company’s revenue accrue from three major business
segments - New Equipment sales, Service and Modernisation.
NEW EQUIPMENT
SALES
Overall, there was a high level of activity in the realty industry
during the year. This is another year when the Company’s performance surpassed
several past records in terms of turnover and profits. The continuing growth in
IT/ITES and the shopping mall segments has led boom in the growth in high rise
buildings, superior residential complexes with all modern facilities. This in
turn has lead to an increase in demand for escalators and auto door elevators
which in deed are the focus area of their operations. This has helped to
improve product mix and booking values. Going forward, this would help drive
future growth.
SERVICE
The Company today has the largest network of 83 service centres spread
across
MODERNISATION
During the year, the Company has initiated several measures to focus on
modernisation of its old base and providing them with elevators with the latest
technology. they also have started pilot projects to work on off portfolio jobs
i.e. elevators of make other than theirs. This is also a potential area for
them to grow in the modernisation sector.
CURRENT OUTLOOK
Things are expected to turnaround for better. There is a lot of activity
happening in the realty sector. With the political stability, the GDP is
expected to again reach a level of 9% in the year 2011-2012. Company management
is closely monitoring and reviewing these changes to suitably modify its
business strategy to suit changed market environment. The Company is confident
of making its way ahead, without compromising on its core values, as well as
sustaining its brand-value with its customers.
JOINT VENTURE IN
SOUTH
The Joint venture in South – Supriya Elevator Company (
FIXED
ASSETS:
·
Leasehold
Improvement
·
·
Leasehold
Improvements
·
Buildings
·
Plant
And Machinery
·
Electrical
Installation
·
Furniture
And Fixtures
·
Office
Equipments
·
Vehicles.
AS PER WEBSITE
Otis Elevator Company instigated sales
in 1853. Today, Otis is the undisputed global leader for Elevators. With over
150 years of experience and the subsequent expertise gathered, the safety and
quality offered by Otis Elevators remains unmatched. The entire elevators
industry in the world echoes with names like Otis Elevator USA, Otis Elevator
Canada and more of Otis subsidiaries making their presence felt with country
wise market leadership. The
Otis Elevators India handles the entire process right from manufacturing to
servicing and even marketing of quality elevators and escalators. They also
deal in export of elevator components. With a web of service centers spanning
the country, Otis Elevator India has also become one of the biggest recruiters
in its field with an impressive figure of 60,000 for employee strength.
Otis Elevator Jobs offer the best learning opportunity for engineers as
they have to adhere to the strict quality standards of Otis and develop the
product that ensures maximum possible safety of the person or persons using an
Otis Elevator.
In 1994, National Panasonic India Limited was established with the same motto.
It was set up to provide higher quality Electronic Products supported by
service In
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.44.98 |
|
|
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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.