1. Summary Information
|
|
|
Country |
|
|
Company Name |
SALORA
INTERNATIONAL LIMITED |
Principal Name 1 |
Mr. S.R. Jiwarajka |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. G.K. Jiwarajka |
|
|
|
Registration # |
55 - 4962 |
|
Street Address |
D-13/4,
Okhla Industrial Area, Phase II, |
||
|
Established Date |
20.11.1968 |
SIC Code |
-- |
|
Telephone# |
91–11–
39848010 / 20 / 26833668/ 26834078/ 26833910/ 26831329 /51614322-27 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-11-26835999/26388581 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Colour TV |
|
|
# of employees |
1300 (Approximately) |
Product Name 2 |
FBT/DY |
|
Paid up capital |
Rs.
88,144,755/- |
Product Name 3 |
Mobile Phone |
|
Shareholders |
Public Share Holding – 33.28% Promoter and Promoter Group – 66.72% |
Banking |
State Bank of |
|
Public Limited Corp. |
NO |
Business Period |
43 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
|
Salora Components Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,336,657,000 |
Current Liabilities |
892,128,000 |
|
Inventories |
906,327,000 |
Long-term Liabilities |
549,166,000 |
|
Fixed Assets |
459,704,000 |
Other Liabilities |
72,906,000 |
|
Deferred Assets |
0 |
Total Liabilities |
1,514,200,000 |
|
Invest& other Assets |
83,692,000 |
Retained Earnings |
1,184,035,000 |
|
|
|
Net Worth |
1,272,180,000 |
|
Total Assets |
2,786,380,000 |
Total Liab. & Equity |
2,786,380,000 |
|
Total Assets (Previous Year) |
2,984,932,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
5,196,053,000 |
Net Profit |
(61,827,000) |
|
Sales(Previous yr) |
7,138,871,000 |
Net Profit(Prev.yr) |
(2,810,000) |
MIRA
INFORM REPORT
|
Report Date : |
26.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SALORA INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
D-13/4, Okhla Industrial Area, Phase II, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.11.1968 |
|
|
|
|
Com. Reg. No.: |
55 - 4962 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 88.145 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1968PLC004962 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS08465C |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of TV Sets and Sub Assemblies
thereof and Electronic Components. |
|
|
|
|
No. of Employees
: |
1300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5088000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. The company is incurring some losses from last two year. Trade relations are fair. Business is active. Payments are reported to be usually correct 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Head Office : |
D-13/4, Okhla Industrial Area, Phase II, |
||||||||||||||||||||||||||||||
|
Tel. No.: |
91–11– 39848010 / 20 / 26833668/ 26834078/ 26833910/ 26831329 /51614322-27 |
||||||||||||||||||||||||||||||
|
Fax No.: |
91-11-26835999/26388581 |
||||||||||||||||||||||||||||||
|
E-Mail : |
|||||||||||||||||||||||||||||||
|
Website : |
|||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Manufacturing Plants; |
Plot No. B-31 / 34 and 50/ 53, Sector – 80, Noida (U.P), C-52, Phase
II, Noida, |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
|
Located at:
|
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. S.R. Jiwarajka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. G.K. Jiwarajka |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Gautam Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjeev Kaul Duggal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Patanjali Govind Keswani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. N. Mehta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Surinder Sood |
|
Designation : |
Chief finance Officer |
|
Address : |
|
|
Name : |
Mr. Y.P. Bansal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5,317,337 |
60.37 |
|
|
558,929 |
6.35 |
|
|
5,876,266 |
66.72 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5,876,266 |
66.72 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
400 |
- |
|
|
100 |
- |
|
|
200 |
- |
|
|
700 |
0.01 |
|
|
|
|
|
|
828,448 |
9.41 |
|
|
|
|
|
|
1,446,913 |
16.43 |
|
|
606,149 |
6.88 |
|
|
48,824 |
0.55 |
|
|
2,300 |
0.03 |
|
|
46,349 |
0.53 |
|
|
175 |
- |
|
|
2,930,334 |
33.27 |
|
Total Public shareholding (B) |
2,931,034 |
33.28 |
|
Total (A)+(B) |
8,807,300 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
8,807,300 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionsBUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of TV Sets and Sub Assemblies
thereof and Electronic Components. |
||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
Products : |
|
||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
Brand Names : |
|
||||||||||||||||||||||||||||||||
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
1300 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Notes :- 1 (a) Foreign currency loan are secured against first exclusive charge over immovable and moveable fixed assets (both present and future) relating to the wind power project situated at Dhule in the state of Maharastra. (b) Vehicle Loans referred to in ‘A’ are secured against hypothecation of car. 2. Working Capital Loans referred to in ‘B’ are secured by hypothecation of inventories and receivables and first pari-passu charge with PICUP on immovable properties of Noida units as collateral security. 3. Interest free Loan from PICUP under sales tax deferred scheme is secured by first charge on all movable fixed assets (present and future) of Noida units and first pari-passu charge with bank(s) on immovable properties of Noida units. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. Prasad and Company Chartered Accountants |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates and Joint Ventures: |
|
|
|
|
|
Other Related Parties: |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
Issued and Subscribed :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8820000 |
Equity Shares |
Rs.10/- each |
Rs. 88.200 Millions |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8807300 |
Equity Shares |
Rs.10/- each |
Rs. 88.073 Millions |
|
Add: |
Share Capital Forfited (12700 Equity shares
@Rs. 5.65/- Each) |
|
Rs. 0.072
Million |
|
|
Total |
|
Rs. 88.145 Millions |
NOTE:
Out of the above 960000
Equity Shares of Rs. 10/- each were issued as Fully Paid up Bonus Shares by
capitalisation of General Reserve.
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 |
88.145 |
88.145 |
88.145 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1184.035 |
1245.862 |
1258.976 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1272.180 |
1334.007 |
1347.121 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
549.166 |
869.344 |
828.285 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
129.000 |
|
|
TOTAL BORROWING |
549.166 |
869.344 |
957.285 |
|
|
DEFERRED TAX LIABILITIES |
72.906 |
110.774 |
115.023 |
|
|
|
|
|
|
|
|
TOTAL |
1894.252 |
2314.125 |
2419.429 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
459.704 |
496.524 |
533.686 |
|
|
Capital work-in-progress |
2.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
81.692 |
81.693 |
81.693 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
906.327
|
1008.027 |
1310.950 |
|
|
Sundry Debtors |
955.884
|
1045.308 |
906.416 |
|
|
Cash & Bank Balances |
24.103
|
27.582 |
102.351 |
|
|
Other Current Assets |
9.869
|
13.822 |
24.451 |
|
|
Loans & Advances |
346.801
|
311.976 |
291.414 |
|
Total
Current Assets |
2242.984
|
2406.715 |
2635.582 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
835.176
|
574.013 |
687.549 |
|
|
Other Current Liabilities |
53.031
|
82.261 |
93.417 |
|
|
Provisions |
3.921
|
14.533 |
50.566 |
|
Total
Current Liabilities |
892.128
|
670.807 |
831.532 |
|
|
Net Current Assets |
1350.856
|
1735.908 |
1804.050 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1894.252 |
2314.125 |
2419.429 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5196.053 |
7138.871 |
11088.876 |
|
|
|
Other Income |
15.633 |
10.501 |
11.131 |
|
|
|
Compensation for short fall in energy Generation |
0.000 |
0.000 |
23.600 |
|
|
|
TOTAL (A) |
5211.686 |
7149.372 |
11123.607 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / Decrease in Stocks |
(11.635) |
96.789 |
(247.952) |
|
|
|
Materials Consumed and Purchased of Goods |
4774.634 |
6328.140 |
10329.460 |
|
|
|
Personnel Expenses |
186.031 |
196.316 |
194.651 |
|
|
|
Manufacturing and Other Expenses |
257.352 |
373.257 |
514.139 |
|
|
|
TOTAL (B) |
5206.382 |
6994.502 |
10790.298 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.304 |
154.870 |
333.309 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
60.886 |
100.443 |
43.194 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(55.582) |
54.427 |
290.115 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
42.719 |
52.008 |
56.677 |
|
|
|
|
|
|
|
|
|
Add |
PROFIT ON |
0.000 |
0.000 |
97.200 |
|
|
|
|
|
|
|
|
|
Add |
DIMINUTION IN
VALUE OF INVESTMENT WRITTEN BACK |
0.000 |
0.000 |
4.347 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(98.301) |
2.419 |
334.985 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(36.474) |
5.229 |
101.458 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(61.827) |
(2.810) |
233.527 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
197.780 |
210.894 |
47.089 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
23.353 |
|
|
|
Dividend |
0.000 |
8.807 |
39.633 |
|
|
|
Tax on Dividend |
0.000 |
1.497 |
6.736 |
|
|
BALANCE CARRIED
TO THE B/S |
135.953 |
197.780 |
210.894 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
388.799 |
388.537 |
701.136 |
|
|
|
Service Charges including Service Tax |
12.980 |
41.651 |
79.172 |
|
|
|
Reimbursement of component under warranty service |
91.820 |
156.420 |
0.000 |
|
|
TOTAL EARNINGS |
493.599 |
586.608 |
780.308 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material and Components |
188.721 |
136.237 |
245.765 |
|
|
|
Trading Goods – Direct Purchase |
473.127 |
78.007 |
1752.833 |
|
|
|
Trading Goods – |
1557.571 |
2516.882 |
5676.106 |
|
|
|
Spares |
0.379 |
0.740 |
0.924 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.538 |
|
|
TOTAL IMPORTS |
2219.798 |
2731.866 |
7676.166 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(7.02) |
(0.32) |
26.52 |
|
QUARTERLY / SUMMARISED
RESULTS
|
PARTICULARS |
30.06.2010 (1ST
Quarter) |
30.09.2010 (2nd
Quarter) |
31.12.2010 (3rd
Quarter) |
|
Net Sales |
1239.050 |
2010.000 |
1256.830 |
|
Total Expenditure |
1246.260 |
2012.790 |
1254.470 |
|
PBIDT (Excl Ol) |
(7.210) |
(2.790) |
2.360 |
|
Other Income |
1.390 |
15.560 |
4.130 |
|
Operating Profit |
(5.820) |
12.780 |
6.490 |
|
Interest |
15.070 |
16.460 |
18.280 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(20.890) |
(3.680) |
(11.790) |
|
Depreciation |
10.190 |
9.840 |
9.770 |
|
Profit Before Tax |
(31.080) |
(13.520) |
(21.560) |
|
Tax |
(7.680) |
(3.450) |
(5.060) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(23.390) |
(10.070) |
(16.510) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(23.390) |
(10.070) |
(16.510) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.19)
|
(0.04) |
2.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.89)
|
0.03 |
3.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.64)
|
0.08 |
10.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
0.00 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.13
|
1.15 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.51
|
3.59 |
3.17 |
LOCAL AGENCY FURTHER INFORMATION
Business
Operations and Future out Look:
Net Sales of
Rs.5196.100 Millions was achieved for the year ended 31st March,
2010 (Rs.7138.900 Millions in last Financial Year), registering negative
growth. Profit before interest, depreciation and tax for the year decreased to
Rs.5.300 Millions from Rs.154.900 Millions during the preceding Financial Year.
The revenue of the Company has decreased mainly due to discontinuation of
distribution and service business of Sony Ericsson Products. It had adverse
impact on the turnover of the Company and at the same time opened the doors for
new products.
The Company has
tied up with M/s. Micro Star International (MSI) for distribution of MSI
Laptops and with M/s. Dell India Pvt. Limited. for distribution of DELL
Laptops. To maintain market share in telecom sector the Company has entered
into an agreement with M/s. Mobell Technologies (Brand name Mobell) and
Motorolla India Pvt. Ltd. for distribution of mobile handsets and accessories.
The Company has also entered into an agreement with M/s. Sistema Shyam
Teleservices Ltd. (Brand name MTS) for distribution of its data devices, handsets,
cellular mobile services and related products.
In order to diversify the distribution platform Company has
entered into strategic tie up with Samsung C and T Corporation for marketing
and distribution of Pleomax brand CFL bulbs. Further to promote Salora Brand,
Company has launched glossy paper and stationery products. All the above new products
are expected to achieve good volume by the end of second quarter of this
Financial Year and future outlook of the Company is reasonably bright. However,
the profitability is
closely linked to the competition in the domestic and export market, exchange
rate fluctuations and overall economic development of the Country.
- Contingent Liabilities not provided
for in respect of:
· Bank Guarantees issued by Bankers Rs.98.068 Millions (Previous year Rs.105.787 Millions) including for Sales Tax and Excise demand Rs.8.428 Millions (Previous Year Rs.49.976 Millions), against which margin kept by bank Rs.10.012 Millions (Previous Yr.Rs.8.632 Millions).
· Letter of Credits pending for shipment Rs.29.915 Millions (Previous year Nil.).
· TV sets, VCD’s and Office Automation products still under warranty for which amount is not ascertainable.
· Disputed Sales Tax demands of Rs.74.415 Millions (Previous year Rs.59.144 Millions), against which amount deposited Rs.38.921 Millions (Previous year Rs.24.935 Millions) has not been provided for as the cases are pending in appeals with higher authorities.
·
Advance Licence utilised for Import of CPT worth
Rs.8.750 Millions during the period from January, 1995 to May 1995, DGFT issued
Show Cause Notice to pay duty and penalty thereof on all above imports and
included the company’s name in the defaulters list. Company challenged the said
Notice in Hon’ble Delhi High Court and after admitting the petition and taking
into consideration all the facts, the Hon’ble Delhi High Court directed the
Company to deposit a sum of Rs. 2.000 Millions with the Collector of Customs
and ordered DGFT to remove Company’s name from the defaulters list. Accordingly
Company has deposited the sum of Rs.2.000 Millions within the time stipulated
by the
Web Details:
Profile:
Subject is the flagship company of Jiwarajka Group. Under the able aegis of its visionary chairman Mr. S.R. Jiwarajka, the group has come a long way since its inception in 1968 and today commands a formidable presence both in the Indian and overseas markets.
Subject is a leading player in the Indian consumer electronics industry and
caters to both the retail and the B2B space. Over the years they have developed
substantial competence in the manufacturing of CTV components. Their home
production, SALORA brand is having TV / LCD, mobile phones, 3G data cards,
memory products and few more to add on. With pan-Indian sales and service
operations they distribute a range of international brands including Motorola,
Acer, Samsung, MSI, MTS, Nachtmann, Zojirushi etc. as well as sell their home
production SALORA brand comprising TV/LCD, Mobile Phone, 3G Data Card, and few
more to add on.
With Pan India sales and service network / operations, they are also the proud
business partner for different international brands like Motorola, Acer,
Samsung, MTS, MSI, Nachtmann, Zojirushi, SHARP etc. catering to the Consumer
electronics, IT and Telecom and Lifestyle and Household product needs in India.
Subject manufacturing facilities are located at the company’s sprawling complex
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.45.38 |
|
|
1 |
Rs.73.31 |
|
Euro |
1 |
Rs.63.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
46 |
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.