1. Summary Information
|
|
|
Country |
|
|
Company Name |
Flowserve Sanmar
Limited |
Principal Name 1 |
Mr. P Natrajan |
|
Status |
Good |
Principal Name 2 |
Mr. Balasubramaniam Natrajan |
|
|
|
Registration # |
18-14838 |
|
Street Address |
|
||
|
Established Date |
08.09.1987 |
SIC Code |
-- |
|
Telephone# |
91-44-2825
8955 / 28128400 / 28128722 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-44-2826
9359 / 28112437 / 28112627 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Shoe Uppers |
|
|
# of employees |
250 (approximately) |
Product Name 2 |
Shoes |
|
Paid up capital |
Rs. 4,800,000/- |
Product Name 3 |
Seals for centrifugal pumps |
|
Shareholders |
Foreign holdings – 40% Bodies corporate – 55% Other top fifty shareholders –
5% |
Banking |
State
Bank of |
|
Public Limited Corp. |
No |
Business Period |
24 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
A
(66) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates/Fellow
Subsidiaries : |
|
BS and B Safety Systems ( |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
610,313,000 |
Current Liabilities |
532,559,000 |
|
Inventories |
73,390,000 |
Long-term Liabilities |
0 |
|
Fixed Assets |
91,121,000 |
Other Liabilities |
0 |
|
Deferred Assets |
7,618,000 |
Total Liabilities |
532,559,000 |
|
Invest& other Assets |
1,803,000 |
Retained Earnings |
246,886,000 |
|
|
|
Net Worth |
251,686,000 |
|
Total Assets |
784,245,000 |
Total Liab. & Equity |
784,245,000 |
|
Total Assets (Previous Year) |
660,931,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,391,446,000 |
Net Profit |
386,237,000 |
|
Sales(Previous yr) |
1,331,993,000 |
Net Profit(Prev.yr) |
358,089,000 |
MIRA
INFORM REPORT
|
Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
FLOWSERVE SANMAR LIMITED |
|
|
|
|
Registered Office : |
9, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
08.09.1987 |
|
|
|
|
Com. Reg. No.: |
18-14838 |
|
|
|
|
Paid up Capital : |
Rs. 4.800 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18209TN1987PLC014838 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHED00088E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACD2238A |
|
|
|
|
Legal Form : |
Closely held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturing Of Shoe Uppers And Full Shoes |
|
|
|
|
No. of Employees : |
250 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 5600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Sanmar group. It 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 l
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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/ Corporate Office: |
9, |
|
Tel. No.: |
91-44-2825 8955 / 28128400 / 28128722 |
|
Fax No.: |
91-44-2826 9359 / 28112437 / 28112627 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Administrative office: |
8, |
|
Tel. No.: |
91-44-8258955 |
|
Fax No.: |
91-44-8269359 |
|
|
|
|
Factory 1 : |
47 / 1, |
|
Tel. No.: |
91-4114-264101 |
|
Fax No.: |
91-4114-264261 |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
147, |
|
Tel. No.: |
91-44-24504100 |
|
Fax No.: |
91-44-24502124 |
|
Area: |
29500 Sq. fts |
|
|
|
|
Sales Office : |
Located at:
|
DIRECTORS
As On 29.07.2011
|
Name : |
Mr. P Natrajan |
|
Designation : |
Director |
|
Address : |
No. 6, Sreshta Subasri, 56/ 46, First |
|
Date of Birth/Age : |
10.10.1955 |
|
Date of Appointment : |
28.03.2005 |
|
|
|
|
Name : |
Mr. Balasubramaniam Natrajan |
|
Designation : |
Director |
|
Address : |
A -5 “Sucharita” New no. 124, Old no. 71, Chamiers Road, R A Puram,
Chennai – 600 028 |
|
Date of Birth/Age : |
03.10.1946 |
|
Date of Appointment : |
11.07.2007 |
|
Date of Cessation: |
31.03.2008 |
|
|
|
|
Name : |
Mr. S Gopal |
|
Designation : |
Director |
|
Address : |
47 A, (Old no.)19 A Fourth Main
road, Gandhi Nagar, Chennai – 600 020, Tamil Nadu |
|
Date of Birth/Age : |
10.09.1950 |
|
Date of Appointment : |
26.07.2004 |
|
Date of Cessation: |
28.12.2005 |
|
|
|
|
Name : |
|
|
Designation : |
Whole Time Director |
|
Address : |
12, Besant Avene Adyar, Chennai – 600 020, |
|
Date of Birth/Age : |
03.08.1943 |
|
Date of Appointment : |
01.04.2004 |
|
|
|
|
Name : |
Mr. S Sankaran |
|
Designation : |
Director |
|
Address : |
2/1, |
|
Date of Birth/Age : |
07.05.1954 |
|
Date of Appointment : |
01.04.2004 |
|
|
|
|
Name : |
Mr. M Nanos John |
|
Designation : |
Director |
|
Address : |
4220, |
|
Date of Birth/Age : |
27.03.1937 |
|
Date of Appointment : |
01.04.2004 |
|
Date of Cessation: |
30.06.2008 |
|
|
|
|
Name : |
Mr. S Gopinath |
|
Designation : |
Director |
|
Address : |
Villa 83, Phasei, Palm Meadows, |
|
Date of Birth/Age : |
26.05.1946 |
|
Date of Appointment : |
01.04.2004 |
|
|
|
|
Name : |
Mr. Beall Andrew |
|
Designation : |
Director |
|
Address : |
1720, |
|
Date of Birth/Age : |
21.07.1956 |
|
Date of Appointment : |
01.04.2004 |
|
Date of Cessation : |
29.06.2010 |
|
|
|
|
Name: |
Mr. R. Rangarajan |
|
Designation: |
Director |
|
Address: |
4 F, |
|
Date of Birth/Age: |
14.03.1955 |
|
Date of Appointment: |
01.04.2008 |
|
|
|
|
Name: |
Mr. Andrew Taylor |
|
Designation: |
Director |
|
Address: |
BLK 15, |
|
Date of Birth/Age: |
02.07.1965 |
|
Date of Appointment: |
30.06.2008 |
|
Date of Cessation : |
29.03.2010 |
|
|
|
|
Name: |
Mr. Scott Alan Thompson |
|
Designation: |
Director |
|
Address: |
4621, ST Claor Ct Flower Mound, |
|
Date of Birth/Age: |
02.07.1965 |
|
Date of Appointment: |
29.03.2010 |
|
Date of Resignation : |
29.06.2010 |
|
|
|
|
Name: |
Mr. V V Subramanian |
|
Designation: |
Director |
|
Address: |
Ashok Sundaram, 43 Third Main Road, Third Floor, Raja Annamalaipuram,
Chennai – 600028, |
|
Date of Appointment: |
26.07.2004 |
|
|
|
|
Name: |
Mr. B Natraj |
|
Designation: |
Director |
|
Address: |
Ashok Prithvi, Second Floor, 87, |
|
Date of Appointment: |
28.12.2005 |
|
|
|
|
Name: |
Mr. Chua Wei Tein Colin |
|
Designation: |
Director |
|
Date of Birth : |
03.03.1960 |
|
Date of Appointment: |
25.09.2010 |
|
|
|
|
Name: |
Mr. Richard James Heppenstall |
|
Designation: |
Director |
|
Date of Birth : |
13.10.1970 |
|
Date of Appointment: |
25.09.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 29.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Sanmar Engineering Corporation Limited – |
|
26395 |
|
Madhu Sarin |
|
2400 |
|
Flowserve International Inc |
|
19200 |
|
|
|
1 |
|
Vijay Sankar |
|
1 |
|
K |
|
1 |
|
|
|
1 |
|
Sanmar Reality Private Limited - |
|
1 |
|
TOTAL |
|
48000 |
As On 30.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
40.00 |
|
Bodies corporate |
|
55.00 |
|
Other top fifty shareholders |
|
5.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing Of Shoe Uppers And Full Shoes |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Shoe Uppers and Full Shoes |
||||
|
Countries : |
|
PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Mechanical Seals |
Nos |
15000 |
NA |
11370 |
GENERAL INFORMATION
|
No. of Employees : |
250 (approximately) |
|
|
|
|
Bankers : |
·
State Bank of ·
State
Bank of |
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and associates Chartered Accountants |
|
Address : |
TPL House, second Floor, No.3 , |
|
Tel. No.: |
91-44-42194400 |
|
Fax No.: |
91-44-24311450 |
|
|
|
|
Joint Venture : |
Flowserve Coporation |
|
|
|
|
Associates/Fellow Subsidiaries : |
|
|
|
|
|
Holding Company : |
CIN:
U29199TN2001PLC047307 |
|
|
|
|
Associates/Subsidiaries: |
All Group Companies of Sanmar Chemplast |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000 |
Equity shares |
Rs. 100/- each |
Rs. 9.000 Millions |
|
100000 |
4% Non Cumulative Redeemable Preference shares |
Rs. 10/- each |
Rs. 1.000 Million |
|
|
|
Total |
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48000 |
Equity shares |
Rs. 100/- Each |
Rs. 4.800 Millions |
Note:
Out of the above 26400
equity shares are held by the holding company Sanmar Engineering Corporation
Limited and its nominees.
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 |
4.800 |
4.800 |
4.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
246.886 |
406.513 |
368.522 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
251.686 |
411.313 |
373.322 |
|
|
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 |
251.686 |
411.313 |
373.322 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
91.121 |
101.967 |
108.841 |
|
|
Capital work-in-progress |
1.803 |
0.000 |
0.346 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
7.618 |
8.421 |
3.261 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
73.390
|
104.753
|
122.661 |
|
|
Sundry Debtors |
366.392
|
342.581
|
362.801 |
|
|
Cash & Bank Balances |
207.783
|
76.415
|
75.183 |
|
|
Other Current Assets |
0.395
|
0.000
|
0.040 |
|
|
Loans & Advances |
35.743
|
26.794
|
27.837 |
|
Total
Current Assets |
683.703
|
550.543
|
588.522 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
97.474
|
88.978 |
170.328 |
|
|
Other Current Liabilities |
84.671
|
94.092
|
0.000 |
|
|
Provisions |
350.414
|
66.548
|
157.320 |
|
Total
Current Liabilities |
532.559
|
249.618
|
327.648 |
|
|
Net Current Assets |
151.144
|
300.925
|
260.874 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
251.686 |
411.313 |
373.322 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1391.446 |
1331.993 |
1097.322 |
|
|
|
Other Income |
16.453 |
19.800 |
17.653 |
|
|
|
TOTAL (A) |
1407.899 |
1351.793 |
1114.975 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
545.934 |
532.668 |
421.196 |
|
|
|
Salaries, Wages and Amenities to staff |
146.116 |
135.874 |
131.289 |
|
|
|
Repairs and Maintenance |
28.338 |
32.649 |
41.584 |
|
|
|
Other expenses |
79.266 |
82.615 |
84.764 |
|
|
|
TOTAL (B) |
799.654 |
783.806 |
678.833 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
608.245 |
567.987 |
436.142 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.565 |
7.031 |
6.452 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
600.680 |
560.956 |
429.690 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.119 |
18.282 |
18.781 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
584.561 |
542.674 |
410.909 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
198.394 |
184.585 |
141.008 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
386.237 |
358.089 |
269.901 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
215.919 |
213.737 |
223.535 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
38.624 |
35.809 |
26.990 |
|
|
|
Interim Dividend |
180.000 |
242.400 |
103.200 |
|
|
|
Proposed dividend |
287.520 |
31.200 |
112.800 |
|
|
|
Tax on Dividend |
78.344 |
46.498 |
36.709 |
|
|
BALANCE CARRIED
TO THE B/S |
17.668 |
215.919 |
213.737 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
15.817 |
11.532 |
30.330 |
|
|
TOTAL EARNINGS |
15.817 |
11.532 |
30.330 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
116.517 |
117.037 |
NA |
|
|
|
Stores & Spares |
0.757 |
10.114 |
NA |
|
|
|
Capital Goods |
1.005 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
118.279 |
127.151 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8047 |
7460 |
5623 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
27.43
|
26.49
|
24.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
42.01
|
40.74
|
37.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
75.44
|
134.69
|
111.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.32
|
1.32
|
1.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.12
|
0.61
|
0.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
2.21
|
1.79 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
During the year,
the Company recorded a marginal growth of 5% in sales over the previous year. M
and R sales grew 10% and 'On Time Delivery" performance improved to 95%.
The company also obtained the IS0 14000 certificate during the year.
Profits for the
year improved to 42% on sales as compared to 41% in the previous year.
The Company
expects a good growth in the next financial year considering the present order
book position, expected bookings and increased OEM market share.
Contingent
Liabilities:
Rs.
In Millions
|
|
|
31.03.2010 |
31.03.2009 |
|
Claims against the company not
acknowledged as debt |
|
1.217 |
2.192 |
FIXED ASSETS:
v Land
v Building
v Plant and machinery
v Furniture and fixtures
v Office equipment
v Vehicles
v Software
v Technical know how
FORM 8
|
Name of the company |
FLOWSERVE SANMAR LIMITED |
|
Presented By |
Mr. M S Sekhar, Director |
|
1) Date and description
of instrument creating the change |
· General agreement for the grant of small industrial advance and hypothecation of movable , book debts and other assets dated 21.10.1988 · Agreement for the grant of small Industrial advances dated 21.101988 · General letter of hypothecation dated 21.101988 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 2.600
Millions (Export Packing Credit of Rs. 1.600 millions and foreign Documentary
bill limit of Rs. 1.000 Millions) |
|
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 |
Finished leather
chemicals liming , Zips, Snaps, Velcro cut components and shoe uppers All present and
future book debts. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest at 9.5% p. a Margin at 25% (for Export Packing Credit) |
|
5) Name and Address
and description of the person entitled to the charge. |
State Bank of Address: Overseas Branch, 39 Rajaji Salai, Chennai – 600 001, |
As per web site details:
Profile:
A joint venture with Flowserve
Corporation, USA, Subject is the market leader in engineered mechanical
sealing devices, offering a wide choice for the industry—from pusher seals, dry
running seals and split seals to metal bellows seals and non-contacting seals.
The association which goes back more than 25 years, began with a joint
venture between Durametallic Corporation, and the Sanmar group.
Mergers
and acquisitions have brought major seal players together under the Flowserve
umbrella, with a product range that today includes BW®, Durametallic®, Pacific
Wietz™ and Pac-Seal®.
The company is a major force in the petroleum, petrochemical, power,
chemical, food and pharmaceutical markets.
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.50.27 |
|
|
1 |
Rs.80.07 |
|
Euro |
1 |
Rs.68.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.