1. Summary Information
|
Reference
# |
135-276875-02-020(20111011250) |
Country |
|
|
Company Name |
TATA ADVANCED MATERIALS LIMITED |
Principal Name 1 |
Mr. |
|
Status |
Moderate |
Principal Name 2 |
Mr. Arun Kumar Vora |
|
Our Reference # |
156996 |
Registration # |
08-13224 |
|
Street Address |
10, Jigani Industrial Area, Jigani, |
||
|
Established Date |
10.11.1989 |
SIC Code |
-- |
|
Telephone# |
91-80-66955500 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-80-27825570 |
Business Style 2 |
Supplier |
|
Homepage |
Product Name 1 |
Composite Products |
|
|
# of employees |
Not Available |
Product Name 2 |
- |
|
Paid up capital |
Rs.1,417,632,870/-
|
Product Name 3 |
- |
|
Shareholders |
Not Available |
Banking |
Canara Bank |
|
Public Limited Corp. |
No |
Business Period |
22 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B (28) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
- |
Tata Industries Limited |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
601,898,000 |
Current Liabilities |
456,446,000 |
|
Inventories |
290,380,000 |
Long-term Liabilities |
777,418,000 |
|
Fixed Assets |
1,360,125,000 |
Other Liabilities |
16,194,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,250,058,000 |
|
Invest& other Assets |
138,405,000 |
Retained Earnings |
[282,622,000] |
|
|
|
Net Worth |
1,140,750,000 |
|
Total Assets |
2,390,808,000 |
Total Liab. & Equity |
2,390,808,000 |
|
Total Assets (Previous Year) |
1,928,313,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
575,058,000 |
Net Profit |
[199,477,000] |
|
Sales(Previous yr) |
460,427,000 |
Net Profit(Prev.yr) |
[97,385,000] |
MIRA
INFORM REPORT
|
Report Date : |
13.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
TATA ADVANCED MATERIALS LIMITED [w.e.f.18.11.1992] |
|
|
|
|
Formerly Known
As : |
MATRIX MATERIALS LIMITED |
|
|
|
|
Registered
Office : |
10, Jigani Industrial Area, Jigani, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
10.11.1989 |
|
|
|
|
Com. Reg. No.: |
08-13224 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1417.632
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1989PLC013224 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRT02320D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of composite products for
Aerospace, Defense, Transportation and Infrastructure Sectors. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4560000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Tata Industries Limited. It is an
established company having moderate track. There appears some accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. In view of strong holding, the company can be considered normal for
business dealings at usual trade terms and conditions, however weak
financials should be borne in mind. |
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) |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
10, Jigani Industrial Area, Jigani, |
|
Tel. No.: |
91-80-66955500 |
|
Fax No.: |
91-80-27825570/
27825671 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON : 24.09.2010
|
Name : |
Mr. |
|
Designation : |
Chairman |
|
Address : |
A – 3, Pallonji Mansion 43, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra,
India |
|
Date of Birth/Age : |
01.06.1944 |
|
Date of Appointment : |
28.01.2009 |
|
|
|
|
Name : |
Mr. Arun Kumar Vora |
|
Designation : |
Vice-Chairman |
|
Address : |
S2, II Floor, Orchid Apartment, 161, 5th main Defence
Colony, Indira Nagar, |
|
Date of Birth/Age : |
14.08.1941 |
|
Date of Appointment : |
27.03.1998 |
|
|
|
|
Name : |
Mr. Kanwar Rameshwar Singh Jamwal |
|
Designation : |
Director |
|
Address : |
73-A, |
|
Date of Birth/Age : |
11.10.1965 |
|
Date of Appointment : |
20.09.2010 |
|
|
|
|
Name : |
Dr. C G Krishnadas Nair |
|
Designation : |
Director |
|
Address : |
Chandrathil Mane 2388/1, 16th A Main Hall 2nd
Stage, Indira Nagar, |
|
Date of Birth/Age : |
17.08.1941 |
|
Date of Appointment : |
09.06.2003 |
|
|
|
|
Name : |
Mr. Atyam Prakash Arya |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
15.10.1947 |
|
Date of Appointment : |
26.11.2007 |
|
|
|
|
Name : |
Mr. Jagdish Singh Dhillon |
|
Designation : |
Director |
|
Address : |
House No.3104, Sector – 32 – D, |
|
Date of Birth/Age : |
15.03.1941 |
|
Date of Appointment : |
10.11.2009 |
|
|
|
|
Name : |
Mr. Bomanji Dubash |
|
Designation : |
Director |
|
Address : |
Benzer Teraces 95 A, Khan Abdul Gaffer Khan Road, Worli Sea Face,
Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
29.10.1936 |
|
Date of Appointment : |
10.11.1989 |
|
|
|
|
Name : |
Dr. Debashish Bhattacharjee |
|
Designation : |
Director |
|
Address : |
52, Dindli Enclave Kadma, Jameshedpur – 831005, |
|
Date of Birth/Age : |
02.07.1964 |
|
Date of Appointment : |
04.02.2005 |
|
|
|
|
Name : |
Mr. Ashutosh Tyagi |
|
Designation : |
Director |
|
Address : |
Bunglow – 9, Dreamland Housing Society Road, Soares Road, Near Diamond
Garden, Chembur, Mumbai – 400071, Maharashtra, India |
|
Date of Birth/Age : |
02.04.1974 |
|
Date of Appointment : |
31.05.2006 |
|
|
|
|
Name : |
K. A. Chaukar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Lalit Bhardwaj |
|
Designation : |
Chief Executive Officer |
|
Address : |
C 101, Oceanus, Triton Kalikon Danahalli, Cremel Ram Post, Sarjapur
Road, Bangalore – 560035, Karnataka |
|
Date of Birth/Age : |
22.01.1945 |
|
Date of Appointment : |
01.04.2010 |
|
|
|
|
Name : |
Mr. Shashidhar S.K. |
|
Designation : |
Company Secretary |
|
Address : |
#123, Benaka 12th Cross, 6th
Main Ngef Layout, Nagar Bhavi, Bangalore – 560072 |
|
Date of Birth/Age : |
20.12.1966 |
|
Date of Appointment : |
10.02.2009 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of composite products for
Aerospace, Defence, Transportation and Infrastructure Sectors. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
|
|
|
2009-10 |
|
Installed Capacity |
|
|
|
1391 tonnes |
|
Actual Production |
|
|
|
158.77 tonnes |
GENERAL INFORMATION
|
No. of Employees
: |
Not Available |
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Bankers : |
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Facilities : |
Note: (i)
Secured by
·
first charge by way of assignment of all
rights, claims and benefits in the related project documents including
permits, approvals, clearances and letter of credits, guarantees, performance
bonds obtained in respect of the project documents and insurance
contracts\claims pertaining to the related project, and second or pari passu
charge on fixed assets procured by ISRO advance (ii) Secured by way of hypothecation of specified fixed asset purchased out of the loan. (iii) Secured by hypothecation of stocks of Raw materials, Stocks in Process, semi-finished and finished goods, stores and spares not relating to plant and machinery, bills receivable and book debts and all other movables, both present and future and a second charge by way of joint mortgage by deposit of title deeds in respect of all the immovable properties and hypothecation of the whole movable properties including movable plant and machinery, machinery spares, tools and accessories and other movables both present and future except equipment funded by other agency.
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Holding Company : |
Tata Industries Limited |
|
|
|
|
Fellow Subsidiaries : |
|
|
|
|
|
Fellow Associates : |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235000000 |
Equity shares |
Rs.10/- each |
Rs.2350.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
141763287 |
Equity shares |
Rs.10/- each |
Rs.1417.632
millions |
|
|
|
|
|
[Of the above 141,631,180 (as at March 31, 2009: 16,177,893)
Equity Shares are held by Tata Industries Limited, the Holding Company]
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 |
1417.632 |
163.100 |
11.650 |
|
|
2] Advanced Against Share Capital
|
0.000 |
1154.533 |
649.900 |
|
|
3] Reserves & Surplus |
5.740 |
5.739 |
14.981 |
|
|
4] (Accumulated Losses) |
(282.622) |
(88.144) |
0.000 |
|
|
NETWORTH |
1140.750 |
1235.228 |
676.531 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
527.418 |
249.095 |
173.525 |
|
|
2] Unsecured Loans |
250.000 |
100.000 |
0.000 |
|
|
TOTAL BORROWING |
777.418 |
349.095 |
173.525 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1918.168 |
1584.323 |
850.056 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1360.125 |
410.177 |
218.297 |
|
|
Capital work-in-progress |
138.405 |
853.610 |
275.587 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
290.380
|
268.473
|
196.422 |
|
|
Sundry Debtors |
488.339
|
281.056
|
95.059 |
|
|
Cash & Bank Balances |
13.111
|
42.641
|
114.959 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
100.448
|
72.356
|
79.160 |
|
Total
Current Assets |
892.278
|
664.526 |
485.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
322.339
|
257.421
|
70.036 |
|
|
Other Current Liabilities |
134.107
|
63.198
|
32.877 |
|
|
Provisions |
16.194
|
23.371
|
26.515 |
|
Total
Current Liabilities |
472.640
|
343.990
|
129.428 |
|
|
Net Current Assets |
419.638
|
320.536
|
356.172 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1918.168 |
1584.323 |
850.056 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
575.058 |
460.427 |
228.903 |
|
|
|
Sub-Contract Income |
48.515 |
30.397 |
20.845 |
|
|
|
Other Income |
19.254 |
29.247 |
9.961 |
|
|
|
TOTAL (A) |
642.827 |
520.071 |
259.709 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials consumed |
399.139 |
269.144 |
120.453 |
|
|
|
(Increase)/Decrease in stock |
(87.206) |
(13.783) |
(6.325) |
|
|
|
Manufacturing,
administrative and selling expenses |
249.433 |
183.026 |
94.359 |
|
|
|
Personnel expenses |
170.631 |
128.313 |
78.221 |
|
|
|
TOTAL (B) |
731.997 |
566.700 |
286.708 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(89.170) |
(46.629) |
(26.999) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
46.110 |
28.241 |
17.072 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(135.280) |
(74.870) |
(44.071) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
58.935 |
21.365 |
15.695 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
(194.215) |
(96.235) |
(59.766) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.262 |
1.150 |
0.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-H) (I) |
(199.477) |
(97.385) |
(60.657) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
54.022 |
64.158 |
45.388 |
|
|
TOTAL EARNINGS |
54.022 |
64.158 |
45.388 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials |
346.348 |
280.399 |
82.669 |
|
|
|
Capital Goods |
114.070 |
264.647 |
23.598 |
|
|
TOTAL IMPORTS |
460.418 |
545.046 |
106.267 |
|
|
|
|
|
|
|
|
|
|
Earnings/Loss
Per Share (Rs.) |
(6.62) |
(66.91) |
(52.07) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(31.03)
|
(18.73)
|
(23.36)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(33.77)
|
(18.50)
|
(26.11)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.62)
|
(8.95)
|
(8.49)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
(0.08)
|
(0.09)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.09
|
0.56
|
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
1.93
|
3.75 |
LOCAL AGENCY FURTHER INFORMATION
COMPANY PROFILE :
Subject is the manufacturer of composite products in private sector in
FINANCIAL RESULTS:
During the year, the Company recorded sales revenue of Rs.623.600 millions, achieving a growth of 27% over the sales revenue of Rs.490.800 millions recorded in the previous year.
The Company is yet to achieve break-even due to the long gestation periods involved in commencing and stabilizing serial production on various aerospace programs. While the Company signed long term contracts with many aerospace companies in 2009, the process of qualification of facilities and equipment, approval of First Article and commencement of serial production could take anywhere between 18-48 months.
OPERATIONS AND
BUSINESS PROSPECTS:
In the Aerospace Division, the Company recorded sales revenue of Rs.221.700 millions in 2009-2010, compared to Rs.194.100 millions in the previous year..
The Company, during the year, has entered into long term supply contracts with various international and domestic vendors. The execution of these contracts would commence in the financial year 2010-11, with deliveries to be made over the next 6 to 10 years. The Company’s business with Vikram Sarabhai Space Centre (VSCC) continues to grow.
The Company is focusing on acquiring contracts, both in the ‘Build to Print’ and ‘Design to Manufacture’ space, in order to develop its manufacturing and design capabilities and progressively move up the value chain.
The sales revenue in the Defence and Industrial Composites Division was at Rs.401.900 millions in the year 2009-2010 compared to Rs.296.700 millions in the previous year.
In the Defence and Industrial Composites Division, the Company is de-risking the business model by expanding its portfolio in vehicle armoring and industrial composites. The Company is working with Tata Motors to develop and provide armoring solutions on chosen vehicle platforms. In the Industrial Composites, the Company is focusing on addressing emerging opportunities in medical, transportation and consumer segments. The nature of personnel armor business, however, continues to be tender driven and unpredictable and of low margin.
POTENTIALLY SICK
COMPANY:
The Company has attracted the provisions of section 23 of the Sick Industrial Companies (Special Provisions) Act, 1985 (“SICA”), by becoming a potentially sick industrial company, as the accumulated losses of Rs.282.600 millions as on 31st March, 2010 exceed 50% of the peak net-worth of the Company during the preceding four financial years (Peak net-worth was Rs.163.100 millions as on 31.03.2009).
After the preferential issue, the Company stands sufficiently capitalized and would be out of the purview of SICA for the financial year 2010-2011
FORM 8
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10122177 |
|
Corporate
identity number of the company |
U85110KA1989PLC013224 |
|
Name of the
company |
TATA ADVANCED
MATERIALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
10, Jigani Industrial Area, Jigani, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Canara Bank, Overseas Branch, Ramanashree Arcade, M |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Memorandum
of Entry |
|
Date of
instrument Creating the charge |
29.07.2010 |
|
Amount secured by
the charge |
Rs.3165.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
prescribed by the banks from time to time Terms of
Repayment As applicable to
respective credit limits Margin As per norms of
the banks Extent and
Operation of the charge The charge shall
operate to the extent of the loan amount plus interest commission costs
expenses and other charges thereon Others The said amount
of Rs.3165.000 millions comprises Term Loan Rs.1050.000 millions sanctioned
by Canara Bank, Term Loan Rs.1050.000 millions sanctioned by State Bank of
India and working capital limits (OCC/ODBD/PC/FDB/FBE/Supply
Bills/BE/SDB/ILC/FLC/BG) Rs.586.000 millions sanctioned by Canara Bank and
working capital limits (SODH/PCL/DLSB/DATBD/DBD/FDBP/FUBP/ILC/FLC/ODH)
Rs.479.000 millions sanctioned by Syndicate Bank |
|
Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
16.09.2009 |
|
Particulars of
the present modification |
By the above, the
amount secured by charge stands enhanced from Rs.1244.300 millions to
Rs.3165.000 millions. (All other terms
and conditions remain unchanged) |
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2009 (Rs. in
millions) |
|
Sales Tax Demand (AY 2003-04) |
1.156 |
|
Tax under Karnataka VAT, Penalty and Interest (AY 2006-07) |
1.407 |
|
|
|
FIXED ASSETS:
- Product
Development
- Software
- Free hold
land
- Buildings
- Rant and
Machinery
- Moulds, Dies
and Patterns
- Furniture and
Fixtures
- Computers
- Motor
Vehicles
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.49.24 |
|
|
1 |
Rs.76.80 |
|
Euro |
1 |
Rs.67.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.