MIRA
INFORM REPORT
|
Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT FRITZ WERNER LIMITED |
|
|
|
|
Registered
Office : |
Peenya, Yeshwantapur PO, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.10.1961 |
|
|
|
|
Com. Reg. No.: |
08-001433 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.71.792
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1961PLC001433 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB00311D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of Metal Cutting including Grinding Machines and Related
Accessories and Related Services. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3652000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company has
incurred huge losses in the year 2009-10. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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 : |
Peenya, Yeshwantapur PO, |
|
Tel. No.: |
91-80-28395745 |
|
Fax No.: |
91-80-28394816 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office, Administration and International Business
Division : |
Off |
|
Tel. No.: |
91-80-28395745/ 39821100 |
|
Fax No.: |
91-80-28394816 |
|
E-Mail : |
|
|
|
|
|
Regional Office : |
Located at: v
v
Chennai v
v
v
v
Kolkata v
Mumbai v
v
v v
v
Pune |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Arun Kumar Kothari |
|
Designation : |
Chairman |
|
Address : |
Kothari Niwas, 6B, |
|
Date of Birth/Age : |
10.07.1953 |
|
Date of Appointment : |
10.10.2003 |
|
DIN No.: |
00051900 |
|
|
|
|
Name : |
Mrs. Prabhawati Devi Kothari |
|
Designation : |
Director |
|
Address : |
Kothari Niwas, 6B, |
|
Date of Birth/Age : |
10.09.1957 |
|
Date of Appointment : |
10.10.2003 |
|
DIN No.: |
00051860 |
|
|
|
|
Name : |
Mr. Shailesh Rajnikant Sheth |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
29.12.1946 |
|
Date of Appointment : |
01.12.2003 |
|
DIN No.: |
00041713 |
|
|
|
|
Name : |
Mr. Ajit Khandelwal |
|
Designation : |
Director |
|
Address : |
4B, |
|
Date of Birth/Age : |
10.11.1957 |
|
Date of Appointment : |
07.12.2006 |
|
DIN No.: |
00416445 |
|
|
|
|
Name : |
Mr. Narendra Nath Upadhyay |
|
Designation : |
Whole-Time Director |
|
Address : |
Flat B-102, |
|
Date of Birth/Age : |
01.11.1946 |
|
Date of Appointment : |
25.11.2010 |
|
DIN No.: |
00033678 |
|
|
|
|
Name : |
Mr. Sunil Vasantrao Diwakar |
|
Designation : |
Director |
|
Address : |
C-002, Shreeji Ville, Opposite Nitin Company, |
|
Date of Birth/Age : |
22.05.1963 |
|
Date of Appointment : |
27.09.2008 |
|
DIN No.: |
00089266 |
|
|
|
|
Name : |
Mr. Vivek Narayan Joshi |
|
Designation : |
Director |
|
Address : |
Flat No.22, 2nd Floor, |
|
Date of Birth/Age : |
19.01.1963 |
|
Date of Appointment : |
29.09.2009 |
|
DIN No.: |
02629672 |
|
|
|
|
Name : |
Mr. Nitin Jagannath Deshmukh |
|
Designation : |
Director |
|
Address : |
No.1, Vaishali Society, |
|
Date of Birth/Age : |
07.11.1962 |
|
Date of Appointment : |
23.03.2006 |
|
Directorship in other companies : |
Metahelix Life Sciences Private Limited CIN No.: U73100KA2000PTC028246 Designation : Director |
|
DIN No./ PAN No.: |
AAGPD1399F |
|
|
|
|
Name : |
Mr. Lawrance Mohan Roy |
|
Designation : |
Alternate Director |
|
Address : |
No.14, Opposite Rohini Manor, SG Palaya, C.V. Raman Nagar, |
|
Date of Birth/Age : |
26.04.1969 |
|
Date of Appointment : |
26.07.2010 |
|
Date of Ceasing : |
10.08.2010 |
|
DIN No.: |
02215814 |
KEY EXECUTIVES
|
Name : |
Mr. S.N. Mishra |
|
Designation : |
Vice Chairman, President
and Chief Executive Officer |
|
|
|
|
Name : |
Nabonita Baruah |
|
Designation : |
Deputy Chief Executive Officer
and Chief Financial Officer |
|
|
|
|
Name : |
N.N. Upadhyay |
|
Designation : |
Senior Vice President |
|
|
|
|
Name : |
Mr. H.K. Birla |
|
Designation : |
Senior Vice President -
Operations |
|
|
|
|
Name : |
T. Ramaiah |
|
Designation : |
Vice President – SMD |
|
|
|
|
Name : |
Mr. Syed Amjed |
|
Designation : |
Vice President –
Marketing |
|
|
|
|
Name : |
Mr. M. Tulasiraman |
|
Designation : |
Vice President – SSD |
|
|
|
|
Name : |
Mr. Sagi Sreeramachandra
Raju |
|
Designation : |
Vice President -
Machining Centers Division |
|
|
|
|
Name : |
Mr. Narendra Nath
Upadhyay |
|
Designation : |
Secretary |
|
Address : |
Flat B-102, |
|
Date of Birth/Age : |
01.11.1946 |
|
Date of Appointment : |
08.11.1978 |
|
PAN No.: |
AAJPU4331R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Kothari and Company Private Limited, |
|
5350000 |
|
Kothari Giridhar Das |
|
43000 |
|
Commercial House Private Limited, |
|
3300000 |
|
Kothari Investment and Industries Private Limited, |
|
5412928 |
|
M.D. Kothari and Company Limited, |
|
1796800 |
|
Vishnuhari Investment and Properties Limited, |
|
1837550 |
|
Kothari Devi Prabhawati |
|
4000000 |
|
Kothari Kumar Arun |
|
18600 |
|
Kotak Mahindra Trusteeship Services Limited, |
|
2121561 |
|
IL and FS Trust Company Limited, |
|
1980191 |
|
IVC Employees Welfare |
|
141370 |
|
Total |
|
26002000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Kotak Mahindra Trusteeship Services Limited, |
|
4946976 |
|
IL and FS Trust Company Limited, |
|
4946976 |
|
Total |
|
9893952 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Venture capital |
|
39.38 |
|
Bodies
corporate |
|
49.30 |
|
Directors
or relatives of directors |
|
11.32 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Metal Cutting including Grinding Machines and Related
Accessories and Related Services. |
||||||||||||
|
|
|
||||||||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
|
|
|
|
Bankers : |
v
Canara Bank, Industrial Finance Branch,
Venkatadri Complex, No.83, v
State Bank of v
ICICI Bank Limited, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
12th and 13th Floor, "UB City" Canbera
Block, No.24, Vittal |
|
Tel. No.: |
91-80-40275000 |
|
Fax No.: |
91-80-22106000 |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFS3421N |
|
|
|
|
Subsidiaries : |
Bangalore
Agrotech Limited CIN No.: U85110KA1994PLC016420 Excel Precision
Manufacturing Limited CIN No.: U27101KA1978PLC003395 Bharat Fritz Werner
GmbH Microsys Design Lab Pte. Limited |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000000 |
Equity Shares |
Rs.2/- each |
Rs.180.000 millions |
|
10000000 |
Preference Shares |
Rs.2/- each |
Rs.20.000 millions |
|
|
Total |
|
Rs.200.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26002000 |
Equity Shares |
Rs.2/- each |
Rs.52.004
millions |
|
9893952 |
Preference Shares |
Rs.2/- each |
Rs.19.788
millions |
|
|
Total |
|
Rs.71.792 millions |
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 |
71.792 |
71.792 |
71.792 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
841.215 |
1221.931 |
1174.742 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
913.007 |
1293.723 |
1246.534 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
375.630 |
555.669 |
491.267 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
3.416 |
|
|
TOTAL BORROWING |
375.630 |
555.669 |
494.683 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
68.895 |
53.066 |
|
|
|
|
|
|
|
|
TOTAL |
1288.637 |
1918.287 |
1794.283 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
717.829 |
743.973 |
704.278 |
|
|
Capital work-in-progress |
23.878 |
69.406 |
86.043 |
|
|
|
|
|
|
|
|
INVESTMENT |
223.724 |
331.378 |
419.147 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
438.027
|
738.181 |
715.628 |
|
|
Sundry Debtors |
246.049
|
348.715 |
466.914 |
|
|
Cash & Bank Balances |
382.941
|
255.775 |
150.364 |
|
|
Other Current Assets |
9.287
|
8.707 |
5.572 |
|
|
Loans & Advances |
207.046
|
154.793 |
67.034 |
|
Total
Current Assets |
1283.350
|
1506.171 |
1405.512 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors & Other Current Liabilities |
893.081
|
656.211 |
737.277 |
|
|
Provisions |
67.063
|
76.430 |
83.420 |
|
Total
Current Liabilities |
960.144
|
732.641 |
820.697 |
|
|
Net Current Assets |
323.206
|
773.530 |
584.815 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1288.637 |
1918.287 |
1794.283 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1975.161 |
1890.196 |
2465.018 |
|
|
|
Other Income |
51.907 |
45.444 |
71.731 |
|
|
|
TOTAL |
2027.068 |
1935.640 |
2536.749 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
1444.112 |
1067.093 |
1587.044 |
|
|
|
Manufacturing Expenses |
56.279 |
63.209 |
84.849 |
|
|
|
Increase/ Decrease in Finished Goods/ Work in progress |
9.244 |
26.280 |
(48.871) |
|
|
|
Employee Costs |
381.777 |
319.768 |
269.438 |
|
|
|
Administration, Selling and Other Expenses |
193.145 |
235.066 |
207.097 |
|
|
|
TOTAL |
2084.557 |
1711.416 |
2099.557 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(57.489) |
224.224 |
437.192 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
53.283 |
58.532 |
46.828 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(110.772) |
165.692 |
390.364 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
65.812 |
59.175 |
57.094 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX AND EXCEPTIONAL ITEMS |
(176.584) |
106.517 |
333.270 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(62.605) |
42.528 |
106.339 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX AND BEFORE EXCEPTIONAL ITEMS |
(113.979) |
63.988 |
226.931 |
|
|
|
|
|
|
|
|
|
|
Exceptional
Items |
(266.737) |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
NET PROFIT/
(LOSS) |
(380.716) |
63.988 |
226.931 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
323.565 |
296.375 |
177.843 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Tax Dividend |
-- |
14.358 |
7.179 |
|
|
|
Tax on Dividend |
-- |
2.440 |
1.220 |
|
|
|
Transfer to General Reserve |
-- |
20.000 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(57.151) |
323.565 |
296.375 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of FOB Value |
18.381 |
176.191 |
47.968 |
|
|
TOTAL EARNINGS |
18.381 |
176.191 |
47.968 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Spares |
NA |
310.696 |
277.866 |
|
|
|
Capital Goods |
NA |
47.075 |
28.033 |
|
|
TOTAL IMPORTS |
NA |
357.771 |
305.899 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
(14.78) |
2.28 |
8.65 |
|
|
|
- Diluted |
(11.78) |
1.78 |
6.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(18.78)
|
3.31 |
8.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.77)
|
5.64 |
13.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.70)
|
4.73 |
15.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19)
|
0.08 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.46
|
0.99 |
1.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
2.06 |
1.71 |
LOCAL AGENCY FURTHER INFORMATION
TURNOVER AND
PROFITS:
The business
scenario in general showed signs of recovery towards the close of the financial
year. The demand for capital goods, more particularly machine tools, remained
static during a significant part of the year. During the year under review, the
company could achieve a turnover of Rs.2158.140 millions, which is marginally
higher than the turnover of the earlier year. The consumption of machine tools
in the country shrank, causing thereby lower demand for machine tools. In the
light of adverse factors faced by the company, such as severe competition from
imported machines - particularly second hand machines, increase in the cost of
inputs, 2nd adverse exchange rate, the margins of the company
remained continuously under severe pressure. The company made a loss inspite of
taking several steps such as cutting costs and optimizing resource utilization.
The company has
taken major initiatives in the field of total quality management so as to meet
the challenges offered by the emerging signs of recovery in the economy as well
as to enhance the competitive strength of the company. Also, determined thrust
is being given to improve the situation by widening the market base; several
new steps have been taken to expand the exports.
Exhibitions
During the year,
the Company's products were exhibited at EMO, Milano; Techmart,
FORM 8:
|
Corporate
identity number of the company |
U85110KA1961PLC001433 |
|
Name of the
company |
BHARAT FRITZ WERNER LIMITED |
|
Address of the
registered office or of the principal place of business in |
Peenya, Yeshwantapur PO, E-Mail: bfw@bfw.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80007544 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Canara Bank, Industrial Finance Branch, Venkatadri Complex, No.83, E-Mail: cb1927@canarabank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Common Hypothecation Agreement |
|
Date of
instrument Creating the charge |
30.06.2011 |
|
Amount secured by
the charge |
Rs.443.750
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: OCC/ODBD - BPLR -
1.25% = 10.75% p.a. floating Terms of
Repayment: OCC/ODBD -
Running account repayable on demand ILC/FLC - Usance
- FLC - 180 days from bill of lading, ILC - 180 days BG - Period 2
years excluding claim period Margin: OCC/ODBD - 25% BG - 5% 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.443.750 millions comprises OCC/ODBD - Rs.218.750 millions, ILC/FLC
Rs.100.000 millions and BG Rs.125.000 millions |
|
Short particulars
of the property charged |
Pari passu first
charge with SBI under MBA viz. hypothecation of stocks and book debts;
(Pari Passu first charge with SBI)
on the fixed assets of the company - Plant and Machinery, Furniture and
Fixture, Patterns, Equipment etc excluding assets situated at Hosur. |
|
Date of latest
modification prior to the present modification |
29.06.2011 |
|
Particulars of
the present modification |
By the above, the
charge on stocks, book debts, fixed assets of the company - Plant and
Machinery, Furniture and Fixture, Patterns, Equipment etc. (excluding assets
situated at Hosur) shall cover the present modified limits aggregating Rs.443.750 millions (all other terms
and conditions remain unchanged) |
FIXED ASSETS:
v
v
Building
v
Pollution Control Equipment
v
Electrical Installations
v
Vehicles
v
Office Equipment
v
Furniture and Fixtures
v
Laboratory Equipment
v
Computers
v
Canteen Equipment
v
Patterns
WEBSITE DETAILS:
INTRODUCTION
Subject is one of the flagship companies of the Kothari Group.
BFW was incorporated on October 17, 1961 in collaboration with Fritz Werner
Werkzeugmaschinen GmbH of West Germany. It is one of the rare private sector
machine tool companies in
BOARD OF
DIRECTORS:
Chairman
Mr Kothari is also on the boards of Albert David Limited, Bhaktwatsal Investments Limited, Gillanders Arbuthnot and Company Limited, GIS Limited, Indian Glass and Electricals Limited, Kothari Plantations and Industries Limited, Satkriti Investments Limited, Vishnuhari Investments and Properties Limited, Arvind Engineering Works Limited, Claro India Limited, Shree Sitaram Development Company Private Limited, Abhivirdhi Leasing (Private) Limited and Kothari Phytochemicals and Industries Limited.
Mr. SN Mishra
Vice Chairman
A chartered accountant by qualification, Mr Mishra has been the president of the Indian Machine Tool Manufacturers' Association (IMTMA), the Bangalore Chamber of Industry and Commerce (BCIC), and the North Bangalore Industries Association. Mr Mishra serves the CII National Council, CMTI, and several other institutions as a member.
Smt. PD Kothari Director
Mrs. Kothari is also on the boards of Bhaktwatsal Investments Limited, Gillanders Arbuthnot and Company Limited, GIS Limited, Kothari Plantations and Industries Limited, Satkriti Investments Limited, Vishnuhari Investments and Properties Limited, Kothari Phytochemicals and Industries Limited, G Das and Company Private Limited, and MD Kothari and Company Limited
Mr. Shailesh Sheth Director
An alumni of the Indian Institute of Management, Ahmedabad, Mr Shailesh Sheth has been the president of the Indian Machine Tool Manufacturing Association, and is an independent director at Birla Precision Technologies Limited, Jost Engineering Company Limited, Birla Machining and sToolings Limited, ATE Enterprises Limited, ATE Private Limited and KNF Pumps Limited
Mr. Vivek Joshi
Director
A chemical engineer from the Indian Institute of Technology, Mumbai, Mr Joshi guides the business and growth strategy in the portfolio of Kotak Private Equity.
Mr. NN Upadhyay Director
Mr. NN Upadhyay has led the Bangalore Chamber of Industry and Commerce as its President, served as a national executive committee member of the Indian Machine Tool Manufacturers' Association, and has also been a member of the Karnataka state council of the Confederation of Indian Industry.
Mr. Sunil V Diwakar, Director
A production technology postgraduate from the Indian Institute of technology, Chennai, Mr Diwakar is a managing partner at IL and FS (Infrastructure Leasing and Financial Services Limited).
Mr. Ajit Khandelwal, Director
Mr. Khandelwal is a professional on investment advisory, merchant banking, equity research and financial planning.
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.46.13 |
|
|
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
31 |
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.