|
Report Date : |
13.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
BUNDY INDIA LIMITED |
|
|
|
|
Registered
Office : |
No.2, G.I.D.C. Industrial Estate, Makarpura, Vadodara – 390 010, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
01.05.1996 |
|
|
|
|
Com. Reg. No.: |
04-029520 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.79.258
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199GJ1996PLC029520 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDB00700A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of automotive components, tubes and fuel handling
products. |
|
|
|
|
No. of Employees : |
Not Divulged |
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 1638000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an
established company having satisfactory track. Trade relations are reported
as 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Anal Jain |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-265-264261 |
|
Date : |
12.06.2012 |
LOCATIONS
|
Registered Office : |
No.2, G.I.D.C. Industrial Estate, Makarpura, Vadodara – 390 010, |
|
Tel. No.: |
91-265-2642621/ 2643861/ 2643862 |
|
Fax No.: |
91-265-2638364 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
No.13C, 6th Main 3rd Phase, Peenya Industrial
Area, |
|
Location : |
Rented |
|
|
|
|
Factory 2 : |
Plot No.39 and 40, Sector No. 3, |
|
Tel. No.: |
91-124-2842701 / 2842809 |
|
Fax No.: |
91-124-2842801 |
|
Location : |
Owned |
DIRECTORS
AS ON 23.06.2011
|
Name : |
Mr. Akhilesh Rai |
|
Designation : |
Chairman |
|
Address : |
1/18, Viram Khand, Near Patrakarpuram, Chauhara, Gomti Nagar, |
|
Date of Birth/Age : |
28.07.1948 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
25.02.1997 |
|
DIN No.: |
00317330 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Managing Director |
|
Address : |
323-B, |
|
Date of Birth/Age : |
30.03.1959 |
|
Qualification : |
CA/ CS |
|
Date of Appointment : |
01.07.2003 |
|
DIN No.: |
00302698 |
|
|
|
|
Name : |
Mr. Phillip Stephenson |
|
Designation : |
Director |
|
Address : |
37, Stonehenge Ave, Sterling-5152, |
|
Date of Birth/Age : |
24.10.1949 |
|
Date of Appointment : |
23.09.2002 |
|
DIN No.: |
00426606 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Whole Time Director |
|
Address : |
801, Block -14, |
|
Date of Birth/Age : |
20.05.1953 |
|
Date of Appointment : |
01.01.2005 |
|
DIN No.: |
00335648 |
|
|
|
|
Name : |
Mr. Van Boxlaer Olivier |
|
Designation : |
Whole Time Director |
|
Address : |
House No.3/302, |
|
Date of Birth/Age : |
31.03.1976 |
|
Date of Appointment : |
28.03.2011 |
|
DIN No.: |
03553923 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Sharma |
|
Designation : |
Secretary |
|
Address : |
B-86, Ashok Vihar, Phase-I, |
|
Date of Birth/Age : |
28.07.1963 |
|
Date of Appointment : |
17.06.2009 |
|
PAN No.: |
ADFPS3888Q |
|
|
|
|
Name : |
Mr. Sipojan |
|
Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
MAJOR SHAREHOLDERS – NOT AVAILABLE
As on 23.06.2011
|
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] |
|
96.07 |
|
Other
top fifty shareholders |
|
3.93 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of automotive components, tubes and fuel handling
products. |
||||||
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|
|
||||||
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Products : |
|
PRODUCTION STATUS (AS ON 31.12.2010)
|
Particulars |
Unit |
Licenced/
Approved Capacity (Note 1) |
Installed
Capacity (Note
2) |
Production/
Purchase Quantity |
|
Single wall tubes / Copper coated steel
tubes |
Meters |
-- |
380 Lacs |
37238974 (Note
3) |
|
Brakes and Fuel Lines and Other Components |
Numbers |
-- |
-- |
15057470 |
|
|
|
|
|
|
Notes:
(1) Licensing has
been abolished vide Press Note No.9 dated 2nd August 1991 and
Notification No.S.C.477(E) dated 25th July 1991 issued by the
Government of India.
(2) As certified by the technical head
of the Company and accepted by the Auditors.
(3) Includes
15,448,860 Meters for captive consumption.
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
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Bankers : |
v
State Bank of v
Axis Bank, Makarpura v
State Bank of |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
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Facilities : |
Note: 3,600,000, Libor + 2% Compulsorily Fully Convertible Debentures of face
value Rs. 10 each have been Issued to TI Automotive Holdings Limited, UK, the
holding company, at a premium of Rs.15 per debenture vide the Debenture
Subscription Agreement dated 28th November, 2009. The premium
aggregating Rs.54.000 millions has been disclosed under Securities Premium
Account. These debentures shall be converted into equity shares at a par
value of Rs.10 per share, the date of conversion being the 120th month
following the date on which the debentures are issued. The value of equity shares
issued after the conversion of the debentures will be equivalent to the value
of debentures issued, divided into such number of shares at a price as may be
decided by the Independent valuer as per the valuation norms prescribed by
the Foreign Exchange Management Act. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AADFP9359C |
|
|
|
|
Holding Company : |
TI Automotive Holding Limited, |
|
|
|
|
Fellow Subsidiaries : |
v
TI Group Automotive Systems Limited, v
TI Group Automotive Systems ( v
TI Group Automotive Systems v
TI Group Automotive Systems v
Hanil Tube Corporation, v
TI Group Automotive Systems S.A., v
Bundy Tubing Company ( v
Bundy Fluid Systems ( v
TI Automotive Limited, v
TI Automotive (Fuldabruk) v
TI Automotive (Heidleberg) v TI Group Automotive Systems SAS v
TI Automotive ( v TI Group Automotive Systems France v
TI Automotive, v Hanil Tube India Private Limited |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7925823 |
Equity Shares |
Rs.10/- each |
Rs.79.258
millions |
|
|
|
|
|
Note:
Of the above
(a) 75000 Equity Shares were allotted in 1985 as fully paid without consideration
being received in cash.
(b) 144004 Equity Shares were allotted to the shareholders pursuant to
the scheme of amalgamation in 1986 without consideration being received in cash
(c) 7614490 Equity Shares of Rs.10 each fully paid are held by the
holding company, TI Automotive Holding Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
79.258 |
79.258 |
79.258 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
330.333 |
305.991 |
257.531 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
409.591 |
385.249 |
336.789 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
67.309 |
89.375 |
|
|
2] Unsecured Loans |
73.640 |
94.560 |
59.355 |
|
|
TOTAL BORROWING |
73.640 |
161.869 |
148.730 |
|
|
DEFERRED TAX LIABILITIES |
27.440 |
17.564 |
20.315 |
|
|
|
|
|
|
|
|
TOTAL |
510.671 |
564.682 |
505.834 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
408.743 |
414.247 |
333.151 |
|
|
Capital work-in-progress |
13.289 |
19.378 |
99.289 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.101 |
0.101 |
0.101 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
173.035
|
72.322
|
72.458 |
|
|
Sundry Debtors |
272.276
|
104.905
|
103.322 |
|
|
Cash & Bank Balances |
18.645
|
3.978
|
10.643 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
80.689
|
75.033
|
74.849 |
|
Total
Current Assets |
544.645
|
256.238
|
261.272 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
404.619
|
97.023
|
151.954 |
|
|
Other Current Liabilities |
32.557
|
13.809
|
20.569 |
|
|
Provisions |
18.931
|
14.450
|
15.456 |
|
Total
Current Liabilities |
456.107
|
125.282
|
187.979 |
|
|
Net Current Assets |
88.538
|
130.956
|
73.293 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
510.671 |
564.682 |
505.834 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales (Net) |
1180.589 |
608.253 |
485.908 |
|
|
|
Service Rendered |
30.204 |
32.881 |
34.515 |
|
|
|
Other Income |
20.098 |
16.352 |
18.494 |
|
|
|
TOTAL (A) |
1230.891 |
657.486 |
538.917 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
792.089 |
360.886 |
279.669 |
|
|
|
Manufacturing and Other Expenses |
357.472 |
253.537 |
244.041 |
|
|
|
TOTAL (B) |
1149.561 |
614.423 |
523.710 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
81.330 |
43.063 |
15.207 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST & FINANCIAL
EXPENSES (D) |
11.876 |
18.742 |
15.277 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
69.454 |
24.321 |
(0.070) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.236 |
32.387 |
25.614 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
34.218 |
(8.066) |
(25.684) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.876 |
(2.526) |
(7.315) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
24.342 |
(5.540) |
(18.369) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
54.513 |
60.053 |
78.422 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
78.855 |
54.513 |
60.053 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Services rendered |
30.204 |
32.881 |
34.515 |
|
|
|
Tubes & Components |
2.445 |
0.904 |
6.021 |
|
|
TOTAL EARNINGS |
32.649 |
33.785 |
40.536 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Consumables |
61.900 |
79.328 |
124.520 |
|
|
|
Bought out Tubes, Components & Chemicals |
133.441 |
75.672 |
39.491 |
|
|
|
Plastic Fuel Tanks |
190.186 |
0.000 |
0.000 |
|
|
|
Capital Goods |
16.676 |
11.418 |
61.278 |
|
|
|
Spares |
1.430 |
3.603 |
1.335 |
|
|
TOTAL IMPORTS |
403.633 |
170.021 |
226.624 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
3.07 |
(0.70) |
(2.32) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
1.98 |
(0.84)
|
(3.41) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.90 |
(1.33)
|
(5.29) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.59 |
(1.20)
|
(4.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
(0.02)
|
(0.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.29 |
0.75
|
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
2.05
|
1.39 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
|
Particulars |
31.12.2010 (Rs.
In Millions) |
31.12.2009 (Rs.
In Millions) |
31.12.2008 (Rs.
In Millions) |
|
Total Outstanding dues of Creditors Other than Micro and Small
Enterprises |
404.619 |
97.023 |
151.954 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions of
the firm |
Yes |
|
4) Premises
details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
No |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
No |
|
30) Major
Shareholders, if available |
-- |
FINANCIAL RESULTS
AND OPERATIONS:
Income during the
year has increased by 87%. Gross profit has increased by over 89%. Net Profit has
been Rs.34.218 millions as compared to Loss of Rs.8.066 millions during 2009.
Automotive market
has shown an impressive growth during the year 2010 with passenger vehicle
segment recording a growth of 23.5%. Several new launches have been made
especially in the small car segment. The company has been successful in winning
several new businesses during the year and is placed with a good order book at
the end of the year.
Company's
manufacturing capacity has been increased at all the facilities to meet the
growth requirements. During the year Company has started operations on new
product line namely plastic fuel tanks, which are currently being procured from
overseas and steps are being taken to set up the manufacturing facility in
While current year
has started on a positive note in terms of volume, there are concerns over
rising Costs of inputs and inflationary impact on other costs.
FORM 8
|
Name of the company |
BUNDY INDIA LIMITED |
||||||||||||||||||||||||||||
|
Presented By |
Mr. T.V Babu, Company Secretary |
||||||||||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Joint Deed of hypothecation dated 18th April
1996 executed by Bundy India Limited in favour of State Bank of |
||||||||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 48.000 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 |
The whole of the current assets of the company, namely stocks of raw materials, stocks in process, Semi-finished and finished goods, stores and spares not relating to plant and machinery (consumable, stores and spares) bills receivables and book debts and all other movables, both present and future, lying at the company’s factory situated at Plot No. 2, GIDC, Makarpura, Baroda 390010 or elsewhere or in transit. |
||||||||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
a) First charge of all the current assets jointly in
favour of State Bank of b) Interest at such rate or rates as may be determined by the Bank from time to time c) Principal amount repayable on demand d) Facility in the following manner: (Rs. In Millions)
|
||||||||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of (as consortium on behalf of State Bank of |
||||||||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
On 18th Jun 2001, Letter received from Hongkong and Shanghai Banking Corporation declaring that there are not dues outstanding on the working capital facility executed with them on 18th April 1996 |
||||||||||||||||||||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original charge for Rs. 48.000 Millions was created on 18th April 1996 and registered on 5th June 1996. The charge was then modified.
|
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29199GJ1996PLC029520 |
|
Name of the
company |
BUNDY INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 2 GIDC Industrial Estate, Makarpura, Vadodara – 390010, |
|
Type of charge |
Immovable
Property |
|
Particular of charge
holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry for extension of equitable mortgage |
|
Date of
instrument Creating the charge |
17.08.2007 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.75% p.a. Terms of
Repayment 2007- December –
Rs. 5.000 Millions 2008 and 2009 March – June, September, December – Rs.
5.000 Millions each 2010- March Rs. 5.000 Millions Margin 25% Extent and
Operation of the charge The above charges
is created to secure the repayment of Term Loan of Rs. 50.000 Millions
granted by the State Bank of |
|
Short particulars
of the property charged |
All that price
and parcel of survey Number 298/p, 299/p, 323/p, 321/p, 320/p, 306/p, 300/p, 305/p,
301, 302 and 303 plot no(s) 2 in the GIDC Makarpura, Tarsali, Vadodara |
FIXED ASSETS
Tangible Assets
v
v
v Buildings – Office and Factory
v Plant and Machinery
v Furniture and Fittings
v Office Equipments
v Computers and Accessories – Hardware
v Vehicles
Intangible Assets
v Technical Knowhow
v Computer
Software
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.56.05 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.