MIRA
INFORM REPORT
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Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
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Name : |
IAC INTERNATIONAL AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No.3, Rajiv Gandhi, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.03.2008 |
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Com. Reg. No.: |
11-131589 |
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Capital
Investment/ Paid-up Capital: |
Rs.605.501 Millions |
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CIN No.: [Company Identification
No.] |
U34300PN2008FTC131589 |
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IEC No.: |
3108000748 |
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TIN No.: |
06311936535 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEI05220F |
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PAN No.: [Permanent Account No.] |
AABCI8434J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in the Design, Development and Manufacturer of
Automotive Interior Systems for various Automotive Industry Customers. |
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No. of
Employees: |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1600000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of IACNA Mauritius 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. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sudhir Pimale |
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Designation : |
Executive Human Resource |
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Contact No.: |
91-9552582004 |
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Date : |
13.06.2012 |
LOCATIONS
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Registered Office/ Corporative Office : |
Plot No.3, Rajiv Gandhi, Infotech Park, Phase 1, Hinjewadi, Pune -
411057, Maharashtra, India |
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Tel. No.: |
91-20-66538500 |
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Fax No.: |
91-20-66538777 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 18, Sector 7 IMT Manesar, Gurgaon, India |
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Factory 2 : |
MIDC, Chakan, Pune, Maharashtra, India |
DIRECTORS
As on: 30.09.2011
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Name : |
Mr. James Kevin Kamsickas |
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Designation : |
Director |
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Address : |
44011, Cypress Point, Drive BNorthville, MI, USA-48168 |
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Date of Birth/Age : |
15.12.1966 |
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Date of Appointment : |
31.03.2008 |
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Din No.: |
02112590 |
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Name : |
Mr. Jeffrey Henery Vanneste |
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Designation : |
Director |
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Address : |
57863, Karam Navenue, Washington Township, MI, USA-48904 |
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Date of Birth/Age : |
03.09.1959 |
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Date of Appointment : |
31.03.2008 |
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Din No.: |
02112593 |
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Name : |
Mr. Janis Nikkoline Acosta |
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Designation : |
Director |
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Address : |
7676, Windgate Circle West, Bloom Field, MI, USA-48323 |
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Date of Birth/Age : |
26.09.1969 |
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Date of Appointment : |
31.03.2008 |
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Din No.: |
02112586 |
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Name : |
Mr. Scott Allen Kehoe |
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Designation : |
Director |
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Address : |
5153, Cedar Creek Drive, Brownstown, MI, USA-481 34 |
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Date of Birth/Age : |
30.10.1973 |
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Date of Appointment : |
03.09.2009 |
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Din No.: |
02740300 |
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Name : |
Mr. Gajanan Vithal Gandhe |
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Designation : |
Director |
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Address : |
703/704, Wellington Co-Operative Housing Society, Hiranandani Estate,
Thane (West)-400 607, Maharashtra, India |
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Date of Birth/Age : |
01.03.1864 |
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Date of Appointment : |
31.03.2008 |
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Din No.: |
02023395 |
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Name : |
Mr. Brian Keith Pour |
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Designation : |
Director |
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Address : |
4403 Patrick Road, West Bloomfield, MI, USA |
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Date of Birth/Age : |
10.12.1971 |
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Date of Appointment : |
30.03.2011 |
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Din No.: |
03500848 |
KEY EXECUTIVES
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Name : |
Mr. Sudhir Pimale |
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Designation : |
Executive Human Resource |
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Name : |
Mr. Ashish Kumar jain |
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Designation : |
Company Secretary |
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Address : |
13, Ankit Residency, Pavna Nagar, Chinchawad, Pune-411 033,
Maharashtra, India |
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Date of Birth/Age : |
14.05.1978 |
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Date of Appointment : |
14.05.2010 |
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PAN No.: |
AGNPJ9848E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
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Names of Shareholders (Equity Shares) |
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No. of Shares |
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Iacna Mauritius Limited, |
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21314594 |
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IAC US Holding Inc, USA |
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01 |
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Total |
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21314595 |
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Names of Shareholders (Preference Shares) |
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No. of Shares |
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IACNA Mauritius Limited, Mauritius |
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47133901 |
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Total |
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47133901 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in the Design, Development and Manufacturer of Automotive
Interior Systems for various Automotive Industry Customers. |
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Products : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit (15 days) |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Glove Box Compartment |
Nos. |
13200 |
1400 |
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Instrument Panel |
Nos. |
3000 |
21 |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
State Bank of India, Industrial Finance Branch, Tara Chambers,
Mumbai-Pune Road, Pune - 411003, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
703, 7th Floor, Godrej Castle Maine, Next To Ruby Hall Clinic,
Bund Garden Road, Pune - 411 001, Maharashtra, India |
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Tel. No.: |
91-20-30585764/65 |
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Fax No.: |
91-20-30585775 |
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PAN No.: |
AAIFB4734C |
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Holding Company: |
International
Automotive Components Group North America, Inc. |
CAPITAL STRUCTURE
After: 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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50000000 |
Preference Shares |
Rs.10/- each |
Rs.500.000 Millions |
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Total |
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Rs.1000.000
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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21314595 |
Equity Shares |
Rs.10/- each |
Rs.213.146 Millions |
|
47133901 |
Preference Shares |
Rs.10/- each |
Rs.471.339
Millions |
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Total |
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Rs.684.485 Millions |
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As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
50000000 |
Preference Shares |
Rs.10/- each |
Rs.500.000 Millions |
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Total |
|
Rs.1000.000
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
21314595 |
Equity Shares |
Rs.10/- each |
Rs.213.146
Millions |
|
39235501 |
Preference Shares |
Rs.10/- each |
Rs.392.355 |
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Total |
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Rs.605.501 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
605.501 |
386.326 |
328.468 |
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2] Share Application Money |
0.000 |
45.820 |
0.000 |
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3] Reserves & Surplus |
2.032 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(191.526) |
(130.980) |
(110.803) |
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NETWORTH |
416.007 |
301.166 |
217.665 |
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LOAN FUNDS |
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1] Secured Loans |
177.724 |
60.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
177.724 |
60.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
593.731 |
361.166 |
217.665 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
359.232 |
245.900 |
236.794 |
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Capital work-in-progress |
173.612 |
12.250 |
0.195 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
39.513
|
0.729 |
0.000 |
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Sundry Debtors |
91.243
|
9.555 |
18.956 |
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Cash & Bank Balances |
75.166
|
121.561 |
28.513 |
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Other Current Assets |
7.793
|
15.483 |
0.913 |
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Loans & Advances |
106.071
|
59.775 |
23.642 |
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Total
Current Assets |
319.786
|
207.103 |
72.024 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditor |
127.594
|
45.579 |
11.764 |
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Other Current Liabilities |
122.755
|
23.748 |
26.701 |
|
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Provisions |
8.550
|
34.760 |
52.883 |
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Total
Current Liabilities |
258.899
|
104.087 |
91.348 |
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Net Current Assets |
60.887
|
103.016 |
(19.324) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
593.731 |
361.166 |
217.665 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
308.421 |
221.557 |
141.568 |
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Other Income |
5.745 |
3.015 |
2.852 |
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TOTAL (A) |
314.166 |
224.572 |
144.420 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material cost |
|
2.777 |
0.000 |
|
|
|
Cost of tool Development |
|
82.086 |
96.689 |
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|
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Employee costs |
|
84.623 |
48.889 |
|
|
|
Operating and Other Expense |
|
66.569 |
106.290 |
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TOTAL (B) |
360.472
(Including Financial Expenses) |
236.055 |
251.868 |
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(11.483) |
(107.448) |
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Less |
FINANCIAL
EXPENSES (D) |
|
1.717 |
0.000 |
|
|
|
|
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|
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|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(46.306) |
(13.200) |
(107.448) |
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.240 |
6.977 |
2.786 |
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|
|
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|
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|
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|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(60.546) |
(20.177) |
(110.234) |
|
|
|
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|
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|
Less |
TAX (H) |
0.000 |
0.000 |
0.569 |
|
|
|
|
|
|
|
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|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(60.546) |
(20.177) |
(110.803) |
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(130.980) |
(110.803) |
0.000 |
|
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|
|
|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
(191.526) |
(130.980) |
(110.803) |
|
|
|
|
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Offshore Engineering Service |
72.389 |
80.453 |
26.841 |
|
|
TOTAL EARNINGS |
72.389 |
80.453 |
26.841 |
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|
IMPORTS |
|
|
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|
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|
Raw Materials |
31.971 |
0.760 |
0.000 |
|
|
|
Capital Goods |
65.342 |
1.302 |
11.448 |
|
|
TOTAL IMPORTS |
97.313 |
2.062 |
11.448 |
|
|
|
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|
|
|
|
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Earnings/ (Loss)
Per Share (Rs.) |
(1.00) |
(2.25) |
(11.81) |
|
The above information has been parted by Mr. Sudhir Pimale
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(19.27)
|
(8.25) |
(76.72) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
(19.63)
|
(9.11) |
(77.87) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(8.92)
|
(4.45) |
(35.70) |
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.15)
|
(0.07) |
(0.51) |
|
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|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.05
|
0.54 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.99 |
0.79 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditor due others |
127.594
|
45.579 |
11.764 |
|
Total |
127.594
|
45.579 |
11.764 |
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
BACKGROUND OF THE
COMPANY
Subject was
incorporated in
The Company is
engaged in the design, development and manufacture of automotive interior systems
for various automotive industry customers and has one corporate office, one manufacturing facility and an
engineering centre.
OPERATIONS
This year was the third year of operation of the
Company. During the year the Company has successfully set up its manufacturing
facility in Mahindra Supplier Park, Chakan (Chakan - I). This plant is a state
of the art, integrated manufacturing and assembly plant supplying
“just-in-time” and “just-in-sequence” to Mahindra and Mahindra. Effective
August 2011, the Company has started supplying the automotive interiors such as
Instrument Panel and Exterior Parts, Floor Console, Rear and Front Door Trims,
B, C and D Pillar Trims, Tail Gate and Glove Box Assembly for the W201 program
to Mahindra Vehicles Manufacturing Limited (MVML) from Chakan -I. The company
already supplies Mahindra Navistar Automotive Limited the automotive interiors
such as Instrument Panel and Exterior Parts for their Heavy Duty Trucks from
Chakan -I plant and VW the Glove Box Assembly from its Chakan II plant.
ACQUISITION OF
MANUFACTURING FACILITY AT MANESAR
Multivac was engaged in the business of manufacturing and development of interior trim components for automobiles manufacturers and has a strong customer base including Maruti Suzuki, Volkswagen, Eicher and Volvo. The acquisition will help the Company to expand business in North India and will open new business opportunities in that territory.
FUTURE BUSINESS
PROSPECTS
Although the Company is just three years old, a significant interest is being shown in it by the Indian domestic passenger car and heavy truck manufacturers in IAC’s product and processes because of there unique strengths in technology, product development and operational expertise.
The Company has been approached by several Indian domestic passenger car and truck manufacturers with requests for quotation for their upcoming future programs and company is in an advanced stage of negotiation with some of the OEM’s.
The Indian automobile market has shown a significant growth in recent years and all major global OEM’s are coming here to take advantage of it.
The Company will definitely benefit in the areas of both engineering and manufacturing.
The Company has also expanded its offshore Design and Engineering business by supporting its European and Asian affiliated companies.
CONTINGENT
LIABILITIES
The Company creates a provision where there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U34300PN2008FTC131589 |
|
Name of the
company |
IAC International
Automotive India Private Limited |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No.3, Rajiv Gandhi, Infotech Park, Phase 1, Hinjewadi, Pune -
411057, Maharashtra, India E-mail: ajain01@iacna.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10242323 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
State Bank of India, Industrial Finance Branch, Tara Chambers,
Mumbai-Pune Road, Pune - 411003, Maharashtra, India E-mail: suhas.gandi@sbi.co.in
|
|
Nature of
instrument creating charge |
1) Memorandum for
recording Extension of Mortgage by Deposit of title Deeds covering Enhanced
Limits and Additional Facilities 2) Letter of Confirmation
for Extension of Mortgage by Deposit of title Deeds covering Enhanced Limits
and Additional Facilities (Both the
documents executed for a single modification) |
|
Date of
instrument Creating the charge |
11.01.2012 |
|
Amount secured by
the charge |
Rs.460.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Agreement
with the Bank Terms of
Repayment As per Agreement
with the Bank Margin As per Agreement with
the Bank Extent and
Operation of the charge Type of
Facilities: Cash Credit of Rs.140.000 Millions, Term Loan of Rs. 260.000
Millions and Letter of Credit Rs. 40.000 Millions and Bank Guarantee
Rs.20.000 Millions. Total Credit Limit of Rs. 460.000 Millions. First Charge
on entire Current Assets, Plant and Machinery, other movable fixed assets
acquired out of Bank Finance and Immovable property of Company situate at
Mauje Mahalunge, Khed (Excluding those exclusively charged to M and M for
their Soft Loan) Charge shall
continue till full repayment of Loan. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First Charge over
all the Current Assets of Company, Plant and Machinery and all other movable
fixed assets of Company acquired out of Bank Finance.(Excl. those exclusively
charged to M and M for their Soft Loan) Charge over
Immovable property of Company by way of Equitable/Registered Mortgage of
Freehold industrial land 1.All that piece and parcel of Land situate at Gat
No 132 (earlier S.No.65,H.No.1) Area 0.90 H.
Village Mahalunge, Taluka Khed,
District Pune. 2. All that piece
and parcel of Land situate at Gat No 134/1(earlier S No 65, H No.2A and
S.No.72,Hissa No.1A) Area 0.27 H. Village Mahalunge, Taluka Khed, District Pune. 3. All that piece
and parcel of Land situate at Gat No 134/2,Village Mahalunge, Taluka Khed, District Pune.(area 0.80H) 4. All that piece
and parcel of Land situate at Gat No 134/2, Village Mahalunge, Taluka Khed, District Pune (area 0.60H) 5.All that piece
and parcel of Land situate at Gat No.140/2(earlier S.No.66,Hissa No.1)
Village Mahalunge, Taluka Khed,
District Pune (area 2.52H) together with Building and Structures sponsoring
thereon or which may be erected thereon during the currency of loan, in
Taluka Khed, District Pune adm.5.09
Hectares. Details of
boundries: North: Agriculture Land followed by factory of Colgate Pamolive.
Gat No.134,Hissa No.2 East: Vacant Land
followed by factory shed. Gat No.134. South: Vacant
Land(Gat No.141) Followed by
Surendra Forging Private Limited West: Vacant Land Gat No.139. |
|
Date of
instrument modifying the charge |
10.01.2012 |
|
Particulars of
the present modification |
Equitable/Registered
Mortgage on freehold industrial land of Co. Gat No 132 (Area 0.90H),Gat No
134/1(Area 0.27H) ,Gat No 134/2 (Area 0.80H),Gat No 134/2 (Area 0.60H),Gat
No.140/2(Area 2.52H) at Village Mahalunge, Taluka Khed, District Pune together with Building
and Structures sponsoring thereon or which may be erected thereon during the
currency of loan, in Taluka Khed, District Pune adm.5.09 Hectares was extended to secure
total facilities availed by the Company amounting to Rs.460.000 Millions |
FIXED ASSETS:
Tangible Assets
·
Land – Freehold
·
Leasehold Improvement
·
Plant and Machinery
·
Office Equipments
·
Computer
Intangible Assets
·
Software
AS PER WEBSITE DETAILS
PROFILE
They are a leading global supplier of automotive
interior components and systems serving all of the multinational automotive
OEMs. They offer there customers a broad
portfolio of interior components and systems through there core product
categories, including door and trim systems, instrument panels, consoles and
cockpits, flooring and acoustic systems and headliner and overhead systems, as
well as complementary exterior components. They believe they are the third
largest automotive interior components supplier globally by market share and the
only global supplier with a singular focus on interiors.
They
design there products to improve comfort and convenience, to enhance
safety while balancing cost and weight specifications, and to increase
personalization and the use of environmentally sustainable materials, all
factors which can critically influence consumer purchasing decisions for all
classes of vehicles. There approach is solution-based, innovative and built on
stringent best practices and commitment to the success of there customers in the
global marketplace. There process capabilities include compression, injection
and blow molding technologies as well as various trimming and finishing
methods. Through such broad manufacturing capabilities and technologies, they
are able to provide an array of product solutions across various price points
to meet customer design and cost needs. With 73 manufacturing facilities in 15
countries, they have a strong global footprint.
There manufacturing operations are segmented
into three geographic regions: Europe, Asia and North America. In addition to
maintaining key customer and supplier contacts in their respective markets,
there regional management teams centrally manage key aspects of there
operations while permitting there operating segments enough flexibility to
promote an entrepreneurial environment. They believe this operating structure
makes them more responsive to customer needs and changes within the global
automotive components industry, as well as within specific regions.
They are headquartered in Luxembourg. There
principal executive office is located at Côte d’ Eich 73, L-1450 Luxembourg.
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.55.85 |
|
|
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.