MIRA
INFORM REPORT
|
Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
TATA FICOSA AUTOMOTIVE SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, Pune – 411057, |
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|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
14.01.1998 |
|
|
|
|
Com. Reg. No.: |
11-112992 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.334.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1998PLC112992 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufactures of
Rear view mirroring systems,
Command and control cables, Gear shifter lever systems,
Washing systems etc. |
|
|
|
|
No. of Employees
: |
650 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 500000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a Joint Venture between Tata and Ficosa of Spain. It is an
established company having satisfactory track. There appears to be some
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. In view of strong promoters 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 PARTED BY
|
Name : |
Mr. Amit Deshpande |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-020-22932133 |
|
Date : |
13.06.2012 |
LOCATIONS
|
Registered Office/Factory : |
Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, Pune – 411057, |
|
Tel. No.: |
91-20-22932133 / 22932134 / 66745300 / 22932136 / 22932431 / 22933400 |
|
Fax No.: |
91-20-39232127 / 66745350 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
DIRECTORS
As on 26.06.2011
|
Name : |
Mr. Ajay Tandon |
|
Designation : |
Director |
|
Address : |
B-404 bhadralok Apartments, Old Padra Road, Vadodara- 390020, Gujarat,
India |
|
Date of Birth/Age : |
07.01.1959 |
|
Date of Appointment : |
10.04.2008 |
|
DIN No.: |
00128667 |
|
|
|
|
Name : |
Mr. Francisco Javier Artigas Pujol |
|
Designation : |
Director |
|
Address : |
Avda Pedralbes 30
202 A, Barcelona, Spain |
|
Date of Birth/Age : |
16.05.1962 |
|
Date of Appointment : |
31.03.1999 |
|
DIN No.: |
02815896 |
|
|
|
|
Name : |
Mr. Josep Maria
Mermanyer Serra |
|
Designation : |
Director |
|
Address : |
C Josep Pallach,
2-6 2, Sant Cugatdel Valles – 08173, Spain |
|
Date of Birth/Age : |
27.05.1965 |
|
Date of Appointment : |
28.03.2000 |
|
DIN No.: |
02816324 |
|
|
|
|
Name : |
Mr. Jos Meria Pujol tarrago |
|
Designation : |
Director |
|
Address : |
C Can Miro 10 Cerdanyola Del Valles Barcelona – 08290, Spain |
|
Date of Birth/Age : |
06.03.1955 |
|
Date of Appointment : |
09.03.2004 |
|
DIN No.: |
02816317 |
|
|
|
|
Name : |
Mr. Ajay Suresh
Nagle |
|
Designation : |
Director |
|
Address : |
18/204, Nilgiri
Sidhachal, Phase – 3, Near Vasant Vihar, Thane – 400601, |
|
Date of Birth/Age : |
26.07.1966 |
|
Date of Appointment : |
05.01.2009 |
|
DIN No.: |
00773616 |
|
|
|
|
Name : |
Mr. Rajiv Bakshi |
|
Designation : |
Director |
|
Address : |
413, Mahatma Society, Kothrud, Pune – 411038, Maharashtra, India |
|
Date of Birth/Age : |
17.05.1952 |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
00439748 |
|
|
|
|
Name : |
Mr. Enrique Fontament Vilamajo |
|
Designation : |
Director |
|
Address : |
C-Borrel, 181 PO 52, Barcelona – 06015, Spain |
|
Date of Birth/Age : |
02.10.1956 |
|
Date of Appointment : |
08.12.2010 |
|
DIN No.: |
02986735 |
|
|
|
|
Name : |
Mr. Arun M Anandalah |
|
Designation : |
Alternate Director |
|
Address : |
11 C Harmony Tower Dr. e Moses Road, Warli, Mumbai – 400018,
Maharashtra, India |
|
Date of Birth/Age : |
31.10.1979 |
|
Date of Appointment : |
02.05.2012 |
|
DIN No.: |
03438132 |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Amit Deshpande |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mrs. Ketki Jayant Gandham |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 9, Nitiraj Apartment, Building No. 2, East Kirkee, Pune – 411003,
Maharashtra, India |
|
Date of Birth/Age : |
08.04.1986 |
|
Date of Appointment : |
26.04.2011 |
|
|
|
|
Name : |
Mr. Anil Khendekar |
|
Designation : |
Manager |
|
Address : |
Atharva Apartments, Pposite Madhukar Hospital, Sinhagad Road, Pune – 411051,
Maharashtra, India |
|
Date of Birth/Age : |
23.05.1968 |
|
Date of Appointment : |
17.11.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.06.2011
|
Names
of Shareholders |
No. of Shares |
|
Tata Autocomp Systems
Limited, India |
16709400 |
|
Ficosa
International S.A, |
16710000 |
|
Tata Autocomp
Systems Limited Jointly with R R Shastri |
100 |
|
Tata Autocomp
Systems Limited Jointly with Mr. Noshir Driver |
100 |
|
Tata Autocomp Systems
Limited Jointly with Ajay Sharma |
300 |
|
Tata Autocomp
Systems Limited Jointly with Amitabha Mukhopadyay |
50 |
|
Tata Autocomp
Systems Limited Jointly with R |
50 |
|
|
|
|
Total |
33420000 |
As on 02.11.2011
|
Names
of Shareholders |
No. of Shares |
|
Tata Autocomp
Systems Limited, India Occ. Business |
2040000 |
|
Ficosa
International S.A, Spain Occ. Business |
2040000 |
|
|
|
|
Total |
4080000 |
Equity Share Break up (Percentage of Total Equity)
As on 26.06.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of
Rear view mirroring systems,
Command and control cables, Gear shifter lever systems,
Washing systems etc. |
|
|
|
|
Exports : |
|
|
Products : |
·
Rear View
Mirroring Systems ·
Command
and Control Cables ·
Gear
Shifter Lever Systems ·
Washing
Systems |
|
Countries : |
Spain |
|
|
|
|
Imports : |
|
|
Products : |
Raw material |
|
Countries : |
China |
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Terms : |
|
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Manufacturing:- Rear View Mirrors |
Nos |
|
6536000 |
4628593 |
|
Command Cable System |
Nos |
|
31361000 |
2387539 |
|
Washer Systems |
Nos |
|
2174000 |
1130730 |
|
Gear Shifters |
Nos |
|
1272000 |
894953 |
|
Grab Handle |
Nos |
|
-- |
619220 |
|
Tools |
|
|
* Not applicable- |
22 |
Note:
(1) The installed
capacity has been certified by the Chief Executive Officer and relied upon by
the auditors without verification, this being a technical matter.
(2) Production includes
third party manufacturing on behalf of the Company.
(3) Figures in
brackets are in respect of the corresponding previous year.
* As production is
subcontracted to third parties.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
650 (Approximately) |
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Bankers : |
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
706, B Wing, 7th Floor, |
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Tel. No.: |
91-20-66244600 |
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Fax No.: |
91-20-66244605 |
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PAN No.: |
AABFD7919A |
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Joint Venture : |
|
CAPITAL STRUCTURE
As on 26.05.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs. 10 /- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37500000 |
Equity Shares |
Rs. 10 /- each |
Rs.375.000 Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
(A) 50000000 |
Equity Shares |
Rs 10 /- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
(B) 33420000 |
Equity Shares |
Rs.10 /- each |
Rs.334.200 Millions |
|
|
|
|
|
Note: (A) Inlcudes
50,000,000 (Previous year - 50,000,000) equity shares of Rs.10 each.
(B) Issued, Subscribed
and Paid up:33,420,000 (Previous year - 33,420,000 ) equity shares of Rs.10
each.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
334.200 |
334.200 |
298.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(208.283) |
(242.413) |
(247.605) |
|
|
NETWORTH |
125.917 |
91.787 |
50.595 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
154.297 |
204.684 |
253.998 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
154.297 |
204.684 |
253.998 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
280.214 |
296.471 |
304.593 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
303.878 |
308.873 |
309.006 |
|
|
Capital work-in-progress |
4.320 |
6.710 |
11.247 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
118.598
|
118.630 |
75.762 |
|
|
Sundry Debtors |
160.000
|
88.491 |
96.187 |
|
|
Cash & Bank Balances |
1.981
|
3.427 |
8.665 |
|
|
Other Current Assets |
0.279
|
0.128 |
12.969 |
|
|
Loans & Advances |
70.537
|
86.395 |
60.941 |
|
Total
Current Assets |
351.395
|
297.071 |
254.524 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
354.666
|
247.761 |
226.512 |
|
|
Other Current Liabilities |
17.748
|
61.862 |
36.849 |
|
|
Provisions |
6.965
|
6.560 |
6.823 |
|
Total
Current Liabilities |
379.379
|
316.183 |
270.184 |
|
|
Net Current Assets |
(27.984)
|
(19.112) |
(15.660) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
280.214 |
296.471 |
304.593 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1253.319 |
864.920 |
723.799 |
|
|
|
Other Income |
9.937 |
21.988 |
3.864 |
|
|
|
TOTAL (A) |
1263.256 |
886.908 |
727.663 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material changes inventories |
878.878 |
576.737 |
|
|
|
|
Manufacturing service costs |
103.583 |
46.631 |
|
|
|
|
Employee related expenses |
95.027 |
83.695 |
|
|
|
|
Administrative Selling Other Expenses |
91.435 |
119.641 |
|
|
|
|
TOTAL (B) |
1168.923 |
826.704 |
798.423 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
94.333 |
60.204 |
(70.760) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.230 |
15.833 |
22.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
73.103 |
44.371 |
(93.260) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
38.973 |
40.300 |
31.662 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
34.130 |
5.192 |
(124.922) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-I) (J) |
34.130 |
5.192 |
(125.722) |
|
|
|
|
|
|
|
|
|
Less |
(EXCESS) / SHORT
PROVISION FOR TAX IN RESPECT OF EARLIER YEARS |
0.000 |
0.000 |
(7.209) |
|
|
|
|
|
|
|
|
|
|
NET PROFIT/
(LOSS) |
34.130 |
5.192 |
(118.513) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(242.413) |
(247.605) |
(129.092) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(208.283) |
(242.413) |
(247.605) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
145.673 |
144.090 |
|
|
|
Income form engineering services |
NA |
0.000 |
0.182 |
|
|
TOTAL EARNINGS |
NA |
145.673 |
144.272 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
126.590 |
66.114 |
|
|
|
Stores & Spares |
NA |
28.908 |
0.000 |
|
|
|
Capital Goods |
NA |
14.316 |
5.091 |
|
|
TOTAL IMPORTS |
NA |
169.814 |
71.205 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
1.02 |
0.16 |
(5.42) |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
1300.000 |
Expected Sales (2012-2013) : Rs.1500.000 Millions
The above information has been parted by Mr. Amit – Finance Manager
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.70
|
0.59 |
17.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.72
|
0.60 |
17.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.71
|
1.75 |
49.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.06 |
2.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.01
|
3.44 |
5.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
0.94 |
0.94 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises |
3.080 |
4.328 |
3.497 |
|
Others |
(A) 351.586
|
243.433 |
223.015 |
|
Total |
354.666
|
247.761 |
226.512 |
Note: (A) Includes Total
outstanding dues of creditors other than Micro Enterprises and Small
Enterprises
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
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 |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
Yes |
|
30) Major Shareholders, if available |
Yes |
OPERATIONAL
PERFORMANCE
During the year,
the Company’s turnover has increased from Rs. 886.910 million in the preceding
financial year to Rs. 1263.260 million indicating a rise of 42 %. The profit
after tax for the year has been Rs. 34.130 million as against Rs. 5.190 million
during the previous financial year. The Company has made an Export Sales of Rs.
166.860 million compared to Rs.192.910 million in the preceding financial year
due to surrender of loss making Brose business. The Directors are continuously
looking for avenues for future growth of the Company in auto component
industry.
CONTINGENT LIABILITIES NOT PROVIDED FOR
|
SR. |
PARTICULARS |
31.03.2011 |
|
1 |
Income tax matters |
151.000 |
|
2 |
Sales tax matters |
17712.000 |
|
3 |
ESIC matters |
30.000 |
|
4 |
Industrial Court Matters |
8000.000 |
|
5 |
Bills Discounted (HDFC Bank) |
110457.000 |
|
6 |
Bills Discounted (TATA Capital) |
1500.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U74999MH1998PLC112992 |
|
Name of the company |
TATA FICOSA AUTOMOTIVE
SYSTEMS LIMITED |
|
Address of the registered office or of the
principal place of business in |
Survey No.
235/245, Village Hinjewadi, Taluka Mulshi, Pune – 411057, Maharashtra, India Email: santanu.sil@tataficosa.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of charge holder |
State Bank of India,
Industrial Finance Branch, Tara Chambers Wakdewadi, Pune Mumbai Highway, Pune
– 411003, Maharashtra, India Email: suhas.gandi@sbi.co.in |
|
Nature of instrument creating charge |
1) Agreement of Loan
for overall Limit (Form C.1) 2) Agreement of
Hypothecation of Goods and Assets (Form C.2) 3) Letter
regarding the grant of Individual Limits within the overall Limit (Form C.5) (All the
documents executed for creation of a single charge) |
|
Date of instrument Creating the charge |
22.09.2011 |
|
Amount secured by the charge |
Rs.100.00
Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest 2.60% above Base Rate i.e.12.60% p.a. with monthly rest or the rate as
may be prescribed by the bank from time to time. Terms of Repayment As per Agreement with the Bank. Margin Raw Material 25%, stock in process 25%, finished goods 25%,book
debts/receivables (cover period 90 days) 30% Extent and Operation of the charge Facilities (Rs.in Millions): Cash Credit 1, Letter of Credit 9,
B.G.(2), Total Rs.100.000 Millions. The charge on hypothecated assets continues till full repayment of
Loan. |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Primary
:Hypothecation charge on entire stocks of Imported/ Indegeneous raw material,
stocks in process, finished goods, stores and spares, packing material,
book-debts & all other current assets including goods in transit
covered by documents of title. Collateral :
Second charge on entire movable and immovable fixed assets of the Company
(except land and building located at Pantnagar) |
FIXED ASSETS:
- Infrastructure
Development Cost
- Buildings
- Plant and
Machinery
- Furniture and
Fixtures
- Vehicles
- Technical
Knowhow
- 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.55.85 |
|
|
1 |
Rs.86.87 |
|
Euro |
1 |
Rs.69.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.