|
Report Date : |
16.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
FMI AUTOMOTIVE COMPONENTS LIMITED |
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|
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Registered
Office : |
Plot No.1, |
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Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.11.2007 |
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|
|
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Com. Reg. No.: |
55-170043 |
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Capital
Investment / Paid-up Capital : |
Rs.900.000 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U34201DL2007PLC170043 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Seller and Dealer in all kinds of Automotive Exhaust
System Components and Related Parts. |
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|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3200000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a joint venture between Futaba Industrial Company Limited
Japan and Maruti Suzuki |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No.1, |
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Tel. No.: |
91-11-46781138 |
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Fax No.: |
91-11-46150275 |
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E-Mail : |
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Factory / Corporate Office: |
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Tel. No.: |
91-124-4548405/4548017 |
DIRECTORS
As on 20.08.2011
|
Name : |
Mr. Junji Kitagawa |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
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Address : |
3-905-7,Tsuchihara Tenpaku-ku, Nagoya-City, Aichi-Pref, Japan-4680026 |
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Date of Birth/Age : |
10.01.1953 |
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Date of Appointment : |
19.12.2008 |
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DIN No.: |
01641310 |
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Other
Directorship:
|
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Name : |
Mr. Tsuneo Ohashi |
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Designation : |
Director |
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|
Address : |
Room No. 211, Jukaso IT Suites, IT |
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Date of Birth/Age : |
20.06.1951 |
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Date of Appointment : |
02.01.2008 |
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DIN No.: |
00009612 |
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Other
Directorship:
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||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Toshio Inoue |
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|
Designation : |
Managing Director |
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Address : |
Flat No.101, Block No. F, Central Park-, Sector-42, Gurgaon-122 009, |
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Date of Birth/Age : |
06.04.1959 |
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Date of Appointment : |
25.09.2010 |
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DIN No.: |
03115290 |
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Other
Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Krishan Kumar |
|
Designation : |
Secretary |
|
Address : |
639,Sector-9, |
|
Date of Birth : |
10.08.1974 |
|
Date of Appointment : |
24.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Futaba Industrial Company Limited, |
|
45900000 |
|
Maruti Suzuki India Limited, |
|
44099995 |
|
Maruti Suzuki India Limited, |
|
1 |
|
Maruti Suzuki India Limited, |
|
1 |
|
Maruti Suzuki India Limited, |
|
1 |
|
Maruti Suzuki India Limited, |
|
1 |
|
Maruti Suzuki India Limited, |
|
1 |
|
|
|
|
|
Total |
|
90000000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2011
|
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 |
51.00 |
|
Bodies corporate |
49.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Seller and Dealer in all kinds of Automotive Exhaust
System Components and Related Parts |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity- |
|
Muffler |
Pcs |
507456 |
|
Pipe Components |
Pcs |
1174452 |
|
Manifold |
Pcs |
684000 |
Note: - Annual capacity on double shift basis, as
certified by the management, at 90% efficiency.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
HDFC Bank Limited, House, Senapati Bapat Marg, Lower Parel (west),
Mumbai-400013, 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 Accountant |
|
Address : |
Building No. 10, 8th Floor, Tower-B, DLF Cuber, Phase - II,
Gurgaon-122002, Haryana, India |
|
Tel No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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|
|
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Holding Company: |
Futaba Industrial company Limited, |
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|
|
|
Company venture/
Joint Venture Partner : |
Maruti Suzuki India Limited. |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000
Millions |
|
|
|
|
|
Note: Of the above:
45,900,000 (Previous period: 45,900,000) equity shares of Rs. 10 each
fully paid-up are held by Futaba
Industrial Company Limited Japan the holding company, also being the
ultimate holding company.
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 |
900.000 |
900.000 |
900.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(92.450) |
(191.553) |
(262.425) |
|
|
NETWORTH |
807.550 |
708.447 |
637.575 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
842.874 |
755.809 |
0.000 |
|
|
TOTAL BORROWING |
842.874 |
755.809 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1650.424 |
1464.256 |
637.575 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1101.698 |
1259.424 |
1221.627 |
|
|
Capital work-in-progress |
86.913 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
122.676
|
95.602
|
35.498 |
|
|
Sundry Debtors |
517.202
|
151.306
|
72.808 |
|
|
Cash & Bank Balances |
96.356
|
98.076
|
40.367 |
|
|
Other Current Assets |
1.218
|
0.100
|
0.000 |
|
|
Loans & Advances |
216.487
|
205.380
|
186.965 |
|
Total
Current Assets |
953.939
|
550.464 |
335.638 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
483.956
|
330.263
|
865.610 |
|
|
Other Current Liabilities |
7.071
|
14.576
|
919.450 |
|
|
Provisions |
1.099
|
0.793
|
0.240 |
|
Total
Current Liabilities |
492.126
|
345.632
|
919.690 |
|
|
Net Current Assets |
461.813
|
204.832
|
(584.052) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1650.424 |
1464.256 |
637.575 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3682.236 |
2027.800 |
308.776 |
|
|
|
Other Income |
26.581 |
61.009 |
15.149 |
|
|
|
TOTAL (A) |
3708.817 |
2088.809 |
323.925 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of traded goods |
0.000 |
0.000 |
1.481 |
|
|
|
Manufacturing Expenses |
3213.204 |
1771.568 |
285.073 |
|
|
|
Increase/(Decrease) in inventory |
(27.748) |
(17.665) |
(6.446) |
|
|
|
Personnel
Expenses |
37.336 |
26.555 |
13.942 |
|
|
|
Operating and administrative expenses |
189.462 |
63.195 |
203.721 |
|
|
|
Selling and distribution |
3.071 |
1.300 |
0.601 |
|
|
|
TOTAL (B) |
3415.325 |
1844.953 |
498.372 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
293.492 |
243.766 |
(174.447) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.323 |
5.969 |
0.369 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
289.169 |
237.797 |
(174.816) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
190.066 |
167.015 |
86.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
99.103 |
70.872 |
(261.196) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.290 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
99.103 |
70.872 |
(261.486) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(191.553) |
(262.425) |
(0.939) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(92.450) |
(191.553) |
(262.425) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
86.019 |
38.368 |
11.269 |
|
|
|
Stores & Spares |
5.281 |
6.721 |
5.930 |
|
|
|
Capital Goods |
88.774 |
177.791 |
715.532 |
|
|
|
Consumables |
15.700 |
20.466 |
7.036 |
|
|
|
Traded Finished goods |
0.000 |
0.000 |
1.319 |
|
|
|
Goods in Transit |
6.812 |
7.292 |
0.000 |
|
|
TOTAL IMPORTS |
202.586 |
250.638 |
741.086 |
|
|
|
|
|
|
|
|
|
|
Earnings/Loss
Per Share (Rs.) |
1.10 |
0.79 |
(2.91) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.67
|
3.39
|
(80.72) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.69
|
3.50
|
(84.60) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.39
|
12.87
|
(16.77) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.10
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.57
|
0.49
|
1.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.59
|
0.36 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
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 |
-- |
|
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 |
Note:
Registered Office of the company has been shifted from, 11th Floor,
Jeevan Prakash, Kasturba Gandhi Marg,
Background
Subject a
subsidiary of Futaba Industrial Company Limited. is a limited liability company
incorporated on 1 November 2007, as a joint venture between Futaba Industrial
Company Limited and Maruti Suzuki India Limited. The Company was set up with
the primary objective to carry on the business of manufacturing, selling and
dealing in all kinds of automotive exhaust system components and related parts.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U34201DL2007PLC170043 |
|
Name of the company |
FMI AUTOMOTIVE
COMPONENTS LIMITED. |
|
Address of the registered office or of the
principal place of business in |
Plot No.1, Nelson
Mandela Road, Vasant Kunj, New Delhi -110070, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of charge holder |
HDFC Bank
Limited, House, Senapati Bapat Marg, Lower Parel (west), Mumbai-400013 Email: shrutee.pahuja@hdfcbank.com |
|
Nature of instrument creating charge |
shrutee.pahuja@hdfcbank.com |
|
Date of instrument Creating the charge |
24.09.2009 |
|
Amount secured by the charge |
Rs.60.000
Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest 11% per annum or such other rate of interest as may be mutually agreed
between Borrower and Lender. Terms of Repayment CC- On Demand WCDL- Min- 1 day, Max 90 days Margin 25% on Stocks and Book Debts (upto 90 days) or as communicated by bank
from time to time. Extent and Operation of the charge Exclusive charge on all the stock and book debts of the company both
present and future. |
|
Short particulars of the property or asset(s)
charged (including complete address and location of the property) |
Exclusive charge
on all the stock and book debts of the company both present and future. |
FIXED ASSETS:
Tangible Assets
·
Building
·
Electrical Fitting
·
Plant and Machinery
·
Dies and Moulds
·
Vehicle
·
Furniture and Fixture
·
Office Equipments
·
Computers and Accessories
Intangible Assets
·
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 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.55.76 |
|
|
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
42 |
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.