|
Report Date : |
27.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA TWO WHEELERS LIMITED (w.e.f. 01.12.2008) |
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|
|
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Formerly Known
As : |
MAHINDRA TWO WHEELERS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.08.2008 |
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|
Com. Reg. No.: |
11-185462 |
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Capital
Investment / Paid-up Capital : |
Rs.1475.000
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U35911MH2008PLC185462 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM34881A |
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PAN No.: [Permanent Account No.] |
AAFCM6870J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Motorized Two Wheelers. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Mahindra Group Company. It is an established company having moderate track. There appears huge
accumulated losses recorded by the company. Profitability of the company is
under pressure. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Yogesh Shah |
|
Designation : |
Manager in Finance and Accounts |
|
Contact No.: |
91-9819042288 |
|
Date : |
25.06.2012 |
LOCATIONS
|
Registered Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai-400018, Maharashtra,
India |
|
Tel. No.: |
91-22-24931441 / 24961441 / 24916833 / 24917018 |
|
Mobile No.: |
91-9823300822 (Mr. Santosh Katre) 91-9819042288 (Mr. Yogesh Shah) |
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Fax No.: |
91-22-24983696 / 24900833 |
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E-Mail : |
varma.arun@mahindra2wheelers.com |
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Website : |
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Area : |
5000 Sq. ft. |
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Location : |
Owned |
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|
Factory 1 : |
D-1, Block, Plot No. 18/2, M.I.D.C, Chinchwad, Pune-411019,
Maharashtra, India |
|
Tel. No.: |
91-20-27602222 / 27602029 / 67336733 / 67336413 |
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Fax No.: |
91-20-27470562 / 27477227 |
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E-Mail : |
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Area : |
10000 Sq. ft. |
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Location : |
Owned |
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Factory 2 : |
Plot No.2, Industrial Area 1, Pitampur Dhar, Pithampur-454775, Madhya
Pradesh, India |
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Tel. No.: |
91-7292-253009 / 100 |
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Fax No.: |
91-7292-253087 |
|
Area : |
10000 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 22.08.2011
|
Name : |
Mr. Anand Gopal Mahindra |
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Designation : |
Director |
|
Address : |
Goolestan, 65, |
|
Date of Birth/Age : |
01.05.1955 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
00004695 |
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Name : |
Dr. Pawan Kumar Goenka |
|
Designation : |
Director |
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Address : |
Flat No. 602, 9 JVPD, 10th Road, Juhu Vile Parle Scheme,
Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
|
Date of Birth/Age : |
23.09.1954 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
00254502 |
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|
|
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Name : |
Mr. Zhooben Dossabhoy Bhiwandiwala
|
|
Designation : |
Director |
|
Address : |
S-13, Cusrow Baug, |
|
Date of Birth/Age : |
09.12.1959 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
00110373 |
|
|
|
|
Name : |
Mr. Parag Chandulal Shah |
|
Designation : |
Director |
|
Address : |
7 Kailas, |
|
Date of Birth/Age : |
25.11.1975 |
|
Date of Appointment : |
29.09.2008 |
|
DIN No.: |
00374944 |
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|
|
|
Name : |
Mr. Anoop Krishna Mathur |
|
Designation : |
Director |
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Address : |
Flat No. 13, Om Ratan, 70/71, |
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Date of Birth/Age : |
22.10.1947 |
|
Date of Appointment : |
12.08.2009 |
|
DIN No.: |
00014372 |
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|
Name : |
Ms. Veena Vedprakash Mishra |
|
Designation : |
Additional Director |
|
Address : |
1203, 12th Floor, Raheja Tipco Height 04, |
|
Date of Birth/Age : |
14.07.1956 |
|
Date of Appointment : |
26.04.2011 |
|
DIN No.: |
03502175 |
KEY EXECUTIVES
|
Name : |
Mr. Santosh Katre |
|
Designation : |
Head of Accounts |
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|
|
|
Name : |
Mr. Yogesh Shah |
|
Designation : |
Manager in Finance and Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.08.2011
|
Names of Shareholders |
No. of Shares |
|
Mahindra and Mahindra Limited, India, Mumbai |
297299969 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Mahindra and Mahindra Limited, |
1 |
|
Kinetic Motors Company Limited, India |
61200000 |
|
|
|
|
Total |
358499975 |
AS ON 22.08.2011
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Motorized Two Wheelers. |
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Products : |
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Exports : |
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Products : |
Two Wheelers |
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Countries : |
·
Nepal ·
China ·
Europe ·
USA ·
Gulf Country |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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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 |
Installed
Capacity |
Actual
Production |
|
Two Wheelers Scooters, Motor Cycles and Mopeds |
|
|
|
|
Manufactured |
Nos. |
400000 p.a. |
178599 |
|
Spare Parts and Others ** |
-- |
(See note 2) |
(See note 6) |
Notes:
1) Installed capacity is as certified by the management and relied on by the auditors as this is a technical matter.
2) Spare parts are manufactured out of the capacity for scooters, motorcycles and mopeds.
3) * It is not practicable to furnish quantitative information in view of considerable number of items diverse in size and nature.
4) ** Includes own manufactured components sold as spare parts.
5) Sales of manufactured vehicles exclude 3 (31st march 2010 - 2) free of cost (FOC) vehicles.
6) The Company has also manufactured and sold 158824 Nos. components as spares. (31st March, 2010 – 97214 Nos.)
7) Production of vehicles include Nil vehicles returned to factory for rework (31st March 2010 – 292 vehicles), 71 vehicles capitaliased during the year (31st March 2010 – 20 vehicles) and 4 vehicles donated during the year (31st March 2010 – Nil vehicles)
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
1.
ING Vysya Bank Limited -
Plot C-12, “G” Block, 8th Floor, BKC,
Bandra (East), Mumbai – 400 051, Maharashtra, India -
210, A-Wing, Mittal Tower, Nariman Point, Mumbai
– 400 021, Maharashtra, India 2.
HDFC Bank, Bandra, Mumbai, Maharashtra,
India |
||||||||||||||||||||||||||||||
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Facilities : |
NOTES: (i) Long Term loan is secured by
creating:- - Pari passu and Equitable mortgage
charge on Company's Fixed Assets - First pari passu charge on
Movable and Immovable Assets of the Company, existing as well as future (ii) Short term Loan is secured by creating:- - First pari passu charge on stock
and Receivable, - Pari passu charge by
hypothecation of all current Assets of the Company.
|
|
|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Deloittte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
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PAN No.: |
AACFD4815A |
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|
|
Holding Company
: |
·
Mahindra and Mahindra Limited, Worli, Mumbai, CIN No : L65990MH1945PLC004558 Line of Business: Manufacturer of General
Purpose utility vehicles. |
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|
|
|
Fellow
Subsidiary : |
·
Engines Engineering S. R. I ·
Mahindra Logistics Limited ·
Mahindra Intertrade ·
Mahindra Lifespace Limited ·
Mahindra and Mahindra Financial Services Limited ·
Mahindra Engineering Services Limited ·
Swaraj Engineering Limited |
CAPITAL STRUCTURE
After 22.08.2011
Authorised Capital : Rs.8000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.5334.999
Millions
AS ON 22.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs.4000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
358499975 |
Equity Shares |
Rs.10/-each |
Rs.3585.000
Millions |
AS ON 31.03.2011
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
147500000 |
Equity Shares |
Rs.10/-each |
Rs.1475.000
Millions |
NOTES:
· Of the above shares, 118,000,000 shares are held by Mahindra and Mahindra Limited, the holding company.
·
Of the above shares, 29,500,000 shares have been
issued to Kinetic Motor Company Limited pursuant to an agreement for sale and
purchase of assets without payment having been received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
05.08.2008 to 31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1475.000 |
1475.000 |
1475.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(2886.332) |
(1194.146) |
(225.040) |
|
|
NETWORTH |
(1411.332) |
280.854 |
1249.960 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1850.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1730.000 |
1210.000 |
350.000 |
|
|
TOTAL BORROWING |
3580.000 |
1210.000 |
350.000 |
|
|
DEFERRED TAX LIABILITIES |
72.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2240.668 |
1490.854 |
1599.960 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1357.646 |
1199.775 |
1316.296 |
|
|
Capital work-in-progress |
336.822 |
228.539 |
80.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
72.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1076.123
|
472.614 |
256.937
|
|
|
Sundry Debtors |
332.552
|
71.925 |
17.428
|
|
|
Cash & Bank Balances |
41.802
|
127.630 |
14.726
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
304.701
|
232.485 |
232.132
|
|
Total
Current Assets |
1755.178
|
904.654 |
521.223
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
934.003
|
744.849 |
262.500
|
|
|
Other Current Liabilities |
163.148
|
62.076 |
2.633
|
|
|
Provisions |
183.827
|
35.189 |
52.426
|
|
Total
Current Liabilities |
1280.978
|
842.114 |
317.559
|
|
|
Net Current Assets |
474.200
|
62.540 |
203.664
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2240.668 |
1490.854 |
1599.960 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
05.08.2008 to 31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales - (Net) |
5163.529 |
2370.352 |
165.300 |
|
|
|
Other Income |
7.544 |
6.023 |
1.726 |
|
|
|
TOTAL (A) |
5171.073 |
2376.375 |
167.026 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material, Work in progress and Finished Goods |
4214.579 |
2025.220 |
117.524 |
|
|
|
Employee Cost |
499.958 |
269.346 |
81.041 |
|
|
|
Other Expenses |
1703.269 |
797.817 |
125.748 |
|
|
|
Amount Capitalised |
(1.236) |
(0.792) |
0.000 |
|
|
|
TOTAL (B) |
6416.570 |
3091.591 |
324.313 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1245.497) |
(715.216) |
(157.287) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
269.076 |
87.186 |
7.085 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1514.573) |
(802.402) |
(164.372) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
177.612 |
166.704 |
60.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(1692.185) |
(969.106) |
(224.640) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(1692.185) |
(969.106) |
(225.040) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1194.146) |
(225.040) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2886.331) |
(1194.146) |
(225.040) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales of goods abroad which were purchased abroad |
100.103 |
173.145 |
67.750 |
|
|
|
Export Sales |
54.766 |
13.083 |
0.000 |
|
|
|
Freight Charges |
0.254 |
5.194 |
3.750 |
|
|
TOTAL EARNINGS |
155.123 |
191.422 |
71.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spare Parts |
867.507 |
363.981 |
23.165 |
|
|
|
Capital Goods |
16.456 |
8.416 |
0.000 |
|
|
TOTAL IMPORTS |
883.963 |
372.397 |
23.165 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.47) |
(6.57) |
(2.74) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
05.08.2008 to 31.03.2009 |
|
PAT / Total Income |
(%) |
(32.72)
|
(40.79) |
(134.73) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(32.77)
|
(40.88) |
(135.90) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(54.36)
|
(46.05) |
(12.23) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.19
|
(3.45) |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(3.49)
|
7.31 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.07 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
Rs. in Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
05.08.2008 to 31.03.2009 |
|
Total outstanding dues of Micro Enterprises
and small Enterprises |
20.428
|
75.885
|
6.706 |
|
Total outstanding dues of creditors other
than Micro Enterprises and Small Enterprises |
913.575
|
668.964
|
255.793 |
|
|
|
|
|
|
Total |
934.003
|
744.849
|
262.500 |
|
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 |
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 |
No |
|
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 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 |
Yes |
|
30) Major Shareholders, if available |
Yes |
OPERATIONS:
The Company
recorded a sales volume of 1,65,717 vehicles registering a growth of 131%
against the previous year. The Company has achieved cumulative sales volume of
2.4 lakhs vehicles, which is a very important milestone for the Company making
it one of the few to achieve the same in short span of time.
Sales of Power
Scooters continue to demonstrate strong growth momentum with volumes more than
doubling to 1,60,467 units in the Financial Year 2011 as compared to 71,600
units in Financial Year 2010. The Mahindra Rodeo with its very innovative,
contemporary features is popular amongst the Indian youth, while the Mahindra
Duro is positioned as a family scooter. The Flyte is the Indian woman’s
two-wheeler of choice.
Mahindra Two
Wheelers also made its entry into the Motorcycle segment with the launch of
Stallio in Q3 of Financial Year 2011. The Company will focus on progressively
increasing its presence into this segment with a calibrated approach.
During the year, a
new state of the art Motorcycle and engine assembly line was commissioned at
the existing Pithampur facility. As part of the sustainability drive, The
Company received OHSAS certification and many initiatives like GRI reporting
and Kaizen policy have been launched in the plant.
OUTLOOK FOR THE
CURRENT YEAR:
As per the
revised estimates released by the CSO (Central Statistical Organization), the
Indian economy grew a creditable 8.5% in Financial Year 2011. However driven by
rising commodity and fuel prices, inflation remained high, leading to a
significant hardening in the monetary stance of the RBI throughout the year.
With both input costs and interest rates rising, the economic
environment is significantly more challenging today than it was a year ago. The
Company will focus in improving the value proposition to the consumer by
maintaining focus on value engineering, product quality, cost control and
expanding the network to maintain the growth momentum.
FORM 8
|
Corporate
identity number of the company |
U35911MH2008PLC185462 |
|
Name of the
company |
MAHINDRA TWO WHEELERS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra |
|
This form is for |
Modification of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
ING Vysya Bank Limited, 210, A-Wing, Mittal Tower, Nariman Point,
Mumbai – 400 021, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental Deed
Of Hypothecation Agreement Dated 9th May,2011. |
|
Date of
instrument Creating the charge |
09.05.2011 |
|
Amount secured by
the charge |
Rs. 600.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest TL (Capex) : Will
be linked to IVBR decided mutually at the time of each drawdown. LC (Capex) (Sub
limit of TL) : Commission 0.75%p.a. Terms of repayment TL (Capex) :
Maximum 6 years. LC (Capex) (Sub
limit of TL) : Maximum 3 years. Margin TL (Capex) : Nil LC (Capex) (Sub
limit of TL) : Nil Extent and operation of the charge First pari passu charge
on the moneable fixed assets of the Company. Other TL (Capex) : Rs.
150 millions LC (Capex) (Sub
limit of TL) : (Rs. 150 millions) |
|
Short particulars
of the property charged (Including location of the property) |
The whole of the
movable assets of the company (Other than the current assets including but
not limited to the movable machinery, consumable stores and spares relating
to plant and machinery equipment kept at various places both present and
future. |
|
Particulars of
the present modification |
Enhancement of
aggregate limit. |
FIXED ASSETS:
Tangible Assets
·
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
·
Technical Knowhow
·
Brand
·
Product Development Expenditure
·
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.57.07 |
|
|
1 |
Rs.88.95 |
|
Euro |
1 |
Rs.71.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.