|
Report Date : |
12.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
NECO HEAVY ENGINEERING AND CASTINGS LIMITED (w.e.f. 26.03.2009) |
|
|
|
|
Formerly Known
As : |
NECO CASTINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 65/2, Nildoh Digdoh, MIDC Industrial Area, Nagpur – 440016,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
27.11.1987 |
|
|
|
|
Com. Reg. No.: |
11-045436 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 36.990 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27300MH1987PLC045436 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPN00541C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN7165N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Engineering Cartings, Sponge Iron Plant,
Slag Pots etc. |
|
|
|
|
No. of Employees
: |
500 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 690000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. There has
been continuous dip in the profitability of the company. However, networth
appears to be satisfactory. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Rajan |
|
Designation : |
Export Manager |
|
Contact No.: |
91-9373658000 |
|
Date : |
06.03.2012 |
LOCATIONS
|
Registered Office / Factory 1: |
Plot No. 65/2, Nildoh, Digdoh MIDC Industrial Area, Nagpur – 440016,
Maharashtra, India |
|
Tel. No.: |
91-7104-236997 / 236998 / 236251 / 237461 |
|
Mobile No.: |
91-9373658000 (Mr. Rajan) |
|
Fax No.: |
91-7104-236255 / 232774 / 237583 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
F-8, MIDC Industrial
Area Hingna Road, Nagpur – 440016,
Maharashtra, India |
|
Tel. No.: |
91-7104-237276 / 237471 / 237472 / 236251 |
|
Fax No.: |
91-710-4236255 / 4237583 |
|
|
|
|
Factory 2 : |
F-9/17, MIDC Industrial Area Hingna
Road, Nagpur – 440016, Maharashtra, India |
|
Tel. No.: |
91-7104-235944 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Basant Lall Shaw |
|
Designation : |
Director |
|
Address : |
Usha Sadan, 246, PT. R.S.S.
Marg, Civil Lines, Nagpur – 440001, Maharashtra, India |
|
Date of Birth/Age : |
03.08.1933 |
|
Date of Appointment : |
14.11.1994 |
|
DIN No.: |
00249729 |
|
|
|
|
Name : |
Mr. Arvindkumar Jayaswal |
|
Designation : |
Director |
|
Address : |
Usha Sadan, 246, PT. R.S.S.
Marg, Civil Lines, Nagpur – 440001, Maharashtra, India |
|
Date of Birth/Age : |
26.11.1953 |
|
Date of Appointment : |
12.04.2007 |
|
DIN No.: |
00249864 |
|
|
|
|
Name : |
Mr. Ramesh Jayaswal |
|
Designation : |
Director |
|
Address : |
Usha Sadan, 246, PT. R.S.S.
Marg, Civil Lines, Nagpur – 440001, Maharashtra, India |
|
Date of Birth/Age : |
02.02.1960 |
|
Date of Appointment : |
12.04.2007 |
|
DIN No.: |
00249947 |
|
|
|
|
Name : |
Mr. Awadh Bihari Pandey |
|
Designation : |
Director |
|
Address : |
51 E, Ujjwal Apartments, Trimurthy Nagar, Nagpur – 440022,
Maharashtra, India |
|
Date of Birth/Age : |
20.05.1951 |
|
Date of Appointment : |
02.04.2009 |
|
DIN No.: |
01801851 |
KEY EXECUTIVES
|
Name : |
Mr. Rajan |
|
Designation : |
Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Pariwar Food Industries
Private Limited, India |
|
352400 |
|
Basantlall Shaw |
|
288800 |
|
Arbind Jayaswal |
|
360000 |
|
Ramesh Jayaswal |
|
267100 |
|
Nisha Jayaswal |
|
360000 |
|
Rita Jayaswal |
|
203300 |
|
Master Ananmay Jayaswal |
|
352100 |
|
Neco Holdings Private
Limited, India |
|
278400 |
|
Neco Leasing and Finance
Private Limited, India |
|
289760 |
|
Neco Valves and Pumps
Private Limited, India |
|
321020 |
|
Nagpur Scrap Suppliers
Private Limited, India |
|
321020 |
|
Basantlall Shaw (HUF) |
|
287100 |
|
Shankar Prasad Bajaj Jointly With Hargunn
Jayaswal |
|
20000 |
|
Total |
|
3701000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
42.22 |
|
Directors or relatives of Directors |
49.48 |
|
Other top fifty shareholders |
8.30 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Engineering Cartings, Sponge Iron Plant,
Slag Pots etc. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Exports : |
|
||||||||||
|
Products : |
·
Engineering Cartings ·
Sponge Iron Plant ·
Flag Pot |
||||||||||
|
Countries : |
·
France ·
Gulf Countries ·
African Countries
|
||||||||||
|
|
|
||||||||||
|
Terms : |
|
||||||||||
|
Selling : |
Depends |
||||||||||
|
|
|
||||||||||
|
Purchasing : |
Depends |
PRODUCTION STATUS
As on 31.03.2011
Licensed Capacity:
Not
Applicable
Installed
Capacity:
|
Particulars |
Unit |
31.03.2011 |
|
|
|
|
|
Iron and Steel Castings |
M.T |
20500 |
|
|
|
|
Actual Production:
|
Particulars |
Unit |
31.03.2011 |
|
|
|
|
|
Fabrication |
M.T |
2446 |
|
|
|
|
GENERAL INFORMATION
|
Customers : |
Manufacturers |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
500 (Approximately) (In Office + In Factory) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India, Industrial
Finance Branch, No 5, Sai Complex, Bharat Nagar, Amravati Road, Nagpur -
440010, Maharashtra, India ·
Kotak Mahindra Bank Limited, 36-38a, Nariman
Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India ·
Dena Bank, 67-A, Krishna Bhavan, Nehru Road, Vile
Parle (East), Mumbai – 400057, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: The Term Loan from Bank is secured by the fixed
assets of the company, both present and future, situated at 65/2
Nildoh/Digdoh, MIDC Industrial Area, Hingna Road, Nagpur by mortgage of land
and building and hypothecation of machinery and second charge on the current
assets of the company. Working Capital Loan from State Bank of
India is secured against hypothecation of stock of raw materials, finished
goods, consumable stores and book debts and also by personal guarantees of
some of the Directors of the Company. Vehicle Loans from Banks are secured by
hypothecation of the vehicles financed.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Agrawal Chhallani and Company Chartered Accountants |
|
Address : |
51, New Colony, Nagpur – 440001, Maharashtra, India |
|
Tel. No.: |
91-710-2595653 / 2595750 |
|
PAN.: |
AACFA2753L |
|
|
|
|
Related Parties : |
·
Jayaswal Neco Industries
Limited ·
Neco Ceramics
Limited ·
Corporate Ispat
Alloys Limited
·
Jayaswal Holdings
Private limited ·
Abhijeet
Infrastructure Limited ·
Steel and Tube
Exports Limited ·
NSSL Limited ·
A.M.R. Iron and
Steel Private limited ·
Jyotikant
Investments Private Limited ·
Econo Valves
Limited · Parivar Food Industries Private Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3701000 |
Equity Shares |
Rs.10/- each |
Rs.37.010
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3699000 |
Equity Shares |
Rs.10/- each |
Rs.36.990
Millions |
|
|
|
|
|
Note:
Of the above Equity Shares :
18,30,000 shares of Rs.10/- each were
allotted as fully paid-up Bonus shares by capitalisation of General Reserve,
and
4,91,000 shares of Rs.10/- each are issued
pursuant to the Scheme of Amalgamation of Ashutosh Castings Limited with Neco
Heavy Engineering and Castings Limited (formerly known as Neco Castings
Limited), without payments being received in cash.
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 |
36.990 |
36.930 |
36.810 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
136.671 |
135.108 |
131.066 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
173.661 |
172.038 |
167.876 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
124.440 |
145.698 |
135.913 |
|
|
2] Unsecured Loans |
62.970 |
60.948 |
61.110 |
|
|
TOTAL BORROWING |
187.410 |
206.646 |
197.023 |
|
|
DEFERRED TAX LIABILITIES |
14.719 |
13.177 |
12.691 |
|
|
|
|
|
|
|
|
TOTAL |
375.790 |
391.861 |
377.590 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
154.843 |
158.622 |
162.603 |
|
|
Capital work-in-progress |
23.353 |
24.268 |
25.654 |
|
|
|
|
|
|
|
|
INVESTMENT |
10.070 |
10.101 |
9.431 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
103.432
|
77.891
|
99.166 |
|
|
Sundry Debtors |
164.031
|
135.214
|
141.668 |
|
|
Cash & Bank Balances |
18.465
|
5.702
|
5.406 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
49.947
|
54.982
|
51.358 |
|
Total
Current Assets |
335.875
|
273.789 |
297.598
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
112.196 |
45.086 |
78.934 |
|
|
Other Current Liabilities |
26.905
|
22.197 |
22.394 |
|
|
Provisions |
9.250
|
7.636 |
16.368 |
|
Total
Current Liabilities |
148.351
|
74.919 |
117.696 |
|
|
Net Current Assets |
187.524
|
198.870 |
179.902 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
375.790 |
391.861 |
377.590 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
696.195 |
602.489 |
781.889 |
|
|
|
Other Income |
4.512 |
2.058 |
7.979 |
|
|
|
TOTAL (A) |
700.707 |
604.547 |
789.868 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
509.126 |
372.547 |
523.173 |
|
|
|
Manufacturing Expenses |
66.518 |
69.584 |
84.574 |
|
|
|
Remuneration and
Benefits to Employees and Others |
58.356 |
54.295 |
55.754 |
|
|
|
Administrative, Selling
and Other Expenses |
59.463 |
46.031 |
48.586 |
|
|
|
(Increase)/Decrease in Stock |
(31.994) |
25.271 |
18.451 |
|
|
|
TOTAL (B) |
661.469 |
567.728 |
730.538 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
39.238 |
36.819 |
59.330 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.947 |
20.199 |
21.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.291 |
16.620 |
38.195 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.759 |
9.928 |
9.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.532 |
6.692 |
28.275 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.951 |
1.221 |
9.504 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.581 |
5.471 |
18.771 |
|
|
|
|
|
|
|
|
|
Add/ (Less) |
INCOME-TAX OF EARLIER YEAR |
0.000 |
(0.124) |
1.286 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD EXPENSES |
(0.258) |
(1.785) |
(2.337) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
82.097 |
78.535 |
60.815 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
83.420 |
82.097 |
78.535 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
33.171 |
16.757 |
135.083 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.43 |
1.49 |
6.01 |
|
Expected Sales (2011-2012) : Rs.800.000 Millions
The above information has been parted by Mr. Rajan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.23
|
0.90 |
2.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.51
|
1.11 |
3.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.72
|
1.55 |
6.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.04 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.93
|
1.64 |
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.26
|
3.65 |
2.53 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditors |
|
|
|
|
Micro, Small and Medium Enterprises |
0.000 |
0.000 |
0.000 |
|
Others (Subject to confirmation) |
112.196 |
45.086 |
78.934 |
|
Total
|
112.196 |
45.086 |
78.934 |
|
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 |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last one years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
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 |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
Operations:
The
production of the Company during the year at 11363 MT was almost same as the
previous year. However, the Company has during the year concentrated more on its
Fabrication business, which helped in maintaining the profitability at some
extent. The sale of Ingot moulds was marginally increased at 11582 MT as
compared to 11431MT of the previous year. The Company's export turnover
enhanced to Rs. 33.171 Millions as compared to Rs. 16.757 Millions of the
previous year.
The total
sales realization was however, lower as compared to previous year. Raw Material
Prices were also affecting the Profitability. Iron and Steel Scrap and Steel
prices highly increased by 9% and 15% respectively as compared to previous
year.
Despite
lower consumption of Coal/Coke and electricity; the net profit of the Company
is reduced to Rs. 1.581 Millions as compared to Rs. 5.471 Millions of previous
year as a result of above and increased fixed Administrative and selling
Expenses, Interest and Financial Charges and depreciation charged during the
year.
Contingent Liability:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
(a) Guarantees
given by the Company's Bankers (Bank Guarantees are provided under
contractual/legal obligations) |
17.317 |
37.402 |
|
(b) Letters
of Credit opened in favour of Suppliers (Cash outflow is expected on receipt of
material from suppliers) |
19.899 |
11.709 |
|
(c)
Corporate Guarantee given by the company to IFCI and UCO Bank regarding
borrowings by Corporate Ispat Alloys Limited, a company under the same
management. Balance in
Loan Accounts Corporate
Guarantee given by the company to State Bank of Indore for Bank Guarantee
facilites of AMR Iron and Steel Private Limited, a company under the same
management |
320.000 68.311 22.600 |
320.000 91.311 0.000 |
|
(d) Claims against the company
not acknowledged as debts Disputed Provident Fund dues. (No cash outflow is expected in the near future) |
0.505 |
0.505 |
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U27300MH1987PLC045436 |
|
Name of the company |
NECO HEAVY ENGINEERING AND CASTINGS LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Plot No. 65-2, Nildoh Digdoh, MIDC Industrial Area, Nagpur – 440016,
Maharashtra, India E-Mail : contact@necoindia.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
Kotak Mahindra
Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021,
Maharashtra, India E-Mail : john.fernandes@kotak.com |
|
Nature of instrument creating charge |
Deed of Hypothecation |
|
Date of instrument Creating the charge |
06.09.2010 |
|
Amount secured by the charge |
Rs.0.709 Million |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest 5.25% p.a. Terms of Repayment Equated Monthly Installment of Rs.0.023 Million for 35 months. Margin NIL Extent and Operation of the charge First and exclusive charge created by way of Hypothecation in favour
of Kotak Mahindra Bank on the assets financed. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
ACE - CRN110 ACE Crane RHINO 110 C Invoice No. 5626 Chassis No. 11014551 and Engine No. S433-A24293. |
Fixed assets:
·
Freehold Land
·
Building
·
Plant and Machinery
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
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.50.02 |
|
|
1 |
Rs.79.01 |
|
Euro |
1 |
Rs.66.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.