MIRA
INFORM REPORT
|
Report Date : |
16.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUPRAJIT ENGINEERING LIMITED |
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Registered
Office : |
100 Bommasandra Industrial Area, Anekal Taluka, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.05.1985 |
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Com. Reg. No.: |
08-006934 |
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Capital
Investment / Paid-up Capital : |
Rs. 120.020 Millions |
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CIN No.: [Company Identification No.] |
L29199KA1985PLC006934 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS01725D |
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Legal Form : |
Public Limited Liability Company, Company's Shares are Listed on Stock
Exchange |
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Line of Business
: |
Manufacturer of High Quality Liner Cables and Automotive Cables |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 3900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 : |
100 Bommasandra Industrial Area, Anekal Taluka, |
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Tel. No.: |
91-80-27833827 – 29 / 43421100 |
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Fax No.: |
91-80-27833279 |
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E-Mail : |
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Website : |
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Factories : |
·
Plot No 100, Bommasandra Industrial Area, ·
Plot No. 132, Bommasandra Industrial Area, ·
No. 189/A, Bommasandra Industrial Area, ·
No. 26 and 27A (Part), Doddaballapur
Industrial Area, ·
No 164 – 165, Sector 3, IMT Manesar, Gurgaon -
122001, ·
Plot No. B 13, MIDC, Chakan Industrial Area,
Pune - 410501, ·
A-1/5411, IV Phase, GIDC, Vapi - 396195, ·
Plot No. 14 Sector 10, IEE SIDCUL Pantnagar,
Rudrapur, Udhamsingh Nagar, Uttarakhand - 263153, ·
Plot No. 101, Bommassandra Industrial Area, · Plot No. 04, Industrial Park IV, Begumpur Village, Roorkee, Haridwar - 249403, Uttarakhand, India ·
Plot no: D-11, ·
No. 14-A, Bommasandra Industrial Area, ·
4
Wheeler Division, Plot No. B-13, MIDC, Chakan Industrial. Area, Pune - 410
501, ·
Plot No. SPA - 887, Pathredi
Industrial Area, Bhiwadi,
Alwar (Dist) -301019, |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. M R B Punj |
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Designation : |
Chairman (Upto 31.01.2011) |
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Name : |
Mr. K Ajith Kumar Rai |
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Designation : |
Vice Chairman and Managing Director |
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Date of Birth/Age : |
53 Years |
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Qualification : |
B.E. M.A.Sc ( |
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Experience : |
26 Years |
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Date of Appointment : |
24.05.1985 |
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Name : |
Mr. Ian Williamson |
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Designation : |
Director |
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Name : |
Mr. B S Patil |
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Designation : |
Director |
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Name : |
Mr. Surendra Kumar N Shah |
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Designation : |
Director |
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Name : |
Mr. M Jayarama Shetty |
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Designation : |
Director |
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Name : |
Mr. Suresh Shetty |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Medappa Gowda J |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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62,213,157 |
51.84 |
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62,213,157 |
51.84 |
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Total shareholding of Promoter and Promoter Group (A) |
62,213,157 |
51.84 |
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(B) Public Shareholding |
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|
966,416 |
0.81 |
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Foreign Institutional Investors |
48,000 |
0.04 |
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1,014,416 |
0.85 |
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14,352,725 |
11.96 |
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18,125,396 |
15.10 |
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21,152,597 |
17.62 |
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3,161,709 |
2.63 |
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3,003,409 |
2.50 |
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1,000 |
- |
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157,300 |
0.13 |
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56,792,427 |
47.32 |
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Total Public shareholding (B) |
57,806,843 |
48.16 |
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Total (A)+(B) |
120,020,000 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
120,020,000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of High Quality Liner Cables and Automotive Cables |
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Products : |
Automotive Cables Non - Automotive Cables
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PRODUCTION STATUS AS ON
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Particulars |
Installed Capacity |
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Cables (Nos.) |
1000 Lakhs |
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Speedometers (Nos.) |
6 Lakhs |
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Particulars |
Production
Capacity |
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Cables (Nos.) |
84,143,204 |
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Speedo Cables |
14,355,389 |
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Speedometers (Nos.) |
570,641 |
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Total |
99,069,234 |
GENERAL INFORMATION
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Customers : |
·
Tata Motors ·
BMW ·
General Motors ( ·
Volkswagen ·
Ford India Limited ·
Suzuki ·
Mahindra and Mahindra ·
Jaguar ·
Land Rover ·
Piaggio ·
Nissan ·
Lear Corporation ·
Eicher Motors ·
Swaraj Mazda ·
SAAB ·
MAGNA ·
BEHR ·
Inteva Products Automotive ·
Isringhausen ·
Bajaj Tempo ·
Force Motors ·
Vauxhall ·
Opel ·
IFB Automotive Seating Systems ·
Benteler ·
GM Daewoo ·
Witte ·
Valeo ·
Class ·
Shivani Locks ·
Technico |
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of ·
Syndicate Bank ·
Citi Bank N.A. ·
HSBC Bank |
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Facilities : |
Rs. in Millions
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
Varma and Varma Chartered Accountants |
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Internal Auditors : |
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Name : |
K S Aiyar and Company Chartered Accountants |
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Subsidiaries : |
·
Suprajit Automotive Private Limited ·
Gills Cables Limited, |
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Associates: |
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CAPITAL
STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
125000000 |
Equity Shares |
Rs. 1/-each |
Rs. 125.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
120020000 |
Equity Shares |
Rs. 1/-each |
Rs. 120.020
Millions |
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Notes: Out of the above 90015000 (6001000) equity shares
of Rs. 1/- (Rs. 5/-) each were allotted as fully paid up bonus by way of
capitalization of Securities Premium and General Reserve
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
120.020 |
120.020 |
60.010 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
858.281 |
614.903 |
516.393 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
978.301 |
734.923 |
576.403 |
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LOAN FUNDS |
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1] Secured Loans |
539.276 |
501.224 |
452.758 |
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2] Unsecured Loans |
7.490 |
4.804 |
41.441 |
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TOTAL BORROWING |
546.766 |
506.028 |
494.199 |
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DEFERRED TAX LIABILITIES |
34.833 |
36.442 |
33.509 |
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TOTAL |
1559.900 |
1277.393 |
1104.111 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
744.941 |
561.335 |
535.490 |
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Capital work-in-progress |
41.999 |
19.145 |
4.003 |
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Expenditure during construction period pending allocation |
0.663 |
0.000 |
0.339 |
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INVESTMENT |
286.923 |
292.460 |
235.937 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
248.865
|
156.330 |
115.836 |
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Sundry Debtors |
599.357
|
430.340 |
326.921 |
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Cash & Bank Balances |
19.662
|
10.351 |
8.972 |
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Other Current Assets |
6.837
|
11.182 |
8.094 |
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Loans & Advances |
82.484
|
51.031 |
101.606 |
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Total
Current Assets |
957.205
|
659.234 |
561.429 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
367.115
|
157.949 |
176.633 |
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Other Current Liabilities |
57.670
|
55.389 |
14.709 |
|
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Provisions |
47.046
|
41.443 |
41.745 |
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Total
Current Liabilities |
471.831
|
254.781 |
233.087 |
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Net Current Assets |
485.374
|
404.453 |
328.342 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1559.900 |
1277.393 |
1104.111 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
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Income |
3005.010 |
2086.788 |
1634.649 |
|
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Other Income |
26.143 |
14.219 |
18.843 |
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TOTAL |
3031.153 |
2101.007 |
1653.492 |
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Less |
EXPENSES |
|
|
|
|
|
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Material cost of goods sold |
1958.886 |
1325.247 |
1084.323 |
|
|
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Employee Costs |
326.697 |
214.815 |
156.399 |
|
|
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Administrative Expenses |
207.359 |
138.092 |
131.342 |
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TOTAL |
2492.942 |
1678.154 |
1372.064 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
538.211 |
422.853 |
281.428 |
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Less |
FINANCIAL
EXPENSES |
63.187 |
57.351 |
58.008 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
475.024 |
365.502 |
223.420 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
48.539 |
44.865 |
42.584 |
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PROFIT BEFORE
TAX |
426.485 |
320.637 |
180.836 |
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Less |
TAX |
121.534 |
102.533 |
64.571 |
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PROFIT AFTER TAX |
304.951 |
218.104 |
116.265 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
208.713 |
170.194 |
95.458 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
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Transfer to General Reserve |
230.000 |
120.000 |
11.626 |
|
|
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Interim Dividend |
24.004 |
27.005 |
12.002 |
|
|
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Proposed Dividend |
30.005 |
24.004 |
15.002 |
|
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|
Corporate Dividend Tax |
7.563 |
8.576 |
2.898 |
|
|
BALANCE CARRIED
TO THE B/S |
222.092 |
208.713 |
170.194 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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|
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Export Earnings |
127.027 |
79.380 |
70.196 |
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IMPORTS |
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Raw Materials |
227.908 |
106.710 |
104.800 |
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Earnings Per
Share (Rs.) |
2.54 |
1.82 |
0.97 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
812.63 |
940.31 |
1013.44 |
|
Total Expenditure |
669.70 |
776.18 |
852.15 |
|
PBIDT (Excl
OI) |
142.93 |
164.13 |
161.29 |
|
Other Income |
2.07 |
4.22 |
10.58 |
|
Operating
Profit |
145.00 |
168.35 |
171.87 |
|
Interest |
17.44 |
20.24 |
24.81 |
|
Exceptional
Items |
0.00 |
0.00 |
0.00 |
|
PBDT |
127.56 |
148.11 |
147.06 |
|
Depreciation |
13.48 |
12.81 |
12.29 |
|
Profit
Before Tax |
114.08 |
135.30 |
134.77 |
|
Tax |
32.00 |
38.15 |
35.24 |
|
Reported PAT |
82.08 |
97.15 |
99.52 |
|
Extraordinary Items |
0.00 |
0.00 |
0.00 |
|
Prior Period Expenses |
0.00 |
0.00 |
0.00 |
|
Other Adjustments |
0.00 |
0.00 |
0.00 |
|
Net Profit |
82.08 |
97.15 |
99.52 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.06
|
10.38 |
7.03 |
|
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
14.19
|
15.37 |
11.06 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.05
|
26.27 |
16.48 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.44 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
1.04 |
1.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
2.59 |
2.40 |
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. Constructions 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% |
-- |
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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 |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
-- |
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26. Buyer visit details |
-- |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
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29. Last accounts filed at ROC |
Yes |
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30. Major Shareholders, if available |
Yes |
OPERATION:
The year gone by was a robust year for the Company both in
sales and profitability. While the global automotive market continues to be sluggish,
Indian auto industry probably had one of its best years, clocking a growth of
27%. This has augured well for Suprajit which grew faster than the industry at
46%. The Company recorded a net income of Rs. 3304.462 millions during the year
2010 -11 as against Rs. 2268.949 millions during the year 2009-10, recording a
growth of 45.64%. During the year 2010 – 11, the Profit after Tax was Rs.
304.951 millions against Rs. 218.104 millions during the year 2009-10,
recording a growth of 39.82%. The consolidated sales grew from Rs. 2657.877
millions for the year 2009 – 10 to Rs. 3791.732 millions for the year 2010-11,
recording a growth of 42.66 %. The consolidated Profit after Tax grew from Rs.
221.692 millions to Rs. 333.011 millions during the same period, a growth of
50.21 %. You will note that the Company’s growth has surpassed that of the
automotive industry by a significant margin. This is largely due to improved
market share with customers, significant growth in the non-automotive as well
as aftermarket business.
During the year, the unit purchased at Bommasandra Industrial Area was
operationalized to expand the activities of aftermarket business. Expansion of
100% EOU at Bommasandra and a 4 wheeler cable plant at Chakan have made good progress
during the year, which will be operationalized in the current year. Another
unit has been purchased in the Bommasandra Industrial area for further
expansion of the Company’s activities.
CURRENT YEAR:
The outlook for the current year looks promising. Although
interest rates have risen, high inflation is a concern and commodity prices are
hardening, auto industry is one of the key drivers of the economy. In a growing
economy, the auto sector to which the Company belongs to, plays a significant
role. The Company expects to continue to surpass the industry growth in the
days to come, barring unforeseen circumstances.
The capacities at most of the plants are fully utilized,
giving little room for further growth. With Indian economy continuing to grow
well, the Company now plans to expand its capacity from the planned 110 mn
cables / year to 150 mn cables / year by next year. These expansion activities
will be carried out in the existing units as well as recently acquired new
units. The Company has also acquired an additional land of 4.2 acres at Bhiwadi
to setup its 4th plant in the North region.
The Company has taken initial steps in expanding its product range and
has launched a few products in the aftermarket. These products are expected to
add to the overall business growth of the Company in the years to come.
WHOLLY OWNED SUBSIDIARIES:
While domestic scenario looks robust, global automotive
scenario continues to be challenging. The automotive market in the Western
world is yet to recover from the melt down and is stabilizing at a much lower
levels of sales. With this in the background, the performance of subsidiaries
has been satisfactory, both of which operate in this environment. The combined
sales of the subsidiaries has increased from Rs.410.331 millions for the year
2009-10 to Rs. 505.939 millions during the year 2010-11, recording a growth of
23.30 %. The Profit After Tax grew from Rs. (0.640) millions to Rs. 27.346
millions. The EBIDTA grew from Rs. 39.819 millions to Rs.75.247 millions, an
increase of 88.97 %. It must be noted that Gills Cables is acting as a
technical and commercial centre for the group and has a minimal manufacturing
in line with the Group’s plans. The current year for the subsidiaries appears
to be satisfactory in line with the global automotive scenario.
BUSINESS OVERVIEW:
Indian automotive industry grew by 27% (Passenger Vehicle
segment by 24%, MCV & HCV by 33%, LCV by 28%, 3-wheelers by 30%, 2-wheelers
by 27%).
The Company will benefit from all these developments. While
local outlook continues to be promising, the global automotive industry
continue to struggle. The Western Automotive growth is not expected to go back
to its peak of 2006-07 in the foreseeable future. However, growth in developing
economies like
Line stoppage and product recall at customers, increased
interest rates and commodity prices are continuing threats for the Company’s
activities.
Excellent customer management, competitive products and focus on quality
and delivery continue to be the strength of the Company. With a plan to expand
the capacity to 150 mn cables per year, the Company is poised to take advantage
of the growing economy and prospects.
CONTINGENT
LIABILITIES:
|
Sl. No. |
Particulars |
Amount as on March 31, 2011 |
Amount as on March 31, 2010 |
|
1 |
Estimated amount of contracts remaining to be executed on
capital account and not provided for(net of advances) |
102,014,428 |
24,543,796 |
|
2 |
Corporate Guarantees issued on behalf of subsidiaries to
their bankers |
3 6,450,000 |
34,470,000 |
|
3 |
Bank Guarantee furnished to Tax Authorities for availing
concessions. |
2,276,168 |
4,264,893 |
|
4 |
Disputed Excise/Entry tax dues pending in appeal |
1,434,040 |
1,434,040 |
|
5 |
B-17 Bond Executed in favour of customs |
10,000,000 |
10,000,000 |
|
6 |
Other sums for which the Company is contingently liable |
3,921,851 |
3,921,851 |
MILESTONES:
1985 - Incorporated as a Private Limited Company.
1987 - Commercial Production at Unit -1.
1994 - Commercial Production at Unit -2.
1996 - Public issue of Equity Shares at premium.
1997 - “
1998 - Commercial Production at Unit -3.
2002 - State of the Art cable plant - Unit -4, Manesar.
2002 - Acquisition of Shah Concabs Private Limited, a Cable Manufacturer at Vapi - Unit -6.
2002 -
2003 - Implementation of TS-16949 at all units.
2003 - State of the Art cable plant at Chakan, Pune-Unit -5.
2003 - Listing of Shares at The Stock Exchange, Mumbai (BSE).
2004 - Launch of CTP Suprajit Automotive Private Limited.
2004 - ISO 14000 & 18000 Certification for Manesar Unit.
2005 - Listing of Shares at The National Stock Exchange of India Limited, Mumbai (NSE).
2006 - Successfully implemented Oracle ERP across all units.
2006 - Acquisition of business and
assets of CTP Gills Cables,
Owned Subsidiary, Gills Cables
Limited,
2006 - Acquisition of the balance
50% stake held by Carclo plc.
Venture - Suprajit Automotive Private Limited (100% EOU)
2006 - Twin Awards by CNBC / ICICI Bank / CRISIL :
1. SME of the Year.
2. Auto Ancillary of the Year.
2007 - Commercial production at Pantnagar plant - Unit -7.
2007 - Commercial production at the second plant in Manesar - Unit -4.
2007 - Best IT User Award -2006 in Automotive Sector by NASSCOM.
2009 - Commercial Production at
100% EOU in
2010 - Awarded by KSFC as “Best
2010 - Commercial Production at Haridwar - Unit 10.
2011 - Commercial Production at
2011 - Gills Cables Limited renamed as Suprajit Europe Limited
2011 - Formation of Suprajit
Foundation, a Trust for CSR activities.
Fixed assets
Tangible:
- Buildings
- Plant and Machinery
- Dies and Moulds
- Electrical Installations
- Furniture and Fixtures
- Office Equipments
- Computers
- Motor Car
- Cycles
- Container
Intangible:
- Technical Knowhow
- Goodwill
- Brands
AS PER WEBSITE
DETAILS
PROFILE:
Incorporated as a Private Limited Company in 1985, Suprajit Engineering Limited started manufacturing high quality liner cables to exacting Japanese standards for the automotive industry in 1987.
Currently catering to a wide spectrum of automotive and non-automotive
cable requirements, Suprajit Engineering has achieved phenomenal growth and has
cemented itself as
Suprajit is now listed in the Indian bourses and is amongst the top five cable manufacturers in the world.
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. 53.84 |
|
|
1 |
Rs. 86.72 |
|
Euro |
1 |
Rs. 69.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.