MIRA
INFORM REPORT
|
Report Date : |
21.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIMPLEX CASTINGS LIMITED |
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Registered Office : |
601/602A, Fairlink Centre, Off |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
30.01.1980 |
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Com. Reg. No.: |
11-67459 |
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Capital
Investment / Paid-up Capital : |
Rs.59.842 millions |
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CIN No.: [Company
Identification No.] |
L27320MH1980PLC067459 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS03006D |
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Legal Form : |
Public limited liability company. The shares of the
company are listed on Stock Exchanges. |
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Line of Business : |
Manufactures heavy castings in grey cast iron, alloy cast iron, stainless steel and steel. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2607772 |
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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 an established company having satisfactory track. 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 : |
601/602A, Fairlink Centre, Off |
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Tel. No.: |
91-22-40034768 |
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Fax No.: |
91-22-22871170 |
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E-Mail : |
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Corporate Office :
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Plot No. 32, Shivnath Complex, G E Road, Supela, Bhilai – 490
023, |
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Factory 1 : |
5, Industrial Estate, Bhilai, District: Durg, Chhattisgarh
– 490 026, |
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Tel. No.: |
91-788-2382031 / 32 |
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Fax No.: |
91-788-2382032 |
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Factory 2 : |
Urla Industrial Estate, |
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Tel. No.: |
91-771-2323805 / 2323483 / 2326301 / 2326302 |
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Fax No.: |
91-771-2324090 |
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Factory 3: |
223/2 and 224, Industrial Estate, Tedesara, Rajnandgaon – 491443, Chandigarh, India |
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Branches : |
Calcutta 119, Phone:- 91-33-22299751 / 22499817 / 22296637 Fax :- 91-33-22493251 E-Mail:- simplex1@giascl01.vsnl.net.in |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Arvind S. Shah |
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Designation : |
Chairman |
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Name : |
Mr. G. Gopalaswamy |
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Designation : |
Director |
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Name : |
Mr. Ketan M. Shah |
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Designation : |
Managing Director |
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Name : |
Mr. Shailesh A. Shah |
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Designation : |
Director |
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Name : |
Mr. Hasmukhlal S Parikh |
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Designation : |
Director |
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Name : |
Mr. Kisan R. Choksey |
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Designation : |
Director |
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Name : |
Mr. Shivji R. Shah |
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Designation : |
Director |
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Name : |
Mr. Rajendra R. Shah |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Kumar Mishra |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
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2859715 |
47.79 |
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467100 |
7.81 |
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(B)
Public Shareholding |
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1600 |
-- |
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474615 |
7.93 |
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1218568 |
20.36 |
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786492 |
13.14 |
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22100 |
0.37 |
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153930 |
2.57 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
-- |
-- |
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Total |
5984200 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufactures heavy castings in grey cast iron, alloy cast iron, stainless steel and steel. |
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Products : |
¨
¨
Cooling Plate ¨
Speclal purpose side dump car ¨
Steel |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
AT BHILAI |
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Cast Iron Castings/ Components Metallurgical Industry |
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M/T |
15000 |
7570 |
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Fabricated Equipments |
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M/T |
1800 |
956 |
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MS/ Forging Quality ingots |
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M/T |
1000 |
-- |
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AT URLA |
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Steel Castings, Special Alloy Iron and SG Iron Castings |
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M/T |
10000 |
7972 |
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Equipment and Spares |
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M/T |
500 |
-- |
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MS/ Forging quality ingots |
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M/T |
15000 |
2453 |
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AT TEDESARA |
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Fabricated Equipments |
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M/T |
2500 |
636 |
Note: Installed Capacity (Maximum utilization for
the full year) is based on the certificate issued by the management on which
the Auditors have relied.
GENERAL INFORMATION
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Bankers : |
· Axis Bank ·
Bank of ·
State Bank of |
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Facilities : |
Note: 1. Loans from Banks (State Bank of India (SBI), Bank of Baroda (BOB) and
Axis Bank) under Cash Credit facilities and Stand by Line of Credit are
secured by 1st Pari Passu charge by way of Hypothecation / Pledge
of entire Current Assets including Raw-Materials, Stock-in-Process, Finished
Goods, Stores and Spares at factory premises or such other places as may be
approved by bank and assignment of Book Debts both present and future and 2nd
Pari-passu charge on the entire Fixed Assets (existing and proposed) of the
company by way of hypothecation/mortgage. 2. Term Loans from Banks (State Bank of India (SBI) and Bank of Baroda
(BOB)) and Axis Bank) are secured by 1 st Pari Passu charge by way of
Equitable Mortgage of factory leasehold land located at Bhilai and Urla including
hypothecation of Plant and Machineries and entire existing and proposed Fixed
Assets of the company and 2nd Pari-passu charge on the entire
Current Assets of the company by way of hypothecation/pledge. 3. Vehicle Loan from Banks are secured by Hypothecation of respective
vehicles purchased under the loan.
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
Taunk and Srikanth Chartered Accountants |
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Address : |
Bhilai |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6093000 |
Equity Shares |
Rs.10/- each |
Rs.60.930
millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5984200 |
Equity Shares |
Rs.10/- each |
Rs.59.842
millions |
Note: Above 5984200
Equity Shares include 650000 shares issued for consideration other than cash
and 2400000 shares allotted as fully paid Bonus shares by capitalization of
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
59.842 |
59.842 |
59.842 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
592.101 |
490.896 |
407.368 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
651.943 |
550.738 |
467.210 |
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LOAN FUNDS |
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1] Secured Loans |
606.490 |
527.072 |
458.355 |
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2] Unsecured Loans |
158.994 |
101.249 |
65.384 |
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TOTAL BORROWING |
765.484 |
628.321 |
523.739 |
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DEFERRED TAX LIABILITIES |
63.791 |
57.008 |
50.244 |
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TOTAL |
1481.218 |
1236.067 |
1041.193 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
697.309 |
582.653 |
542.137 |
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Capital work-in-progress |
42.918 |
41.684 |
17.488 |
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INVESTMENT |
1.395 |
0.895 |
0.965 |
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DEFERREX TAX ASSETS |
0.00 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
501.664
|
295.600
|
308.463
|
|
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Sundry Debtors |
618.167
|
521.370
|
425.338
|
|
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Cash & Bank Balances |
30.787
|
36.183
|
33.277
|
|
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Other Current Assets |
3.868
|
4.457
|
3.165
|
|
|
Loans & Advances |
130.333
|
211.367
|
158.685
|
|
Total
Current Assets |
1284.819
|
1068.977
|
928.928 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
290.546
|
129.726
|
163.822 |
|
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Other Current Liabilities |
214.878
|
192.580
|
167.126
|
|
|
Provisions |
39.799
|
135.836
|
117.377
|
|
Total
Current Liabilities |
545.223
|
458.142
|
448.325 |
|
|
Net Current Assets |
739.596
|
610.835
|
480.603 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1481.218 |
1236.067 |
1041.193 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
|
|
|
|
|
|
Income |
2034.733 |
1644.099 |
1737.662 |
|
|
|
Other Income |
9.404 |
15.629 |
16.002 |
|
|
|
TOTAL (A) |
2044.137 |
1659.728 |
1753.664 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of raw-material, Components, spares and stores |
1207.089 |
841.379 |
1036.456 |
|
|
|
payments and other benefits to employees |
124.885 |
114.642 |
73.911 |
|
|
|
Manufacturing and other expenses |
488.669 |
416.935 |
405.091 |
|
|
|
Work contract expenses |
4.756 |
0.000 |
13.001 |
|
|
|
Increase / Decrease in stock |
(117.993) |
10.005 |
(50.139) |
|
|
|
TOTAL (B) |
1707.406 |
1382.961 |
1478.320 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
336.731 |
276.767 |
275.344 |
|
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
97.119 |
72.526 |
97.103 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
239.612 |
204.241 |
178.241 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.169 |
41.040 |
37.079 |
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
193.443 |
163.201 |
141.163 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
63.847 |
56.847 |
49.918 |
|
|
|
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|
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|
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|
PROFIT AFTER TAX
(G-I)
(I) |
129.596 |
106.354 |
91.245 |
|
|
|
|
|
|
|
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|
Add |
CREDITS OF EARLIER
YEAR/EXCESS PROVISION WRITTEN BACK |
0.015 |
0.036 |
0.149 |
|
|
Less |
DEBIT OF EARLIER
YEAR/SHORT IT PROV |
5.486 |
1.485 |
0.528 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
143.879 |
104.391 |
75.801 |
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Tax on Proposed Dividend |
2.427 |
2.288 |
2.034 |
|
|
|
Proposed Dividend |
14.960 |
13.464 |
11.968 |
|
|
|
Transfer to General Reserve |
50.000 |
49.665 |
48.274 |
|
|
BALANCE CARRIED
TO THE B/S |
200.616 |
143.879 |
104.391 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
72.305 |
46.973 |
146.275 |
|
|
TOTAL EARNINGS |
72.305 |
46.973 |
146.275 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
27.186 |
3.786 |
17.243 |
|
|
|
Capital Goods – Machinery |
49.568 |
38.660 |
50.527 |
|
|
TOTAL IMPORTS |
76.754 |
42.446 |
67.770 |
|
|
|
|
|
|
|
|
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|
Earnings Per Share
(Rs.) |
20.74 |
17.77 |
15.25 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
31.12.2011 3rd
Quarter |
|
Net Sales |
544.400 |
552.460 |
450.060 |
|
Total Expenditure |
472.730 |
478.860 |
357.710 |
|
PBIDT (Excl OI) |
71.670 |
73.600 |
92.350 |
|
Other Income |
3.300 |
1.490 |
7.110 |
|
Operating Profit |
74.970 |
75.090 |
99.460 |
|
Interest |
23.810 |
27.320 |
35.620 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
51.160 |
47.770 |
63.840 |
|
Depreciation |
11.880 |
11.670 |
14.350 |
|
Profit Before Tax |
39.280 |
36.100 |
49.490 |
|
Tax |
11.500 |
10.500 |
15.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
27.780 |
25.600 |
33.990 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
27.780 |
25.600 |
33.990 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.34
|
6.41
|
2.84
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.51
|
9.93
|
8.22
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.76
|
9.88
|
9.59
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.30
|
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.01
|
1.97
|
2.08
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
2.33
|
2.07
|
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 |
-- |
|
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 |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
-- |
|
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 |
No |
HISTORY
Registered as a partnership firm in 1971, Subject was incorporated
on 30 Jan.'80 and went public in 1993. It was promoted by H B Shah and Arvind K
Shah. The company manufactures heavy castings in grey cast iron, alloy cast
iron, stainless steel and steel. The products of the company go mainly to steel
plants, power plants, mining and cement plants, Defence and the Railways. Main
products go to blast furnaces and coke oven batteries. The company has
technical collaborations with a number of companies for its products. Some of
the firms are Nippon Steel Corporation,
PERFORMANCE REVIEW:
The sales and other Income for the financial
year 2010 - 2011 were Rs. 2044.138 Millions as against Rs. 1659.729 Millions
for the year 2009 - 2010, registering an increase of 23.16% over the last
year's figure.
The Profit before tax was Rs. 193.442
Millions and Profit after tax was Rs. 129.596 Millions for the financial year
under review as against Rs. 163.201 Millions and Rs. 106.353 Millions of the
last year, an improvement by 18.52 % and 21.85 % over the last year's
respective figures.
FUTURE PROSPECTS:
The Indian economy is strongly on track and expected
to grow continuously. The Company is expected to maintain a steady growth and
use the opportunity available in the Railway, Power and Oil and gas industry.
The combination of effective manufacturing costs with good quality systems
would give an edge to the Company in terms of pricing and quality and the
demands for greater environmental protection caused serious challenges to the
casting industry.
The casting industry supplies castings not
only for the automotive industry but also for a number of other industries
including railways, farming, public works machines, machining tools and public
services. It is indeed the backbone of many industries.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT THE INDIAN ECONOMY
Fiscal year 2010-11 was a mixed year for the
Indian Economy. The economy began the year on a confidential note with high
growth which however tapered off towards the closing of the year. Thus the GDP
grew by 9.3% in the first Quarter (April-June 2010) which dropped to 7.8% in
the last Quarter (Jan-March 2011) accompanied by a steep drop in investment
levels. The biggest threat to the growth performance of the Indian economy was
the rising inflation. As compared with the last fiscal year 2009-10 in which the
performance of the Indian Economy greatly exceeded expectations, it was hard to
visualize strong economic growth in the year 2010-11. The implications of this,
for India's strategy to return to the 9.0 per cent growth trajectory, are that
public policy must promote business confidence and facilitate increased
investment.
BUSINESS OVERVIEW
Economic cycles are characteristic features
of market-oriented economies - whether in the form of the alternating
expansions and contractions that characterize a classical business cycle, or
the alternating speedups and slowdowns that mark cycles in growth. With the
progress of the liberalization process in India, which has transformed it into
more of a market-driven economy, such cycles are destined to become prominent features
of the economic landscape.
Leading indicators are designed to anticipate
the timing of the ups and downs in the business cycle. They are related to the
drivers of business cycles in market economies, which include swings in
investment in inventory and fixed capital that both determine and are
determined by movements in final demand. They also include the supply of money
or credit, government spending and tax policies, and relations among prices,
costs and profits. An understanding of these drivers can help identify the
predictors of the downturns and upturns. Remarkably, decades of experience of
the researchers at ECRI have shown that in a wide variety of market economies,
both developed and developing, similar leading indicators consistently anticipate
business cycles, underscoring the fundamental similarity of market economies.
Such robust leading indicators can be used as the foundation for reliable
cyclical forecasts.
India is today rated as one of the most attractive
investment destinations across the globe. Manufacturing and services sector
have registered impressive gains. Savings and investment are looking up while
exports are rising.
India's manufacturing industry grew faster in
the current fiscal compared to last year with a majority of the sectors growing
at more than 10 percent. In spite of high inflation and rising input cost, a
vast majority of industry sectors is set to record higher growth in financial
year 2010-11 than in the previous year. In the fourth quarter of fiscal
2010-11, corporate India turned out a good performance both in terms of sales
and profits. Such a performance is particularly noteworthy as it came at a time
when overall expenses are going up at a fast clip. Net sales of the Industrial
sector in the fourth quarter of 2010-11 registered a growth of 23.5 percent,
which is the highest growth seen in last two years. Within the manufacturing
sector, growth in sales has been particularly strong in sectors such as
textiles, cement, steel and transport equipment.
Witnessing a wave of growth, the Indian
manufacturing sector is touted to be much more promising in the future. The
country is increasingly getting recognized for high value goods requiring a
fair amount of engineering precision and quality.
The global economy seems to be recovering
after the recent economic shock. The Indian economy, however, was hit in the
latter part of the global recession and the real economic growth has witnessed
a sharp fall, followed by lower exports, lower capital outflow and corporate
restructuring. Due to the strong position of liquidity in the market, large
corporations now have access to capital in the corporate credit markets.
INDUSTRY STRUCTURE and DEVELOPMENT
Simplex Castings Ltd. has done huge investment
as under for diversification and delivery of intricate machined castings to
maintain and increase the turnover.
|
Bhilai Unit- |
1. |
Drill Machine - (Z3053x20) |
|
|
2. |
Compressed Air System |
|
|
3. |
Droop and Rein Milling Machine |
|
|
4. |
Boring Machine |
|
Urla Unit- |
1. |
Double Col Machining Centre |
|
|
2. |
Centrifugal Blowers and Dampers |
|
|
3. |
Drill Machine - (Z3053x20) |
|
Tedesara Unit |
1. |
Drill Machine - (Z3053x20) |
|
|
2. |
Substation and Electricals |
|
|
3. |
15/5 and 50/10 EOT Crane |
While the Technological and Quality
assurances were primarily ensured through training and development of concerned
officials for serving the all important clients for the best of the Quality
Products.
OPPORTUNITIES AND THREATS
There is great demand for machined castings.
However, threat from China is still continuous, their prices are very
competitive and Indian Foundry is not able to match their prices.
In line with the aspirations
of ongoing growth in the fiscal year 2010-11, Simplex is continuously
integrating its resources and investing in new technologies to achieve greater
performance and long term growth.
India needs a policy to
bring another round of multifaceted reforms for the industrial sector to have a
sustained double-digit output growth in the medium to long term.
FIXED ASSETS
·
Land
·
Building
·
Plant and machinery
·
Mould Boxes
·
Patterns
·
Office Equipments
·
Furniture and Fixtures
·
Computers
·
Vehicles
·
Jigs and Fixtures
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.54.87 |
|
|
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.