MIRA
INFORM REPORT
|
Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
GENERAL MOTORS INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
GENERAL MOTORS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Chandrapura Industrial Estate, Halol, District
Panchmahal-389351, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.04.1994 |
|
|
|
|
Com. Reg. No.: |
04-021818 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 28809.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100GJ1994PTC021818 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00742A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAC48371P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers and Sellers of Motor Cars. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 81130000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of SAIC General Motors Investment Limited, 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB+ (Long term Rating) |
|
Rating Explanation |
Moderate degree of safety regarding timely servicing of financial
obligation it carry moderate credit risk |
|
Date |
19.10.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non Co-operative
LOCATIONS
|
Registered Office : |
Chandrapura Industrial Estate, Halol, District
Panchmahals-389351, |
|
Tel. No.: |
91-2676-221000 (20 Lines) / 220664 / 220677 |
|
Fax No.: |
91-2676-220666 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
695182 Sq. Mtrs |
|
Location : |
Owned |
|
|
|
|
Corporate Office 1: |
401, |
|
Location : |
Leased |
|
|
|
|
Corporate Office
2/ Marketing : |
6th Floor, Tower A, Global |
|
Tel. No.: |
91-124-2803333 |
|
Fax No.: |
91-124-2803344 |
|
E-mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Hong Chen |
|
Designation : |
Director |
|
Address : |
Room 1001, No. 1676, |
|
Date of Birth/Age : |
08.03.1961 |
|
Date of Appointment : |
03.05.2010 |
|
DIN No.: |
03026945 |
|
|
|
|
Name : |
Mr. Zuoping Yao |
|
Designation : |
Managing director |
|
Address : |
11, |
|
Date of Birth/Age : |
16.05.1964 |
|
Date of Appointment : |
03.05.2010 |
|
DIN No.: |
03027742 |
|
|
|
|
Name : |
Karl Jonathon Slym |
|
Designation : |
Managing director |
|
Address : |
7, Golden Gate, Westend Greens Farms Behind, |
|
Date of Birth/Age : |
07.01.1959 |
|
Date of Appointment : |
01.10.2007 |
|
Date of Cessation : |
01.01.2012 |
|
DIN No.: |
01875188 |
|
|
|
|
Name : |
Mr. Timothy Eby Lee |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
15.05.1964 |
|
Date of Appointment : |
03.05.2010 |
|
DIN No.: |
03024274 |
|
|
|
|
Name : |
Mr. Rong Liu |
|
Designation : |
Director |
|
Address : |
Room 1506-1507, No. 20, |
|
Date of Birth/Age : |
19.12.1949 |
|
Date of Appointment : |
03.05.2010 |
|
DIN No.: |
03026938 |
|
|
|
|
Name : |
Mr. Kevin Ernest Wale |
|
Designation : |
Additional director |
|
Address : |
Unit 1002, No. 8, |
|
Date of Birth/Age : |
30.10.1964 |
|
Date of Appointment : |
07.12.2010 |
|
DIN No.: |
03321436 |
KEY EXECUTIVES
|
Name : |
Annu Sarin |
|
Designation : |
Secretary |
|
Address : |
124, DIN Cooperative Housing Society, Plot 7, Sector 4, Dwarka, New |
|
Date of Birth/Age : |
17.07.1972 |
|
Date of Appointment : |
21.05.2010 |
|
PAN No.: |
AORPS1096M |
|
|
|
|
Name : |
Mr. Mayank |
|
Designation : |
HR Manager |
|
|
|
|
Name : |
Mr. Chirag |
|
Designation : |
Admin Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Equity
Shares |
|
SAIC General Motors Investment Limited, |
2798368283 |
|
SAIC General Motors Investment Limited, |
9364998 |
|
General Motors (Hong Kong) Company Limited, |
1 |
|
SAIC General Motor RK Investment Limited, Hong Kong |
1 |
|
TOTAL |
2807733283 |
|
Names of Shareholders |
No. of
Preference Shares |
|
SAIC General Motors Investment Limited, |
280000 |
|
SAIC General Motors Investment Limited, |
210000 |
|
SAIC General Motors Investment Limited, |
24185000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Sellers of Motor Cars. |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production |
|
Vehicles |
Qty |
225000 |
225000 |
*As certified by the Management on triple
shift basis, per annum
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
|
|
Banking Relations
: |
-- |
|
|
|
|
Financial Institution: |
IDBI Trusteeship Services Limited, |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building No. 10, Tower B, |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
PAN No.: |
AABFD2095B |
|
|
|
|
Ultimate Holding Company: |
|
|
|
|
|
Ultimate Joint Venture: |
|
|
|
|
|
Holding Company: |
|
|
|
|
|
Fellow Subsidiaries: |
* Formerly known as GM Daewoo Auto and Technology company |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3178853594 |
Equity Shares |
Rs.10/- each |
Rs. 31788.536 Millions |
|
317843500 |
Preferences Shares |
Rs.10/- each |
Rs. 3178.435 Millions |
|
3302906 |
Unclassified Shares |
Rs.10/- each |
Rs. 33.029 Millions |
|
|
Total |
|
Rs. 35000.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2807733283 |
Equity Shares |
Rs.10/- each |
Rs.
28077.333 Millions |
|
74185000 |
Cumulative Redeemable Preferences
Shares |
Rs.10/- each
|
Rs. 741.850
Millions |
|
|
Total |
|
Rs. 28819.183 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2807733283 |
Equity Shares |
Rs.10/- each |
Rs.
28077.333 Millions |
|
73185000 |
Cumulative Redeemable Preferences
Shares |
Rs.10/- each
|
Rs. 731.850
Millions |
|
|
Total |
|
Rs. 28809.183 Millions |
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 |
28809.200 |
24711.800 |
21846.844 |
|
|
2] Share Application Money |
0.000 |
2966.100 |
1412.088 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(8526.700) |
(6686.100) |
(4590.574) |
|
|
NETWORTH |
20282.500 |
20991.800 |
18668.358 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6384.300 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
6384.300 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26666.800 |
20991.800 |
18668.358 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
20021.900 |
14516.500 |
11805.371 |
|
|
Capital work-in-progress |
3582.400 |
6724.500 |
4437.569 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6071.600
|
4480.000
|
5149.715 |
|
|
Sundry Debtors |
2069.100
|
814.500
|
2069.193 |
|
|
Cash & Bank Balances |
1537.000
|
2468.700
|
3484.520 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
8506.600
|
6766.600
|
3365.688 |
|
Total
Current Assets |
18184.300
|
14529.800
|
14069.116 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12841.100
|
12652.700
|
9810.800 |
|
|
Other Current Liabilities |
853.800
|
782.100
|
1045.944 |
|
|
Provisions |
1426.900
|
1344.200
|
786.954 |
|
Total
Current Liabilities |
15121.800
|
14779.000
|
11643.698 |
|
|
Net Current Assets |
3062.500
|
(249.200)
|
2425.418 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26666.800 |
20991.800 |
18668.358 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
36965.100 |
27709.900 |
24394.500 |
|
|
|
Revenue From Services |
NA |
1694.800 |
3021.600 |
|
|
|
Other Income |
NA |
2984.600 |
1582.700 |
|
|
|
TOTAL (A) |
NA |
32389.300 |
28998.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
|
32575.600 |
29820.300 |
|
|
|
Impairment |
|
(418.500) |
1265.500 |
|
|
|
Contingencies |
|
651.200 |
0.000 |
|
|
|
TOTAL (B) |
|
32808.300 |
31085.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(419.000) |
(2087.000) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
37.600 |
19.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
(456.600) |
(2106.700) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1638.900 |
1351.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
|
(2095.500) |
(3458.600) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.000 |
43.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(1840.600) |
(2095.500) |
(3502.100) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(4590.600) |
(1088.500) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(6686.100) |
(4590.600) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Reimbursement of Expenses |
NA |
562.300 |
645.100 |
|
|
|
FOB Value of Goods Exported |
|
1.200 |
105.100 |
|
|
|
Revenue From Services |
|
1545.700 |
3367.900 |
|
|
TOTAL EARNINGS |
|
2109.200 |
4118.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14959.700 |
13251.300 |
9601.000 |
|
|
|
Capital Goods |
1718.600 |
3883.600 |
1414.300 |
|
|
|
Vehicles Traded |
0.000 |
103.100 |
3385.700 |
|
|
|
Spare Parts and Accessories |
0.000 |
229.700 |
528.800 |
|
|
TOTAL IMPORTS |
16678.300 |
17467.700 |
14929.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.69) |
(0.90) |
(2.36) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
(6.47)
|
(12.08) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(7.56)
|
(14.17) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(7.21)
|
(13.37) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.10)
|
(0.19) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.06
|
0.70
|
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
0.98
|
1.21 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
40.300 |
68.900 |
0.000 |
|
Creditors due others |
12800.800 |
12583.800 |
9810.800 |
|
Total |
12841.100 |
12652.700 |
9810.800 |
|
Sr. No. |
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
-- |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
REVIEW OF
OPERATIONS
The financial year
2010-2011 saw General Motors India emerging as a successful player although the
market started slowing down from January 2011. As in the past, they have kept
the pace steady during the financial year towards their goal of emerging as one
of the serious players in the market. This would not have been possible without
full involvement of their people in their business operations and their active
support. Despite the volatility of the economic situation globally, steep hike
in interest rates, manifold increases in raw material input cost, rising fuel
prices, GM India sold 107,620 vehicles during the financial year 2010-2011.
This year too as
in the past, GM India continued to expand its product range, with the launch of
Beat LPG and Cruze new edition with black interiors. GM India has also won some
industry awards which have paid its efforts to maintain Chevrolet’s title as
the fastest growing auto brand in
·
NDTV Profit Car and Bike India Awards 2011: Best
Car Manufacturer of the year
·
NDTV Profit Car and Bike
·
National Safety Award 2011, third time
consecutively in Motor Vehicles Category
·
J.D. Power Initial Quality Survey Compact Car of
the year for Chevrolet Spark
·
J.D. Power Initial Quality Survey 2nd Prize in
MUV/MPV Segment for Tavera
To meet rising
demand for their products, they continued to expand their dealership network
this year as well covering more locations across the country. The company has
also entered into financing arrangements with a number of public sector banks
for financing of the vehicles to increase its rural penetration.
The most
significant developments that had taken place in the financial year 2010-2011
is the commissioning of their Engine Plant at Talegaon and rolling out of the
Smartech Engine from the plant. This facility is having the distinction of
being the first combined diesel and petrol engine facility in the GM world. In
addition, the joint venture tie up with SAIC has also started moving forward in
full swing with Halol Plant starting expansion activities to increase the
capacity from 85,000 units to 110,000 units per annum to roll out the LCVs from
the plant going forward. The JV with SAIC is a great achievement as the tie up
will help create a number of new avenues to grow GM India’s business. The tie
up will provide GM India access to light commercial vehicles and other vehicles
from SAIC and SGMW’s stable. These will be produced at GM India’s Talegaon and
Halol Plants alongside GM’s portfolio of models for
The net sales
revenue (Vehicles and Parts and Accessories) for the Financial Year was
Rs.369.651 Millions against Rs.277.099 Millions for the financial year ended
31st March, 2011. The sales revenues resulted in Net loss after exceptional
item of Rs.18.406 Millions. The company used Rs.27.065 Millions in operations
against cash generated from operations of Rs.6.320 Millions in the last
financial year.
In view of the
accumulated losses of the past, the Directors express their inability to
declare any Dividend for the year. No amount was available for transfer to
General Reserve.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U34100GJ1994PTC021818 |
|
Name of the
company |
GENERAL MOTORS
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Chandrapura
Industrial Estate, Halol, Panch Mahal – 389351, Email Id : customer.connect@gm.com |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
first pari passu charge on current assets of
company |
|
Particular of
charge holder |
IDBI Bank
Limited3rd Floor, Email Id : sc.bhatt@idbi.co.in |
|
Nature of
instrument creating charge |
Unattested Deed
of hypothecation for working capital facility of Rs.20.000 Millions |
|
Date of
instrument Creating the charge |
06.09.2011 |
|
Amount secured by
the charge |
Rs.2000.000
Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All the
Borrower's present and future current assets including stocks of raw material,
work-in-progress, finished goods, consumables, trade receivables and book
debts relating to the Talegaon Plant and
the Halol Plant and in particular including, without limitation, stocks of
raw material, work-in-progress, finished goods, consumables, whether lying
loose or in cases or which are lying or are stored in or to be stored in or
to be brought into the Talegaon Plant and / or the Halol Plant, whether now
belonging to or that may at any time during the continuance of this Deed
belonging to the Borrower and/or that may at present or hereafter be held by
any party anywhere to the order and disposition of the Borrower or in the
course of transit or delivery, and all replacements thereof and additions
thereof whether by way of substitution, replacement, conversion, realisation
or otherwise howsoever together with all benefits, rights and incidentals
attached thereto including any insurance proceeds received in relation to the
above and which are now or shall at anytime hereafter be owned by the Borrower |
Contingent
liabilities (As on 31.03.2011):
Bank guarantees – Rs. Nil
Claims against the Company not acknowledged as debts*
-From excise and service tax authorities – Rs.201.200 Millions
-From sales tax authorities – Rs.8.800 Millions
-From others – Rs.111.800 Millions
* The above matters including income tax
matters are subject to legal proceedings in the ordinary course of business.
The legal proceedings when ultimately concluded will not, in the opinion of
management, have a material effect on the results of operations or the
financial position of the Company.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.78 |
|
|
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.