|
Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAN TRUCKS INDIA PRIVATE LIMITED (w.e.f.30.03.2012) |
|
|
|
|
Formerly Known
As : |
MAN FORCE TRUCKS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
501-502, Kapil Zenith, Survey No. 55, Hissa No. 1, Behind Maratha Mandir, Bavdhan Khurd, Pune – 411021, Maharashtra |
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|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-022147 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1115.942 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102PN2006PTC022147 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Buses and Trucks. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 700000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Even though
the company has achieved better growth in its sales during 2011, it has
incurred huge loss. There appears huge accumulated losses recorded by the company. Trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some caution.
|
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 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Vinit Maheshwari |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-20-66762525 |
|
Date : |
22.11.2012 |
LOCATIONS
|
Registered Office : |
501-502, Kapil Zenith, Survey No. 55, Hissa No. 1, Behind Maratha Mandir, Bavdhan Khurd, Pune – 411021, Maharashtra, India |
|
Tel. No.: |
91-20-66762525 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Leased |
|
|
|
|
Factory : |
Plot No.3B1, Sector 1, Pithampur Industrial Estate, District Dhar, Pithampur – 454775, Madhya Pradesh, India |
|
Tel. No.: |
91-7292-305051 |
|
Fax. No.: |
91-7292-308180 |
DIRECTORS
As on: 24.09.2011
|
Name : |
Mr. Jagdish Bhat |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijay Kumar Yelne |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Jens Foerst |
|
Designation : |
Director |
|
Address : |
Hangstr. 29, Gauting, 82131 |
|
Date of Birth/Age : |
17.10.1965 |
|
Date of Appointment : |
04.04.2012 |
|
DIN No.: |
05245736 |
|
|
|
|
Name : |
Dr. Thomas Konert |
|
Designation : |
Director |
|
Address : |
IM Wingert 38, Eschborn 65760 |
|
Date of Birth/Age : |
27.06.1970 |
|
DIN No.: |
05245767 |
KEY EXECUTIVES
|
Name : |
Mr. Vinit Maheshwari |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Vrushali Chinmay Oak |
|
Designation : |
Secretary |
|
Address : |
Flat no. 4, Sukhwani Udyan, Link Road, Chinchwad, Pune – 411033, Maharashtra,
India |
|
Date of Birth/Age : |
01.12.1982 |
|
Date of Appointment : |
01.10.2009 |
|
PAN No.: |
BOYPS4094F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 24.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Abhay Navalmal Firodia |
|
1 |
|
Prasan Abhay Firodia |
|
1 |
|
Force Motors Limited, India |
|
55797095 |
|
Sudhir Mehta |
|
1 |
|
Mohanlal Chopda |
|
1 |
|
M. Venkataiah |
|
1 |
|
Vinay Mundada |
|
1 |
|
Man Nutzfahrzeuge Aktiengesellschaft |
|
55797101 |
|
|
|
|
|
Total |
|
111594202 |
|
Names of Allottee |
|
No. of Shares |
|
MAN Trucks and Bus AG, Germany |
|
23800000 |
|
|
|
|
|
Total |
|
23800000 |
Equity Share Break up (Percentage of Total Equity)
As on: 24.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Buses and Trucks. |
|
|
|
|
Exports : |
|
|
Products : |
Buses and Trucks |
|
Countries : |
Germany |
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|
|
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Imports : |
|
|
Products : |
Material |
|
Countries : |
Germany |
|
|
|
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Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on: 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Commercial Vehicles |
NOS. |
24000 |
24000 |
4027 |
Note:
The Installed Capacity is on triple shift basis as estimated by the Directors and accepted by the Auditors without verification. During the financial year, the factory operated on single shift basis. Production included 10 Vehicles Capitalised.
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
· Citi Bank · State Bank of India, Corporate Accounts Group, Voltas House, Ballard Estate, Mumbai - 400 001, Maharashtra, India · Canara Bank, Pimpri Branch, Station Road, Pimpri, Pune - 411018, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.G. Bhagwat Chartered Accountant |
|
Address : |
Suit No. 102, Orchard, Pune, Maharashtra, India |
|
PAN No.: |
AAZPA3362N |
|
|
|
|
|
|
|
Parent Company : |
MAN Trucks and Bus AG, Germany |
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|
|
|
Joint Ventures : |
· Force Motors Limited · MAN Trucks and Bus AG (formerly known MAN Nutzfahrzeuge AG) |
|
|
|
|
Other Related
Parties : |
· Jaya Hind Industries Limited · Pinnacle Industries Limited · MAN Nutzfahrzeuge Osterrieich AG · Jaya Hind Investments Private Limited |
CAPITAL STRUCTURE
After: 24.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135800000 |
Equity Shares |
Rs.10/- each |
Rs.1358.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135394202 |
Equity Shares |
Rs.10/- each |
Rs.1353.942
Millions |
|
|
|
|
|
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
112000000 |
Equity Shares |
Rs.10/- each |
Rs.1120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
111594202 |
Equity Shares |
Rs.10/- each |
Rs.1115.942
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 |
1115.942 |
1115.942 |
1000.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
2600.000 |
|
|
3] Reserves & Surplus |
2484.057 |
2484.057 |
0.000 |
|
|
4] (Accumulated Losses) |
(3422.521) |
(2680.679) |
(2377.353) |
|
|
NETWORTH |
177.478 |
919.320 |
1222.647 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
820.833 |
1546.561 |
1432.018 |
|
|
2] Unsecured Loans |
880.000 |
500.000 |
0.000 |
|
|
TOTAL BORROWING |
1700.833 |
2046.561 |
1432.018 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1878.311 |
2965.881 |
2654.665 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1644.178 |
2361.943 |
1670.223 |
|
|
Capital work-in-progress |
12.158 |
6.980 |
589.268 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2676.545
|
2343.916 |
2683.310 |
|
|
Sundry Debtors |
489.463
|
541.642 |
169.019 |
|
|
Cash & Bank Balances |
149.368
|
158.816 |
64.681 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
847.441
|
915.958 |
774.560 |
|
Total
Current Assets |
4162.817
|
3960.332 |
3691.570 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3179.983
|
2721.469 |
2755.098 |
|
|
Other Current Liabilities |
654.871
|
584.497 |
497.481 |
|
|
Provisions |
105.988
|
57.408 |
43.817 |
|
Total
Current Liabilities |
3940.842
|
3363.374 |
3296.396 |
|
|
Net Current Assets |
221.975
|
596.958 |
395.174 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1878.311 |
2965.881 |
2654.665 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9067.428 |
3908.746 |
1620.214 |
|
|
|
Other Income |
223.377 |
184.706 |
42.746 |
|
|
|
TOTAL (A) |
9290.805 |
4093.452 |
1662.960 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
7467.842 |
3267.100 |
1946.524 |
|
|
|
Other Expenses |
2142.708 |
953.536 |
823.432 |
|
|
|
TOTAL (B) |
9610.550 |
4220.636 |
2769.956 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(319.745) |
(127.184) |
(1106.996) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
205.363 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(525.108) |
(127.184) |
(1106.996) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
216.750 |
176.143 |
155.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
(741.858) |
(303.327) |
(1262.681) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.016) |
0.000 |
0.701 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(741.842) |
(303.327) |
(1263.382) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2680.679) |
(2377.352) |
(1113.970) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(3422.521) |
(2680.679) |
(2377.352) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1832.698 |
(1407.743) |
(538.065) |
|
|
TOTAL EARNINGS |
1832.698 |
(1407.743) |
(538.065) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
(8.620) |
|
|
|
Components |
1069.232 |
(260.443) |
(1632.281) |
|
|
|
Capital Goods |
0.110 |
(1.908) |
(276.989) |
|
|
|
Machinery Spares, Tools & Others |
10.996 |
(8.104) |
(0.690) |
|
|
TOTAL IMPORTS |
1080.338 |
(270.455) |
(1918.580) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(6.65) |
(2.72) |
(12.63) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(7.98) |
(7.41) |
(75.97) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
(7.76) |
(77.93) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.78) |
(4.80) |
(23.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(4.18) |
(0.33) |
(1.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
31.79 |
5.88 |
3.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.18 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises |
0.000
|
0.000 |
0.000 |
|
Creditors due others |
3179.983
|
2721.469 |
2755.098 |
|
|
|
|
|
|
Total |
3179.983
|
2721.469 |
2755.098 |
|
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
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 |
No |
OPERATIONS
(a) During the year and Report, the Company achieved a turnover of Rs.9290.000 Millions, which is higher by 115% of the turnover for the Financial Year 2009-10.
(b) The Company sold 3,970 numbers of Heavy Commercial Vehicles compared to 1,869 numbers sold during the year 2009-10.
(c) The Company’s effort to develop Tippers of 16 to 31 tons range met with success and the Company’s market share in this segment increased from 2% to 4.30% during the year and report.
(d) The Company’s performance in the haulage segment of the domestic market could not be improved due to non-availability of vehicles with low power density compared to similar products offered by the competition
(e) The domestic turnover for the year and report was Rs.6730.000 Millions (3,161 vehicles) compared to Rs.2510.000 Millions (1,202 vehicles), a growth of 168% percent over the previous year. Due to the reasons as set out and item (d) above, the Company could not achieve the envisaged domestic levels.
(f) The export turnover, for the year and report, was Rs.1790.000 Millions (809 vehicles) compared to Rs.1440.000 Millions (667 vehicles), a growth of 24% for the previous year. Due to various reasons, including quality and service issues and uncertainties in the export market, the Company could not achieve the envisaged export levels.
(g) Considering the low volumes of sales, intense efforts are required to be made by the Company to develop its distribution network.
(h) There has been an increase in the number of vehicles, manufactured by the Company operating in mines and projects. This could assist the Company to achieve higher penetration in the market. The technical integrity of the Company’s products, is seen to be advantageous.
Additional efforts, in after sale and service organization, in order to strengthen further the service capabilities and widen the net – including enhancing availability of spares have to be made.
(i) During the year and report, 3 prototypes of buses were developed. The bus body design is and intense discussions within the Company and with the Company’s Collaborator and Consultant, so as to freeze the product concept and develop further prototypes so as to achieve introduction of a fully factory built buses by fourth quarter of 2011.
(j) No rotary mechanical (VE) pump solution capable of offering BS III emission status was available from the MAN library of products for the D-08 engine. At the initiative of FORCE Motors Limited (FORCE) this development effort to suit the Indian conditions was initiated at Bosch. This Engine has been certified by ARAI. It is expected that this Engine with Mechanical Fuel Injection System, could be introduced in the last quarter of the current calendar year, subject to availability of requisite components in time. The initiative to develop an India specific BS III solution with 220 HP Engine is expected to reflect in a saving of approximately Rs. 0.050 Million per truck.
(k) Company’s various developmental efforts are being supported by MAN Truck and Bus AG (MTB) and FORCE.
(l) The technical superiority of the Company’s products is demonstrated by lower warranty cost, total warranty cost is less than 0.93% of the turnover of the Company for the year and report.
(m) Non-availability of appropriate product in the haulage segment and below capacity export performance along with high cost of material on the background of increasingly competitive market conditions have resulted in operational loss for the year and report. The total accumulated losses of the Company at the end of the year and report, were Rs.3422.500 Millions, which is more than 50% of the paid up share capital, and balance of share premium account as at 31st March, 2011.
(n) FORCE and MTB, the joint venture partners, are in dialogue in order to reenergize the Company’s operations. It is expected that strategic decisions about restructuring of service and spare sale organization to further align the same with the product footprint, particularly for heavy Tippers for the mines sold by the Company would be taken shortly, so as to enable the Company to increase its turnover and to have better performance results by allowing higher margins. The Company has also approached the banke rs, who have extended working capital limits to the Company, to enhance these limits to step up its production.
FIXED ASSETS:
· Land and Building
· Factory Equipments
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Leasehold Properties
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.55.16 |
|
|
1 |
Rs.88.03 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.