|
Report Date : |
15.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
INNOVA DIESEL GENERATORS PRIVATE LIMITED |
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|
|
|
Registered
Office : |
161/1, 12th Cross, Mahal Layout, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.09.2005 |
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|
|
|
Com. Reg. No.: |
08-37274 |
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|
|
Capital
Investment/ Paid-up Capital: |
Rs.8.870 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29222KA2005PTC037274 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRI02505G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporters of Diesel Generators |
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|
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No. of
Employees: |
110 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 125000 |
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|
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Status : |
Satisfactory |
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|
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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. There
appears some dip in the profitability of the company. However, networth of
the company appears to be satisfactory. However, trade relations are reported
as fair. Business is active. Payments are reported to be usually correct and
as per commitment. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
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 : |
Mrs. Rashmi Shetty |
|
Designation : |
Director |
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Contact No.: |
91-9845028450 |
|
Date : |
12.10.2012 |
LOCATIONS
|
Registered Office/Factory: |
161/1, 12th Cross, Mahal Layout, |
|
Tel. No.: |
91-80-23597576 |
|
Mobile No.: |
91-9886006491 (Mr. Prashant Shetty) |
|
Fax No.: |
91-80-23597567 |
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E-Mail : |
prashantshetty@innovadiesel.com |
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Website : |
|
|
Location: |
Owned |
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|
|
|
Factory 2: |
48/2 and 48/3, 3rd Main Keonics Layout, Karihobanahalli, TP
Main Road, 2nd Stage, Peenya, Bangalore- 560058, Karnataka, India |
|
Tel No.: |
91-80-41171676 |
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E-Mail : |
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Factory 3: |
Survey # 149, |
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Location: |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Prashanth K Shetty |
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Designation : |
Director |
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Address : |
No.29, New No.8, Bhavani Nilaya, 1st main Road, Kumara Park
West, Bangalore- 560020, Karnataka, India |
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Date of Birth/Age : |
28.08.1968 |
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Date of Appointment : |
20.09.2005 |
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Din No.: |
01376694 |
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Other Directorship:
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|||||||||||||||||||||||||||
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Name : |
Mrs. Rashmi P Shetty |
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Designation : |
Director |
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Address : |
No.29, New No.8, Bhavani Nilaya, 1st main Road, Kumara Park
West, Bangalore- 560020, Karnataka, India |
|||||||||||||||||||||||||||
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Date of Birth/Age : |
12.06.1977 |
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Date of Appointment : |
20.09.2005 |
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Din No.: |
01931160 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Prashanth K Shetty |
|
820490 |
|
Mrs. Rashmi P Shetty |
|
66510 |
|
|
|
|
|
Total |
|
887000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
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|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Diesel Generators |
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|
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Products : |
Product
Description |
ITC Code |
|
D G Set |
8501 |
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Exports : |
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Products : |
Diesel Generators |
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Countries : |
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Terms : |
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Selling : |
Cash/Credit |
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Purchasing : |
Cash/Credit |
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PRODUCTION STATUS AS ON 31.03.2011
|
Products |
|
|
Unit |
Actual
Production |
|
Diesel Generators Sets |
|
|
Nos |
974 |
GENERAL INFORMATION
|
Customers : |
End users |
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No. of Employees : |
110 (Approximately) |
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Bankers : |
·
Axis Bank, Corporate Banking Branch, Express
Building, 2nd Floor, NO.1, Queen’s Road, Bangalore – 560001,
Karnataka, India ·
The Federal Bank Limited, No.20/1 Ground Floor, ·
IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe
Parade, Mumbai -400005, Maharashtra, India ·
Centurion Bank of Punjab Limited, #70/2, 2nd |
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Facilities : |
Rs.
In Millions
|
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Vishnu Daya and Company Chartered Accountants |
|
Address : |
3rd Floor Karuna Complex, No. 337, |
|
Tel. No.: |
91-80-23312779/ 23560633 / 23313725/ 23343983 |
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Fax No.: |
91-80-23313725 |
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Pan No.: |
AACFV5145P |
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|
|
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Memberships : |
Karnataka Small Scale Industries Association [KASSIA] |
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|
|
|
Subsidiary Companies : |
Professional
Diesel Power Engineers, Line of
Business: Manufacturer and Trader of Diesel Address: 161/1, 12th
Cross, Mahal Layout, |
CAPITAL STRUCTURE
As on.31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1050000 |
Equity Shares |
Rs.10/- each |
Rs.10.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
887000 |
Equity Shares |
Rs.10/- each |
Rs.8.870
Million |
|
|
|
|
|
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 |
8.870 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
4.669 |
3.219 |
|
|
3] Reserves & Surplus |
22.500 |
16.805 |
7.307 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
31.370 |
21.574 |
10.626 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
38.465 |
32.401 |
12.496 |
|
|
2] Unsecured Loans |
25.640 |
31.044 |
12.765 |
|
|
TOTAL BORROWING |
64.105 |
63.445 |
25.261 |
|
|
DEFERRED TAX LIABILITIES |
1.327 |
1.545 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
96.802 |
86.564 |
35.887 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
46.659 |
47.929 |
12.023 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
7.842 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.250 |
0.250 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.019 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
34.337
|
25.559
|
12.958
|
|
|
Sundry Debtors |
69.075
|
37.535
|
24.041
|
|
|
Cash & Bank Balances |
5.367
|
8.425
|
6.912
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
2.759
|
7.806
|
3.186
|
|
Total
Current Assets |
111.538
|
79.325 |
47.097 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
55.703
|
38.421
|
29.290
|
|
|
Other Current Liabilities |
4.496
|
0.804
|
1.181
|
|
|
Provisions |
1.446
|
1.715
|
0.623
|
|
Total
Current Liabilities |
61.645
|
40.940 |
31.094 |
|
|
Net Current Assets |
49.893
|
38.385
|
16.003
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
96.802 |
86.564 |
35.887 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Other Income |
340.621 |
239.618 |
131.433 |
|
|
|
TOTAL (A) |
340.621 |
239.618 |
131.433 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative Expenses |
317.187 |
216.814 |
121.844 |
|
|
|
TOTAL (B) |
317.187 |
216.814 |
121.844 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.434 |
22.804 |
9.589 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.182 |
6.104 |
2.358 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.252 |
16.700 |
7.231 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.809 |
2.351 |
1.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.443 |
14.349 |
6.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.749 |
4.852 |
2.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.694 |
9.497 |
4.061 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
Nil |
13.647 |
1.474 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
6.42 |
950.00 |
406.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.67 |
3.96
|
3.08
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA
|
NA
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.97 |
11.28
|
10.48
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.67
|
0.58
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.01 |
4.84
|
5.30
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.94
|
1.51
|
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
NOTE:
The Registered office of the company has been shifted from No. 88 / D,
12th Cross, 8th Main Mahalaxmi Layout, Bangalore 560 086,
Karnataka, India to the present address w.e.f.18.03.2011
PERFORMANCE REVIEW:
During the year, revenue has increased by 42%, and
profit after tax has decreased by 40% compared to previous year. The reduction
in profit is mainly due to increase in depreciation and increase in cost of
production. The internal accruals are regularly reinvested in infrastructure
development of the Company so as to strengthen revenue-earning capability of
the Company in coming years. The Directors' do not foresee any threats to the
industry as of now. The directors are vigilant for the opportunities existing
in the industry to enhance the revenue earning capacity of the Company.
FORM 8
|
Corporate
identity number of the company |
U29222KA2005PTC037274 |
|
Name of the
company |
INNOVA DIESEL
GENERATORS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
161/1, 12th Cross, Mahal Layout, Email: info@innovadiesel.co.in
|
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
Axis Bank, Corporate Banking Branch, Express Building, 2nd Floor,
NO.1, Queen’s Road, Bangalore – 560001, Karnataka, India Email: S.Sushma@axisbank.com |
|
Nature of
instrument creating charge |
Composite
Hypothecation Deed |
|
Date of
instrument Creating the charge |
31.05.2012 |
|
Amount secured by
the charge |
Rs. 102.300 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC IF/DF Facility - BR + 3% p.a, IF/DF Facility - BR + 4% p.a. TL 1, 2
and WCTL - BR + 3.5% p.a. TL 3 - BR + 3.75% p.a. other limits as per sanction terms subject to revision from time to time Term
of Payment: CC - Running account repayable on demand ILC - maximum usance upto 90 days, FLC - maximum usance
upto 180 days BG - Validity period maximum upto 3 years including claim
period other limits as per sanction terms Margin CC - 25% LC/BG - 10% cash margin, 100% in case of disputed
liabilities under BG TL 3 - 28% other limits as per sanction terms Extent and operation
of the charge The
charge shall operate to the extent of the loan amount plus interest
commission costs expenses and other charges thereon Others: The
said amount of Rs.102.300 Millions comprises CC Rs.15.000 Millions, Inventory
funding/Dealer financing facility under the scheme for authorised dealers
of M and M Powerol Division Rs.30.000
Millions, LC/BG (fully interchangeable) Rs.21.700 Millions, TL I
Rs.118 Millions, TL II Rs.3.800 Millions, WCTL Rs.10.000 Millions, TL III
Rs.10.000 Millions |
|
Short particulars
of the property charged (Including location of the property) |
First
charge by way of hypothecation of (a) entire current assets present and
future including stocks of rawmaterials, semi finished goods, finished goods,
stores, spares, bookdebts and other current assets and (b) entire existing
movable fixed assets and proposed to be acquired out of term loan extended by
bank |
CONTINGENT
LIABILITY
(Rs. In Millions )
|
PARTICULAR |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Bank Guarantee |
9.263 |
9.000 |
|
|
|
|
Fixed Assets
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.52.70 |
|
|
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.