MIRA INFORM REPORT

 

 

Report Date :

06.04.2013

 

IDENTIFICATION DETAILS

 

Name :

FOURESS ENGINEERING (INDIA) LIMITED

 

 

Registered Office :

Mahalaxmi Chambers, 8th Floor, 22, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

25.06.1971

 

 

Com. Reg. No.:

11-015196

 

 

Capital Investment/ Paid-up Capital:

Rs.75.000 Millions

 

 

CIN No.:

[Company Identification No.]

U74210MH1971PLC015196

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMF00095E

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Industrial Valve. 

 

 

No. of Employees:

1500 (Approximately) (In Office + In Factory)

 

 

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 980000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. Latest financials are not available. Mr. Ravi, Finance Officer has provided all information but the financials are not verified. From the previous year financial it seems that company is performing well. Trade relations are reported as fair. Business is active. Payments terms are unknown.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

Note: Due to technical error in the government sites, we hereby provide you the report with available details and we would provide you with a on the same company as soon as we get the additional information.

 

 

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

FITCH

Rating

LONG TERM RATING : FITCH BBB+

Rating Explanation

Indicate that expectation of default risk are currently low. The capacity for payment of financial commitment is considered adequate but adverse business or economic condition are more likely to impair this capacity    

Date

October 2011

 

 

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

 

Name :

Mr. Ravi

Designation :

Finance Officer

Contact No.:

91-22-23534400

Date :

05.04.2013

 

 

LOCATIONS

 

Registered Office/Chairman Office  :

Mahalaxmi Chambers, 8th Floor, 22, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Tel. No.:

91-22-24964400 / 05 / 06 / 23534400-05

Fax No.:

91-22-23517544 / 24937544

E-Mail :

svs@fouressindia.com

hq@fouressindia.com 

Web Site:

http://www.fouressengg.com

http://www.fouressindia.com

Area :

4800 Sq. fts.

Location :

Owned

 

 

Factory 1 :

Plot No. A-324, Road No. 21, Wagle Industrial Estate, Thane - 400 604, Maharashtra, India

Tel. No.:

91-22-25823755 / 25823602 / 25814613

Fax No.:

91-22-25823603

E-Mail :

byp@fouressindia.com   

Area :

4 acres land and plant area 48000 Sq. fts

Location:

Owned

 

 

Factory 2 :

Peenya Industrial Estate, Plot 2, Phase II, Bangalore - 560 058, Karnataka, India

Tel. No.:

91-80-28395734-8

Fax No.:

91-80-28395175-6

E-Mail :

info@fouressindia.com

Area :

4 acres land and plant area 48000 Sq. fts

Location:

Owned

 

 

Factory 3 :

C-2, MIDC Industrial Estate, Paithan, Aurangabad – 431 148, Maharashtra, India  

Tel. No.:

91-2431-232074 / 232376

Fax No.:

91-2431-232058

E-Mail :

aurangabad@fouressindia.com

Area :

4 acres land and plant area 48000 Sq. fts

Location:

Owned

 

 

Branch Office :

Located at

·         Mumbai

·         Baroda

·         Pune

·         Chennai

·         Hyderabad

·         Kolkata

·         Delhi

·         Bhubaneswar

 

 

Overseas Office :

14252 Culver Dr, Suite A-207, Irvine CA 92604, USA

Tel. No.:

1- 9499813981

E-Mail :

raous@fouressindia.com

 

 

City Office:

13, Sameer Apartment, Ahimsa Nagar, Opp. Akashwani, Aurangabad -431005, India

Tell No.:

91-2431-232191/232191/232191/232376/232075/233385

Fax No.:

91-2431-2320528

 

 

Regional Representatives :

Located at

·         Nagpur

·         Vizag

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Sameer Sadanad Shetty

Designation :

Chairman cum Managing Director 

Address :

11-D, IL Palazzo, Little Gibbs Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

24.06.1970

Date of Appointment :

26.10.1998

DIN No.:

01306426

 

 

Name :

Ms. Smita Hari Prasad Shetty

Designation :

Managing Director

Address :

777, 100 Feet Road, Hal II Stage, Indira Nagar, Bangalore – 560 008, Karnataka, India

Date of Birth/Age :

01.12.1956

Qualification:

B.A

Date of Appointment :

26.10.1998

DIN No.:

01872542

 

 

Name :

Ms. Sucharita Ramcrishna Hegde 

Designation :

Managing Director

Address :

4th Floor, Suraiya Apartments, Pochkhanwala Road, Worli, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

16.09.1958

Qualification:

M.M.A (Finance)

Date of Appointment :

26.10.1998

DIN No.:

01284570

 

 

KEY EXECUTIVES

 

Name :

Mr. Subhash Vithal Satam

Designation :

Secretary

Address :

B 05, Sohini Apartments, Datta Mandir Road, Vakola, Santacruz (East), Mumbai – 400 055, Maharashtra, India 

Date of Birth/Age :

24.04.1957

Date of Appointment :

07.06.1982

Pan No.:

ABBPS3043B

 

 

Name :

Mr. Ravi

Designation :

Finance Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

Soumyalatha S. Shetty

 

393900

Smita H. Shetty

 

88392

Sucharita R. Hegde

 

88392

Sameer S. Shetty

 

129132

Shreeram H. Shetty

 

18780

Priyadarshini H. Shetty

 

6300

Rithvik R. Hegde

 

18780

Tanushree R. Hegde

 

6300

Fouress Marketing ITL Private Limited, India 

 

24

Total

 

750000

 

As on 30.09.2010

 

Category

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Industrial Valve

 

 

Exports :

 

Products :

Industrial Valve

Countries :

·         Europe

·         Asian Country

·         Middle East 

 

 

Imports :

 

Products :

Raw materials

Countries :

·         Israel

·         China

·         Korea

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Customers:

End users

·         Adani

·         BHEL

·         Bharat Petroleum

·         CGPL -10

·         EIL

·         ESSAR

·         Gammon

·         HP

·         Indian Oil

·         NTPC

·         JSW

 

 

No. of Employees :

1500 (Approximately) (In Office + In Factory)

 

 

Bankers :

State Bank of India, The Arcade 2nd Floor  Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

 

 

Facilities :

Working Capital : Rs.110.000 Millions (From State Bank of India)

Rs. In Millions

Secured Loans

As on 31.03.2011

Rs. in millions

As on 31.03.2010

Rs. in millions

Working capital banks secured

97.170

131.930

Loan taken for vehicle secured

2.448

2.328

Total

99.618

134.258

 

Unsecured Loans

As on 31.03.2011

Rs. in millions

As on 31.03.2010

Rs. in millions

Loans directors unsecured 

6.630

6.630

Differed sales tax unsecured

2.136

2.136

Other debts secured

0.243

0.243

Total

9.009

9.009

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

J R Jain and Company

Chartered Accountants

Address :

2nd Floor, Sheel Chamber, 10, Cawasji Patel Street, Fort, Mumbai – 400 001, Maharashtra, India

Tel. No.:

91-22-22871930 / 22874177

PAN No.:

AAAFJ4337K

 

 

Related Party:

·         Sadanand Family Benefit Trust

·         Fouress Marketing (International) Private Limited

·         Boving Fouress Limited

·         Petrochemical Engineering Enterprises

·         Bombay Engineering Industries

·         Rubber Products Limited 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.100/- each

Rs.100.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

750000

Equity Shares

Rs.100/- each

Rs.75.000 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

75.000

75.000

75.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

170.270

89.655

70.521

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

245.270

164.655

145.521

LOAN FUNDS

 

 

 

1] Secured Loans

99.618

134.258

142.856

2] Unsecured Loans

9.009

9.009

8.009

TOTAL BORROWING

108.626

143.267

150.865

DEFERRED TAX LIABILITIES

7.489

8.311

0.000

 

 

 

 

TOTAL

361.385

316.233

296.386

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

130.884

139.948

140.085

Capital work-in-progress

16.167

0.000

0.000

 

 

 

 

INVESTMENT

17.555

0.189

0.189

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
364.536
321.656

287.911

 

Sundry Debtors
354.281
260.098

271.341

 

Cash & Bank Balances
5.312
29.263

49.105

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
153.307
202.885

59.269

Total Current Assets
877.436

813.902

667.626

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
335.224

296.163

255.962

 

Other Current Liabilities
235.320
200.768

259.953

 

Provisions
113.612
145.648

0.000

Total Current Liabilities
684.156

642.579

515.915

Net Current Assets
193.280

171.323

151.711

 

 

 

 

MISCELLANEOUS EXPENSES

3.499

4.773

4.401

 

 

 

 

TOTAL

361.385

316.233

296.386

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

1516.050

1372.213

1514.001

 

 

Other Income

29.698

31.728

17.180

 

 

TOTAL                                    

1545.748

1403.941

1531.181

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Consumption materials changes inventories

904.267

804.791

 

 

Contract Cost

0.000

1.494

 

 

 

Manufacturing service costs

115.764

110.039

 

 

 

Employee related expenses

210.692

192.037

 

 

 

Administrative selling other expenses

164.642

175.974

 

 

 

Research and Development Expenditure

0.003

0.061

 

 

 

TOTAL                                    

1395.368

1284.396

1398.185

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

150.380

119.545

132.996

 

 

 

 

 

Less

FINANCIAL EXPENSES                        

21.387

24.427

30.827

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

128.993

95.118

102.169

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

19.312

18.388

14.973

 

 

 

 

 

Less

Extra ordinary items

5.146

0.000

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX              

114.827

76.730

87.196

 

 

 

 

 

Less

TAX                                                                 

34.212

37.100

24.786

 

 

 

 

 

 

PROFIT AFTER TAX                            

80.615

39.630

62.410

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

368.524

281.665

298.888

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

NA

0.000

0.464

 

 

Raw Materials

NA

83.499

150.922

 

 

Spares and Consumables

NA

4.610

4.346

 

TOTAL IMPORTS

NA

88.109

155.732

 

 

 

 

 

 

Earnings Per Share (Rs.)

107.49

52.84

83.21

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

1750.000

 

Expected Sales (2012-2013): Rs.1850.000 Millions

 

The above information has been parted by Mr. Ravi

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)

2.21
2.82

4.08

 

 

 
 

 

Net Profit Margin

(PBT/Sales)

(%)

7.57
5.59

5.76

 

 

 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)

11.39
8.04

10.80

 

 

 
 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.47
0.46

0.60

 

 

 
 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.44
0.87

1.04

 

 

 
 

 

Current Ratio

(Current Asset/Current Liability)

 

1.28
1.27

1.29

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITOR DETAILS:

(Rs. In Millions)

Particulars

31.03.2011

31.03.2010

31.03.2009

Sundry Creditor

 

 

 

Other

 

 

255.962

Small Micro Enterprises

335.224

296.163

 

Total
335.224

296.163

255.962

 

 

Check List by Info Agents

Available in Report [Yes/No]

Year of Establishment

Yes

Locality of the Firm

Yes

Constitution of the firm

Yes

Premises details

Yes

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

Yes

Capital the business

Yes

Details of sister concerns

Yes

Major Suppliers

No

Major Customers

Yes

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

No

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

Yes

 

FINANCIAL RESULTS:

 

The Company’s Sales turnover showed an increase of 11% over the previous year i.e. from of Rs. 1372.200 Millions to Rs 1516.100 Millions in the current year. Their order book position during the year continued to be good especially from Water, Gas and Power sectors.   The performance at all the plants of the Company showed improvements in operations. In the coming year also the Company expects that the trend of good order book will continue and the Company will be able to show a reasonable growth in its sales particularly in Gas & Power as well as in Steel sectors. As informed last year Gas & Power sectors are expected to be major customers for the Company. The pending order position as on 31.08.2011 was more than Rs.2000.000 Millions (Rs 1850.000 Millions previous year) which can be considered healthy. The Company is confident of executing all these orders as per the need dates of the customers and expects to continue doing well during the current year

 

FORM 8

 

Corporate identity number of the company

U74210MH1971PLC015196

Name of the company

FOURESS ENGINEERING(INDIA)LIMITED

Address of the registered office or of the principal place of  business in India of the company

Mahalaxmi Chambers, 8th Floor, 22, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Email: svs@fouressindia.com

This form is for

Modification  of charge

Charge identification (ID) number of the charge to be modified

10314309

Type of charge

Immovable property (not being pledge)

Particular of charge holder

State Bank of India

Industrial Finance Branch, The Arcade, 2nd Floor World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Email: sangita.p@sbi.co.in

Nature of instrument creating charge

Memorandum of Entry for Extension of Mortgage/Charge

Date of instrument Creating the charge

18.04.2012

Amount secured by the charge

Rs.65.000 millions

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Plots Nos. A-317, A-324 in Thane Industrial Area, Village Panchpakhdi, District Thane, admn. 1,153 sq. meters and 1,165 sq. meters respectively.

 

Plot No. C-2, admeasuring 39,990 sq. meters, in Paithan Industrial. Area, Village Mudhaiwadi , Taluka Paithan, District Aurangabad, Maharashtra

 

Plot No. 2, Survey No. 27, admn. 7 Acres, and land bearing S/No.93, Door Nos. 13A to H and 14A to H, in Peenay Phase II, Industrial Area, Chokkasandra, Village Yashwanthpura, Hobli, Bangalore.

 

Office No. A-212, 2nd floor, admn. 1,363.64 sq. feet, B.N. Chambers, Vadodara, Gujarat.

 

Flat No. 5 and 6 on 3rd floor, The Mulund Sukh Shanti CHS Limited ., Village Mulund, Taluka Kurla, Sarojini Naidu Road, Mulund (West), Mumbai 400 080.

 

Flats Nos. 1 and 2 on Ground floor, 3 and 4 on 1st floor and 5 and 6 on 2nd floor of Shalimar Baug II, Ahimsanagar, Opposite Akashwani, Jalna Road, Aurangabad 431 001.

 

Unit Nos. 65, 67 and 69 on 6th floor, Premises No. 8, Acharya Jagdish Chandra Bose Road, known as Circular Court, Kolkata 700 017

 

Flat No. 12 on 8th floor, G Block, admn. 1,565 sq. feet (super built up) with on covered car parking in Platinum City, Yeshwantpura, Bangalore 50 022.6

 

Flat No. MF-17/9 and 17/10 in SFHS lay out each admn. 90.86 sq. meters in Nandini SFHS, Bangalore

 

Flat No.10, 5th floor, admn. 14420 sq. feet in Parsn Manor, 'C' Wing, Premises Old No. 602, New No. 442, Anna Salai, Chennai 600 006 

Particular Present Modification

Equitable mortgage created on 29/07/2007 on immovable properties of the Company extended on 15/04/2010, again extended to further secure the term loan of Rs.65.000 Millions Also, equitable mortgage created on immovable properties as described in Column 15 (x) to further secure the said T/L of Rs.65.000 Millions

 

FIXED ASSETS

 

·         Air Conditioners

·         Borewell Equipment – WIP

·         Building

·         Canteen Equipment

·         Capital Work in progress – Building

·         Capital Work in progress – EDP

·         Capital Work in progress – Electrical Installations

·         Capital Work in progress – Furniture

·         Carpet

·         Computer

·         Electrical Installation

·         Furniture and Fixtures

·         Hand Carts / Bicycles

·         Laboratory Equipment

·         Land lease / Free Hold

·         Library

·         Office Equipment

·         Plant and Machinery under Installation

·         Plant and Machinery

·         Plant and Machinery (Gen)

·         Plant and Machinery (Leased)

·         Residential Flats

·         Site Machinery

·         Site Office Equipment

·         Site Office Furniture

·         Site vehicles

·         Trailer

·         Vehicles

·         Weighing Machines

·         Cabin

 

 

CMT REPORT (Corruption, Money Laundering and Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.54.88

UK Pound

1

Rs.83.54

Euro

1

Rs.70.90

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

BSN

 

 

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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.