MIRA INFORM REPORT
|
Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
DELPHI- TVS DIESEL SYSTEMS LIMITED (w.e.f 03.05.2002) |
|
|
|
|
Formerly Known
As : |
LUCAS-TVS DIESEL
SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
No. 6, Patullos Road,
Chennai – 600 002, Tamil Nadu |
|
|
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|
Country : |
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|
|
|
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Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.05.1952 |
|
|
|
|
Com. Reg. No.: |
18-005704 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 79.200 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24117TN1952PLC005704 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL1019K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer of Automotive Component. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 10759000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a joint venture between Delphi automotive systems, It is a well established and reputed company having fine track. Available
information indicates high financial responsibility of the company. Trade
relations are reported as fair. Payments are reported to be regular and as
per commitments. The company can be considered good for normal 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities A |
|
Rating Explanation |
Having adequate degree of safety regarding timely
servicing of financial obligation. It easily low credit risk. |
|
Date |
March, 2013 |
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.
LOCATIONS
|
Registered Office : |
No. 6, Patullos Road,
Chennai – 600 002, Tamil Nadu, India |
|
Tel. No.: |
91-44-27658454 |
|
Fax No.: |
91-44-27658351/ 91-44-27659657 |
|
E-Mail : |
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|
Website : |
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|
Corporate Office : |
Aalim Centre, 2nd Floor, 82
Dr.Radhakrishnan Salai, Mylapore, Chennai - 600 004, Tamil Nadu, India |
|
Tel. No.: |
91-44-28110063/ 28110074 |
|
Fax No.: |
91-44-28115624 |
|
E-Mail : |
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|
|
|
|
Office/ Factory : |
Mannur,
Thodukadu Post, Sriperumbudur Taluk, Kancheepuram District- 602 105, Tamil
Nadu, India |
|
Tel. No.: |
91-44-27658454 (Extension 130/131/133) |
|
Fax No.: |
91-44-27658351/ 91-44-27659657 |
|
E-Mail : |
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|
Website : |
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Plant Office : |
Plot number: 58 & 59, Sector 11, I.I.E- Panth nagar,
(District .U.S.NAGAR)
Plot No B 16, Sipcot Industrial Park, Kancheepuram District, Tamil
Nadu, India |
DIRECTORS
As on 07.08.2012
|
Name : |
Mr. Tirumala Kumara Balaji |
|
Designation : |
Managing director |
|
Address : |
34, |
|
Date of Appointment : |
15.10.1979 |
|
DIN No.: |
00002010 |
|
|
|
|
Name : |
Mr. Kalathur Seshadri |
|
Designation : |
Nominee director |
|
Address : |
No. 23, |
|
Date of Appointment : |
25.10.2000 |
|
DIN No.: |
00301839 |
|
|
|
|
Name : |
Mr. Arvind Balaji |
|
Designation : |
Director Appointed in casual vacancy |
|
Address : |
34, |
|
Date of Appointment : |
16.06.2009 |
|
DIN No.: |
00557711 |
|
|
|
|
Name : |
Mr. Stephen David Gregory |
|
Designation : |
Director |
|
Address : |
Greentrees, |
|
Date of Appointment : |
25.10.2000 |
|
DIN No.: |
01014520 |
|
|
|
|
Name : |
Mr. John Martin Fuerst |
|
Designation : |
Director Appointed in casual vacancy |
|
Address : |
1219, Sandringham way, |
|
Date of Appointment : |
18.12.2009 |
|
DIN No.: |
02951266 |
|
Name : |
Carlo Sahiavo |
|
Designation : |
Director Appointed in casual vacancy |
|
Address : |
Strada Castelvecchio 16, Moncalieri To, 10024, Italy |
|
Date of Appointment : |
29.03.2011 |
|
DIN No.: |
05260122 |
|
Name : |
Pascal Marie Armand Dutfoy |
|
Designation : |
Director Appointed in casual vacancy |
|
Address : |
9, Rue Du Tertre, Vineuil, France, 41350, France |
|
Date of Appointment : |
15.06.2012 |
|
DIN No.: |
05320431 |
|
Name : |
Mr. Nemali Seetharama Murthy |
|
|
Designation : |
Nominee Director |
|
|
Address : |
Old No. 6, New No. 25, |
|
|
Date of Appointment : |
12.07.1984 |
|
|
DIN No.: |
00583761 |
|
KEY EXECUTIVES
|
Name : |
Mr. Subramanian Narayanaswamy Mangalam |
|
Designation : |
Secretary |
|
Address : |
New 38/2, Block 9 , SSV Apartments, Chockalingam Nagar, Velacherry,
Chennai – 600042, |
|
Date of Appointment : |
15.10.1979 |
|
Pan No. : |
AACPS3496G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.08.2012
|
Names of Shareholders |
No. of Shares |
|
Delphi Automotive systems Instruments Private Limited, |
4158000 |
|
T.V. Sundaram Iyengar and Sons Limited, |
1071936 |
|
Sundaram Industries Limited, |
1081700 |
|
Southern Roadways Limited, |
365468 |
|
Sundaram finance Limited, Chennai |
252896 |
|
Lucas – TVS Limited, Chennai |
264000 |
|
Lucas Indian Service Limited, Chennai |
66000 |
|
Life Insurance corporation of |
330004 |
|
General Insurance Corporation of |
164996 |
|
United India Insurance Company Limited, Chennai |
164996 |
|
K. Sesahdri |
1 |
|
Arvind Balaji |
1 |
|
J.S. Chopra |
1 |
|
M |
1 |
|
Total |
7920000 |
As on 07.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Public financial
companies |
8.33 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
52.50 |
|
Bodies corporate |
39.17 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Component. |
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Products : |
|
PRODUCTION STATUS
(AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity
# |
Actual Production @ |
|
Fuel Injection Equipment (Sets) |
Nos. |
1510000 |
699000 |
340650 |
# as certified by Management
@ Production of Oragadam unit is from Single shift
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Export - Import Bank of |
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Facilities : |
(Rs.
In Millions)
|
|
|
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Brahmayya and Company Chartered Accountant |
|
Address : |
No.48, |
|
PAN.: |
AAAFB2481J |
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Holding company : |
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Fellow Subsidiaries : |
·
Delphi Diesel Systems Limited, Spain ·
Delphi Diesel Systems Limited, France ·
Delphi Diesel Aftermarket,UK ·
Delphi Diesel Systems Limited, Brazil ·
Delphi Diesel Systems, Gillingham, UK ·
Delphi Diesel Systems, Sudbury, UK ·
Delphi Diesel Systems, Mexico ·
Delphi Diesel Systems, Turkey ·
Delphi Automotive Systems India Private Limited CIN No. U74899DLI1995PTC067296 ·
Delphi Diesel Systems, Romania ·
Delphi Electronics and Safety, Singapore ·
Delphi Wanyuar Engine management Systems Company
Limited, Beijing ·
Delphi LA Rochelle |
|
|
|
|
Associates : |
CIN No. U34101TN1929PLC002973 |
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|
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|
Company Which Has Common Key Management Personnel : |
CIN No. U35999TN1961IPLC004678 |
CAPITAL STRUCTURE
As on 07.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7920000 |
Equity Shares |
Rs.10/- each |
Rs. 79.200
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
79.200 |
79.200 |
79.200 |
|
|
2] Share Application Money |
0.000 |
0.00 |
0.000 |
|
|
3] Reserves & Surplus |
2610.791 |
2363.936 |
2363.937 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2689.991 |
2443.136 |
2443.137 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2716.513 |
2021.261 |
2643.340 |
|
|
2] Unsecured Loans |
60.308 |
156.238 |
655.454 |
|
|
TOTAL BORROWING |
2776.821 |
2177.499 |
3298.794 |
|
|
DEFERRED TAX LIABILITIES |
294.043 |
240.376 |
189.621 |
|
|
|
|
|
|
|
|
TOTAL |
5760.855 |
4861.011 |
5779.156 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5356.149 |
4578.942 |
4846.152 |
|
|
Capital work-in-progress |
149.168 |
320.097 |
332.573 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.450 |
2.450 |
2.450 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1277.400
|
938.257
|
607.110
|
|
|
Sundry Debtors |
1064.489
|
628.404
|
495.448
|
|
|
Cash & Bank Balances |
33.013
|
15.430
|
11.215
|
|
|
Other Current Assets |
18.139
|
3.601
|
0.000
|
|
|
Loans & Advances |
696.301
|
409.945
|
372.703
|
|
Total
Current Assets |
3089.342
|
1995.637 |
1486.476
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1698.632
|
997.521
|
805.556
|
|
|
Other Current Liabilities |
948.694
|
895.151
|
24.905
|
|
|
Provisions |
188.928
|
143.443
|
58.032
|
|
Total
Current Liabilities |
2836.254
|
2036.115
|
888.493
|
|
|
Net Current Assets |
253.088
|
(40.478)
|
597.981
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5760.855 |
4861.011 |
5779.156 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10336.307 |
7020.363 |
5402.984 |
|
|
|
Other Income |
42.875 |
44.892 |
138.878 |
|
|
|
TOTAL (A) |
10379.182 |
7065.255 |
5541.862 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
5899.839 |
3614.359 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(89.412) |
12.983 |
|
|
|
|
Employee benefit |
947.650 |
718.091 |
|
|
|
|
Other expenses |
2124.398 |
1477.574 |
|
|
|
|
TOTAL (B) |
8882.475 |
5823.007 |
4655.262 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1496.707 |
1242.248 |
886.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
395.578 |
309.845 |
324.227 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1101.129 |
932.403 |
562.373 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
699.352 |
646.383 |
526.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
401.777 |
286.020 |
36.162 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
53.667 |
50.781 |
(7.276) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
348.110 |
235.239 |
43.438 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
210.000 |
283.600 |
240.154 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
34.800 |
226.000 |
0.000 |
|
|
|
Dividend |
87.100 |
71.300 |
0.000 |
|
|
|
Tax on Dividend |
14.200 |
11.500 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
422.000 |
210.030 |
283.592 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export Earnings |
|
694.182 |
477.619 |
|
|
|
Income from Engineering Services |
|
16.084 |
9.585 |
|
|
|
TOTAL EARNINGS |
NA |
710.266 |
487.204 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Components |
NA |
1624.271 |
1163.490 |
|
|
|
|
|
171.959 |
112.038 |
|
|
|
Plant and Machinery |
|
81.320 |
136.502 |
|
|
|
TOTAL IMPORTS |
NA |
1877.550 |
1412.030 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
43.95 |
29.7 |
5.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.35
|
3.33 |
0.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.89
|
4.07
|
0.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.76
|
4.35 |
0.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.12 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.03
|
0.89 |
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
0.98 |
1.67 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
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 |
No |
|
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 |
Form 8
|
Corporate
identity number of the company |
U24117TN1952PLC005704 |
|
Name of the
company |
|
|
Address of the
registered office or of the principal place of business in |
No. 6, |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable Property (not being pledge) |
|
Particular of
charge holder |
Export - Import Bank of Email: eximchro@eximbankindia.in
|
|
Nature of
instrument creating charge |
Unattested Deed
of Hypothecation of Moveable Fixed Assets dated March 29, 2012 executed by
Delphi - TVS Diesel Systems Limited (the Borrower) in favour of Export-Import
Bank of |
|
Date of
instrument Creating the charge |
29.03.2012 |
|
Amount secured by
the charge |
Rs. 1000.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Rupee
Disbursements: G-Sec+300 basis points per annum (p.a.) payable monthly on the
20th of every month Dollar
Disbursements : LIBOR (6 Months) + 550 basis points p.a. payable with
quarterly rests Terms of Repayment The Loan is
repayable in 21 equal quarterly installments commencing after a moratorium of
2 years from the date of first disbursement Margin 30.30% Extent and Operation of the charge First pari passu
charge on the entire moveable fixed assets of the Borrower, both present and
future, excluding assets exclusively charged to other lenders |
ECONOMIC SCENARIO
AND OUTLOOK
The Financial Year
2011-12 presented many challenges. The global economy, barely a year out of
recession, witnessed lower growth, resulting primarily from the debt crisis in
the Euro Zone and high oil prices further aggravated by uncertainties of
supply. Economies in Europe stagnated and the US witnessed a downgrade in its
credit rating, while the growth engines of the global economy, China and India
were forced to tighten liquidity to combat rising inflation.
On the domestic
front managing growth with price stability has been a prime concern for policy
makers. While agriculture and services sector have provided support to overall
growth, industrial activity slowed down caused by rising borrowing costs
pulling down economic performance.
In this situation,
the proposal to implement GST, which would have helped to avoid cascading
effects of Indirect taxes and the implementation of Direct Tax Code to simplify
the direct tax laws, have been deferred.
COMPANY
REVIEW
Operations
Rotary
Products
The
volumes for Rotary products for domestic market showed a marginal growth at 7%
over the previous year.
Rising
raw material costs, increase in cost of power due to power cuts and greater
reliance on gensets have resulted in erosion of margin for the rotary segment.
However, the company has been able to recover ground through improved
productivity, quality measures and cost reduction.
The
shareholders that the company started supplies of its Rotary fuel injection
systems for a leading off-highway vehicle manufacturer and a leading tractor
manufacturer during the year.
Common
Rail
Common
Rail production saw an increase of 69% during the year under review. The rising
raw material costs and the increase in power costs adversely affected the
margins although some recovery was made through cost reduction.
The
company has won a contract for supply of fuel injection systems from a major
multi-national car manufacturer. The company has also secured orders for
development and supply of CR systems for cars and for SUVs to meet Euro V norms
from a leading vehicle manufacturer.
The
Directors are happy to state that the company has started supply of its Unit
Pump based Common Rail system to leading SUV and CV manufacturers during the
year.
Expansion
of capacities at our Oragadam Plant
With a
view to meeting the demand in the coming years, the company is investing
substantially in increasing capacities of its plant at Oragadam for manufacture
of Common Rail fuel injection systems and for continuing its localization
programmes. The Company is availing of loans from banks and financial
institutions for this purpose.
Technical
Centre
With a
view to strengthening its application development capabilities in Common Rail
and other products, the Company has expanded its Technical Centre by investing
in a new high capacity (440Kw) transient dynamometer which has been
commissioned successfully.
The
Company is strengthening its engineering capabilities with induction of full
time DDS experts based at its Technical Centre. An expat to support Electronics
and one for Applications development have joined the Tech Centre from August
2011 onwards. In addition, the Company deputes engineers for a period of two
years to Delphi Diesel Systems for assistance in the application work for
Delphi's global customers on a regular basis.
The
Technical Centre has now developed capabilities for undertaking application
development work in Common Rail. The Centre has also successfully developed
Rotary Systems to meet BS4 emission norms and launched the Unit Pump based CR
systems (UPCR) on multiple applications.
During
the year, the company incurred an expenditure of. Rs. 195.6000 millions on R
& D representing 1.89% of the turnover.
EOU
Operations
Sales
from the EOU Operations during the year under review at Rs.178.1000 millions
(2011-12) showed an increase of 17% over sales in the previous year.
Awards and
Recognitions
The company was
awarded the ACMA Gold Award for Excellence in Technology for development of
Unit pump based Common Rail system.
The Company also won Awards at the KAIZEN conferences of CII and ACMA
during the year
FIXED ASSETS:
Land
Building
Plant and Machinery
Furniture and Fixtures
Vehicles
Technical Knowhow
Lease hold Land
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. 54.28 |
|
|
1 |
Rs. 84.23 |
|
Euro |
1 |
Rs. 70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
60 |
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.