MIRA
INFORM REPORT
|
Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SCHURTER ELECTRONICS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot Nos. E 59 / 60 /61, Gidc, Manjusar, Savli Road, Taluka Savli, Savli – 391775, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
02.11.1998 |
|
|
|
|
Com. Reg. No.: |
04-034899 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 13.011 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199GJ1998PTC034899 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Fuseholders, Connectors, Switches, Circuit
Breakers, EMC Products, etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 240000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Schurter Holding AG having satisfactory
track record. There appears slight dip in profit of the company in 2012. However,
overall position of the company appears to be above average. Trade relation are fair. Business is active. Payment terms are usually
correct. The company can be considered for business dealing at usual trade
terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 / Factory : |
Plot Nos. E 59 / 60 /61, Gidc, Manjusar, Savli Road, Taluka Savli – 391775, Gujarat, India |
|
Tel. No. : |
91- 2667-264753 / 264754 |
|
Fax No. : |
91- 2667-264755 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 29.08.2011
|
Name : |
Asgari Abdeali Lokhandwala |
|
Designation : |
Managing director |
|
Address : |
C-187, Bahar Colony, Ajwa Road, Baroda – 390019, Gujarat, India |
|
Date of Birth/Age : |
21.12.1966 |
|
Date of Appointment : |
02.11.1998 |
|
DIN No. : |
00153044 |
|
|
|
|
Name : |
Tohid Abdeali Lokhandwala |
|
Designation : |
Whole-time director |
|
Address : |
C-188, Bahar Colony, Ajwa Road, Baroda – 390019, Gujarat, India |
|
Date of Birth/Age : |
19.12.1970 |
|
Date of Appointment : |
02.11.1998 |
|
DIN No. : |
00153332 |
|
|
|
|
Name : |
Azaz Abdeali Lokhandwala |
|
Designation : |
Managing director |
|
Address : |
C-190, Bhagyalaxmi Society, Ajwa Road, Baroda – 390019, Gujarat, India |
|
Date of Birth/Age : |
25.04.1966 |
|
Date of Appointment : |
02.11.1998 |
|
DIN No. : |
00686530 |
|
|
|
|
Name : |
Hans Rudolf Schurter |
|
Designation : |
Director |
|
Address : |
Primel Weg 25, 6005 Luzern, Switzerland 6005 |
|
Date of Birth/Age : |
16.11.1949 |
|
Date of Appointment : |
31.12.1998 |
|
DIN No. : |
02814348 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Asgari Abdeali |
|
97580 |
|
Azaz Abdeali Lokhandwala |
|
97580 |
|
Tohid Abdeali Lokhandwala |
|
97580 |
|
Schurter Holdings AG, Switzerland |
|
910746 |
|
Abdeali Jivabhai Lokhandwala |
|
97580 |
|
Total |
|
1301066 |
As on 29.08.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
70.00 |
|
Directors or relatives of Directors |
30.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fuseholders, Connectors, Switches, Circuit
Breakers, EMC Products, etc. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
|
|
Licensed Capacity |
-- |
Not Applicalbe |
|
Installed Capacity |
-- |
* |
|
Actual Production |
Nos |
25712870 |
*Cannot be determined as the final products are of various sizes and
shapes
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.S. Iyengar and Company Chartered Accountants |
|
Address : |
95/96, Gayatri Chmbers, R.C. Dutt Road, Alkapuri, Vadodra – 390007,
Gujarat, India |
|
Tel. No. : |
91-265-2353189 / 2311346 |
|
E-Mail : |
|
|
PAN No. : |
AAJFS3795B |
|
|
|
|
Holding Company : (As on 31.03.2011) |
Schurter Holding AG |
|
|
|
|
Associate Parties : (As on 31.03.2011) |
· Schurter AG Schurter Limited Schurter Otto Heil GMBH Schurter S Pte Limited Schurter GMBH Schurter Inc. AJ Industries |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1400000 |
Equity Shares |
Rs.10/- each |
Rs. 14.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1301066 |
Equity Shares |
Rs.10/- each |
Rs. 13.011 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
13.011 |
13.011 |
|
(b) Reserves & Surplus |
|
46.412 |
32.752 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
59.423 |
45.763 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
8.246 |
8.345 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
© Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
11.033 |
9.417 |
|
(e) Trade Payable |
|
0.157 |
0.000 |
|
Total Non-current Liabilities (3) |
|
19.436 |
17.762 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
3.188 |
0.000 |
|
(b) Trade payables |
|
11.492 |
8.950 |
|
(c) Other current
liabilities |
|
7.307 |
8.587 |
|
(d) Short-term provisions |
|
7.579 |
10.226 |
|
Total Current Liabilities (4) |
|
29.566 |
27.763 |
|
|
|
|
|
|
TOTAL |
|
108.425 |
91.288 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
38.828 |
37.445 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.571 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
1.312 |
1.149 |
|
(d) Long-term Loan and Advances |
|
8.691 |
5.767 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
49.402 |
44.361 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
32.839 |
23.619 |
|
(c) Trade receivables |
|
17.262 |
18.895 |
|
(d) Cash and cash
equivalents |
|
7.277 |
2.593 |
|
(e) Short-term loans and
advances |
|
1.645 |
1.820 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
59.023 |
46.927 |
|
|
|
|
|
|
TOTAL |
|
108.425 |
91.288 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
13.011 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
18.245 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
31.256 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3.151 |
|
|
2] Unsecured Loans |
|
|
10.868 |
|
|
TOTAL BORROWING |
|
|
14.019 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
45.275 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
36.991 |
|
|
Capital work-in-progress |
|
|
0.634 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.547 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
16.786 |
|
|
Sundry Debtors |
|
|
7.683 |
|
|
Cash & Bank Balances |
|
|
0.833 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
7.602 |
|
Total
Current Assets |
|
|
32.904 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
13.136 |
|
|
Provisions |
|
|
12.665 |
|
Total
Current Liabilities |
|
|
25.801 |
|
|
Net Current Assets |
|
|
7.103 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
45.275 |
|
%20PRIVATE%20LIMITED%20-%20232684%2028-Aug-2013_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
153.709 |
|
|
|
|
|
Other Income |
4.454 |
2.472 |
|
|
|
|
TOTAL (A) |
158.163 |
148.922 |
77.987 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
127.751 |
118.382 |
68.215 |
|
|
|
|
|
(Including |
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
30.412 |
30.540 |
Financial
Expenses) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.672 |
1.480 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.740 |
29.060 |
9.772 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.896 |
4.622 |
4.651 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
23.844 |
24.438 |
5.121 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.916 |
7.656 |
1.989 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
15.928 |
16.782 |
3.132 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of F.O.B. Value |
113.813 |
111.269 |
42.057 |
|
|
|
Commission Income |
1.126 |
1.017 |
1.520 |
|
|
TOTAL EARNINGS |
114.939 |
112.286 |
43.577 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
79.954 |
80.192 |
43.534 |
|
|
|
Components and Spare Parts |
0.512 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.177 |
0.234 |
0.864 |
|
|
TOTAL IMPORTS |
80.643 |
80.426 |
44.398 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.24 |
12.90 |
2.41 |
|
%20PRIVATE%20LIMITED%20-%20232684%2028-Aug-2013_files/image002.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20232684%2028-Aug-2013_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.07
|
11.27 |
4.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.51
|
16.69 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.38
|
27.11 |
7.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.53 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.19
|
0.18 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00
|
1.69 |
1.28 |
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 |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10088910 |
04/10/2012 * |
13,000,000.00 |
IDBI BANK LIMITED |
1ST FLOOR, GARG
PLAZA, 46-A, GAUTAM NAGAR, NR. MG |
B60879277 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
External commercial from Schurter Holding AG |
5.799 |
7.449 |
|
Total |
5.799 |
7.449 |
PERFORMANCE
Although the Indian economy grew slower in 2011-12, the company poised
another good performance. The company reported growth on account of improved
domestic and export sales, atomization of processes, better understanding of
consumer’s expectation, investment in new technologies and products, improving
skills of man power and ensuring corporate governance.
OUTLOOK
Due to rising inflation, higher rate of interest, increasing prices of fuels, raw materials and commodities, the pace of growth rate of Indian economy has been dampen from the second part of the financial year 2011-12 and it has in turn also slowed down industrial activity. The chances of improving the global economy are alos not finding so bright.
Under the prevalling adversities, the company has been banking on its new products and development in process and will do the best to maintain the growth momentum it has achieved during the last couple of years
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
Out standing Bank Gaurantees |
0.672 |
0.672 |
|
Excise In respect of the matter decided against the company for which the company is in appeal with appellate authorities |
3.114 |
3.114 |
|
VAT In respect of the matter decided against the company for which the company is in appeal with appellate authorities |
9.364 |
0.000 |
FIXED ASSETS
Tangible Assets
· Leasehold Land
Leasehold
Factory Building
Factory
Building
Office
Building
Compound
Wall
Security
Cabin
Plant
and Machinery
Electrical
Installation
Computers
Office
Equipment
Furniture
and Fitting
Vehicle
under lease
vehicle
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 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.65.67 |
|
|
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.87.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.