|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CARRIER MIDEA INDIA PRIVATE LIMITED (w.e.f. 14.02.2012) |
|
|
|
|
Formerly Known
As : |
CARRIER REFRIGERATION AND AIR CONDITIONING VENTURES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
First Floor, Plot No.51, Sector – 32, Gurgaon – 122001, Haryana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
03.10.2011 |
|
|
|
|
Com. Reg. No.: |
044006 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.480.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74140HR2011FTC044006 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECC5616R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trading, Manufacturing and Distribution of all types of
Air-Conditioning Equipments and Home Appliances. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Subsidiary of “Midea Electrics Netherlands B.V”. It is a relatively new company having a moderate. In its first year of
business operation the company has achieved size turnover. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with slight
caution. |
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) |
|
|
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 : |
First Floor, Plot No.51, Sector – 32, Gurgaon – 122001, Haryana, India
|
|
Tel. No.: |
91-124-2580051 |
|
Fax No.: |
Not Available |
|
E-Mail : |
atul.sharma@carriermidea.com |
|
Website : |
DIRECTORS
(AS ON 25.09.2012)
|
Name : |
Mr. Zubin Jamshed Irani |
|
Designation : |
Director |
|
Address : |
11, Jor Bagh, New Delhi – 110003, India |
|
Date of Birth/Age : |
11.08.1972 |
|
Date of Appointment : |
25.09.2012 |
|
DIN No.: |
00159781 |
|
|
|
|
Name : |
Mr. Krishan Sachdev |
|
Designation : |
Managing Director |
|
Address : |
D-6/11, Vasant Vihar, New Delhi – 110057, India |
|
Date of Birth/Age : |
13.03.1962 |
|
Date of Appointment : |
03.10.2011 |
|
DIN No.: |
03570017 |
|
PAN No.: |
AAZP54235N |
|
|
|
|
Name : |
Ying Fang Catherine Yang |
|
Designation : |
Director |
|
Address : |
7/F, No.266 Hankou Road, Shanghai 20001 China |
|
Date of Birth/Age : |
19.03.1970 |
|
Date of Appointment : |
25.09.2012 |
|
DIN No.: |
05267978 |
|
|
|
|
Name : |
William Francis Striebe Jr |
|
Designation : |
Director |
|
Address : |
7 Wentworth Park, Formington CT 06032-1559, Formington CT 1559 United States of America |
|
Date of Birth/Age : |
08.12.1950 |
|
Date of Appointment : |
25.09.2012 |
|
DIN No.: |
05278104 |
|
|
|
|
Name : |
Keyu Zhang |
|
Designation : |
Director |
|
Address : |
Room 2404, No. 317 North Yuexiu Road, Yuexiu District, Guangzhou City,
Guang Dong Province 99999 China |
|
Date of Birth/Age : |
09.04.1977 |
|
Date of Appointment : |
25.09.2012 |
|
DIN No.: |
05302278 |
|
|
|
|
Name : |
Jie Deng |
|
Designation : |
Director |
|
Address : |
402/5, Building 1, Haiqing Midea Costal Garden Beijiao Tower, Shunde
District, Foshan City Guang Dong Province 999999 China |
|
Date of Birth/Age : |
21.06.1976 |
|
Date of Appointment : |
25.09.2012 |
|
DIN No.: |
05302293 |
|
|
|
|
Name : |
Yanmin Gu |
|
Designation : |
Director |
|
Address : |
Room 206, Building 16 Xianghe Community 99999 China |
|
Date of Birth/Age : |
24.12.1963 |
|
Date of Appointment : |
25.09.2012 |
|
DIN No.: |
05302370 |
KEY EXECUTIVES
|
Name : |
Mr. Atul Kumar |
|
Designation : |
Company Secretary |
|
Address : |
235-H, MIG DDA Flats, Rajouri Garden, New Delhi – 110027, India |
|
Date of Birth/Age : |
13.03.1969 |
|
Date of Appointment : |
30.05.2012 |
|
PAN No.: |
ABIPS8959B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 25.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Sensitech Emea B.V., Netherlands |
|
24411928 |
|
Midea Electrics Netherlands |
|
36617892 |
|
|
|
|
|
Total |
|
61029820 |
(AS ON 30.10.2012)
|
Names of Allottees |
|
No. of Shares
Allotted |
|
|
|
|
|
Sensitech Emea B.V., Netherlands |
|
5207928 |
|
Midea Electrics Netherlands |
|
7811892 |
|
|
|
|
|
Total |
|
13019820 |
(AS ON 31.12.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading, Manufacturing and Distribution of all types of
Air-Conditioning Equipments and Home Appliances. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sanjeev K. Jain and Company Chartered Accountants |
|
Address : |
F-29 Green Park, (Main) New Delhi – 110016, India |
|
PAN No.: |
AAFPJ4127L |
|
|
|
|
Holding Company : |
· Midea Electrics Netherlands B.V., Netherlands |
|
|
|
|
Ultimate Holding Company: |
· GD Midea Holding Company Limited, China |
|
|
|
|
Associate
Company : |
· Sensitech EMEA B.V., Netherlands · Carrier Air Conditioning and Refrigeration Limited |
CAPITAL STRUCTURE
(AS ON 25.09.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
66000000 |
Equity Shares |
Rs.10/- each |
Rs.660.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61029820 |
Equity Shares |
Rs.10/- each |
Rs.610.298
Millions |
|
|
|
|
|
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51000000 |
Equity Shares |
Rs.10/- each |
Rs.510.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48010000 |
Equity Shares |
Rs.10/- each |
Rs.480.100
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
480.100 |
|
(b) Reserves & Surplus |
|
|
(3.620) |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
|
476.480 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c)
Other long term liabilities |
|
|
0.000 |
|
(d)
long-term provisions |
|
|
8.089 |
|
Total
Non-current Liabilities (3) |
|
|
8.089 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
1179.186 |
|
(c)
Other current liabilities |
|
|
42.343 |
|
(d)
Short-term provisions |
|
|
0.113 |
|
Total
Current Liabilities (4) |
|
|
1221.642 |
|
|
|
|
|
|
TOTAL |
|
|
1706.211 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
0.151 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets
(net) |
|
|
1.762 |
|
(d) Long-term Loan
and Advances |
|
|
0.000 |
|
(e)
Other Non-current assets |
|
|
1.160 |
|
Total
Non-Current Assets |
|
|
3.073 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
252.418 |
|
(c)
Trade receivables |
|
|
606.615 |
|
(d)
Cash and cash equivalents |
|
|
810.856 |
|
(e)
Short-term loans and advances |
|
|
32.980 |
|
(f)
Other current assets |
|
|
0.269 |
|
Total
Current Assets |
|
|
1703.138 |
|
|
|
|
|
|
TOTAL |
|
|
1706.211 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
864.980 |
|
|
|
Other Income |
|
|
3.240 |
|
|
|
TOTAL |
|
|
868.220 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
862.840 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
5.380 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
1.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
3.620 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
0.08 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
0.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
554.23 |
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 one years |
Yes |
|
12] |
Profitability for last one 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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
------------------------------------------------------------------------------------------------------------------------------
Profile
|
Client Industry |
Electronics |
|
Client's
discipline |
-- |
General
|
The growth of
the client's industry is best described as: |
Growing |
|
Brief
description of the services and/or goods the client provides to the
marketplace: |
Air-Conditioning
and Home Appliances |
|
What is the
legal structure of the client? |
Subsidiary of a
parent company |
|
What type of
company is the client? |
Private |
Credit Rating
|
Client's debt
tracked by a credit rating agency? |
-- |
|
Name of credit
rating agency: |
-- |
|
Credit rating
class provided by credit rating agency: |
-- |
|
Client credit
rating: |
-- |
|
Report on credit
worthiness of client purchased from: |
Not obtained |
Client Financials
|
Does the client
have a credit facility? |
Yes |
|
Do you have
financial information on this client? |
Yes |
|
Credit facility type: |
Unknown |
|
Amount of credit
facility: |
Nil |
|
Currency of
financial statements/data: |
INR Millions |
|
Annualized
revenues: |
Rs.864.980
Millions |
|
Annualized COGS: |
-- |
|
Annualized
EBITDA: |
-- |
|
Annualized net
income: |
Rs.3.620
Millions |
|
Cash balance: |
Rs.0.320
Millions |
|
Marketable
Securities balance: |
-- |
|
Accounts
Receivable balance: |
Rs.606.615
Millions |
|
Current Assets
balance: |
Rs.1703.138
Millions |
|
Total assets
balance: |
Rs.476.480
Millions |
|
Current Liabilities
balance: |
Rs.1221.642
Millions |
|
Long-Term Debt
balance: |
Nil |
|
Equity balance: |
Rs.476.480
Millions |
|
Net cash
provided by operating activities: |
Rs.328.217
Millions |
|
Date of client's
financial data populated: |
31.03.2012 |
|
Financial
information provided above audited? |
Yes |
------------------------------------------------------------------------------------------------------------------------------
NOTE:
The Registered office of the company has been
shifted from 3rd and 4th Floor, U and I Building, Plot
No.83, City Centre, Sector 29, Gurgaon – 122001, Haryana, India, to the present
address w.e.f. 30.05.2012.
FINANCIAL
PERFORMANCE
The company for the period ended 31st March, 2012 achieved a turnover of
Rs.868.220 Millions and incurred an operating loss of Rs.5.380 Millions.
MANAGEMENT REVIEW
AND ANALYSIS
A. OPERATING
ENVIRONMENT
In the fiscal year ended 31st March, 2012, the Indian economy, slowed
down as compared to growth in previous fiscal year and inflation surged to
8.98%. This issue impacted the economy as a whole.
In addition to
this, the Indian Rupee depreciated quite significantly compared to the US$.
This coupled with inflation caused significant cost increases in products
across the industry forcing all companies to pass on price increases to
customers.
B. OPERATIONAL
PERFORMANCE
The Company began
its sales operations on 16th February buying Residential air-conditioning (RAC)
products from Carrier Air-conditioning and Refrigeration Limited (CARL) and
distributing the same in the market. The Company is in process of establishing
its manufacturing facility at Bawal, Haryana. It is expected that manufacturing
facility will be ready by October, 2012 and commercial production will commence
in the same month after which it will manufacture and source its own products.
The cost pressures
plaguing the industry were coupled by a change in Bureau of Energy Efficiency
norms. This coupled with a delay in the onset of season caused a lot of head
wind in sales in the one and a half months distribution operations the Company
saw at the end of FY2012. On an overall basis, the total industry saw a
slowdown in sales for a second summer season in a row and the effect of this
was felt by the Company as Well
In spite of all
these external factors, acceptability of the Carrier Brand higher end range,
especially the 5 star category products continued to be strong. Product
quality, brand image and a strong channel were key factors here. Mid segment
products saw pressure due to pricing issues.
Regional Channel
meets to communicate advent of the Carrier Midea joint venture evoked a
positive response from the channel partners across the country. A wider range
of Carrier Brand products in 2013, along with Midea Brand air-conditioners
(augmented by home appliances) operating in the mid segment, will set the base
for the Company to be a leading player in the RAC industry.
BACKGROUND
The company was
incorporated under the Companies Act, 1956 on October 03, 2011 to carry on the
business of trading, manufacturing and distribution of all types of
air-conditioning equipments and home appliances. The Company started its
operations on February 16, 2012 in order to give effect to the Joint Venture
Agreement dated February 15, 2012 which was executed between Carrier
Corporation, U.S.A. and G.D. Midea Holding Limited, China. The Company is closely held by Midea
Electrics Netherlands B.V., The Netherlands with 60% of equity shares and by Sensitech
EMEA B.V., The Netherlands with 40% of equity shares.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
NEWS:
CARRIER MIDEA TO INVEST RS.5000.000 MILLIONS IN
NEW PLANT
New Delhi, Oct.
30:
Consumer durables maker Carrier today said it will invest Rs.5000.000 Millions
alongwith its joint venture partner Midea to expand its production capacity at
its newly commissioned plant and rolling out products.
Both companies have formed a joint venture - Carrier Midea Private Limited
- earlier this year to roll out products for residential segment. Carrier holds
40 per cent stake in the JV, while the rest lies with the Chinese partner.
“We will invest Rs.5000.000 Millions in the next 5-6 years in ramping up
our manufacturing capacities and product development for the Indian market,”
Krishan Sachdev, Managing Director, Carrier Midea Private Limited said here.
The company, which today announced commissioning its air conditioning plant
at Bawal in Haryana, has installed capacity of seven lakh units annually, he
added.
“Gradually, we will increase the output to 10 lakh units every year. At its
peak capacity, the plant will employ over 1,000 people,” Sachdev said.
The company will launch home ACs, both in split and window categories,
separately under Carrier and Midea brands.
“In future, we will introduce other Midea products also. Initially, we plan
to import their products from China,” Sachdev said without sharing details.
With the start of production at the Bawal plant, Carrier’s entire
residential portfolio in India has been shifted to the JV, he added.
Earlier, Gaurang Pandya, Managing Director, Carrier India had said the
company is eyeing Rs.20000.000 Millions sales in the next 3-4 years from its
joint venture with Midea.
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.68.36 |
|
|
1 |
Rs.106.02 |
|
Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
36 |
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.