MIRA
INFORM REPORT
|
Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
L&T VALVES LIMITED (w.e.f. 29.04.2013) |
|
|
|
|
Formerly Known
As : |
AUDCO INDIA LIMITED |
|
|
|
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Registered
Office : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
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Date of
Incorporation : |
23.11.1961 |
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|
|
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Com. Reg. No.: |
11-012188 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.156.326 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1961PLC012188 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA9647E |
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|
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Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer of a wide variety of industrial valves. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 12470000 |
|
|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. The company has reported a significant growth in its sales turnover as
well as net profitability during 2012. Financially the company appears to be
sound. Liquidity position is good. Fundamentally the company seems to be
strong. Trade relations are fair. Business is active. Payment terms are regular and as per
commitments. In view of strong holding companies the subject can be considered good
for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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 : |
L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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Corporate Office : |
976, Mount - Poonamallee Road, Opposite L&T Construction Campus, Manapakkam, Chennai – 600089, Tamilnadu, India |
|
Tel. No.: |
91-44-22498201 |
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Fax No.: |
91-44-22492794 |
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E-Mail : |
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|
Factory : |
Located at: · Chennai · Coimbatore |
DIRECTORS
As on: 24.08.2012
|
Name : |
Mr. Jagdish Pandurang Nayak |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Gilder House, 2nd Floor 67F, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
13.11.1943 |
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|
Qualification : |
B.E. (Mech), PGD IN PROD ENGG. |
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|
Date of Appointment : |
29.07.1999 |
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DIN No.: |
00001644 |
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Other Directorship :
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Name : |
Mr. Raghavan Sadagopan |
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Designation : |
Director |
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Address : |
Flat No. 302, Emerald ' Green Apartment, 108 6th Main, 8th Cross, Malleshwaram, Bangalore – 560003, Karnataka, India |
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Date of Birth/Age : |
25.03.1946 |
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|
Qualification : |
LME, AMIE, M.A. |
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Date of Appointment : |
27.05.2008 |
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DIN No.: |
00002647 |
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Other Directorship :
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Name : |
Mr. Subramanian Ramakrishnan Subramanian |
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Designation : |
Director |
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|
Address : |
AH-3, 1st Floor, Old No AH-7S, 5th Street, 7th Main, Shanti Colony, Anna Nagar Chennai - 600040, Tamilnadu, India |
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Date of Birth/Age : |
05.10.1954 |
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|
Qualification : |
BE (Mechanical) |
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Date of Appointment : |
24.08.2012 |
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DIN No.: |
03278824 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Venkatasubramanian Venkatachalam Nelepally |
|
Designation : |
Manager |
|
Address : |
6D KG Towers 30 and 30A, 100FT, Byepass Road, Velacherry, Chennai – 600042, Tamilnadu, India |
|
Date of Birth/Age : |
24.08.1960 |
|
Date of Appointment : |
01.07.2009 |
|
PAN No.: |
AADPV6183C |
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|
|
|
Name : |
Rajavel Sundaresan |
|
Designation : |
Secretary |
|
Address : |
No-5 Fourth Cross, Gupta Layout, Ulsoor, Bangalore - 560008, Karnataka, India |
|
Date of Birth/Age : |
27.05.1960 |
|
Date of Appointment : |
09.12.2010 |
|
PAN No.: |
AAPPR3224A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 24.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Larsen and Toubro Limited, India |
|
781626 |
|
Audco Limited, India |
|
781626 |
|
Jagdish Pandurang Nayak Jointly With Larsen and Toubro Limited, India |
|
1 |
|
Gopinath Sivasankar Jointly With Audco Limited, India |
|
1 |
|
Thomas Louis Pajonas Jointly With Audco Limited |
|
1 |
|
Narayanaswamy Hariharan Jointly With Larsen and Toubro Limited, India |
|
1 |
|
John Lenander Jointly With Audco Limited, India |
|
1 |
|
Sadagopan Raghavan Thathachari Jointly With Larsen and Toubro Limited, India |
|
1 |
|
Samuel Barett Jointly With Audco Limited, India |
|
1 |
|
Subramanian Ramakrishnan Subramanian Jointly With Larsen and Toubro Limited, India |
|
1 |
|
Total |
|
1563260 |
Equity Share Break up (Percentage of Total Equity)
As on: 24.08.2012
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of a wide variety of industrial valves. |
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|
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|
Products : |
|
PRODUCTION STATUS (As on: 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Industrial Valves |
Nos.* |
378584 |
978584 |
521604 |
|
Actuators and Accessories |
Nos.# |
NA |
10000 |
3737 |
|
Safety Systems and Equipment |
Nos. |
4700 |
2500 |
-- |
|
Offshore and Onshore drilling systems and equipments |
Nos. |
4010 |
1500 |
-- |
Notes:
* Excludes 90000 Nos. on respect of
Entrepreneur’s Memoranda filed with government of India, of which 627000 Nos.
in installed.
# Licensing not available. Installed capacity
is based on Entrepreneur’s Memoranda filed with government of India.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· Bank of Baroda, Mount Road Branch No.1, Club House Road, Chennai - 600002, Tamilnadu, India · Export-Import Bank of India, Centre One; World Trade Centre, Cuffe Parade, Bombay - 400005, Maharashtra, India · Bank of Baroda Apollo Street, Mumbai - 400001, Maharashtra, India · ABN-Amro Bank N V, 63, Chulia Street, Level 13, Singapore - 049514, Singapore · ABN Amro Bank N V, 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai - 400021, Maharashtra, India ·
State Bank of India, Commercial Branch, Bank
Street, Mumbai - 400023, Maharashtra, India |
|||||||||||||||
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|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Parsn Manere, Block A-4, III Floor,602 Anna Salai, Chennai - 600006, Tamilnadu, India |
|
PAN No.: |
AAAFS2512D |
|
|
|
|
Related Party : |
· Larsen & Toubro Limited (L & T) - Shareholder - 50% · L & T Infotech Limited - Subsidiary of L & T · L & T Komatsu Limited - Associate of L & T · L & T Plastics Machinery Limited - Subsidiary of L & T · L & T Kobelco Machinery Private Limited - Associate of L & T · L & T General Insurance Company - Subsidiary of L & T · Flowserve (GB) Limited, U.K - Flowserve Group (Shareholder - 50%) · Flowserve Flow Control GMBH, Germany - Group Company of Flowserve · Flowserve Sulphur Springs, U.S.A. - Group Company of Flowserve · Flowserve Flow Control Pty Limited, Australia - Group Company of Flowserve · Flowserve Inc, Canada - Group Company of Flowserve · FLOWSERVE SA (Pty) Limited - Group Company of Flowserve · Flowserve US Inc - Group Company of Flowserve · Flowserve Limitorque - Group Company of Flowserve |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1800000 |
Equity Shares |
Rs.100/- each |
Rs.180.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1563260 |
Equity Shares |
Rs.10/- each |
Rs.156.326 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
156.326 |
156.326 |
|
(b) Reserves & Surplus |
|
2963.605 |
2573.493 |
|
(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) |
|
3119.931 |
2729.819 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.164 |
0.245 |
|
(b) Deferred tax liabilities (Net) |
|
46.865 |
47.990 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
20.403 |
34.690 |
|
Total Non-current
Liabilities (3) |
|
67.432 |
82.925 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
44.267 |
81.932 |
|
(b) Trade payables |
|
1285.998 |
1099.711 |
|
(c) Other current liabilities |
|
270.153 |
311.617 |
|
(d) Short-term provisions |
|
1010.252 |
945.630 |
|
Total Current
Liabilities (4) |
|
2610.670 |
2438.890 |
|
|
|
|
|
|
TOTAL |
|
5798.033 |
5251.634 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
778.181 |
828.048 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
8.193 |
5.250 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
786.374 |
833.298 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1345.940 |
954.434 |
|
(c) Trade receivables |
|
1568.606 |
2811.339 |
|
(d) Cash and cash equivalents |
|
1235.081 |
0.596 |
|
(e) Short-term loans and advances |
|
861.749 |
651.523 |
|
(f) Other current assets |
|
0.283 |
0.444 |
|
Total Current
Assets |
|
5011.659 |
4418.336 |
|
|
|
|
|
|
TOTAL |
|
5798.033 |
5251.634 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
156.326 |
|
|
2] Share Application Money |
|
|
2448.232 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2604.558 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
260.383 |
|
|
2] Unsecured Loans |
|
|
1.886 |
|
|
TOTAL BORROWING |
|
|
262.269 |
|
|
DEFERRED TAX LIABILITIES |
|
|
63.246 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2930.073 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
831.570 |
|
|
Capital work-in-progress |
|
|
7.861 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
582.248
|
|
|
Sundry Debtors |
|
|
3363.969
|
|
|
Cash & Bank Balances |
|
|
0.675
|
|
|
Other Current Assets |
|
|
0.117
|
|
|
Loans & Advances |
|
|
608.983
|
|
Total
Current Assets |
|
|
4555.992
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2143.687
|
|
|
Other Current Liabilities |
|
|
0.385
|
|
|
Provisions |
|
|
321.278
|
|
Total
Current Liabilities |
|
|
2465.350
|
|
|
Net Current Assets |
|
|
2465.350
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2930.073 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5604.712 |
4575.980 |
3700.880 |
|
|
|
Other Income |
178.317 |
175.516 |
151.630 |
|
|
|
TOTAL (A) |
5783.029 |
4751.496 |
3852.510 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3680.362 |
3241.751 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(175.692) |
(130.254) |
|
|
|
|
Employee benefit expense |
601.677 |
528.144 |
|
|
|
|
Other expenses |
690.073 |
564.440 |
|
|
|
|
TOTAL (B) |
4796.420 |
4204.081 |
3263.890 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
986.609 |
547.415 |
588.620 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.758 |
2.383 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
984.851 |
545.032 |
588.620 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
73.705 |
73.743 |
105.115 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
911.146 |
471.289 |
483.505 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
303.011 |
145.509 |
166.474 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
608.135 |
325.780 |
317.031 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
852.529 |
759.846 |
474.518 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
60.814 |
32.578 |
31.703 |
|
|
|
Dividend |
187.591 |
171.959 |
0.000 |
|
|
|
Tax on Dividend |
30.432 |
28.560 |
0.000 |
|
|
BALANCE CARRIED TO
THE B/S |
1181.827 |
852.529 |
759.846 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1124.779 |
880.295 |
903.739 |
|
|
TOTAL EARNINGS |
1124.779 |
880.295 |
903.739 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
389.02 |
208.40 |
176.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.52 |
6.86 |
8.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.26 |
10.30 |
13.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.71 |
8.97 |
8.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.17 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01 |
0.03 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92 |
1.81 |
1.85 |
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Long-term maturities of finance lease obligations |
0.164 |
0.245 |
|
|
|
|
|
Total |
0.164 |
0.245 |
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
WEBSITE DETAILS:
NEWS
L AND T COMPLETES
ACQUISITION OF AUDCO INDIA LIMITED
March 28, 2013
NEW DELHI: Infrastructure major Larsen and Toubro (L and T) today said it has completed the acquisition of its group firm, Audco India Limited
Audco, a leading domestic valve manufacturing company, was established by L and T through a joint venture with UK's Audco Limited. The Indian unit commenced manufacturing operations in 1962.
"...today announced the completion of ownership transactions related to its group company Audco India Limited (AIL)... As a result of these transactions, L and T obtains full ownership of AIL and acquires the key product lines, viz, Gate, Globe and Check valves, Forged Steel GGC valve...," the company said in a statement.
It added that L and T will retain the manufacturing plants of AIL at Manapakkam, Chennai and Kanchipuram.
The company, however, did not disclose the deal value. The shareholding structure of AIL, prior to the deal, was not immediately available.
"The acquisition is in line with L and T's over all portfolio rationalisation. The deal will help grow L and T's valve business globally with a comprehensive range of valve offerings," it added.
According to the website of Audco India, the company is one of the largest integrated valve manufacturers in the world and has two independent manufacturing plants at Manapakkam, Chennai and Kanchipuram, which are capable of producing thousands of valves.
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.59.90 |
|
UK Pound |
1 |
Rs.90.88 |
|
Euro |
1 |
Rs.78.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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.