MIRA
INFORM REPORT
|
Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
CIRCUIT SYSTEMS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
B-24, GIDC Electronic Estate, Sector - 25, Gandhinagar - 382 044, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.02.1995 |
|
|
|
|
Com. Reg. No.: |
04-024524 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 157.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74140GJ1995PLC024524 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company is in Business of Manufacturing Printed Circuit Boards. |
|
|
|
|
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 1500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record. The company
has recorded modest scale of business of operation. There appears slight dip
in sales during 2012. However, 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 some 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) |
|
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 |
CRISIL |
|
Rating |
Long term rating: BB |
|
Rating Explanation |
Having moderate risk of default regarding timely
servicing of financial obligation. |
|
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 / Corporate Office/Factory 1: |
B-24, GIDC Electronic Estate, Sector - 25, Gandhinagar - 382 044, Gujarat, India |
|
Tel. No.: |
91-79-23287086/ 87/ 88 |
|
Fax No.: |
91-79-23287089 |
|
E-Mail : |
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|
|
|
|
Factory 2 : |
Plot No. 11-12 and 36-37 at: SEZ, Gandhinagar - 382 044, Gujarat, India |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Paresh Vasani |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Ms. Jasmine Vasani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jayesh Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.04.1944 |
|
Qualification : |
Engineer |
|
Date of Appointment : |
05.12.2005 |
|
Directorship in
Other Companies (Excluding Private and Foreign Companies) |
· PCB Power (India) Limited · PCB Planet (India) Limited · Eurocircuits India Limited |
|
|
|
|
Name : |
Mr. Ambalal Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
19.06.1965 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
03.12.2011 |
|
Directorship in
Other Companies (Excluding Private and Foreign Companies) |
· Jindal Hotels Limited · S A L Steel Limited · Vishal Malleables Limited · Sumeru Industries Limited · Laffans Petrochemical Limited · Ajmera Reality and Infra India Limited · Chiripal I dustries Limited · Nandan Exim Limited · Shree Precoa Ted Steel Limited · CIL Nova Petrochemicals Limited |
|
Membership : |
· Jindal Hotels Limited · Nandan Exim Limited |
|
|
|
|
Name : |
Mr. Chetan Panchal |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
10843180 |
69.06 |
|
|
0 |
0.00 |
|
|
10843180 |
69.06 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
10843180 |
69.06 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
392237 |
2.50 |
|
|
|
|
|
|
1474022 |
9.39 |
|
|
443119 |
2.82 |
|
|
2547442 |
16.23 |
|
|
50 |
0.00 |
|
|
2250000 |
14.33 |
|
|
110860 |
0.71 |
|
Non Resident Indians |
186532 |
1.19 |
|
|
4856820 |
30.94 |
|
Total Public
shareholding (B) |
4856820 |
30.94 |
|
Total (A)+(B) |
15700000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
|
|
Public |
0 |
0.00 |
|
|
15700000 |
0.00 |
|
Total
(A)+(B)+(C) |
767251207 |
0.00 |
%20LIMITED%20-%20229185%2022-Jul-2013_files/image002.gif){kind=small}
(1) Indian%20LIMITED%20-%20229185%2022-Jul-2013_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%20LIMITED%20-%20229185%2022-Jul-2013_files/image004.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
The Company is in Business of Manufacturing Printed Circuit Boards. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Corporation Bank · The Kalupur Commercial Bank Limited |
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Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Virendra Chinubhai and Company Chartered Accountants |
|
Address : |
Visnagar - 384 315 |
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|
|
|
Associates : |
· PCB Power (India) Limited · PCB Planet (India) Limited · Accumeg Circuits Limited · Global Tech India Private Limited · Apollo Industries and Projects Limited · Gujarat Apollo Industries Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs. 160.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15700000 |
Equity Shares |
Rs.10/- each |
Rs. 157.000
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 |
|
157.000 |
157.000 |
|
(b) Reserves & Surplus |
|
241.746 |
237.746 |
|
(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) |
|
398.746 |
394.746 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
53.408 |
33.653 |
|
(b) Deferred tax liabilities (Net) |
|
30.441 |
31.624 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
83.849 |
65.277 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
52.058 |
60.588 |
|
(b) Trade payables |
|
34.766 |
84.242 |
|
(c) Other current liabilities |
|
46.936 |
63.744 |
|
(d) Short-term provisions |
|
6.900 |
11.192 |
|
Total Current Liabilities (4) |
|
140.660 |
219.766 |
|
|
|
|
|
|
TOTAL |
|
623.255 |
679.789 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
188.881 |
181.246 |
|
(ii) Intangible Assets |
|
2.105 |
2.513 |
|
(iii) Capital work-in-progress |
|
217.900 |
220.549 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.537 |
10.537 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
17.367 |
24.892 |
|
Total Non-Current Assets |
|
426.790 |
439.737 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
10.500 |
0.500 |
|
(b) Inventories |
|
65.772 |
67.154 |
|
(c) Trade receivables |
|
92.211 |
133.441 |
|
(d) Cash and cash equivalents |
|
8.991 |
11.440 |
|
(e) Short-term loans and advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
18.991 |
27.517 |
|
Total Current Assets |
|
196.465 |
240.052 |
|
|
|
|
|
|
TOTAL |
|
623.255 |
679.789 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
157.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
235.710 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
392.710 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
194.178 |
|
|
2] Unsecured Loans |
|
|
35.979 |
|
|
TOTAL BORROWING |
|
|
230.157 |
|
|
DEFERRED TAX LIABILITIES |
|
|
42.531 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
665.398 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
194.079 |
|
|
Capital work-in-progress |
|
|
236.668 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
11.036 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
58.617 |
|
|
Sundry Debtors |
|
|
151.514 |
|
|
Cash & Bank Balances |
|
|
63.500 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
71.428 |
|
Total
Current Assets |
|
|
345.059 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
112.197 |
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
|
|
12.438 |
|
Total
Current Liabilities |
|
|
124.635 |
|
|
Net Current Assets |
|
|
220.424 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
3.191 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
665.398 |
|
%20LIMITED%20-%20229185%2022-Jul-2013_files/image005.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
304.829 |
376.820 |
369.662 |
|
|
|
Other Income |
7.218 |
6.406 |
8.300 |
|
|
|
TOTAL (A) |
312.047 |
383.226 |
377.962 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material and store consumed |
155.492 |
|
|
|
|
|
Decrease in inventories |
0.682 |
1.960 |
|
|
|
|
Employee benefit expenses |
26.479 |
24.320 |
|
|
|
|
Other expenses |
94.308 |
123.821 |
|
|
|
|
Extra ordinary items |
0.000 |
(3.701) |
|
|
|
|
TOTAL (B) |
276.961 |
361.879 |
336.676 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
35.086 |
21.347 |
41.286 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.407 |
9.642 |
10.561 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.679 |
11.705 |
30.725 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.411 |
17.628 |
15.557 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
4.268 |
(5.923) |
15.168 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.268 |
(7.959) |
7.861 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.000 |
2.036 |
7.307 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
83.576 |
81.540 |
74.233 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
87.576 |
83.576 |
81.540 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods Calculated on FOB basis |
33.714 |
59.330 |
56.563 |
|
|
TOTAL EARNINGS |
33.714 |
59.330 |
56.563 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
110.335 |
163.218 |
164.587 |
|
|
|
Consumable Stores |
6.730 |
8.849 |
4.371 |
|
|
|
Capital Goods |
12.165 |
1.972 |
1.859 |
|
|
TOTAL IMPORTS |
129.23 |
174.039 |
170.817 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.25 |
0.13 |
0.47 |
|
%20LIMITED%20-%20229185%2022-Jul-2013_files/image006.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 1st
Quarter |
30.09.2012 2nd
Quarter |
31.12.2012 3rd
Quarter |
31.03.2013 4th
Quarter |
|
Audited / UnAudited |
UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
62.300 |
59.200 |
60.300 |
79.700 |
|
Total Expenditure |
53.800 |
55.800 |
75.300 |
55.300 |
|
PBIDT (Excl OI) |
8.600 |
3.400 |
(15.000) |
24.400 |
|
Other Income |
0.000 |
0.000 |
0.000 |
2.300 |
|
Operating Profit |
8.600 |
3.400 |
(15.000) |
26.700 |
|
Interest |
4.200 |
2.200 |
3.600 |
4.400 |
|
Exceptional Items |
0.000 |
0.000 |
21.400 |
(62.100) |
|
PBDT |
4.400 |
1.200 |
2.800 |
(39.800) |
|
Depreciation |
4.300 |
3.200 |
3.000 |
4.000 |
|
Profit Before Tax |
0.000 |
(2.000) |
(0.200) |
(43.700) |
|
Tax |
(0.400) |
0.400 |
(0.800) |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
0.400 |
(2.500) |
0.600 |
(43.700) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
0.400 |
(2.500) |
0.600 |
(43.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.28 |
0.53 |
1.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.41 |
(1.57) |
4.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.06 |
(1.32) |
2.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
(0.01) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.27 |
0.23 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.09 |
2.77 |
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 |
Yes |
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
As on 31.03.2012 |
As on 31.03.2011 |
|
Long term
borrowing |
|
|
|
Sales Tax Deferrement Loan |
5.405 |
9.487 |
|
Deposit from Director |
0.112 |
0.111 |
|
ICD From associates units |
5.000 |
24.056 |
|
|
|
|
|
Total |
10.517 |
33.654 |
|
Note: Above loan is repayable by six annual installment. Current maturity of above loan of Rs. 4083065 has been considered on basis of declaration of management and actual repayment in F.Y 12-13 in absence of details of repayment schedule issued by sales tax authorities. ICDs to the extent of Rs.28.550 millions and deposit of
Rs.2.609 millions from directors have been repaid in next financial year in
absence of any specification with respect to repayment schedule, current
maturity of ICDs and deposit from director has been worked out on basis of
actual transaction before audit date. |
||
BUSINESS SCENARIO
During the year, the turnover of the Company has been reduced to Rs. 304.828 Millions (Net of Ex cise) in compare to the turnover of Rs. 376.820 Millions (Net of Excise) of previous year. The company has focused on Domestic Business. Total number of customer has been increased from 396 to 725 during the year. The Company has witnessed growth in its customer base during year in order to have focused business policy. The Directors have initiated the process of selling SEZ assets this will help to improve cash flow and focus on domestic customers by looking at global economy. The Board of Directors have decided to acquire 100% stake in PCB POWER India Limited. The proposed acquisition will increase customer base substantially and the manner of selling printed Circuit Boards through Internet.
MANAGEMENT DISCUSSION
AND ANALYSIS
Business Outlook
Though having business risks and threats as faced in earlier year, Company is taking measures to sustain momentum both in the short and long term. The Company is adequately equipped with the necessary strengths in its business operations to successfully counter the various risks and threats that could in any way derail the overall positive industry forecasts. The Company is continuously making efforts in improving its operational.
Outlook on
Opportunities
Due to the nature of the industry and its volatility, the company is planning to focus on technology and deploy its resources carefully and in right directions. The company will look forward to adding new customer base and focus on its niche.
Contingent
liabilities
(Rs. In Millions)
|
Contingent
liabilities |
As on 31.03.2012 |
|
Bank Guarantee issued |
3.394 |
|
Forward Contract |
0.000 |
FIXED ASSETS
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixture
· Vehicle
· Office Equipment
· E.T. Plant
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. 59.80 |
|
|
1 |
Rs. 91.03 |
|
Euro |
1 |
Rs. 78.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
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 |
NO |
|
--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 |
YES |
|
--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.