MIRA
INFORM REPORT
|
Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TURBO GEARS INDIA PRIVATE LIMITED
|
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Registered
Office : |
C/o Carraro India Limited, B2/2, MIDC, Ranjangaon, Pune – 412 210, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
19.06.1998 |
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Com. Reg. No.: |
11-021543 |
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Capital
Investment / Paid-up Capital : |
Rs.960.000
millions |
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|
CIN No.: [Company Identification
No.] |
U29130PN1998FTC021543 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS28689D |
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PAN No.: [Permanent Account No.] |
AACCT0217B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is
primarily engaged in the business of manufacturing and trading of gears and
components for the automotive industry. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2076000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There
appear accumulated losses recorded by the company. However, the company has performed well during 2012. The capital base
of the company seems to be strong. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow. 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.
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.
INFORMATION PARTED BY
|
Name : |
Mr. Atul |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2138-661753 |
|
Date : |
24.06.2013 |
LOCATIONS
|
Registered Office/ Factory : |
C/o Carraro India Limited, B2/2, MIDC, Ranjangaon, Pune – 412 210,
Maharashtra, India |
|
Tel. No.: |
91-2138-661753 |
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Fax No.: |
91-2138-661631 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft |
|
Location : |
Owned |
DIRECTORS
AS ON 03.09.2012
|
Name : |
Mr. Mario Giovanni Carraro |
|
Designation : |
Director |
|
Address : |
Via Delle, Palme, 8, Padova, O Italy |
|
Date of Birth/Age : |
29.10.1929 |
|
Date of Appointment : |
30.11.2004 |
|
DIN No.: |
00676573 |
|
|
|
|
Name : |
Mr. Tomaso Mario Carraro |
|
Designation : |
Director |
|
Address : |
Via IV, Novembre N, 20, Padova, O Italy |
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Date of Birth/Age : |
23.04.1966 |
|
Date of Appointment : |
30.11.2004 |
|
DIN No.: |
00592312 |
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|
Name : |
Mr. Enrico Elio Gomiero |
|
Designation : |
Director |
|
Address : |
Via E Degli, Scrovegni, 7, Padova, O Italy |
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Date of Birth/Age : |
27.10.1958 |
|
Date of Appointment : |
23.05.2004 |
|
DIN No.: |
00588074 |
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|
|
|
Name : |
Massimo Guebo Zanco |
|
Designation : |
Director |
|
Address : |
B-401, Oxford Hallmark, Lane No.7, Koregaon Park, Pune – 411 001,
Maharashtra, India |
|
Date of Birth/Age : |
17.07.1972 |
|
Date of Appointment : |
18.04.2012 |
|
DIN No.: |
05245177 |
KEY EXECUTIVES
|
Name : |
Mr. Atul |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 03.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Gear World Limited, Italy |
|
95999900 |
|
SIAP S.p.A., Italy |
|
100 |
|
Total
|
|
96000000 |
AS ON 03.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily
engaged in the business of manufacturing and trading of gears and components
for the automotive industry. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Italy |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity* |
Installed
Capacity* |
Actual
Production |
|
|
|
|
|
|
|
Gears |
Nos. |
10000000 |
1320000 |
812192 |
* As certified by the management and have not been verified by the
auditors, being a technical matter.
GENERAL INFORMATION
|
Customers : |
End Users and Others |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
·
BNP Paribas, 5, Godrej Millenium, 9, Koregaon
Road, Pune – 411 001, Maharashtra, India ·
IDBI Bank Limited, Dyaneshwar Paduka Chowk, F.C.
Road, Shivaji Nagar, Pune – 411 004, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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PAN No: |
AABFL5878L |
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Ultimate Holding
Company: |
Finaid SpA |
|
|
|
|
Holding Company: |
Gear World SpA
(Direct Holding Company) Carraro SpA
(Holding Company of Gear World SpA) |
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|
Fellow Subsidiaries (With whom there are
transactions during the year): |
·
Carraro China Drive Sys Co Limited ·
Carraro Deutschland GmbH ·
Carraro Drive Tech Spa ·
Carraro India Private Limited ·
Carraro International S.A. ·
Carraro Technologies India Private Limited ·
MG Mini Gears S.p.A ·
O&K Antriebstechnik GMBH and Co. KG ·
Siap SpA ·
Assali Emiliani S.r.l. ·
MG Mini Gears Spa Divisone Poggiofi ·
MG Mini Gears North America LLC |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
96000000 |
Equity Shares |
Rs.10/- each
|
Rs.960.000
millions |
|
|
|
|
|
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period:
|
Equity
shares |
As at 31st March, 2012 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Balance as at the beginning of the year |
96000000 |
960.000 |
|
Add : Shares issued during the year |
-- |
-- |
|
Balance as at the end of the year |
96000000 |
960.000 |
Rights, preferences and restrictions attached to
equity shares
The Company has
only one class of equity shares having a par value of Rs.10 per share. Each
shareholder of equity share is entitled for one vote per share held. In the
event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
Shares held by
Holding Company
|
Particulars |
As at March 31,
2012 |
|
Gear World SpA, Italy, the holding company. 95999900 equity shares of Rs.10 each fully paid |
95999900 |
|
SIAP SpA, Italy, associate of Gear World SpA 100 equity shares of Rs.10 each fully paid |
100 |
Details of shares held by shareholders holding more than 5% of the
aggregate shares in the Company
|
Equity
shares |
As at 31st March, 2012 |
|
|
No. of Shares |
% holding |
|
|
Equity shares of
Rs.10 each fully paid Gear World SpA, Italy, the holding company. As per of the
Company, including its register of shareholders/members and other
declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownerships of shares. |
95999900 |
99.99% |
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 |
|
960.000 |
960.000 |
|
(b) Reserves & Surplus |
|
(440.995) |
(470.328) |
|
(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) |
|
519.005 |
489.672 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
542.579 |
238.003 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
10.558 |
4.754 |
|
Total Non-current
Liabilities (3) |
|
553.137 |
242.757 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
164.669 |
164.550 |
|
(b)
Trade payables |
|
245.896 |
327.248 |
|
(c)
Other current liabilities |
|
133.963 |
104.228 |
|
(d) Short-term
provisions |
|
12.320 |
8.551 |
|
Total Current
Liabilities (4) |
|
556.848 |
604.577 |
|
|
|
|
|
|
TOTAL |
|
1628.990 |
1337.006 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1064.675 |
923.918 |
|
(ii)
Intangible Assets |
|
0.860 |
0.019 |
|
(iii)
Capital work-in-progress |
|
36.571 |
0.783 |
|
(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 |
|
18.856 |
52.483 |
|
(e) Other
Non-current assets |
|
3.000 |
0.000 |
|
Total Non-Current
Assets |
|
1123.962 |
977.203 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
145.829 |
162.242 |
|
(c)
Trade receivables |
|
164.375 |
113.223 |
|
(d) Cash
and cash equivalents |
|
93.919 |
22.097 |
|
(e)
Short-term loans and advances |
|
97.506 |
61.730 |
|
(f)
Other current assets |
|
3.399 |
0.511 |
|
Total
Current Assets |
|
505.028 |
359.803 |
|
|
|
|
|
|
TOTAL |
|
1628.990 |
1337.006 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
960.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(311.332) |
|
|
NETWORTH |
|
|
648.668 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
186.453 |
|
|
2] Unsecured Loans |
|
|
264.511 |
|
|
TOTAL BORROWING |
|
|
450.964 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1099.632 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
936.647 |
|
|
Capital work-in-progress |
|
|
21.246 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
142.514
|
|
|
Sundry Debtors |
|
|
141.885
|
|
|
Cash & Bank Balances |
|
|
26.603
|
|
|
Other Current Assets |
|
|
0.510
|
|
|
Loans & Advances |
|
|
125.980
|
|
Total
Current Assets |
|
|
437.492 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
282.223 |
|
|
Other Current Liabilities |
|
|
2.897
|
|
|
Provisions |
|
|
10.633
|
|
Total
Current Liabilities |
|
|
295.753 |
|
|
Net Current Assets |
|
|
141.739
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1099.632 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
748.851 |
414.305 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1119.696 |
748.851 |
414.305 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
800.627 |
431.308 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
962.621 |
800.627 |
431.308 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
157.075 |
(51.776) |
(17.003) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
127.743 |
107.219 |
72.221 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
29.332 |
(158.995) |
(89.224) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
9.395 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
29.332 |
(158.995) |
(98.619) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(470.327) |
(311.332) |
(212.713) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(440.995) |
(470.327) |
(311.332) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports - Sales |
343.737 |
235.290 |
207.377 |
|
|
|
FOB value of Exports - Tooling |
0.000 |
3.228 |
0.000 |
|
|
TOTAL EARNINGS |
343.737 |
238.518 |
207.377 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
180.527 |
63.075 |
3.903 |
|
|
|
Raw material and components |
28.219 |
18.030 |
40.830 |
|
|
TOTAL IMPORTS |
208.746 |
81.105 |
44.733 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.31 |
(1.66) |
(1.03) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.62
|
(21.23) |
(23.80)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.84
|
(11.90) |
(6.49)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
(0.32) |
(0.14)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.36
|
0.82 |
0.70
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
0.60 |
1.48
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
245.896 |
327.248 |
282.223 |
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
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 |
As
on 31.03.2012 (Rs.
in Millions) |
As
on 31.03.2011 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Term Loans: |
|
|
|
- From Banks |
0.000 |
5.000 |
|
- From Financial Institutions |
201.029 |
233.003 |
|
- Foreign Currency loans from banks |
341.550 |
0.000 |
|
Total
|
542.579 |
238.003 |
(Rs. in millions)
|
Nature of Facility |
Balance outstanding as at March 31, 2012 |
Balance outstanding as at March 31, 2011 |
Repayment Terms |
|
Unsecured
Foreign Currency loan from Financial Institutions * |
251.286 |
233.003 |
10 equal half
yearly installments of EURO 367,857 from June 2012. |
|
Unsecured Foreign Currency loan from Banks * |
341.550 |
0.000 |
Bullet repayment
after 3 years from date of disbursement i.e. 22 July 2011 |
|
Unsecured term Loans from Banks ** |
5.000 |
10.000 |
4 equal quarterly installments of INR 1.250 millions each. |
|
Total |
597.836 |
243.003 |
|
|
Less:- Current
Maturities of Long term Borrowings |
55.257 |
5.000 |
|
|
Net Long Term Borrowings |
542.579 |
238.003 |
|
Interest rates on Foreign Currency loans vary in the range of 3.14% p.a.
to 4.03% p.a. (linked with Euribor) and on Rupee term loans from banks vary in
the range of 13% p.a. to 14% p.a. (linked with BPLR).
*Covered by corporate guarantee from Carraro SpA, Italy.
** Covered by letter of comfort of Gear World SpA
BUSINESS OPERATIONS:
During the year
20112012 there was an Increase in sales by around 50% and the company recorded
a net profit before tax of Rs.29.300 millions. Operating Profit (EBITDA)
increased by Rs.109.900 millions from a loss of Rs.5.000 millions (-0.67% of
revenue) to Rs.114.900 millions (10.27% of revenue). Improvement in
profitability in the current year is mainly due to increase in sales volumes
along with improved internal capacity utilization and better control over
operating costs. Beside, the Company is also supported by the Parent Company by
waiver of payables to Group Companies to the tune of Rs.135.900 millions for
strengthening the financial position of the Company.
BUSINESS OUTLOOK:
The upward trend
in both export and domestic sales as experienced in the previous year 2011-12
is expected to continue during the coming year 2012-13. Company is expecting to
consolidate the gains and continue its growth trend in line with the market.
The Company’s biggest customer is its group company Carraro India Private
Limited; the Management is developing some strategies to expand its customer
portfolio by increasing its business to reach a better utilization of its
capacity and improve the margins.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29130PN1998FTC021543 |
|
Name of the
company |
TURBO GEARS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C/o Carraro India Limited, B2/2, MIDC, Ranjangaon, Pune – 412 210,
Maharashtra, India E-Mail: secretarial_india@carraro.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80045916 |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
BNP Paribas, 5, Godrej
Millenium, 9, Koregaon Road, Pune – 411 001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Banks letter
dated 13.06.2012 for reduction in facility amount to Rs.78.500 millions. |
|
Date of
instrument Creating the charge |
14.06.2012 |
|
Amount secured by
the charge |
Rs.78.500
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: As per notified
by the Bank from time to time. Terms of
Repayment: As agreed between
the bank and the borrower. Margin: The Company shall
at all times during the continuance of this security keep and maintain such
security in favour of the Bank as may from time be notified by Bank. Extent and
Operation of the charge: The utilisation
of the Modified Facility shall be subject to a maximum of Rs.78.500 millions
at any point in time. The charge on First pari passu basis with the Bank. |
|
Short particulars
of the property charged |
All the movable
current assets such as raw materials, stock-in-process, finished goods, lying
at various factories, godowns, warehouses, retail outlets, etc, whenever
situated, or in transit, both present and future belonging to the Borrower
and all the book debts, outstanding moneys, receivables, claims and bills. |
|
Date of latest
modification prior to the present modification |
06.08.2005 |
|
Particulars of
the present modification |
By the present
modification the charge is reduced from Rs.130.000 millions to Rs.78.500
millions. |
FIXED ASSETS:
·
Leasehold Land
·
Factory Building
·
Office Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Vehicles
·
Computer Software
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 records 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 convicte, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
|
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.