MIRA
INFORM REPORT
|
Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAIKIN AIRCONDITIONING INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
DAIKIN-SHRIRAM AIRCONDITIONING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
F -25/2 Okhla Industrial Area, Phase – II, New Delhi – 110020 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.04.2000 |
|
|
|
|
Com. Reg. No.: |
55-104990 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4229.239
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL2000PTC104990 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELD04648A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD0971F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing, Sales and Related Services of Air Conditioners and
Chillers. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 15920000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Daikin Industries Limited, Japan. It is a well established and
well known company in air conditioning. However, financial position of the
company is moderate. There appear some accumulated losses recorded by the
company. Trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. In view of strong holding, the company can be considered normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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 : |
F -25/2 Okhla Industrial Area, Phase – II, New Delhi – 110020, India |
|
Tel No.: |
Not Available |
|
Fax No: |
Not Available |
|
E-Mail : |
|
|
Website : |
http://www.daikinindia.com |
|
|
|
|
Head Office : |
12th Floor, Building No. 9, Tower A, DLF Cyber City, DLF
Phase – III, Gurgaon-122002,
Haryana, India |
|
Tel No.: |
91-124-4555444 |
|
Fax No: |
91-124-4555333 |
|
|
|
|
Factory : |
SP 2-12 to SP2-15 and SP 2-24 to SP2-27 RIICO New Industrial Complex,
Neemrana – 301705, District Alwar, Rajasthan, India |
|
Tel No.: |
91-1494-229100 |
|
|
|
|
Branches : |
Jaipur Contact: Mr.
Kamal Ahmedabad Lucknow Contact: Mr. Amit Puri Chandigarh Contact: Mr. Dinesh Daniya
Chennai Bangalore Pune Fax:91-20-25561304 Kolkata Contact: Mr. U D Trivedi Hyderabad Contact: Mr. K. Ganesh Rao |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Kanwal Jeet Jawa |
|
Designation : |
Managing Director |
|
Address : |
C-204, Greater Kailash Part 1, |
|
Date of Birth/Age : |
10.11.1959 |
|
Date of Appointment : |
10.09.2010 |
|
PAN No.: |
AAGPJ1732N |
|
DIN No.: |
00057351 |
|
|
|
|
Name : |
Mr. Rohit |
|
Designation : |
Director |
|
Address : |
B – 605/606, Som Vihar Apartments, Sector – 12, R.K. Puram, New Delhi
– 110019, India. |
|
Date of Birth/Age : |
25.08.1970 |
|
Date of Appointment : |
22.05.2009 |
|
DIN No.: |
00453642 |
|
|
|
|
Name : |
Mr. Tetsuya Kamji |
|
Designation : |
Additional Director |
|
Address : |
D-401, Central Park – 1, Sector 42, Gurgaon – 122002, |
|
Date of Birth/Age : |
01.09.1962 |
|
Date of Appointment : |
12.12.2009 |
|
DIN No.: |
02896894 |
|
|
|
|
Name : |
Mr. Toshio Akio Nakano |
|
Designation : |
Director |
|
Address : |
15-27, Shoei-cho, Kawachinago-shi, Osaka, Japan-5860025 |
|
Date of Birth/Age : |
19.12.1944 |
|
Date of Appointment : |
07.02.2011 |
|
DIN No.: |
03310877 |
|
|
|
|
Name : |
Mr. Hitoshi Hideki Tanaka |
|
Designation : |
Director |
|
Address : |
B-184, The ICON, DLF City, Phase V, Gurgaon –122002, Haryana, India |
|
Date of Birth/Age : |
21.02.1967 |
|
Date of Appointment : |
07.02.2011 |
|
DIN No.: |
03310959 |
|
|
|
|
Name : |
Mr. Masakatsu Syozou Morimoto |
|
Designation : |
Director |
|
Address : |
3-807, 4- Chome, Hara Chou, Suita City, Osaka, Japan – 5650871 |
|
Date of Birth/Age : |
05.11.1962 |
|
Date of Appointment : |
07.02.2011 |
|
DIN No.: |
03310980 |
|
|
|
|
Name : |
Mr. Motohiro Takashi Nakai |
|
Designation : |
Director |
|
Address : |
G-501, Central Park – I, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
10.11.1959 |
|
Date of Appointment : |
07.02.2011 |
|
DIN No.: |
03310997 |
|
|
|
|
Name : |
Mr. Kaoru Engauchi |
|
Designation : |
Director |
|
Address : |
14-4-311, Mitsuzawashimomachi, Kanagawa – Ku, Yokohama, Kanagawa,
Japan-2210852 |
|
Date of Birth/Age : |
27.07.1962 |
|
Date of Appointment : |
30.03.2012 |
|
DIN No.: |
05238854 |
KEY EXECUTIVES
|
Name : |
Mr. Roopesh Jain |
|
Designation : |
Secretary |
|
Address : |
B-8/2, Vallabh Vihar, Plot -14, Sector -13, Rohini, New Delhi-110085,
India |
|
Date of Birth/Age : |
26.09.1976 |
|
Date of Appointment : |
26.09.2011 |
|
PAN No.: |
AFBPJ4278B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
Daikin Industries Limited, |
47292389 |
|
Daikin Airconditioning ( |
1 |
|
TOTAL
|
47292390 |
AS ON 28.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Sales and Related Services of Air Conditioners and
Chillers. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
|
|
|
|
Bankers : |
·
State Bank of India, Overseas Branch, Vijaya
Building, Bara Khamba Road, New Delhi, India ·
Sumitomo Mitsui Banking Corporation, Gopal Das
Bhawan, Barakhamba Road, New Delhi – 110001, Delhi, India ·
Bank of Tokyo-Mitsubishi Limited, Jeevan Vihar
Building 3, Parliament Street, New Delhi – 110001, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
7th Floor, Building No.10, Tower – B, DLF Cyber City
Complex, DLF City Phase –III, Gurgoan – 122002, Haryana, India. |
|
PAN No.: |
AABFD2095B |
|
|
|
|
Holding Company : |
Daikin Industries Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Daikin Trading Limited ·
Daikin Industries (Thailand) Limited ·
Daikin Trading (Thailand) Limited ·
Daikin Asia Servicing Pte. Limited ·
OYL Manufacturing Company SDN Bhd. ·
Daikin Information System Company Limited ·
Daikin Europe NV, Brussels ·
McQuay Air Conditioning and Refrigeration (Wuhan)
Company Limited ·
Shenzhen Mcquay Airconditioning Company Limited ·
McQuay International ·
Daikin Airconditioning (Singapore) Pte. Limited ·
McQuay Air Conditioning and Refrigeration
(Suzhou) Company Limited ·
Daikin Air-Conditioning (Shanghai) Company
Limited ·
Daikin Compressor Industries Limited ·
McQuay Italy SPA ·
Daikin Airconditioning Italy SPA |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.100/- each |
Rs. 5000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42292390 |
Equity Shares |
Rs.100/-
each |
Rs. 4229.239
Millions |
|
|
|
|
|
AS ON 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.100/- each |
Rs. 5000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47292390 |
Equity Shares |
Rs.100/-
each |
Rs. 4729.239
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4229.239 |
2229.239 |
2229.239 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(247.795) |
180.746 |
454.535 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3981.444 |
2409.985 |
2683.774 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
517.025 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
517.025 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3981.444 |
2927.010 |
2683.774 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1717.785 |
1667.053 |
1374.207 |
|
|
Capital work-in-progress |
481.287 |
0.000 |
223.288 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3336.570
|
4241.494
|
1080.568
|
|
|
Sundry Debtors |
462.628
|
284.137
|
80.445
|
|
|
Cash & Bank Balances |
664.423
|
184.458
|
455.309
|
|
|
Other Current Assets |
3.406
|
0.000
|
0.000
|
|
|
Loans & Advances |
829.625
|
700.021
|
440.268
|
|
Total
Current Assets |
5296.652
|
5410.110 |
2056.590 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2884.216
|
3650.576
|
754.967
|
|
|
Other Current Liabilities |
564.348
|
444.517
|
181.052
|
|
|
Provisions |
65.716
|
55.060
|
34.292
|
|
Total
Current Liabilities |
3514.280
|
4150.153 |
970.311 |
|
|
Net Current Assets |
1782.372
|
1259.957
|
1086.279
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3981.444 |
2927.010 |
2683.774 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
2984.000 |
|
|
|
Other Income |
|
|
NA |
|
|
|
TOTAL |
11962.000 |
6974.000 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
12144.000 |
7048.000 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(182.000) |
(74.000) |
(84.300) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
247.000 |
200.000 |
116.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(429.000) |
(274.000) |
(200.400) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
28.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(429.000) |
(274.000) |
(228.800) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Earnings |
NA |
NA |
174.402 |
|
|
|
Other Earnings |
NA |
NA |
8.566 |
|
|
TOTAL EARNINGS |
NA |
NA |
182.968 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
186.323 |
|
|
|
Stores & Spares |
NA |
NA |
83.477 |
|
|
|
Capital Goods |
NA |
NA |
347.709 |
|
|
|
Finished Goods |
NA |
NA |
1467.191 |
|
|
TOTAL IMPORTS |
NA
|
NA |
2084.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(10.14) |
(12.28) |
(10.26) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(3.59)
|
(3.93) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
(6.72) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.12)
|
(3.87) |
(5.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
(0.11) |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.21 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.30 |
2.12 |
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 |
Yes |
|
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) |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FACILITIES
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Term Loans from Banks |
0.000 |
503.025 |
|
Working Capital Loans from Banks |
0.000 |
14.000 |
|
|
|
|
|
TOTAL |
0.000 |
517.025 |
BACKGROUND
Subject was
incorporated in India on April 4, 2000 to manufacture, export, assemble,
supply, distribute and import all types of air conditioning and refrigeration
equipment and accessories. The Company is a subsidiary of Daikin Industries
Limited Japan. 42,292,389 shares are held by Daikin Industries Limited, Japan
and the balance 1 share being held by Daikin Airconditioning (Singapore) Pte.
Limited
The operations of
the Company mainly comprise manufacturing and trading of air conditioning
equipment and chillers. The Company’s manufacturing facility, which is located
at Neemrana, Rajasthan, commenced operation in September, 2009.
BUSINESS
During FY 2011-12,
the transformation of the company continued. The expansion of business through
various strategies as depicted in the diagram continued with a focused approach
during the year. The company expanded its distribution network by appointment
of dealers in Tier II and Tier III cities. The company entered into volume zone
by improving its distribution network and adopting aggressive and competitive
pricing strategies. Strong and effective advertising and marketing policies
ensured presence of brand in every nook and corner of the country.
i)
The company continues to be no. 1 in VRV segment in
India. The company has made significant inroads in Room AC and Chiller segment.
ii)
The company has shown substantial growth of in
terms of quantity across all SBU which is much higher than the growth in
market. The SBU wise details are as below: -
As per assessment
made by the company, during FY 2011-12 the market (in quantitative terms) was
expected to grow by 14% in Room AC (Split) segment and 38% in VRV segment. However,
the company has growth of 98% and 44% in RAC and VRV respectively.
iii)
Service Turnover has grown by 85% as a result of
company’s continued focus on providing quality service.
* Including excise duty and Service and Commission income
FINANCIAL OVERVIEW
The Turnover for
the year ended March 31, 2012 stood at Rs.11,913 million as compared to
Rs.6,983 million for the year ended March 31, 2011, the Company grew by 71%
over previous year. The Company continued penetrating the market. Indian made
VRV and Chiller sales during FY 11 has grown further by 113%.
Loss increased by
57% as compared to last year. The main reason for the decrease in profits is
unfavorable foreign exchange (Rs. 470 Million), increase in raw material
prices, product unavailability due to floods in Thailand and non utilization of
optimum capacity at factory.
The company used
the working capital short term loans for a specific period to manage the
liquidity of its huge business volumes i.e. the Company adapted to the Short
term working capital loans and buyers credit for making foreign currency
payments.
As per the
requirements of Accounting Standard 29 on Provisions, Contingent Liabilities
and Contingent Assets, a provision of Rs. 29.92 Million has been provided for
expected warranty claims on products/ projects, sold/commissioned during the
financial year.
The Directors
would like to put on record their appreciation to all employees who have made
it possible to achieve 71% growth in sales and controlling accounts receivable
to 10 days of sales. The Directors feel gratified that due to team efforts of
DAIPL all accounts receivable are good and there is no requirement of making
any provision of doubtful debts.
FUTURE FOCUS ON
BUSINESS
1.
Plan to set up of Room AC production facility at
Neemrana in FY12 with an investment of Rs.2,500 Million in manufacturing and
operations.
2.
Enhancement of utilization of production capacity
of VRV and Chillers
3.
Robust growth is forecasted in India’s air-conditioning
market in the future and Daikin intends to further increase its market share of
residential and large-scale projects.
4.
For the FY 2012-13 the HR strategy is to focus on
building people capabilities. Significant focus is on training of their
employees and channel partners across locations. The company is planning to
provide training exceeding 7,000 man days including technical and behavioural
trainings.
5.
The company is working to implement Six Sigma and
MES (Manufacturing Execution Systems) programmes to improve productivity and
cost efficiency.
6.
The company is focusing on localization so as to
reduce the costs and impact of foreign exchange fluctuations. The company has
already taken initiatives by conducting a vendor meet during the year for
faster realization of localization.
FIXED ASSETS
·
Leasehold Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Office equipment
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
·
Software’s
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. 54.29 |
|
|
1 |
Rs. 81.93 |
|
Euro |
1 |
Rs. 70.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
37 |
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.