MIRA INFORM REPORT
|
Report Date : |
15.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAN TRUCKS INDIA PRIVATE LIMITED (w.e.f.30.03.2012) |
|
|
|
|
Formerly Known
As : |
MAN FORCE TRUCKS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
501-502, Kapil Zenith, Survey No. 55, Hissa No. 1, Behind Maratha Mandir, Bavdhan Khurd, Pune – 411021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
08.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-022147 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1353.942 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34102PN2006PTC022147 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM10978C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM6932E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Heavy Commercial Vehicles. |
|
|
|
|
No. of Employees
: |
1006 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 17200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company is continuously incurring a losses from its operations. However, trade relations are reported as 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 DECLINED BY
|
Name : |
Mr. Vinit Maheshwari |
|
Designation : |
Secretary |
|
Contact No.: |
91-20-66762525 |
|
Date : |
13.11.2013 |
LOCATIONS
|
Registered Office : |
501-502, Kapil Zenith, Survey No. 55, Hissa No. 1, Behind Maratha Mandir, Bavdhan Khurd, Pune – 411021, Maharashtra, India |
|
Tel. No.: |
91-20-66762525 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Leased |
|
|
|
|
Factory : |
Plot No.3B1, Sector 1, Pithampur Industrial Estate, District Dhar, Pithampur – 454775, Madhya Pradesh, India |
|
Tel. No.: |
91-7292-305051 |
|
Fax. No.: |
91-7292-308180 |
DIRECTORS
As on 28.06.2013
|
Name : |
Mr. Jagadish Adde Bhat |
|
Designation : |
Managing director |
|
Address : |
C-1302, 13th Floor, Bpcl Hsg Co-Op Society, Plot No 3, Sector 46a, Nerul, Navi Mumbai – 400706, Maharashtra, India |
|
Qualification : |
BE |
|
Date of Appointment : |
08.08.2012 |
|
PAN No.: |
ADUPJ9923C |
|
DIN No. : |
02470009 |
|
|
|
|
Name : |
Mr. Martin Gerhard Beuschel |
|
Designation : |
Director |
|
Address : |
Kindermannstr. 3, Munich Munich 80637 |
|
Date of Birth/Age : |
30.06.1969 |
|
Date of Appointment : |
28.06.2013 |
|
DIN No. : |
05239317 |
|
|
|
|
Name : |
Mr. Vijaykumar Madhukar Yelne |
|
Designation : |
Director |
|
Address : |
A-1102, Kapil Abhijat, Near Cummins I, Dahanukar Cly, Kothrud, Pune – 411038, Maharashtra, India |
|
Qualification : |
BE,DBM |
|
Date of Appointment : |
28.03.2012 |
|
PAN No. : |
AABPY9350L |
|
DIN No. : |
05240726 |
|
|
|
|
Name : |
Franz Josef Wenus |
|
Designation : |
Director |
|
Address : |
Kirchstr .4d Sauerlach 82054 |
|
Date of Birth/Age : |
02.05.1960 |
|
Date of Appointment : |
28.06.2013 |
|
DIN No. : |
06548568 |
|
|
|
|
Name : |
Horst Herbert Schmidt |
|
Designation : |
Director |
|
Address : |
Schurrweg 20 Munchen 81241 |
|
Date of Birth/Age : |
25.04.1959 |
|
Date of Appointment : |
28.06.2013 |
|
DIN No. : |
06552492 |
|
|
|
|
Name : |
Raphael Ulrich Petry |
|
Designation : |
Director |
|
Address : |
Hans-Klein-Str.12 Munich 81373 |
|
Date of Birth/Age : |
04.10.1974 |
|
Date of Appointment : |
28.06.2013 |
|
DIN No. : |
06553205 |
|
|
|
|
Name : |
Dietmar Klein |
|
Designation : |
Director |
|
Address : |
Blmenstr.3 Dachau 85221 |
|
Date of Birth/Age : |
12.03.1963 |
|
Date of Appointment : |
28.06.2013 |
|
DIN No. : |
06553213 |
|
|
|
|
Name : |
Mr. Michael Ulverich |
|
Designation : |
Director |
|
Address : |
Max-Morlock-Weg 3 Neufahrn B Freising 85375 |
|
Date of Birth/Age : |
27.04.1975 |
|
Date of Appointment : |
28.06.2013 |
|
DIN No. : |
06553576 |
|
|
|
|
Name : |
Mr. Thomas Hemmerich |
|
Designation : |
Director |
|
Address : |
Carl-Olaf-Petersen-str.12 Dachau "85221 |
|
Date of Birth/Age : |
17.03.1967 |
|
Date of Appointment : |
28.06.2013 |
|
DIN No. : |
06556501 |
KEY EXECUTIVES
|
Name : |
Mr. Vinit Maheshwari |
|
Designation : |
Secretary |
|
Address : |
D-23, Shri Swami Samarth Society, Sus Road, Pashan, Pune – 411021, Maharashtra, India |
|
Date of Appointment : |
01.07.2012 |
|
PAN No.: |
AGLPM1570C |
|
|
|
|
Name : |
Mr. Sanjeev Kashyup |
|
Designation : |
Sr. General Manager |
|
|
|
|
Name : |
Mr. Shrikant S. Pandit |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. Richard Dieter Frenz |
|
Designation : |
Head-Business Development |
|
|
|
|
Name : |
Mr. Mauricio Hernandez |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Man Truck and Bus AG, Germany |
|
135394200 |
|
Man Verwaltungs Gesellschaft Mit Beschrankter Haftung, Germany |
|
1 |
|
Force Motors Limited, India |
|
1 |
|
Total |
|
135394202 |
As on 28.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
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 of Heavy Commercial Vehicles. |
GENERAL INFORMATION
|
No. of Employees : |
1006 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· State Bank of India, Corporate Accounts Group, Voltas House, Ballard Estate, Mumbai - 400 001, Maharashtra, India ·
Canara Bank, Pimpri Branch, Station Road,
Pimpri, Pune - 411018, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Muttha Towers, 5th Floor, Suite No.8q, Airport Road, Yerwada, Pune-411006, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFP9359C |
|
|
|
|
Holding company : |
Man Truck and Bus AG, Germany |
|
|
|
|
Fellow Subsidiary
company : |
Man Nutzfahrzeuge Osterrieich AG, Germany |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135800000 |
Equity Shares |
Rs.10/- each |
Rs.1358.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
135394202 |
Equity Shares |
Rs.10/- each |
Rs.1353.942
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2012 (9 Months) |
31.03.2012 (12 Months) |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1353.942 |
1353.942 |
1115.942 |
|
(b) Reserves & Surplus |
2946.451 |
3317.312 |
(938.464) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4300.393 |
4671.254 |
177.478 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
1003.627 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
491.789 |
54.320 |
27.130 |
|
Total Non-current
Liabilities (3) |
491.789 |
54.320 |
1030.757 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
534.021 |
360.107 |
|
(b) Trade
payables |
3058.105 |
3149.952 |
3186.260 |
|
(c) Other
current liabilities |
721.108 |
860.881 |
1072.167 |
|
(d) Short-term
provisions |
40.668 |
50.766 |
78.858 |
|
Total Current
Liabilities (4) |
3819.881 |
4595.620 |
4697.392 |
|
|
|
|
|
|
TOTAL |
8612.063 |
9321.194 |
5905.627 |
|
|
|
|
|
|
I.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1477.684 |
1468.516 |
1513.679 |
|
(ii)
Intangible Assets |
54.454 |
84.849 |
130.499 |
|
(iii)
Capital work-in-progress |
61.795 |
44.562 |
12.158 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
527.002 |
377.638 |
71.476 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2120.935 |
1975.565 |
1727.812 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2410.748 |
2377.787 |
2676.545 |
|
(c) Trade
receivables |
956.880 |
920.775 |
489.463 |
|
(d) Cash
and cash equivalents |
2004.443 |
3231.431 |
149.368 |
|
(e)
Short-term loans and advances |
1114.505 |
815.624 |
862.439 |
|
(f) Other current
assets |
4.552 |
0.012 |
0.000 |
|
Total
Current Assets |
6491.128 |
7345.629 |
4177.815 |
|
|
|
|
|
|
TOTAL |
8612.063 |
9321.194 |
5905.627 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 (9 Months) |
31.03.2012 (12 Months) |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6459.165 |
9879.130 |
9067.428 |
|
|
|
Other Income |
116.259 |
22.301 |
223.377 |
|
|
|
TOTAL |
6575.424 |
9901.431 |
9290.805 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
7467.842 |
|
|
|
Other Expenses |
|
|
2142.708 |
|
|
|
TOTAL |
6961.027 (Including Financial Expenses) |
10396.581 (Including Financial
Expenses) |
9610.550 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
(319.745) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
205.363 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(385.603) |
(495.150) |
(525.108) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
157.717 |
198.132 |
216.750 |
|
|
|
|
|
|
|
|
|
|
Exceptional items
(waiver of liability) |
172.459 |
435.629 |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(370.861) |
(257.653) |
(741.858) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.171 |
(0.016) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(370.861) |
(257.824) |
(741.842) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3680.345) |
(3422.521) |
(2680.679) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(4051.206) |
(3680.345) |
(3422.521) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3333.239 |
3528.692 |
1832.698 |
|
|
TOTAL EARNINGS |
3333.239 |
3528.692 |
1832.698 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
0.000 |
|
|
|
Components |
NA |
NA |
1069.232 |
|
|
|
Capital Goods |
NA |
NA |
0.110 |
|
|
|
Machinery Spares, Tools & Others |
NA |
NA |
10.996 |
|
|
TOTAL IMPORTS |
NA |
NA |
1080.338 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(2.74) |
(1.90) |
(6.65) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 (9 Months) |
31.03.2012 (12 Months) |
31.03.2011 |
|
PAT / Total Income |
(%) |
(5.64)
|
(2.60) |
(7.98) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.74)
|
(2.61) |
(8.18) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(18.01)
|
(2.78) |
(12.59) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
(0.06) |
(4.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.11 |
7.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.60 |
0.89 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.12.2012 (9 Months) (Rs.
In Millions) |
31.03.2012 (12 Months) (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
126.209 |
337.099 |
|
|
|
|
|
|
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 |
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
NOTE
The registered office of the company has been shifted from Bombay Pune Road, Akurdi, Pune – 411035, Maharashtra, Indit to the present address w.e.f. 01.10.2012
FINANCIAL RESULTS
In the previous year, the Company had received a letter from Board for Industrial and Financial Reconstruction (BIFR) directing the Company to file a quarterly status report on the financial health of the Company. Thereafter, the Company has taken multiple steps including write-offs received from MTB to strengthen the financials of the Company and to curtail the losses. Hon’ble BIFR was requested to relieve the Company from the requirement of filing quarterly reports as the Company’s losses got reduced to less than 50% of net worth. The request was accepted by the Hon’ble Board and the Company does not fall under the definition of a ?Potentially Sick Industrial Company
OPERATIONS AND
OUTLOOK
During the year the Company sold 2775 no. of Heavy Commercial Vehicles against the last year’s 4257 Vehicles.
The sale in spare parts market has improved. The Company has consolidated its portfolio to the profitable models only. The future appears to be positive for the Company considering the increased demand of HCV in the export as well as domestic markets. The Company is making additional investments in the facility which will enable the company to meet the expected demand.
The current slowdown in the Economy across the Globe has restricted the expected growth of the business. The Company has taken multiple steps for reducing the overall cost of the product and to improve and strengthen the dealership network, service capabilities. Company is in the process of starting Regional warehouses to increase spare parts availability.
FIXED ASSETS
v
Tangible
assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Leasehold improvements
v
Intangible
Assets
· 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 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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
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 |
|
32 |
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.