MIRA
INFORM REPORT
|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
VOLTAMP TRANSFORMERS LIMITED (w.e.f.
22.02.2006) |
|
|
|
|
Formerly Known
As : |
VOLTAMP TRANSFORMERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Near National Highway, No.8, Makarpura, Vadodara – 390014, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.03.1967 |
|
|
|
|
Com. Reg. No.: |
04-001437 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 101.171 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31100GJ1967PLC001437 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMV00819A BRDV01071A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV5048G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Transformers. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track
record. There appears slight dip in sales and profit of the company during the
year 2013. However, financial position of the company is decent. Net worth of the
company appears to be strong and health. Trade relations are fair. Business is active. Payments are regular as
per commitments. The company can be considered for business dealings at usually trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another megatrend happening. The World order is changing as
economic power shifts from West to East. According to McKinsey study, it took
Britain more than 100 years to double its economic output per person during its
industrial revolution and the US later took more than 50 years to do the same.
More than a century later, China and India have doubled their GDP per capital
in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s
largest consuming block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities AA- |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
September 27, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
September 27, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Vallabh N. Madhani
|
|
Designation : |
Director |
|
Contact No.: |
91-265-2642011 |
|
Date : |
12.10.2013 |
LOCATIONS
|
Registered/ Head Office/ Factory 1 : |
Near National Highway, No.8, Makarpura, Vadodara – 390014, Gujarat, India |
|
Tel. No.: |
91-265-2646775 / 2642011 / 2642012 / 3041403 |
|
Fax No.: |
91-265-2646774 / 2648454 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Village Vadadla, Jarod-Samlaya
Road, Tehsil Savli,
District Vadodara - 391520, Gujarat, India |
|
|
|
|
Regional Offices : |
Ř
Northern Region Located at ·
New Delhi ·
Chandigarh ·
Ghaziabad Ř Southern Region Located at ·
Chennai ·
Secunderabad ·
Bangalore ·
Coimbatore Ř
Western Region 01, Ground Floor, Siddhachal Building, Near Cosmos Bank, Hanuman Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India Tel. No. :91-22-26135289 Fax. No.:91-22-26135296 Ř
Located at: ·
Pune ·
Ahmedabad ·
Thane · Nagpur |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Lalitkumar H. Patel |
|
Designation : |
Chairman (Upto 17.05.2013) |
|
Date of Birth/Age : |
77 years |
|
Qualification : |
B.Sc. (Engg.), A.C.G.I. 1. Patson Transformers M.I.E. |
|
Other Directorship : |
·
Patson Transformers
Private Limited ·
Kunjal Investment
Private Limited |
|
|
|
|
Name : |
Mr. Kunjal L. Patel |
|
Designation : |
Vice Chairman and Managing Director |
|
Qualification : |
B.E. (Electrical) |
|
Experience : |
16 Years |
|
|
|
|
Name : |
Mr. Kanubhai S. Patel |
|
Designation : |
Chairman and Managing Director (w.e.f.
17.05.2013) |
|
Qualification : |
B. Com., F.C.A., F.C.S. |
|
Experience : |
32 Years |
|
|
|
|
Name : |
Mr. Kewalkrishna G. Tuli |
|
Designation : |
Director |
|
Date of Birth/Age : |
75 years |
|
Qualification : |
B.E. civil |
|
Other Directorship : |
Paramount Limited |
|
|
|
|
Name : |
Mr. Vasantlal L. Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jagannath S. Aiyar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arvind N. Shelat |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vallabh N. Madhani
|
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vallabh N. Madhani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1002540 |
9.91 |
|
|
3778152 |
37.34 |
|
|
4780692 |
47.25 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4780692 |
47.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
421883 |
4.17 |
|
|
3194258 |
31.57 |
|
|
3616141 |
35.74 |
|
|
|
|
|
|
632379 |
6.25 |
|
|
|
|
|
|
804926 |
7.96 |
|
|
228810 |
2.26 |
|
|
54172 |
0.54 |
|
|
40508 |
0.40 |
|
|
13664 |
0.14 |
|
|
1720287 |
17.00 |
|
Total Public shareholding (B) |
5336428 |
52.75 |
|
Total (A)+(B) |
10117120 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10117120 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Transformers. |
||||
|
|
|
||||
|
Products : |
· Oil Filled Transformers · Cast Resin (Dry Type) Transformers · Unitised Sub-Station · Induction Furnace Transformers · Lighting Transformers |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Transformers |
KVA |
13000000 |
8973418 |
|
Transformers |
No. |
-- |
3055 |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
1000 (Approximately) |
|
|
|
|
Bankers : |
·
ICICI Bank Limited, Land Mark Building, Race
Course Circle, Vadodara – 390007, Gujarat, India Tel. No.: 91-265-6617200 ·
Axis Bank Limited, Vardhaman
Complex, Opposite GEB Office, Race Course Circle, Vadodara
– 390007, Gujarat, India ·
Bank of Baroda, Sayajigunj
Branch, Vadodara – 390005, Gujarat, India |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chandulal M. Shah and Company Chartered Accountants |
|
Address : |
601, Samruddhi, Opposite Sakar
III, Sattar Taluka
Society, Ahmedabad – 380014, Gujarat, India |
|
|
|
|
Associated
Company : |
·
Patson Transformers
Private Limited ·
Kunjal Investments
Private Limited |
|
|
|
|
Associated Firm
: |
The Banyan Club |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10117120 |
Equity Shares |
Rs.10/- each |
Rs. 101.171 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
101.171 |
101.171 |
101.171 |
|
(b) Reserves & Surplus |
4001.654 |
3850.219 |
3635.041 |
|
(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) |
4102.825 |
3951.390 |
3736.212 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
2.802 |
3.255 |
|
(c) Other long term liabilities |
0.000 |
2.099 |
2.030 |
|
(d) long-term provisions |
13.767 |
14.495 |
46.294 |
|
Total Non-current Liabilities (3) |
13.767 |
19.396 |
51.579 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.627 |
74.056 |
26.530 |
|
(c) Other current
liabilities |
228.470 |
280.247 |
284.442 |
|
(d) Short-term provisions |
262.954 |
199.744 |
167.628 |
|
Total Current Liabilities (4) |
492.051 |
554.047 |
478.600 |
|
|
|
|
|
|
TOTAL |
4608.643 |
4524.833 |
4266.391 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
515.374 |
536.628 |
553.701 |
|
(ii) Intangible Assets |
4.089 |
4.048 |
4.764 |
|
(iii) Capital
work-in-progress |
0.000 |
7.993 |
8.430 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1412.380 |
866.439 |
616.251 |
|
(c) Deferred tax assets (net) |
3.360 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5.960 |
14.176 |
12.414 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1941.163 |
1429.284 |
1195.560 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
324.770 |
232.101 |
315.267 |
|
(b) Inventories |
718.372 |
1021.615 |
881.809 |
|
(c) Trade receivables |
1452.547 |
1739.889 |
1449.806 |
|
(d) Cash and cash
equivalents |
109.626 |
48.162 |
355.215 |
|
(e) Short-term loans
and advances |
62.165 |
53.782 |
66.263 |
|
(f) Other current
assets |
0.000 |
0.000 |
2.471 |
|
Total Current Assets |
2667.480 |
3095.549 |
3070.831 |
|
|
|
|
|
|
TOTAL |
4608.643 |
4524.833 |
4266.391 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5155.024 |
5698.052 |
5353.395 |
|
|
|
Other Income |
200.196 |
154.545 |
183.082 |
|
|
|
TOTAL |
5355.220 |
5852.597 |
5536.477 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials
consumed |
3926.328 |
4714.694 |
4176.017 |
|
|
|
Changes in
inventories of finished goods WIP and stock-in-trade |
203.966 |
(151.631) |
(112.014) |
|
|
|
Employee
benefits expense |
197.632 |
188.147 |
159.315 |
|
|
|
Other expenses |
485.317 |
529.610 |
464.252 |
|
|
|
TOTAL |
4813.243 |
5280.820 |
4687.570 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
541.977 |
571.777 |
848.907 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.910 |
4.774 |
5.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
537.067 |
567.003 |
842.957 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
76.746 |
82.694 |
74.962 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
460.321 |
484.309 |
767.995 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
131.338 |
151.548 |
250.186 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
328.983 |
332.761 |
517.809 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
99.828 |
134.650 |
123.019 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
150.000 |
250.000 |
400.000 |
|
|
|
Dividend |
151.757 |
101.171 |
91.054 |
|
|
|
Tax on Dividend |
25.791 |
16.412 |
15.124 |
|
|
BALANCE CARRIED
TO THE B/S |
101.263 |
99.828 |
134.650 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
NA |
31.148 |
4.323 |
|
|
TOTAL EARNINGS |
NA |
31.148 |
4.323 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
32.52 |
32.89 |
51.18 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.03.2013 |
|
Audited / UnAudited |
|
|
UnAudited |
|
Net Sales |
|
|
929.100 |
|
Total Expenditure |
|
|
894.000 |
|
PBIDT (Excl OI) |
|
|
35.000 |
|
Other Income |
|
|
92.400 |
|
Operating Profit |
|
|
127.500 |
|
Interest |
|
|
1.100 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
126.400 |
|
Depreciation |
|
|
17.500 |
|
Profit Before Tax |
|
|
108.900 |
|
Tax |
|
|
29.200 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
7.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
79.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.14
|
5.68 |
9.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.93
|
8.50 |
14.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.42
|
13.27 |
21.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.12 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.42
|
5.59 |
6.42 |
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 |
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) |
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 |
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10336532 |
17/07/2013 * |
1,925,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Gujarat - 390015, INDIA |
B81615882 |
|
2 |
10143737 |
10/10/2009 * |
2,050,000,000.00 |
AXIS BANK LIMITED |
VARDHMAN COMPLEX, RACE COURSE (North),
VADODARA, Gujarat - 390007, INDIA |
A71982615 |
|
3 |
80022392 |
25/01/2007 * |
1,250,000,000.00 |
BANK OF BARODA |
SAYAJIGUNJ BRANCH,, VADODARA, Gujarat -
390005, INDIA |
- |
|
4 |
80022389 |
25/01/2007 * |
1,250,000,000.00 |
BANK OF BARODA |
SAYAJIGUNJ BRANCH, VADODARA, Gujarat -
390005, INDIA |
- |
* Date of charge modification
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW:
The transformer
industry is going through a sluggish phase and the industry has been worst affected
with lower capacity utilization and price realization. The year also witnessed
the arrival of international competitors for setting up transformer
manufacturing facility in India. Margins remained under pressure throughout the
year and scenario is unlikely to change in short run. New projects
announcements by corporate sector were very few in the last year. Industry
could continue with its business volume from carried forward orders of past
years for uncompleted projects. Large-scale spending on CAPEX anticipated from PSUs is also not visible. With this reality, major players
in Industry continue facing margin and liquidity pressure.
OUTLOOK:
Increases in
production cost were not fully compensated by increase in selling price in
tough market environment.
The company
expects current year to be more challenging compared to the previous year due
to fall in order backlog and intensive price pressure getting reflected in
newly opened tenders and recently finalized orders. The current year is likely
to be another challenging one for the Company. The Company is focused on cost
control and productivity improvement areas to compensate for declining volumes.
As on date, orders
available for execution in the current year amount to Rs.
2454.000 millions, totaling 4192 MVA, providing revenue visibility for about 6
months period.
FACTORS AFFECTING
THEIR FUTURE RESULTS OF OPERATIONS:
Their future
results of operations may potentially be affected by the prevailing competitive
pressures from international competition, growth of power sector in India,
aggressive posture taken by MNC players operating in the country, input price
and currency volatility, Government initiatives to clear policy issues
impending project execution.
FIXED ASSETS:
v
Tangible Assets
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computers
v
Intangible Assets
·
Computer software
·
Technical know how
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.61.30 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
67 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.