MIRA
INFORM REPORT
|
Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
AJINOMOTO INDIA PRIVATE LIMITED |
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Registered
Office : |
No:19, M.M. Tower, Kaveri Nagar, Madhiravedu, Velappanchavadi, Chennai – 600077, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.10.2003 |
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Com. Reg. No.: |
18-051710 |
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Capital
Investment / Paid-up Capital : |
Rs. 160.000 Millions |
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CIN No.: [Company Identification
No.] |
U15495TN2003PTC051710 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA07772C |
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PAN No.: [Permanent Account No.] |
AAECA4116A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is in the business of Import and Repackaging of Mono Sodium
Glutamate (MSG), Ajitide (I+G) and Aspartame and also engaged Processing and Selling
a Masala Product. |
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|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 376000 |
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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 a subsidiary of “AJINOMOTO CO (THAILAND) LIMITED”. It is an established company having a moderate track record. There
appears some accumulated losses recorded by the company. However, capital base is good. The company gets strong support from its
holding company. 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.
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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 (GENERAL DETAILS)
|
Name : |
Mr. Rajasekar |
|
Designation : |
Finance Department |
|
Contact No.: |
91-44-26801400 |
|
Date : |
16.10.2013 |
LOCATIONS
|
Registered Office/ Factory : |
No:19, M.M. Tower, Kaveri Nagar, Madhiravedu, Velappanchavadi,
Chennai – 600077, Tamilnadu |
|
Tel. No.: |
91-44-26801400 / 26801500 |
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Fax No.: |
91-44-26802050 |
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E-Mail : |
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Website : |
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Chennai Branch : |
“Exotica”, 6th Floor, No.24, Venkatanarayana Road, T.
Nagar, Chennai – 600017, Tamilnadu, India |
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Tel. No.: |
91-44-45583101/ 102 |
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Fax No.: |
91-44-45583103 |
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Email : |
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Sales Depots : |
Located at: Ř Guwahati Ř Delhi |
DIRECTORS
As on 22.08.2012
|
Name : |
Mr. Thangavelu Manoharan |
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Designation : |
Managing director |
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Date of Birth/Age : |
01.10.1953 |
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Qualification : |
Graduate in Science |
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Experience : |
37 Years |
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Date of Appointment : |
11.11.2003 |
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DIN No.: |
00696789 |
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Name : |
Mr. Kurosaki Masayoshi |
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Designation : |
Director |
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Date of Birth/Age : |
06.04.1960 |
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Date of Appointment : |
07.09.2011 |
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DIN No.: |
03575885 |
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Other Directorship :
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Name : |
Etsuhiro Takato |
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Designation : |
Director |
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Address |
Sachigaoka 25-20, Asahi-Ku Yokohama, Japan, 2410822 |
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Date of Birth/Age : |
06.02.1957 |
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Date of Appointment : |
20.08.2013 |
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DIN No.: |
06631437 |
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Other
Directorship :
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Name : |
Ayumu Kamiya |
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Address |
Director |
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Designation : |
5-631, Nishiarai,Adachi-Ku, Tokyo, Japan 1230841 |
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Date of Birth/Age : |
07.01.1967 |
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Date of Appointment : |
20.08.2013 |
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DIN No.: |
06631448 |
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Other
Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mr. Rajasekar |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ajinomoto Company (Thailand) Limited, Thailand |
|
14400000 |
|
Ajinomoto Company Inc. Tokyo, Japan |
|
1600000 |
|
Total |
|
16000000 |
As on 21.03.2013
|
Names of Allottees |
|
No. of Shares |
|
Ajinomoto Company (Thailand) Limited, Thailand |
|
36900000 |
|
Ajinomoto Company Inc. Tokyo, Japan |
|
4100000 |
|
Total |
|
41000000 |
As on 22.08.2012
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 : |
Subject is in the business of Import and Repackaging of Mono Sodium
Glutamate (MSG), Ajitide (I+G) and Aspartame and also engaged Processing and
Selling a Masala Product. |
|
|
|
|
Brand Name : |
“HAPIMA” |
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Imports : |
|
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Products : |
Raw Material |
|
Countries : |
· Thailand Japan |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Monosodium Glutamate |
MT |
3,027.99 |
|
Ajitide (I+G) |
MT |
159.44 |
|
Aspartame |
MT |
4 |
Note: Licensed capacity and Installed capacity not applicable as it is a
repacking unit.
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
|
|
|
|
Bankers : |
Not Divulged |
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|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. V. Ghatalia
and Associates Chartered Accountants |
|
Address : |
Tidel Park, A
Block, 6 & 7TH Floor, No. 4, Rajiv Gandhi Salai, Taramani,
Chennai - 600113, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFS6921Q |
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Holding
Company : |
Ajinomoto Company (Thailand) Limited |
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Ultimate
Holding Company : |
Ajinomoto Company Inc., Japan |
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Fellow
Subsidiaries : |
Sanghai Ajinomoto Seasoning Company
Limited |
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Enterprises
owned or significantly influenced by key management personnel or their
relatives : |
Abirami Container Carriers |
CAPITAL STRUCTURE
After 22.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 570.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 570.000 Millions |
|
|
|
|
|
As on 22.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 160.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 160.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
160.000 |
160.000 |
|
(b) Reserves & Surplus |
|
(66.021) |
(13.733) |
|
(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) |
|
93.979 |
146.267 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
189.835 |
157.628 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
189.835 |
157.628 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
3.742 |
0.000 |
|
(b) Trade payables |
|
0.000 |
0.000 |
|
(c) Other current
liabilities |
|
8.036 |
5.690 |
|
(d) Short-term provisions |
|
3.751 |
6.194 |
|
Total Current Liabilities (4) |
|
15.529 |
11.884 |
|
|
|
|
|
|
TOTAL |
|
299.343 |
315.779 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
32.176 |
25.194 |
|
(ii) Intangible Assets |
|
0.665 |
0.847 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(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 |
|
10.497 |
5.845 |
|
(e) Other Non-current assets |
|
0.010 |
0.000 |
|
Total Non-Current Assets |
|
43.348 |
31.886 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
103.083 |
75.226 |
|
(c) Trade receivables |
|
14.209 |
70.065 |
|
(d) Cash and cash
equivalents |
|
91.005 |
99.477 |
|
(e) Short-term loans and
advances |
|
46.642 |
37.833 |
|
(f) Other current assets |
|
1.056 |
1.292 |
|
Total Current Assets |
|
255.995 |
283.893 |
|
|
|
|
|
|
TOTAL |
|
299.343 |
315.779 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
160.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(60.303) |
|
|
NETWORTH |
|
|
99.697 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
99.697 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
11.571 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
44.471 |
|
|
Sundry Debtors |
|
|
61.053 |
|
|
Cash & Bank Balances |
|
|
91.045 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
31.990 |
|
Total
Current Assets |
|
|
228.559 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
125.733 |
|
|
Other Current Liabilities |
|
|
9.171 |
|
|
Provisions |
|
|
5.529 |
|
Total
Current Liabilities |
|
|
140.433 |
|
|
Net Current Assets |
|
|
88.126 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
99.697 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
406.700 |
483.000 |
382.995 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
453.500 |
433.000 |
(Including Financial
Expenses) |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
(46.800) |
50.000 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.100 |
0.620 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(46.900) |
49.380 |
43.423 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.500 |
2.040 |
1.317 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(50.400) |
47.340 |
42.106 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.900 |
0.740 |
0.427 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(52.300) |
46.600 |
41.679 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(13.700) |
(60.303) |
(101.982) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(66.000) |
(13.700) |
(60.303) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consultancy charges |
9.737 |
11.455 |
11.273 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Monosodium Glutamate |
235.732 |
205.105 |
185.427 |
|
|
|
Ajitide (I+G) |
49.953 |
118.086 |
56.158 |
|
|
|
Aspartame |
2.825 |
3.384 |
1.301 |
|
|
|
TF 001 (Raw material for Masala product) |
0.217 |
0.180 |
0.000 |
|
|
TOTAL IMPORTS |
288.727 |
326.755 |
242.886 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(3.27) |
2.91 |
2.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(12.86)
|
9.65 |
10.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.84)
|
14.99 |
17.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.54)
|
0.32 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.04 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
16.48
|
23.89 |
1.63 |
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 |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
Particular |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
SHORT TERM
BORRWING |
|
|
|
Loans repayable on demand from Banks |
3.742 |
0.000 |
|
Total |
3.742 |
0.000 |
NOTE
The
registered office of the company has been shifted from 123/1, Poonamalle High Road, Chennai –
600077, Tamilnadu, India to the present address w.e.f. 21.06.2013
CORPORATE INFORMATION
Subject is a
subsidiary of Ajinomoto Co (Thailand) Limited. The Company was incorporated
under the Companies Act, 1956 on October 7, 2003. The Company is in the business
of import and repackaging of Mono Sodium Glutamate (MSG), Ajitide (I+G) and
Aspartame. MSG and Ajitide (I+G) is a general food seasoning widely used in
food products as a taste enhancer whereas Aspartame is a sweetener which is
used in food stuffs like drinks, desserts and sweets The Company is also
processing and selling a masala product under the brand name Hapima The Head
office of the Company is located in Chennai and it has sales depots in Guwahati
and Delhi.
PERFORMANCE
During the year
due to severe damage in the factory building, the production was affected for
two months which in turn has affected the sales. The new food regulation by the
government of India had delayed the clearance of the shipment from the Port by
a month also has added to less sales which has adversely affected the turn over
from the previous year's Rs.483.000 million to Rs.407.000 million during 2011
12. The 25% increase in the supply price of MSG from Ajinomoto Thailand due to
the increase in their cost of production along with weakening of Indian rupees
against the U.S. Dollar by 29% has reduced the gross profit of the company from
Rs.46.000 million in the year 2010 11 to a net loss of Rs.52.000 million in the
year 2011 12. The sale price of I+G which was around Rs.950/kg during 2010 11
has reduced to Rs.670/kg during 2011 12 due to steep competition from China and
Indonesia. The market share has also suffered a setback due to acute
competition by importers of Chinese material. Hence the sales turn over and the
profit has taken a dent during this year.
PROSPECTS /
EXPANSION
Long term scene
for MSG and I+G is encouraging. The company continues its emphasis on quality
and brand image to the customers. The Company also continues to reduce the cost
by upgrading and modernizing the repacking machineries and improving the yield.
The company is also developing new variants of masala product like Chicken 65
and Sambar masala. The efforts to increase the sales by bringing new products
like noodles are going on. The company expects the product diversification and
new product introduction will result in the improvement of company's
performance during the current financial year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Disputed Excise duty demands |
3.324 |
2.538 |
|
Disputed Sales tax demands |
15.726 |
15.726 |
|
Total |
19.050 |
18.264 |
FIXED ASSETS:
· Plant and machinery
Computers
Office
equipment
Furniture
and fixtures
Vehicles
Technology
License Fees
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.61.69 |
|
|
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.