MIRA INFORM REPORT
|
Report Date : |
19.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
THYSSENKRUPP ELECTRICAL STEEL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Village Wadivarhe Post, Gondetaluka-Igatpuri, Nashik - 422403,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.07.2000 |
|
|
|
|
Com. Reg. No.: |
11-127807 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 3149.349 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2000PTC127807 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE7791B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Cold Rolled Electrical Steel. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 |
|
Maximum Credit Limit : |
USD 16000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Thyssenkrupp Electrical Steel GMBH”,
Germany. It is well-established company having fine track record. The company has incurred losses from its operational activities during
financial year 2013. However, the rating takes in to consideration TKII’S healthy financial
risk profile marked by managerial and financial support that company receives
from its parent company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of strong holding support, the company can be considered good
for normal 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits: “AA” |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
March 2014 |
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. Gandhi |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-2553-225182 |
|
Date : |
18.04.2014 |
LOCATIONS
|
Registered Office / Factory : |
Village Wadivarhe Post, Gondetaluka-Igatpuri, Nashik - 422403,
Maharashtra, India |
|
Tel. No.: |
91-2553-225182 |
|
Fax No.: |
91-2553-225181 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales Offices: |
Located At:
|
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Chandra Shekhar Mathur |
|
Designation : |
Director |
|
Address : |
A-12, Nizamuddin East, |
|
Date of Birth/Age : |
10.02.1951 |
|
Date of Appointment : |
09.09.2000 |
|
DIN No.: |
00003232 |
|
|
|
|
Name : |
Mr. Kesava Iyer Venkatesan |
|
Designation : |
Managing Director |
|
Address : |
Plot No. 41, SSA Ashwin Nagar CIDCO, Nashik-422009, |
|
Date of Birth/Age : |
14.07.1962 |
|
Date of Appointment : |
23.11.2010 |
|
PAN No.: |
ABZPV1074B |
|
DIN No.: |
00056671 |
|
|
|
|
Name : |
Mr. Luc Claude Marie Vendeville |
|
Designation : |
Additional Director |
|
Address : |
32 Rue Edgar Quinet Bethune 62400, France |
|
Date of Birth/Age : |
12.09.1958 |
|
Date of Appointment : |
23.11.2010 |
|
DIN No.: |
03378972 |
|
|
|
|
Name : |
Mr. Joydeep Bidyut Bhattacharjee |
|
Designation : |
Whole Time Director |
|
Address : |
H17, Thakkars Retreat Juna Gagapur Naka Gangapur Road, Nashik –
422005, Maharashtra, India |
|
Date of Birth/Age : |
14.11.1968 |
|
Date of Appointment : |
01.01.2010 |
|
PAN No.: |
ABTPB2350E |
|
DIN No.: |
02813496 |
|
|
|
|
Name : |
Mr. Peter Horst Biele |
|
Designation : |
Director |
|
Address : |
Zum Baerler Buscm 3 47199 |
|
Date of Birth/Age : |
09.12.1965 |
|
Date of Appointment : |
26.11.2009 |
|
DIN No.: |
02859931 |
|
|
|
|
Name : |
Mr. Heinz Heinrich Pafferath |
|
Designation : |
Director |
|
Address : |
Herderallee 3 47191 |
|
Date of Birth/Age : |
17.01.1949 |
|
Date of Appointment : |
26.11.2009 |
|
DIN No.: |
02859965 |
|
|
|
|
Name : |
Mr. Michael Johannes Thiemann |
|
Designation : |
Director |
|
Address : |
Flat No. 409, 410, Samudra Mahal Premises, |
|
Date of Birth/Age : |
25.08.1946 |
|
Date of Appointment : |
30.11.2007 |
|
DIN No.: |
00061988 |
|
|
|
|
Name : |
Mr. Volker Senger |
|
Designation : |
Director |
|
Address : |
Krengel Str 76E, Dinslaken |
|
Date of Birth/Age : |
04.04.1960 |
|
Date of Appointment : |
06.06.2013 |
|
DIN No.: |
06590940 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin Prafulla Choudhari |
|
Designation : |
Secretary |
|
Address : |
Flat 3, B Wing Diwani Society, Sai Nagar, Dindori Road, Nashik –
422003, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1980 |
|
Date of Appointment : |
26.09.2013 |
|
PAN No.: |
AHXPC7178D |
|
|
|
|
Name : |
Mr. Gandhi |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
ThyssenKrupp Electrical Steel GMBH, Germany |
|
314934880 |
|
ThyssenKrupp Electrical Steel Ugo S.A.S., France |
|
20 |
|
|
|
|
|
Total |
|
314934900 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cold Rolled Electrical Steel. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
|
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
|
||||||||
|
Countries : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BBSR and Company Chartered Accountants |
|
Address : |
703, 7th Floor, Godrej Castle Maile, Bund Garden Road, Pune
– 411001, Maharashtra, India |
|
PAN No.: |
AAKFB4397F |
|
|
|
|
Holding Company : |
ThyssenKrupp Electrical Steel GMBH, Germany |
|
|
|
|
Holding Company of the Immediate Parent Company : |
ThyssenKrupp Steel Europe AG |
|
|
|
|
Ultimate Holding Company : |
ThyssenKrupp AG |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
340000000 |
Equity Shares |
Rs.10/- each |
Rs. 3400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
314934900 |
Equity Shares |
Rs.10/- each |
Rs. 3149.349
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 [6 Months] |
30.09.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3,149.349 |
3,149.349 |
3,149.349 |
|
(b) Reserves & Surplus |
933.783 |
1,821.521 |
2,048.341 |
|
(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) |
4,083.132 |
4,970.870 |
5,197.690 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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 |
137.966 |
114.921 |
110.780 |
|
Total
Non-current Liabilities (3) |
137.966 |
114.921 |
110.780 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
882.821 |
827.326 |
395.143 |
|
(b) Trade payables |
274.669 |
1,048.530 |
1,008.208 |
|
(c) Other current liabilities |
140.122 |
217.245 |
198.123 |
|
(d) Short-term provisions |
460.438 |
357.042 |
333.836 |
|
Total
Current Liabilities (4) |
1,758.050 |
2,450.143 |
1,935.310 |
|
|
|
|
|
|
TOTAL |
5,979.148 |
7,535.934 |
7,243.780 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,841.857 |
1,296.842 |
1,395.609 |
|
(ii) Intangible Assets |
0.111 |
0.169 |
0.306 |
|
(iii) Capital work-in-progress |
83.135 |
630.882 |
373.318 |
|
(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) |
25.755 |
54.767 |
82.153 |
|
(d) Long-term Loan and Advances |
184.638 |
108.495 |
161.815 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2,135.496 |
2,091.155 |
2,013.201 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2,321.044 |
3,691.551 |
3,376.983 |
|
(c) Trade receivables |
799.531 |
999.068 |
1,151.195 |
|
(d) Cash and cash equivalents |
114.909 |
2.179 |
136.985 |
|
(e) Short-term loans and
advances |
602.369 |
725.876 |
537.300 |
|
(f) Other current assets |
5.799 |
26.105 |
28.116 |
|
Total
Current Assets |
3,843.652 |
5,444.779 |
5,230.579 |
|
|
|
|
|
|
TOTAL |
5,979.148 |
7,535.934 |
7,243.780 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 [6 Months] |
30.09.2011 |
|
|
SALES |
|
|
|
|
|
Sales and Service Income |
6,605.000 |
3,691.000 |
8,560.000 |
|
|
Other Income |
125.000 |
89.000 |
172.000 |
|
|
TOTAL
(A) |
6,730.000 |
3,780.000 |
8,732.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
(B) |
7,114.000 |
3,823.000 |
7,951.000 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(384.000) |
(43.000) |
781.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
143.000 |
18.000 |
22.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(527.000) |
(61.000) |
759.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
331.000 |
114.000 |
256.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(858.000) |
(175.000) |
503.000 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
30.000 |
52.000 |
167.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(888.000) |
(227.000) |
336.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
1,821.000 |
2,048.000 |
1,712.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
933.000 |
1,821.000 |
2,048.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
11.780 |
6.730 |
18.690 |
|
|
TOTAL
EARNINGS |
11.780 |
6.730 |
18.690 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3,300.790 |
2845.800 |
6944.240 |
|
|
TOTAL
IMPORTS |
3,300.790 |
2,845.800 |
6,944.240 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
-0.72 |
1.07 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 [6 Months] |
30.09.2011 |
|
PAT / Total Income |
(%) |
(13.19) |
(6.01) |
3.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.99) |
(4.74) |
5.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.62) |
(2.55) |
7.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21) |
(0.04) |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.21 |
0.17 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19 |
2.22 |
2.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
3,149.349 |
3,149.349 |
3,149.349 |
|
Reserves & Surplus |
2,048.341 |
1,821.521 |
933.783 |
|
Net
worth |
5,197.690 |
4,970.870 |
4,083.132 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
395.143 |
827.326 |
882.821 |
|
Total
borrowings |
395.143 |
827.326 |
882.821 |
|
Debt/Equity
ratio |
0.076 |
0.166 |
0.216 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8,560.000 |
3,691.000 |
6,605.000 |
|
|
|
(56.881) |
78.949 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8,560.000 |
3,691.000 |
6,605.000 |
|
Profit |
336.000 |
(227.000) |
(888.000) |
|
|
3.93% |
(6.15)% |
(13.44)% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
30.09.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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) |
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 |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Short term
borrowings |
|
|
|
Loans repayable on demand from banks |
132.821 |
627.326 |
|
Intercorporate borrowings |
750.000 |
200.000 |
|
|
|
|
|
Total |
882.821 |
827.326 |
REVIEW OF OPERATIONS
During the year, the financial performance of the Company has suffered due to both global crisis and slow-down in the Indian economy. The impact of slow-down in the economy has affected all kinds of manufacturing industries in general, and particularly steel industry is facing severe downturn in demand. Despite making efforts to cut cost, improve product-mix and timely fulfillment of orders booked, the result for the period was negative.
The company has net turnover of Rs.6,605.000 millions and suffered loss before tax Rs. 858.000 Millions (for Twelve months) as compared to Loss before tax of Rs.175.000 Millions (for six months) Last year.
STEEL INDUSTRY:
OVERVIEW AND OUTLOOK
The Indian economy has shown resilience compared to other global economies but could not avoid slow down completely that was visible in below 6% GDP growth in 2012 vis--vis 8% growth achieved during 2007-2011. The decline was across all the sectors due to domestic and external factors, high inflation, wide fiscal deficit and unfavorable domestic savings and investment rate. Despite strong fundamentals and structural support, uncertainty and consequent lack of confidence held back investments in capital formation.
The above factors well reflected in the company’s performance last year, despite many efforts taken we could not avoid loss that was mainly on account of lower demand and weakening prices. The company continues to face challenges on account of lower demand, higher cost of credit and poor demand by the customers market on export front. Cost cutting measures continue unabated and more steps are being taken to nip breakdowns at initial stages to avoid maintenance costs. Aggressive steps are being taken to bring down the inventory and other working capital requirements.
Note: No Charges Exist for Company
FIXED ASSETS:
- Freehold land
- Buildings
- Plant and Machinery
- Computers
- Furniture and Office Equipments
- Vehicles
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. 60.39 |
|
|
1 |
Rs. 101.63 |
|
Euro |
1 |
Rs. 83.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
58 |
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.