MIRA
INFORM REPORT
|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA FICOSA AUTOMOTIVE SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, Pune – 411057,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.01.1998 |
|
|
|
|
Com. Reg. No.: |
11-112992 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.375.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1998PLC112992 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5755A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of automobiles parts like Interior and exterior rear view mirror, cables and transmission systems. |
|
|
|
|
No. of Employees
: |
Information denied by management.
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Satisfactory |
|
|
|
|
Status : |
Usually correct |
|
|
|
|
Payment Behaviour : |
Clear |
|
|
|
|
Litigation : |
Subject is a joint venture between Tata Autocomp Systems Limited,
India and Ficosa International S.A., Spain. It is an established company having satisfactory track record. The company has recorded some accumulated losses from its operations
however the company receives good operation and financial support from its
group companies. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. In view of strong promoters the company can be considered normal for
business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
CRISIL |
|
Rating |
Long Term Rating = BBB |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk. |
|
Date |
27.03.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3+ |
|
Rating Explanation |
Moderate degree of safety. It carry higher
credit risk. |
|
Date |
27.03.2014 |
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 DENIED
Management Non-Cooperative (Tel No.: 91-20-66745300)
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, Pune – 411057, |
|
Tel. No.: |
91-20-22932133 / 22932134 / 66745300 / 22932136 / 22932431 / 22933400 |
|
Fax No.: |
91-20-39232127 / 66745350 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.07.2013
|
Name : |
Mr. Francisco Javier Artigas Pujol |
|
Designation : |
Director |
|
Address : |
Avda Pedralbes 30
202 A, Barcelona, Spain |
|
Date of Birth/Age : |
16.05.1962 |
|
Date of Appointment : |
31.03.1999 |
|
DIN No.: |
02815896 |
|
|
|
|
Name : |
Mr. Jose Maria
Permanyer Serra |
|
Designation : |
Director |
|
Address : |
C Josep Pallach, 2-6
2, Sant Cugatdel Valles – 08173, Spain |
|
Date of Birth/Age : |
27.05.1965 |
|
Date of Appointment : |
28.03.2000 |
|
DIN No.: |
02816324 |
|
|
|
|
Name : |
Mr. Gajendra Pal Singh Chandel |
|
Designation : |
Director |
|
Address : |
144, Delmar Tower Clover, Village Wanowrie, Pune- 411040, Maharashtra,
India |
|
Date of Birth/Age : |
30.06.1961 |
|
Date of Appointment : |
22.05.2012 |
|
DIN No.: |
01639435 |
|
|
|
|
Name : |
Ramon Rius Guixa |
|
Designation : |
Director |
|
Address : |
Rambla Josep Maria Jujol, Numaber 26, Floor 03, Door 02, Sant Kaon
Despi, Barcelona, Spain |
|
Date of Birth/Age : |
09.03.1969 |
|
Date of Appointment : |
21.03.2013 |
|
DIN No.: |
05103780 |
|
|
|
|
Name : |
Mr. Harish Girish Pathak |
|
Designation : |
Additional Director |
|
Address : |
C-17, The Woods-Near Kalewadi Phata, Wakad, Pune – 411027,
Maharashtra, India |
|
Date of Birth/Age : |
30.12.1958 |
|
Date of Appointment : |
04.01.2014 |
|
DIN No.: |
02426760 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Khendekar |
|
Designation : |
Manager |
|
Address : |
Atharva Apartments, Pposite Madhukar Hospital, Sinhagad Road, Pune –
411051, Maharashtra, India |
|
Date of Birth/Age : |
23.05.1968 |
|
Date of Appointment : |
17.11.2008 |
|
PAN No.: |
ABQPK4106Q |
|
|
|
|
Name : |
Mrs. Ketki Jayant Gandham |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 9, Nitiraj Apartment, Building No. 2, East Kirkee, Pune –
411003, Maharashtra, India |
|
Date of Birth/Age : |
08.04.1986 |
|
Date of Appointment : |
26.04.2011 |
|
PAN No.: |
APCPG3149M |
MAJOR SHAREHOLDERS
As on 30.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Tata Autocomp
Systems Limited, India |
|
18749400 |
|
Ficosa
International S.A, |
|
18750000 |
|
Tata Autocomp
Systems Limited, India Jointly with Gajrndra Chandel |
|
100 |
|
Tata Autocomp
Systems Limited, India Jointly with Ajay Tandon |
|
100 |
|
Tata Autocomp
Systems Limited, India Jointly with Ajay Nagle |
|
300 |
|
Tata Autocomp
Systems Limited, India Jointly with Amitabha Mukhopadyay |
|
50 |
|
Tata Autocomp
Systems Limited, India Jointly with R S Thakur |
|
50 |
|
Total |
|
37500000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.07.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of automobiles parts like Interior and
exterior rear view mirror, cables and transmission systems. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management. |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Bankers : |
· State Bank of India, Industrial Finance Branch, Tara Chambers, Wakdewadi, Mumbai Pune Road, Pune - 411003, Maharashtra, India · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
706, B Wing, 7th Floor, |
|
Tel. No.: |
91-20-66244600 |
|
Fax No.: |
91-20-66244605 |
|
PAN No.: |
AABFD7919A |
|
|
|
|
Related Parties : |
· Tata Autocomp Systems Limited CIN No.: U34100MH1995PLC093733 · Ficosa International S.A |
CAPITAL STRUCTURE
As on 30.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37500000 |
Equity Shares |
Rs.10/- each |
Rs.375.000 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 |
|
375.000 |
334.200 |
|
(b) Reserves & Surplus |
(119.030) |
(156.730) |
(208.280) |
|
(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) |
255.970 |
218.270 |
125.920 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11.380 |
54.840 |
90.460 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
2.110 |
3.340 |
4.750 |
|
(d) long-term provisions |
3.500 |
2.380 |
1.950 |
|
Total Non-current Liabilities (3) |
16.990 |
60.560 |
97.160 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
38.880 |
15.020 |
14.210 |
|
(b) Trade payables |
206.440 |
263.640 |
345.250 |
|
(c) Other current
liabilities |
70.060 |
63.340 |
73.010 |
|
(d) Short-term provisions |
5.120 |
7.130 |
4.990 |
|
Total Current Liabilities (4) |
320.500 |
349.130 |
437.460 |
|
|
|
|
|
|
TOTAL |
593.460 |
627.960 |
660.540 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
274.560 |
286.660 |
302.160 |
|
(ii) Intangible Assets |
3.020 |
0.150 |
1.730 |
|
(iii) Capital
work-in-progress |
0.000 |
0.030 |
0.400 |
|
(iv) Intangible
assets under development |
0.000 |
2.010 |
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 |
13.830 |
15.930 |
18.000 |
|
(e) Other Non-current assets |
14.370 |
8.870 |
1.450 |
|
Total Non-Current Assets |
305.780 |
313.650 |
323.740 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
123.920 |
137.170 |
118.600 |
|
(c) Trade receivables |
126.890 |
124.490 |
160.000 |
|
(d) Cash and cash
equivalents |
6.550 |
1.230 |
0.530 |
|
(e) Short-term loans and
advances |
29.960 |
51.210 |
57.390 |
|
(f) Other current assets |
0.360 |
0.210 |
0.280 |
|
Total Current Assets |
287.680 |
314.310 |
336.800 |
|
|
|
|
|
|
TOTAL |
593.460 |
627.960 |
660.540 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
1333.790 |
1373.070 |
1257.520 |
|
|
|
|
Other Income |
4.620 |
4.520 |
5.730 |
|
|
|
|
TOTAL (A) |
1338.410 |
1377.590 |
1263.250 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
947.500 |
990.600 |
847.020 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(5.240) |
(4.840) |
23.990 |
|
|
|
|
Employee Benefits Expenses |
135.640 |
119.460 |
95.020 |
|
|
|
|
Other Expenses |
156.000 |
149.750 |
202.630 |
|
|
|
|
TOTAL (B) |
1233.900 |
1254.970 |
1168.660 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
104.510 |
122.620 |
94.590 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
15.860 |
19.760 |
21.490 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
88.650 |
102.860 |
73.100 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
41.510 |
45.310 |
38.970 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
47.140 |
57.550 |
34.130 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
9.440 |
6.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
37.700 |
51.550 |
34.130 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(156.730) |
(208.280) |
(242.410) |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
(119.030) |
(156.730) |
(208.280) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
229.390 |
213.880 |
145.010 |
|
|
|
TOTAL EARNINGS |
229.390 |
213.880 |
145.010 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
239.530 |
233.010 |
197.580 |
|
|
|
|
Stores & Spares |
13.050 |
6.740 |
24.200 |
|
|
|
|
Capital Goods |
4.290 |
6.870 |
2.140 |
|
|
|
TOTAL IMPORTS |
256.870 |
246.620 |
223.920 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
1.01 |
1.47 |
1.02 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.82 |
3.74 |
2.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.53 |
4.19 |
2.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.94 |
9.19 |
5.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.26 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.20 |
0.32 |
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90 |
0.90 |
0.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
334.200 |
375.000 |
375.000 |
|
Reserves & Surplus |
(208.280) |
(156.730) |
(119.030) |
|
Net
worth |
125.920 |
218.270 |
255.970 |
|
|
|
|
|
|
long-term borrowings |
90.460 |
54.840 |
11.380 |
|
Short term borrowings |
14.210 |
15.020 |
38.880 |
|
Total
borrowings |
104.670 |
69.860 |
50.260 |
|
Debt/Equity
ratio |
0.831 |
0.320 |
0.196 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
1,257.520 |
1,373.070 |
1,333.790 |
|
|
|
9.189 |
-2.861 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
1,257.520 |
1,373.070 |
1,333.790 |
|
Profit |
34.130 |
51.550 |
37.700 |
|
|
2.71% |
3.75% |
2.83% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
43.460 |
36.270 |
48.400 |
|
Total |
43.460 |
36.270 |
48.400 |
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
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 |
REVIEW OF OPERATIONS
OPERATIONAL PERFORMANCE
During the year, the Company’s turnover has reduced from Rs.1373.590 millions in the preceding financial year to Rs.1333.790 millions. Under the current economic scenario where the passenger car segment witnessed a decline of 6.69%, their Company witnessed a drop of 2.9 %. The profit after tax for the year has been Rs.37.700 millions as against Rs.51.550 millions during the previous financial year.
PERFORMANCE OVERVIEW:
The company’s sales have been impacted by lower volume of automotive production. The company has made an effort to obtain new businesses from their existing customers as well as businesses from new customers. The company expects results out of it in years to come. The company is exploring various options for expanding the business.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10312187 |
26/12/2012 * |
155,000,000.00 |
State Bank of India |
Industrial Finance Branch, Tara Chambers, Wakdewadi, Mumbai Pune Road, Pune, Maharashtra - 411003, India |
B66290057 |
|
2 |
90151614 |
09/03/2004 |
14,972,039.00 |
Ford Indian Limited |
Sp Koil;, Kancheepooram, Tamilnadu, India |
- |
|
3 |
90150967 |
14/01/2008 * |
429,000,000.00 |
Indian Bank |
Deccan Gymkhana Branch, 759/62 , Prabhat Road, Deccan Gymkhana, Pune, Maharashtra - 411004, India |
A35847771 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
45 |
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.