MIRA
INFORM REPORT
|
Report Date : |
02.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
JOHNSON CONTROLS PRICOL PRIVATE LIMITED (w.e.f. 11.07.2012) |
|
|
|
|
Formerly Known
As : |
PRICOL PUNE PRIVATE LIMITED (w.e.f. 30.04.2012) PRICOL PUNE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 1065 and 1066, Pirangut, Taluka Mulshi, Pune - 412108, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.05.2011 |
|
|
|
|
Com. Reg. No.: |
11-139594 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34200PN2011PTC139594 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCP0139E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automobile Parts like, Speed Sensor, Oil Pumps, Fuel
Feed Pumps etc. |
|
|
|
|
No. of Employees
: |
Information declined 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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a 50:50 joint venture between ‘Pricol Limited’ and ‘Johnson
Controls Enterprise Limited’ effective from March 26th 2012. It is
a well-established company having satisfactory track record. The company possesses an acceptable financial profile marked by
adequate networth base, modest gearing along with favourable gab between
trade receivables and payables. Management has witnessed a sufficient turnover but has reported a loss
from its operations during FY 13. However, trade relations are fair, Business is active. Payment terms
are reported as usually correct. In view of financial, technical and managerial support extended by its
promoters, the company can be considered 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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The prospects
of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-20-39115074)
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 1065 and 1066, Pirangut, Taluka Mulshi, Pune - 412108,
Maharashtra, India |
|
Tel. No.: |
91-20-39115074/ 22923901 |
|
Fax No.: |
91-20-22923911 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 18.07.2013
|
Name : |
Mr. Vijay Mohan |
|
Designation : |
Director |
|
Address : |
‘'Shrimayi", New No 232, Old No 170, Tea Estates, Race Course,
Coimbatore – 641018, Tamilnadu, India |
|
Date of Birth/Age : |
11.10.1947 |
|
Date of Appointment : |
18.05.2011 |
|
DIN No.: |
00001843 |
|
|
|
|
Name : |
Mr. Vikram Mohan |
|
Designation : |
Director |
|
Address : |
No.1, East End, Kallimadai Road, Singanallur, Coimbatore – 641005,
Tamilnadu, India |
|
Date of Birth/Age : |
23.05.1975 |
|
Date of Appointment : |
01.06.2013 |
|
DIN No. : |
00089968 |
|
|
|
|
Name : |
Mr. Subbaiah Kokkalera Uthappa |
|
Designation : |
Director |
|
Address : |
Flat No. 406, Wing 16/1, Cambridge Road, Ulsoor, Bangalore – 560008,
Karnataka, India |
|
Date of Birth/Age : |
21.06.1959 |
|
Date of Appointment : |
23.06.2012 |
|
DIN No. : |
00355548 |
|
|
|
|
Name : |
Mr. Mitul Rustagi |
|
Designation : |
Director |
|
Address : |
L-411, Second Floor, Sarita Vihar, New Delhi – 110076, India |
|
Date of Birth/Age : |
29.07.1968 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No. : |
03379848 |
|
|
|
|
Name : |
Mr. Nijhon Chander |
|
Designation : |
Additional Director |
|
Address : |
5699, N Center Park Way, No. 419, Glendale, WI 53217 |
|
Date of Birth/Age : |
03.01.1971 |
|
Date of Appointment : |
04.07.2014 |
|
DIN No.: |
06917090 |
KEY EXECUTIVES
|
Name : |
Mr. Srinivasan B |
|
Designation : |
Secretary |
|
Address : |
D-206, Gloria Apartments, S. No. 47, Chandni Chowk, Bavdhan, Pune –
421021, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1972 |
|
Date of Appointment : |
14.08.2012 |
|
PAN No.: |
AUXPS1071L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.07.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Pricol Limited, India |
5000000 |
50.00 |
|
Johnson Controls Enterprise Limited, United Kingdom |
5000000 |
50.00 |
|
Total |
10000000 |
100.00 |
As on 18.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Parts like, Speed Sensor, Oil Pumps, Fuel
Feed Pumps etc. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
Indian Bank, 31 Variety Hall Road, Coimbatore - 641001, Tamilnadu, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitt Haskins and Sells Chartered Accountants |
|
Address : |
706, B Wing, 7th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
|
|
|
|
Joint Venture : |
Pricol Limited CIN No.: L33129TZ1972PLC000641 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
100.000 |
100.000 |
|
(b) Reserves & Surplus |
|
649.317 |
684.716 |
|
(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) |
|
749.317 |
784.716 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
5.000 |
57.500 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.344 |
|
(c) Other long term liabilities |
|
1.089 |
1.089 |
|
(d) long-term provisions |
|
1.765 |
0.000 |
|
Total Non-current Liabilities (3) |
|
7.854 |
58.933 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
74.132 |
100.776 |
|
(b) Trade payables |
|
192.233 |
154.699 |
|
(c) Other current
liabilities |
|
115.324 |
62.170 |
|
(d) Short-term provisions |
|
0.979 |
0.212 |
|
Total Current Liabilities (4) |
|
382.668 |
317.857 |
|
|
|
|
|
|
TOTAL |
|
1139.839 |
1161.506 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
489.853 |
482.290 |
|
(ii) Intangible Assets |
|
238.741 |
298.621 |
|
(iii) Capital
work-in-progress |
|
1.195 |
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 |
|
3.219 |
1.554 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
733.008 |
782.465 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
150.231 |
116.853 |
|
(c) Trade receivables |
|
233.656 |
208.293 |
|
(d) Cash and cash
equivalents |
|
1.002 |
51.279 |
|
(e) Short-term loans and
advances |
|
21.933 |
2.607 |
|
(f) Other current assets |
|
0.009 |
0.009 |
|
Total Current Assets |
|
406.831 |
379.041 |
|
|
|
|
|
|
TOTAL |
|
1139.839 |
1161.506 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1234.060 |
47.279 |
|
|
|
Other Income |
|
12.610 |
0.183 |
|
|
|
TOTAL (A) |
|
1246.670 |
47.462 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
|
|
|
|
|
Changes in inventories of Work-in-Progress and Finished
Goods |
|
(13.720) |
|
|
|
|
Employees benefits expense |
|
70.660 |
|
|
|
|
Other expenses |
|
151.840 |
|
|
|
|
TOTAL (B) |
|
1172.960 |
41.260 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
|
73.710 |
6.202 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
22.760 |
1.873 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
50.950 |
4.329 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
86.470 |
3.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
|
(35.520) |
1.061 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(1.120) |
0.344 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
|
(34.400) |
0.717 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(3.44) |
0.07 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
(2.76) |
1.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(2.88) |
2.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(3.12) |
0.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.05) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.11 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.06 |
1.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
|
100.000 |
100.000 |
|
Reserves & Surplus |
|
684.716 |
649.317 |
|
Net
worth |
|
784.716 |
749.317 |
|
|
|
|
|
|
long-term borrowings |
|
57.500 |
5.000 |
|
Short term borrowings |
|
100.776 |
74.132 |
|
Total
borrowings |
|
158.276 |
79.132 |
|
Debt/Equity
ratio |
|
0.202 |
0.106 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
|
47.279 |
1234.060 |
|
|
|
|
2,510.165 |
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
|
47.279 |
1234.060 |
|
Profit |
|
0.717 |
(34.400) |
|
|
|
1.52% |
(2.79%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
|
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
|
52.500 |
52.500 |
|
|
|
|
|
|
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
two years |
Yes |
|
12] |
Profitability for last
two 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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10363014 |
11/04/2014 * |
25,000,000.00 |
INDIAN BANK |
INDIAN BANK, 31 VARIETY HALL ROAD, COIMBATORE, TAMILNADU - 641001, INDIA |
C03137486 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances (Repayable on demand) |
74.132 |
0.000 |
|
Total |
74.132 |
0.000 |
REVIEW OF
OPERATIONS AND OUTLOOK:
Financial Year 2012-13 was a difficult year for Indian Economy, especially from the 2nd quarter when the economic slump started. The auto sector was affected very adversely due to this and so was JCP by this downward trend. Coupled with the dual reasons of reduced sales and increased foreign exchange rates which in turn also affected the commodities, JCPPL could not achieve its budgeted turnover and profitability targets and completed its operation with a loss. During the year, the company’s Sale was Rs. 1234.000 Millions as against the budgeted sale of Rs. 1431.880 Millions. Due to reduction in budgeted sales, increase in raw material and other fixed costs, the Company could not achieve its estimated profits and shown a loss before tax. The performance figures of the company were discussed in detail in the attached financial statements. During the current year the Company expects slight improvement in the demand for the Company’s products. Measures are also being taken to save costs and rationalize operations, which have started showing results from the last quarter of FY 12-13 and those measures are likely to yield positive results. Their renewed effort on the new product addition and focused attention on the existing business will improve the turn over and profitability of the company.
FIXED ASSETS
Tangible Assets
· Land
Buildings
Plant and
Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Intangible Assets
· Goodwill
Computer
Software
JOHNSON CONTROLS AND PRICOL FORMS JV
March 28, 2012
Johnson Controls, a global leader in automotive seating, overhead systems, door and instrument panels, and interior electronics, has formed a joint venture with Pricol Limited, a supplier of automotive instrument clusters in India.
The 50:50 joint venture will be called 'Johnson ControlsPricol Private Limited.' Pricol's instrument cluster manufacturing plant in Pune will become the joint venture's primary location.
It will develop and manufacture instrument clusters, displays and body electronics for both automakers and motorcycle manufacturers that operate businesses in India, by leveraging Johnson Controls’ industry-leading Human Machine Interaction design and implementation expertise as well as product capabilities.
"This new partnership combines the expertise and capabilities of Johnson Controls and Pricol to create a unique value proposition for our customers and differentiation in the industry," said Jeff DeBest, group vice president and general manager, electronics for Johnson Controls Automotive Experience.
With Pricol’s cost-effective innovation capabilities and strong customer relationships in the local market, Johnson Controls will realize growth potential in India. It also will enhance its service to global customers through a cost-competitive value chain.
"Johnson Controls brings their world-class product development capabilities, global purchasing relationships and access to global customer relationships to this joint venture, which will help Pricol to strengthen our leading market position in India," said Vijay Mohan, chairman, Pricol.
"Pricol’s existing instrument cluster offerings and customer base for motorcycle makers will allow us to enter a new market segment," added DeBest.
This new joint venture also will become Johnson Controls’ global center of expertise for this product.
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.60.25 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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.