MIRA
INFORM REPORT
|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
RACOLD THERMO LIMITED (w.e.f.10.06.2011) |
|
|
|
|
Formerly Known
As : |
ARISTON THERMO INDIA LIMITED (w.e.f.19.02.2009) MERLONI THERMOSANITARI SSP LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 265/ 374/ 376, Kharabwadi, Chakan-Talegaon Road, Taluka Khed,
Chakan, Pune – 410501, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
11.11.2004 |
|
|
|
|
Com. Reg. No.: |
11-019938 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 262.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909PN2004PLC019938 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM09177A/ PNEM00797G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM0766G/ AABCM8423H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Water Heating Equipments and
Solutions including Storage Water Heaters, Geysers, Solar Water Heater etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3865000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Ariston Thermo International SRL, Italy”. It is an established company having satisfactory track record. There appears some dip in the profit of the company during financial
year December 2012. However, general financial position of the company appears to be
good. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. 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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to retain
100 per cent foreign direct investment in both greenfield (new) and brown field
(existing) pharmaceutical companies, despite concerns over genetic drugs going
out of production, if multi-national companies take over domestic ones. In
M&A deals, a non-compete clause would not be allowed, except in special
circumstances. The Department of Industrial Policy and Promotion plans to
release the next edition of its consolidated foreign direct investment policy
document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India committee
has recommended setting up a special category of lenders who would cater to
small businesses and households, to expand the number of customers with access
to banking services. These banks would focus on providing payment services and
deposit products. Indian banks want the free use of automated teller
machines to be capped at five transactions in a month including that of the
bank in which the account is active. This follows state government order to
banks to install security guards at ATM booths after a woman banker was
assaulted in Bangalore. The government is likely to present a vote on Account
in mid-February. The annual Economic Survey will be tabled later in Parliament
along with the full Budget. A full Budget for 2014/15 is likely to be present
in July by the new government formed after the General Election. The government
will soon launch an internet spy system, called Netra, to detect malafide
messages. Security agency will deploy the system to capture dubious voice
traffic on applications such as Skype and Google Talk, as well as tweeters.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-2135-674700)
LOCATIONS
|
Registered/ Corporate Office : |
Gat No. 265/ 374/ 376, Kharabwadi, Chakan-Talegaon Road, Taluka Khed,
Chakan, Pune – 410501, Maharashtra, India
|
|
Tel. No.: |
91-2135-674700 |
|
Fax No.: |
91-2135-674850/ 674851 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Offices : |
Located at: · New Delhi Kolkata Mumbai Bangalore Chennai Pune Chandigarh Hyderabad |
DIRECTORS
AS ON 17.04.2013
|
Name : |
Mathew Job |
|
Designation : |
Managing director |
|
Address : |
E-102, Emerald Court II, Essel Tower, M G Road, Gurgaon – 122001 Haryana,
India |
|
Date of Birth/Age : |
03.05.1969 |
|
Qualification : |
B. Tech ( Mech), PGDM (IIM, Kolkata) |
|
Date of Appointment : |
03.02.2012 |
|
PAN No.: |
ACRPJ1908P |
|
DIN No.: |
02922413 |
|
|
|
|
Name : |
Euro Trapani |
|
Designation : |
Director |
|
Address : |
Milano (MI) V. Savon Narola 4 Italy |
|
Date of Birth/Age : |
11.03.1958 |
|
Date of Appointment : |
13.11.2009 |
|
DIN No.: |
02806641 |
|
|
|
|
Name : |
Carlo Andreatini |
|
Designation : |
Director |
|
Address : |
Patente N. AN2056620G (K3RLBS) Lungomare Alighieri 28 Senigallia An
60019 |
|
Date of Birth/Age : |
25.03.1965 |
|
Qualification : |
Degree in Economics and Commerce. |
|
Date of Appointment : |
09.04.2012 |
|
DIN No.: |
02660570 |
|
|
|
|
Name : |
Paolo Cancellieri |
|
Designation : |
Director |
|
Address : |
Via Della Montagnola 97, Ancona 60127 |
|
Date of Birth/Age : |
08.01.1969 |
|
Date of Appointment : |
17.04.2013 |
|
DIN No.: |
05236130 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.04.2013
|
Names of Shareholders |
|
No. of Shares |
|
Ariston Thermo SPA, Italy |
|
5900954 |
|
Ariston Thermo International SRL, Italy |
|
20312508 |
|
Elco International GmbH |
|
1 |
|
Andreatini Carlo |
|
1 |
|
Ariston Thermo UK |
|
3 |
|
Silvestro Luciani |
|
2 |
|
Sen Chandra Tejesh |
|
3 |
|
Mathew Job |
|
3 |
|
|
|
|
|
Total |
|
26213475 |
AS ON 17.04.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
99.99 |
|
Directors
or relatives of directors |
0.01 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Water Heating Equipments and
Solutions including Storage Water Heaters, Geysers, Solar Water Heater etc. |
||||
|
|
|
||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity (per annum) |
Actual
Production |
|
Water heaters |
Nos. |
420,000 |
272,161 |
|
Instantaneous geysers |
Nos. |
120,000 |
44,988 |
|
Solar Water Heaters |
Nos. |
10,000 |
25,487 |
1. The Products manufactured by the Company are not Subject to License.
2. As certified by the management and relied upon by auditors.
3. Figures in brackets represent previous year figures
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
State Bank Of India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Muttha Towers, 5th Floor Suite O8, Off Airport
Road, Yerwada, Pune – 411006, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAFFP3698A |
|
|
|
|
Ultimate Holding company : |
Ariston Thermo SpA |
|
|
|
|
Holding Company : |
Ariston Thermo
International Srl, Italy |
|
|
|
|
Fellow Subsidiary company : |
· Chaffoteaux S.A.S Ariston Thermo Russia LLC Professional Team Limited Ariston Thermo Deutschland GMBH Thermowatt Wuxi Electric Company Limited Ariston Thermo China Company Limited Thermowatt SpA Ariston Thermo CZ Ariston Thermo UK Limited C.M.C.M. Cite Mabrouka-Morocco |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26,213,475 |
Equity Shares |
Rs. 10/- each |
Rs. 262.100
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
262.100 |
262.100 |
|
(b) Reserves & Surplus |
|
704.200 |
621.200 |
|
(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) |
|
966.300 |
883.300 |
|
|
|
|
|
|
(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 |
|
6.700 |
5.900 |
|
(d) long-term
provisions |
|
48.400 |
47.900 |
|
Total Non-current
Liabilities (3) |
|
55.100 |
53.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
45.000 |
0.000 |
|
(b)
Trade payables |
|
434.800 |
333.300 |
|
(c)
Other current liabilities |
|
58.100 |
36.900 |
|
(d) Short-term
provisions |
|
24.300 |
22.300 |
|
Total Current
Liabilities (4) |
|
562.200 |
392.500 |
|
|
|
|
|
|
TOTAL |
|
1583.600 |
1329.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
335.900 |
258.203 |
|
(ii)
Intangible Assets |
|
1.900 |
1.697 |
|
(iii)
Capital work-in-progress |
|
20.800 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
9.900 |
16.600 |
|
(d) Long-term Loan and Advances |
|
148.700 |
190.500 |
|
(e) Other
Non-current assets |
|
0.000 |
4.000 |
|
Total Non-Current
Assets |
|
517.200 |
471.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
372.600 |
266.800 |
|
(c)
Trade receivables |
|
523.100 |
309.800 |
|
(d) Cash
and cash equivalents |
|
133.200 |
250.800 |
|
(e) Short-term
loans and advances |
|
37.500 |
30.000 |
|
(f)
Other current assets |
|
0.000 |
1.200 |
|
Total
Current Assets |
|
1066.400 |
858.600 |
|
|
|
|
|
|
TOTAL |
|
1583.600 |
1329.600 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
59.010 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
63.077 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
122.087 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
122.087 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
14.116 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
30.212 |
|
|
Sundry Debtors |
|
|
32.119 |
|
|
Cash & Bank Balances |
|
|
13.718 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
73.528 |
|
Total
Current Assets |
|
|
149.577 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
24.849 |
|
|
Other Current Liabilities |
|
|
0.524 |
|
|
Provisions |
|
|
16.233 |
|
Total
Current Liabilities |
|
|
41.606 |
|
|
Net Current Assets |
|
|
107.971 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
122.087 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2458.900 |
1936.000 |
172.419 |
|
|
|
Other Income |
5.400 |
27.900 |
0.298 |
|
|
|
TOTAL (A) |
2464.300 |
1963.900 |
172.717 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1227.100 |
1014.900 |
|
|
|
|
Purchases of stock-in-trade |
279.600 |
125.300 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(71.000) |
(53.500) |
|
|
|
|
Employee benefit expense |
234.600 |
196.000 |
|
|
|
|
Other expenses |
526.100 |
401.200 |
|
|
|
|
TOTAL (B) |
2196.400 |
1683.900 |
204.359 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
267.900 |
280.000 |
(31.642) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.000 |
3.000 |
0.708 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
259.900 |
277.000 |
(32.350) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.700 |
47.100 |
14.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
212.200 |
229.900 |
(47.082) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
69.900 |
66.200 |
(0.035) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
142.300 |
163.700 |
(47.047) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
102.038 |
179.194 |
169.051 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
364.800 |
224.400 |
25.065 |
|
|
|
Stores & Spares |
0.900 |
1.000 |
0.000 |
|
|
|
Capital Goods |
47.500 |
1.100 |
0.000 |
|
|
TOTAL IMPORTS |
413.200 |
226.500 |
25.065 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
5.43 |
6.24 |
(7.97) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
5.77
|
8.34 |
(27.24) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.63
|
11.88 |
(27.31) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.66
|
17.51 |
(28.76) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.26 |
(0.39) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.05
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
2.19 |
3.60 |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90091242 |
13/04/2000 |
43,500,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, PIMPRI, PUNE - 411034, MAHARASHTRA, INDIA |
- |
|
2 |
90084444 |
11/04/1996 |
2,500,000.00 |
BANK OF MAHARASHTRA |
PIMPRI, PUNE - 411018, MAHARASHTRA, INDIA |
- |
|
3 |
90087962 |
11/04/1996 |
3,000,000.00 |
BANK OF MAHARASHTRA |
PIMPRI, PUNE - 411018, MAHARASHTRA, INDIA |
- |
|
4 |
90084293 |
10/03/1997 * |
1,500,000.00 |
BANK OF MAHARASHTRA |
PIMPRI, PUNE - 411018, MAHARASHTRA, INDIA |
- |
|
5 |
90084181 |
10/02/1996 * |
500,000.00 |
CANARA BANK |
PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.12.2012 (Rs.
In Millions) |
31.12.2011 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
45.000 |
0.000 |
|
|
|
|
|
Total |
45.000 |
0.000 |
GENERAL INFORMATION
Subject is engaged in the business of manufacture and
trading of water heating equipments and solutions (including storage water heaters,
geysers, solar water heater etc.). The Company was incorporated on November 11,
2004 and has its place of business in Chakan.
FUTURE OUTLOOK
During the period, the Company recorded increase of 27%
total sales.
FIXED ASSETS:
· Land
Buildings
Office
building
Factory
building
Other
building
Plant
and equipment
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Other
equipments
Computer
software
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. 62.31 |
|
|
1 |
Rs. 101.78 |
|
Euro |
1 |
Rs. 84.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.