MIRA
INFORM REPORT
|
Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA AUTOMOBILE DISTRIBUTOR PRIVATE LIMITED (w.e.f. 28.09.2010) |
|
|
|
|
Formerly Known
As : |
MAHINDRA RENAULT PRIVATE LIMITED |
|
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|
|
Registered
Office : |
|
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.06.2005 |
|
|
|
|
Com. Reg. No.: |
11-153702 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100MH2005PTC153702 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM27339E |
|
|
|
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PAN No.: [Permanent Account No.] |
AAECM2999P |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is in the business of trading in Spare Parts. |
|
|
|
|
No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 880000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Mahindra and Mahindra Limited”. It is an established company having satisfactory track record. Liquidity position of the company is good as it has not taken any external
borrowing. Company has performed well in the year 2013. However, trade relations are reported to be fair. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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 (91-22-28849588)
LOCATIONS
|
Registered Office : |
Gateway Building, Apollo Bunder, Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-28849588 / 28460612 / 24916683 |
|
Fax No.: |
91-22-28858519 / 24900833 |
|
E-Mail : |
saboo.anil@mahindrarenault.com |
|
Website : |
|
|
Area : |
7000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Ashok Nagar, Chakravorthy Asho, Kandivali (West), Mumbai – 400 101, |
|
Tel. No.: |
91-22-28460612 |
|
Fax No.: |
91-22-28858515 |
DIRECTORS
As on: 03.06.2013
|
Name : |
Mr. Ajay Mansukhlal Choksey |
|
Designation : |
Director |
|
Address : |
C-21, Kanyakumari Co-Operative Housing Society, 2nd
Floor, A. K. Road, Plot C/5, 662 Andheri (East), Mumbai – 400 069, |
|
Date of Birth/Age : |
12.08.1952 |
|
Date of Appointment : |
06.08.2010 |
|
DIN No.: |
00204454 |
|
|
|
|
Name : |
Mr. Ketan Chandrakant Doshi |
|
Designation : |
Director |
|
Address : |
14-A, Kumkum Apartnments, Co-Operative Housing Society, |
|
Date of Birth/Age : |
02.01.1969 |
|
PAN No.: |
AAAPD9568L |
|
Date of Appointment : |
06.08.2010 |
|
DIN No.: |
03083483 |
|
|
|
|
Name : |
Mr. Pravin Nagindas Shah |
|
Designation : |
Director |
|
Address : |
41/42, Sailesh, Plot No.94 A, Linking Road, TPS 2, Santacruz (West), Mumbai
– 400054, Maharashtra, India |
|
Date of Birth/Age : |
14.05.1954 |
|
Date of Appointment : |
25.01.2012 |
|
DIN No.: |
00056173 |
|
|
|
|
Name : |
Mr. Sundaram Venkatraman |
|
Designation : |
Director |
|
Address : |
501, Vikas Classic, Building No. 4, Behind Basant Theatre,
Dr. C. Gidwani Marg, Chembur, Mumbai – 400 074, |
|
Date of Birth/Age : |
07.05.1952 |
|
Date of Appointment : |
31.08.2010 |
|
DIN No.: |
00077193 |
KEY EXECUTIVES
|
Name : |
Ms. Pallavi Prasanna Ogale |
|
Designation : |
Company Secretary |
|
Address : |
401, Kunj, Gogatewadi, Goregaon (East), Mumbai – 400 063, |
|
Date of Birth/Age : |
11.12.1971 |
|
Date of Appointment : |
01.11.2007 |
|
PAN No.: |
AAAPO1714B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 03.06.2013
|
Names of Shareholders |
No. of Shares |
%age |
|
Mahindra and Mahindra Limited, |
740000 |
74.00 |
|
Mahindra Holdings Limited, |
210000 |
21.00 |
|
Infina Finance Private Limited, India |
50000 |
5.00 |
|
|
|
|
|
Total |
1000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on: 03.06.2013
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of trading in Spare Parts. |
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
|
|
|
|
Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India · The Hongkong and Shanghai Banking Corporation Limited, Plot No. 139-140B, Shiv Building, Sahar Road Junction, Opposite W.E. Highway, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
31 Nutan Bharat Society, Alkapuri, Vadodara - 390 007, India |
|
PAN No.: |
AADFD2337G |
|
|
|
|
Holding Company : |
Mahindra and Mahindra Limited |
|
|
|
|
Fellow Subsidiary Company : |
·
Bristlecone India Limited CIN NO.: U30007MH1991PLC064368 ·
NBS International Limited CIN No.: U18101MH1995PLC095482 ·
Mahindra Reva Electric Vehicles Private Limited CIN No.: U34101KA1996PTC020195 ·
Mahindra Vehicle Manufacturers Limited CIN No.: U34100MH2007PLC171151 · Mahindra Heavy Engines Private Limited CIN No.:U35914MH2007PTC169753 · Mahindra Integrated Business Solutions Private Limited CIN No.:U74999MH2011PTC212468 |
CAPITAL STRUCTURE
As on: 03.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs. 4000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000
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 |
10.000 |
10.000 |
3,741.632 |
|
(b) Reserves & Surplus |
212.041 |
153.802 |
(5806.828) |
|
(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) |
222.041 |
163.802 |
(2065.196) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
2194.919 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.400 |
0.400 |
0.400 |
|
(d) long-term provisions |
3.489 |
73.627 |
30.492 |
|
Total
Non-current Liabilities (3) |
3.889 |
74.027 |
2225.811 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
300.000 |
0.000 |
|
(b) Trade payables |
88.093 |
154.579 |
1133.164 |
|
(c) Other current liabilities |
32.762 |
50.203 |
1325.535 |
|
(d) Short-term provisions |
81.897 |
0.000 |
82.236 |
|
Total
Current Liabilities (4) |
202.752 |
504.782 |
2540.935 |
|
|
|
|
|
|
TOTAL |
428.682 |
742.611 |
2701.550 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.000 |
0.000 |
320.922 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
3.185 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.185 |
0.037 |
195.643 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
0.185 |
0.037 |
519.750 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
137.411 |
0.000 |
192.600 |
|
(b) Inventories |
112.056 |
113.711 |
860.004 |
|
(c) Trade receivables |
8.824 |
53.343 |
185.342 |
|
(d) Cash and cash equivalents |
161.354 |
570.705 |
818.004 |
|
(e) Short-term loans and
advances |
7.464 |
3.446 |
122.963 |
|
(f) Other current assets |
1.388 |
1.369 |
2.887 |
|
Total
Current Assets |
428.497 |
742.574 |
2181.800 |
|
|
|
|
|
|
TOTAL |
428.682 |
742.611 |
2701.550 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue |
831.801 |
750.459 |
5188.129 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
Cost of Materials Consumed |
|
|
|
|
|
Purchases of Stock-in-Trade |
|
|
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
|
|
|
|
Employees benefits expense |
|
|
|
|
|
Other expenses |
|
|
|
|
|
TOTAL
(B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION
(C) |
212.558 |
218.871 |
154.720 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.422 |
9.364 |
342.626 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
210.136 |
209.507 |
(187.906) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
0.000 |
20.537 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
210.136 |
209.507 |
(208.443) |
|
|
|
|
|
|
|
Less |
TAX (H) |
70.000 |
69.342 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
140.136 |
140.165 |
(208.443) |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
140.165 |
(6829.909) |
(6621.466) |
|
|
|
|
|
|
|
|
TRANSFERRED
AS PER DEMERGER SCHEME* |
0.000 |
6829.909 |
0.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
14.014 |
0.000 |
0.000 |
|
|
Dividend |
70.000 |
0.000 |
0.000 |
|
|
Tax on Dividend |
11.897 |
0.000 |
0.000 |
|
|
Balance
Carried to the B/S |
184.390 |
140.165 |
(6829.909) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
10.243 |
5.923 |
614.248 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
140.14 |
140.17 |
(0.67) |
*During the previous year ended 31st March, 2012, pursuant to the Scheme of Arrangement between the Company, Mahindra and Mahindra Limited and their respective Shareholders and Creditors envisaging demerger of Automotive Business of the Company into Mahindra and Mahindra Limited, the accumulated losses of Rs. 68,29.909 millions as on appointed date of 1st April, 2011 has been set-off against reduction in Share Capital of Rs. 37,31.632 millions and the Securities Premium account of Rs. 10,23.081 millions. Balance loss of Rs. 20,75.196 millions has been set-off against the assets and liabilities of Automotive Business being transferred to Mahindra and Mahindra Limited.
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
49.01 |
28.21 |
(7.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.95 |
1.28 |
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
1.83 |
(1.06) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11 |
1.47 |
0.86 |
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 |
3,741.632 |
10.000 |
10.000 |
|
Reserves & Surplus |
(5806.828) |
153.802 |
212.041 |
|
Net
worth |
(2065.196) |
163.802 |
222.041 |
|
|
|
|
|
|
long-term borrowings |
2194.919 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
300.000 |
0.000 |
|
Total
borrowings |
2194.919 |
300.000 |
0.000 |
|
Debt/Equity
ratio |
(1.063) |
1.831 |
0.000 |
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 |
5188.129 |
750.459 |
831.801 |
|
|
|
(85.535) |
10.839 |
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 |
5188.129 |
750.459 |
831.801 |
|
Profit |
(208.443) |
140.165 |
140.136 |
|
|
-4.02% |
18.68% |
16.85% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Short term
borrowings |
|
|
|
Intercorporate borrowings |
0.000 |
300.000 |
|
|
|
|
|
Total |
0.000 |
300.000 |
PERFORMANCE REVIEW
During the Financial Year ended 31st March, 2013, total spare parts income of your Company increased to Rs. 831.800 millions from Rs. 750.500 millions in Financial Year ended 31st March, 2012, reflecting an increase of approximately 11%.
The Company has amongst industry best performance parameters related to fulfilling dealer and stockiest orders measured by first fill rates (FFR) providing a high level of customer satisfaction.
OUTLOOK
The Company will continue to focus on further improving its performance by enhancing storage and distribution system to maintain and improve high first fill rates.
A significant part of the Company’s purchases is imported and hence, the Company’s profitability may be impacted due to high volatility in exchange rates. However, the Company will attempt to reduce the impact through suitable foreign exchange management strategies. The Company will also continue to explore various other avenues to increase its presence in the automobile distribution system.
NOTE ON DEMERGER
In previous year, the Board of Directors of Mahindra Automobile Distributor Private Limited (the Company) in their meeting held on 27th May, 2011 and on 29th November, 2011 and the members of the Company at the meetings held on 1st August, 2011 and 22nd December, 2011 approved the Scheme of Arrangement (Scheme) between the Company and Mahindra and Mahindra Limited (the Holding Company) and their respective shareholders and creditors under section 391 to 394 read with sections 78 and 100 to 104 of the Companies Act, 1956, to demerge the Automotive business of the Company (demerged business) into the Holding Company with effect from1st April 2011 (appointed date).
During the previous year, the Honourable High Court of Judicature at Bombay approved the scheme vide its order dated 30th March, 2012. The said scheme became effective from 23rd April, 2012 (Effective Date?) on filing the certified copy of the Court Order with the Registrar of Companies, Maharashtra.
NATURE OF OPERATIONS
Mahindra Automobile Distributor Private Limited is in the business of trading in Spare Parts. It deals in spare parts required for four wheelers. The Company undertakes procurement, warehousing management, logistics and sale of imported and local spare parts. It has a network of dealers spread across India to ensure timely availability of spare parts to the customers. The Company also exports spare parts in small quantities. It mainly follows a cash and carry business model.
In earlier year, the Company had Automotive Business vertical consisting of manufacture and sale of Verito brand cars and related activities. As per the scheme of arrangement approved by the Honorable High Court of Judicature at Bombay, the Automotive Business has been demerged into Mahindra & Mahindra Limited wef 1st April, 2011.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10402753 |
16/01/2013 |
73,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, INDIA |
B67994442 |
FIXED ASSETS
· Technical Assistance
· Development Expenditure
· Software Expenditure
· Plant and Machinery
· Furniture and Fitting
· 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. 62.28 |
|
|
1 |
Rs. 103.67 |
|
Euro |
1 |
Rs. 85.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.