MIRA
INFORM REPORT
|
Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAGNETI MARELLI SHOCK ABSORBERS (INDIA) PRIVATE LIMITED (w.e.f 20.11.2012) |
|
|
|
|
Formerly Known
As : |
ENDURANCE MAGNETI MARELLI SHOCK ABSORBERS ( |
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Registered
Office : |
B- 23, MIDC Industrial Area, Villagae Nighoje, Taluka – Rajgurunagar,
Chakan – 410501, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.07.2008 |
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Com. Reg. No.: |
11-132425 |
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Capital
Investment / Paid-up Capital : |
Rs.769.000 Millions |
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CIN No.: [Company Identification
No.] |
U74900PN2008PTC132425 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in business of designing, manufacturing, assembling,
distributing, selling marketing, disposing, importing and exporting of shock
absorbers, semi-corner modules, gas springs for four wheelers and automotive
vehicles. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1600000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Magneti Marelli S.P.A It is an established company having a moderate track record. The company has recorded huge accumulated losses. However, the rating takes into consideration the strong operational
and financial support provided by the promoter group to the company. Trade relations are reported as fair. Business is active. Payments
terms are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term loan: BB |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
January 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limit: A4 |
|
Rating Explanation |
Minimal degree of safety it carry high credit risk. |
|
Date |
January 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 DECLINED
MANAGEMENT NON - COOPERATIVE (91-20-26680892/93)
LOCATIONS
|
Registered Office : |
B- 23, MIDC Industrial Area, Villagae Nighoje, Taluka – Rajgurunagar,
Chakan – 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-663963/663946 |
|
Fax No.: |
91-2135-663928 |
|
E-Mail : |
DIRECTORS
As on 06.09.2013
|
Name : |
Mr. Saju Mookken |
|
Designation : |
Director |
|
Address : |
6411, F-6, Alok Vihar 2, Sector – 50, Noida – 201301, Uttar Pradesh,
India |
|
Date of Birth/Age : |
20.05.1969 |
|
Date of Appointment : |
14.07.2008 |
|
DIN No.: |
01644940 |
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|
|
|
Name : |
Mr. Flavio Renato Gussoni |
|
Designation : |
Additional director |
|
Address : |
Campinas Rua Tenente Colonel Emilio Luis Mallet 75, San Paolo, Brazil |
|
Date of Birth/Age : |
18.03.1964 |
|
Date of Appointment : |
24.04.2013 |
|
DIN No.: |
06518532 |
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|
Name : |
Mr. Alberto Montanari |
|
Designation : |
Additional director |
|
Address : |
Via Pasuvio 28, Bologna, Italy 40010 |
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Date of Birth/Age : |
20.03.1957 |
|
Date of Appointment : |
09.07.2013 |
|
DIN No.: |
06609667 |
KEY EXECUTIVES
|
Name : |
Mr. Khivesara Minal |
|
Designation : |
Secretary |
|
Address : |
Flat No.: 22, Sairang Residency, S No. 136/1, Mohan Nagar, Chinchwad,
Pune – 411019, Maharashtra, India |
|
Date of Birth/Age : |
05.10.1983 |
|
Date of Appointment : |
07.06.2012 |
|
PAN No.: |
AVMPK3948E |
|
|
|
|
Name : |
Mr. Ram Natarajan |
|
Designation : |
Manager |
|
Address : |
Flat 302, Prestine Constellation, Behind Pichola, Ganesh Khind Road,
Aundh, Pune 411007, Maharashtra, India
|
|
Qualification: |
MBA |
|
Date of Birth/Age : |
07.04.1956 |
|
Date of Appointment : |
01.07.2013 |
|
PAN No.: |
AFAPR3772H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Magneti Marelli S.P.A, Italy |
|
119899998 |
|
Magneti Marelli India Private Limited, India |
|
1 |
|
Total |
|
119899999 |
Equity Share Break up (Percentage of Total Equity)
As on 06.09.2013
|
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 |
100.00 |
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20255435_MIRA%2025-Feb-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of designing, manufacturing,
assembling, distributing, selling marketing, disposing, importing and
exporting of shock absorbers, semi-corner modules, gas springs for four
wheelers and automotive vehicles. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· Bank of Baroda, Mumbai Pune Road, Opposite Ksb Pumps,Pimpri, Pune - 411018, Maharashtra, India ·
Andhra Bank, 598,598a, Sachapir Street, Camp,
Pune - 411001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R B C and Company Chartered Accountants |
|
Address : |
C - 401 4th Floor, Panchshiltech Park, Yerwada,
Pune - 411 006, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9117R |
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Joint Venturer
(Till October 17, 2012): |
· Endurance Technologies Private Limited · Magneti Marelli S.P.A |
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Holding company: |
· Magneti Marelli S.P.A |
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Fellow Subsidiary
company: |
· Magneti Marelli Suspension Systems · Magneti Marelli COFAP Cia · Magneti Marelli India Private Limited, India [U34102HR2009FTC046068] |
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|
Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their
relatives: |
· Endurance Technologies Private Limited, India [U34102MH1999PTC123296] |
CAPITAL STRUCTURE
AFTER 06.09.2013
Authorised Capital : Rs. 1500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.1349.000
Millions
As on 06.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119899998 |
Equity Shares |
Rs.10/- each |
Rs. 1199.000
Millions |
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|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76899999 |
Equity Shares |
Rs.10/- each |
Rs. 769.000
Millions |
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|
|
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 |
769.000 |
639.000 |
335.000 |
|
(b) Reserves & Surplus |
(678.273) |
(412.695) |
(251.336) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
300.000 |
40.000 |
84.000 |
|
Total
Shareholders’ Funds (1) + (2) |
390.727 |
266.305 |
167.664 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
99.933 |
133.643 |
109.268 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.057 |
2.668 |
4.437 |
|
Total
Non-current Liabilities (3) |
101.990 |
136.311 |
113.705 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
112.090 |
63.672 |
0.000 |
|
(b) Trade payables |
326.281 |
259.645 |
112.189 |
|
(c) Other current liabilities |
321.703 |
145.639 |
88.977 |
|
(d) Short-term provisions |
4.777 |
3.754 |
0.213 |
|
Total
Current Liabilities (4) |
764.851 |
472.710 |
201.379 |
|
|
|
|
|
|
TOTAL |
1257.568 |
875.326 |
482.748 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
613.880 |
214.563 |
200.631 |
|
(ii) Intangible Assets |
18.025 |
35.890 |
27.839 |
|
(iii) Capital work-in-progress |
10.822 |
309.876 |
25.089 |
|
(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 |
31.218 |
29.174 |
42.332 |
|
(e) Other Non-current assets |
1.751 |
0.935 |
0.300 |
|
Total
Non-Current Assets |
675.696 |
590.438 |
296.191 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
301.794 |
90.688 |
54.264 |
|
(c) Trade receivables |
42.830 |
85.143 |
73.223 |
|
(d) Cash and cash equivalents |
88.874 |
21.554 |
15.600 |
|
(e) Short-term loans and
advances |
148.374 |
87.503 |
43.470 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
581.872 |
284.888 |
186.557 |
|
|
|
|
|
|
TOTAL |
1257.568 |
875.326 |
482.748 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
528.675 |
343.849 |
195.671 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
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|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE INTEREST, DEPRECIATION AND TAX. |
(184.799) |
(106.957) |
(94.854) |
|
|
|
|
|
|
|
|
|
|
INTEREST /
FINANCIAL COST |
30.225 |
24.037 |
25.319 |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT/
(LOSS) |
(215.319) |
(130.994) |
(120.173) |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION |
50.259 |
30.366 |
23.509 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) FOR
THE YEAR |
(265.578) |
(161.360) |
(143.682) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(412.636) |
(251.336) |
(107.654) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(678.273) |
(412.695) |
(251.336) |
|
|
|
|
|
|
|
|
|
|
FOB VALUE OF
EXPORTS |
244.236 |
89.480 |
27.410 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
214.628 |
113.694 |
53.345 |
|
|
|
Stores & Spares |
23.399 |
4.231 |
0.420 |
|
|
|
Capital Goods |
12.922 |
67.280 |
17.016 |
|
|
TOTAL IMPORTS |
250.949 |
185.205 |
70.781 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(3.45) |
NA |
NA |
|
%20PRIVATE%20LIMITED%20-%20255435_MIRA%2025-Feb-2014_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20255435_MIRA%2025-Feb-2014_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.54
|
0.74 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76
|
0.60 |
0.93 |
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 |
335.000 |
639.000 |
769.000 |
|
Reserves & Surplus |
(251.336) |
(412.695) |
(678.273) |
|
Net
worth |
83.664 |
226.305 |
90.727 |
|
|
|
|
|
|
long-term borrowings |
109.268 |
133.643 |
99.933 |
|
Short term borrowings |
0.000 |
63.672 |
112.090 |
|
Total
borrowings |
109.268 |
197.315 |
212.023 |
|
Debt/Equity
ratio |
1.306 |
0.872 |
2.337 |
%20PRIVATE%20LIMITED%20-%20255435_MIRA%2025-Feb-2014_files/image006.gif)
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) |
|
Income from Operations |
195.671 |
343.849 |
528.675 |
|
|
|
75.728 |
53.752 |
%20PRIVATE%20LIMITED%20-%20255435_MIRA%2025-Feb-2014_files/image008.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Income from Operations |
195.671 |
343.849 |
528.675 |
|
Profit |
(143.682) |
(161.360) |
(265.578) |
|
|
(73.43%) |
(6.93%) |
(50.23%) |
%20PRIVATE%20LIMITED%20-%20255435_MIRA%2025-Feb-2014_files/image010.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
65.000 |
60.000 |
45.000
|
|
|
|
|
|
|
Total |
65.000 |
60.000 |
45.000
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
No |
CORPORATE INFORMATION
Subject is a private limited company domiciled in India and incorporated under
the provisions of the Companies Act, 1956.The Company is engaged in business of
designing, manufacturing, assembling, distributing, selling marketing,
disposing, importing and exporting of shock absorbers, semi-corner modules, gas
springs for, four wheelers and automotive vehicles. The Company caters both
domestic and international markets.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10298325 |
11/06/2013 * |
202,000,000.00 |
BANK OF BARODA |
41/A KAMALA
CROSS ROAD, B WING, MUMBAI PUNE ROAD, PIMPRI, PUNE, MAHARASHTRA - 411018,
INDIA |
B77099851 |
|
2 |
10174474 |
28/06/2013 * |
317,000,000.00 |
ANDHRA BANK |
598,598A,
SACHAPIR STREET, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
B79810958 |
* Date of charge modification
FIXED ASSETS
Tangible assets
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Leasehold improvements
Intangible assets
· Computer software
· Know-how
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.62.16 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.