MIRA
INFORM REPORT
|
Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
OERLIKON
TEXTILE INDIA PRIVATE LIMITED (w.e.f. 20.07.2007) |
|
|
|
|
Formerly Known
As : |
SAURER
INDIA PRIVATE LIMITED (w.e.f. 01.03.2004) BARMAG
INDIA PRIVATE LIMITED |
|
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|
Registered
Office : |
Empire Industries Complex,
414, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
19.01.1994 |
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Com. Reg. No.: |
11-076139 |
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Capital Investment
/ Paid-up Capital : |
Rs.57.360
millions |
|
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|
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CIN No.: [Company Identification
No.] |
U29261MH1994PTC076139 |
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|
|
PAN No.: [Permanent Account No.] |
AAACB4026C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged
inter-alia in the business of trading, marketing, servicing and manufacture
of parts and accessories for textile machinery and overseas contract for
project/ machinery installation. |
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|
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|
No. of Employees
: |
100 (Approximately) |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track record. The rating reflects
healthy financial risk profile marked by adequate liquidity position and
decent profitability levels of the company. Trade relations
are fair. Business is active. Payment terms are reported to be usually
correct. The company can
be considered for business dealings at usual trade terms and condition. |
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
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs.2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers with hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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 PARTED BY
|
Name : |
Mr. Mayur Dave |
|
Designation : |
Finance Department |
|
Contact No.: |
91-265-3016500 |
|
Date : |
07.07.2014 |
LOCATIONS
|
Registered Office : |
Empire Industries Complex,
414, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-66527900 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
Factory : |
Shed
No.240/4, G.I.D.C., Por Ramangamdi Industrial Estate, Vadodara – 391 243,
Gujarat, India |
|
Tel. No.: |
91-265-3016500/ 3016521/ 2830288 |
DIRECTORS
AS ON 07.06.2013
|
Name : |
Khurshed
Meherwanji Thanawalla |
|
Designation : |
Managing Director |
|
Address : |
Khatau
Bungalow, 6, Manav Mandir Road, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
24.12.1942 |
|
Date of Appointment : |
01.06.1995 |
|
DIN No.: |
00201749 |
|
PAN No.: |
AABPT0235F |
|
|
|
|
Name : |
Stefan
Bernd Krob Kross |
|
Designation : |
Director |
|
Address : |
Viersen,
Erlenweg, 41751, Germany |
|
Date of Birth/Age : |
08.11.1955 |
|
Date of Appointment : |
30.09.2008 |
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DIN No.: |
02133425 |
KEY EXECUTIVES
|
Name : |
Mr. Mayur Dave |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr.
Pragnesh Ramesh Vora |
|
Designation : |
Secretary |
|
Address : |
5/41, Hanuman Terrace,
Lamington Road, Tara Temple Lane, Mumbai – 400 007, Maharashtra, India |
|
Date of Birth/Age : |
22.04.1967 |
|
Date of Appointment : |
21.05.2008 |
|
PAN No.: |
AABPV6364K |
|
|
|
|
Name : |
Bhanu
R. Patel |
|
Designation : |
Manager |
|
Address : |
15, Koyal Geet, Vallabh
Baug Lane, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India |
|
Date of Birth/Age : |
14.09.1957 |
|
Date of Appointment : |
21.01.1994 |
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PAN No.: |
AAFPP9213M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Oerlikon Textile GmbH and
Co KG, Germany |
|
5367999 |
|
Khurshed M. Thanawalla jointly
with Sanjay Asher Nominee of Oerlikon Textile GmbH and Co KG |
|
1 |
|
W Reiners Verwaltungs
GmbH, Germany |
|
368000 |
|
Total
|
|
5736000 |
AS ON 07.06.2013
|
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] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged inter-alia
in the business of trading, marketing, servicing and manufacture of parts and
accessories for textile machinery and overseas contract for project/
machinery installation. |
|
|
|
|
Exports : |
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|
Products : |
·
Finished Goods |
|
Countries : |
·
Indonesia ·
Malaysia ·
Taiwan |
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|
Imports : |
|
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Products : |
·
Raw Materials |
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Countries : |
·
China ·
Germany |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
|
Suppliers : |
·
Lapp Industries Limited |
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|
|
|
Customers : |
Manufacturer ·
Reliance Industries Limited · Bhilosa Industries Private Limited ·
Alok Industries Limited |
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|
|
|
No. of Employees : |
100 (Approximately) |
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|
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|
Bankers : |
HDFC Bank Limited, Lower Parel |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B
S R and Company Chartered Accountants |
|
Address : |
Lodha Excellus, 1st Floor, Apollo Mills Compound, N.M. Joshi Marg,
Mahalakshmi, Mumbai – 400 011, Maharashtra, India |
|
PAN No.: |
AAIFB4734C |
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|
|
|
Ultimate Holding Company: |
OC Oerlikon Corporation
AG, Switzerland |
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|
|
|
Holding Company: |
Oerlikon Textile GmbH and
Co. KG., Germany |
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|
|
|
Associates: |
·
OC Oerlikon Management AG, Switzerland ·
Oerlikon IT Solution AG, Switzerland ·
Oerlikon Textile Components GmbH, Germany ·
Oerlikon Textile Components Singapore Pte Limited, Singapore ·
Reiners Verwaltungs GmbH, Germany ·
Oerlikon Textile Far East, China ·
Oerlikon Textile Machinery (Wuxi) Co. Limited, China ·
Oerlikon Saurer Arbon AG, Switzerland ·
Oerlikon Czech s.r.o., Czech Republic ·
Zinser Textile Systems Private Limited, India (CIN No.:
U29260MH2002PTC137202) ·
Oerlikon Balzers Coating India Limited, India (CIN No.: U28920MH1993PLC074820)
·
Fairfield Atlas Limited, India (CIN No.: L34300MH1990PLC055300) ·
Graziano Trasmissioni India Private Limited, India (CIN No.:
U34300DL1997PTC087224) ·
Oerlikon Leybold Vacuum India Private Limited, India (CIN No.: U29120PN2005PTC132126)
|
|
|
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|
Subsidiary Company: |
Schlafhorst Machines
Private Limited, India (CIN No.: U29253MH2010PTC199933) |
CAPITAL STRUCTURE
AS ON 07.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5736000 |
Equity Shares |
Rs.10/- each
|
Rs.57.360
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 |
57.360 |
57.360 |
57.360 |
|
(b) Reserves & Surplus |
630.665 |
479.933 |
381.253 |
|
(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) |
688.025 |
537.293 |
438.613 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
60.000 |
0.000 |
|
(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 |
14.583 |
20.660 |
17.013 |
|
Total Non-current
Liabilities (3) |
14.583 |
80.660 |
17.013 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
170.003 |
243.204 |
43.891 |
|
(c)
Other current liabilities |
118.399 |
152.541 |
126.322 |
|
(d) Short-term
provisions |
80.836 |
50.653 |
24.898 |
|
Total Current
Liabilities (4) |
369.238 |
446.398 |
195.111 |
|
|
|
|
|
|
TOTAL |
1071.846 |
1064.351 |
650.737 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
147.123 |
165.052 |
66.786 |
|
(ii)
Intangible Assets |
5.157 |
3.378 |
2.760 |
|
(iii)
Capital work-in-progress |
0.000 |
0.789 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.100 |
0.100 |
30.141 |
|
(c) Deferred tax assets (net) |
12.338 |
20.156 |
12.099 |
|
(d) Long-term Loan and Advances |
28.570 |
35.984 |
21.811 |
|
(e) Other
Non-current assets |
0.143 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
193.431 |
225.459 |
133.597 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
149.503 |
181.077 |
60.032 |
|
(c)
Trade receivables |
319.983 |
293.848 |
119.703 |
|
(d) Cash
and cash equivalents |
313.586 |
171.041 |
173.168 |
|
(e)
Short-term loans and advances |
94.560 |
189.508 |
55.348 |
|
(f)
Other current assets |
0.783 |
3.418 |
108.889 |
|
Total
Current Assets |
878.415 |
838.892 |
517.140 |
|
|
|
|
|
|
TOTAL |
1071.846 |
1064.351 |
650.737 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
TURNOVER |
1821.958 |
1669.109 |
696.048 |
|
|
|
|
|
|
|
|
|
|
GROSS INCOME |
1880.371 |
1693.835 |
725.978 |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
NA |
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
249.432 |
247.210 |
154.282 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
98.700 |
52.151 |
55.961 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
150.732 |
195.059 |
98.321 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
943.691 |
460.663 |
229.535 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
26.28 |
34.01 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.54 |
23.69 |
25.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.46 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.11 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.38 |
1.88 |
2.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
57.360 |
57.360 |
57.360 |
|
Reserves & Surplus |
381.253 |
479.933 |
630.665 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
438.613 |
537.293 |
688.025 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
60.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
60.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.112 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Gross Income |
725.978 |
1693.835 |
1880.371 |
|
|
|
133.318 |
11.013 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Gross Income |
725.978 |
1693.835 |
1880.371 |
|
Profit |
98.321 |
195.059 |
150.732 |
|
|
13.54% |
11.52% |
8.02% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current maturities of long term debt:
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Current maturities of
long term debt |
0.000 |
30.000 |
0.000 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth 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 |
Note:
No Charges Exist for company.
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Inter-corporate borrowings |
0.000 |
60.000 |
|
Total
|
0.000 |
60.000 |
BACKGROUND:
The Company is a 100%
Subsidiary of Oerlikon Textile GmbH and Co. KG. The Company was incorporated on
19th January 1994. The Company is engaged inter-alia in the business
of trading, marketing, servicing and manufacture of parts and accessories for
textile machinery and overseas contract for project/ machinery installation.
The Company has added to its
manufacturing division the manufacture of textile components such as spindles
and weighing arms (drafting systems) through merger of its wholly owned
subsidiary Oerlikon Textile Components India Private Limited ('OTCIL') with
effect from 1 April 2011.
AMALGAMATION OF OERLIKON TEXTILE COMPONENTS
INDIA PRIVATE LIMITED WITH THE COMPANY:
The Scheme of Amalgamation
(the Scheme) of erstwhile Oerlikon Textile Components India Private Limited
(OTCIL) with the Company was submitted to the Honourable High Court of Mumbai
vide application filed on 14th September 2011. The Company had filed
a petition on 3rd October 2011 for the Scheme of Amalgamation. The
petition was admitted by the Honourable High Court on 14th October
2011 and the matter was heard on 23rd December 2011. The said Court
sanctioned the Scheme on 23rd December 2011. The Company had filed
the certified copy of the order by Honourable High Court of judicature at
Mumbai with Registrar of Companies on 20th January 2012.
Relevant
extracts of the approved Scheme
a)
The appointed date was fixed as 1st April 2011.
b) All assets and
liabilities of OTCIL will be taken over by the Company at their respective book
values.
c) With effect from the
appointed date, the total amount of reserves and surplus and credit or debit
balance in Statement of profit and loss standing in the books of accounts of
the OTCIL shall stand transferred to the Company and form part of reserves of
the Company.
d) The entire business and
the whole of Undertaking of the OTCIL was to be transferred to and vested in
the Company as a going concern, pursuant to the provision of Section 391 and
394 and other applicable provisions of the Act.
e) The book value of the
intercompany balances and holdings stand cancelled.
The effect of the Approved
Scheme was given in the financial statements of the Company for the year ended
31 March 2012.
The accounting policies set
out below have been applied consistently to the periods presented in these
financial statements.
These financial statements have
been prepared and presented under the historical cost convention, on the
accrual basis of accounting and comply with the Accounting Standards prescribed
in the Companies (Accounting Standards) Rules, 2006 issued by the Central
Government, the relevant provisions of the Companies Act, 1956 (the Act) and
other accounting principles generally accepted in India, to the extent
applicable. The financial statements are presented in Indian rupees. Effective
1st April 2011, the revised Schedule VI notified under the Act has
become applicable to the Company for preparation and presentation of its
financial statements. The adoption of revised Schedule VI does not impact
recognition and measurement principles followed for preparation of financial
statements. All assets and liabilities have been classified as current or
non-current as per the Company’s normal operating cycle and other criteria set
out in the revised Schedule VI. Oerlikon Textile India Private Limited
OPERATIONS:
During the year, the
Company achieved record turnover of Rs.1821.958 millions (Previous Year
Rs.1669.109 millions) due to substantial increase both in the sales and service
operations of the Company. This was primarily attributed to export sales of
traded parts to EIPET, Egypt. However, the profit after tax declined from
Rs.195.059 millions to Rs.150.732 millions mainly due to lower tax provision
made in the previous year considering the benefit of set off of carried forward
business loss of erstwhile OTCIL consequent to amalgamation of OTCIL with the
company with effect from 1.4.2011.
PROPOSED DIVESTMENT OF NATURAL FIBRE AND
TEXTILE COMPONENT BUSINESS OF THE COMPANY:
Considering the overall
weak market conditions of the textile industry in general and declining profitability
of Natural Fibre and Components business in particular, the Board has, subject
to the shareholders approval, proposed divestment of company’s Natural Fibre
and Components Division and consequent transfer of the businesses to Saurer
Textile Solutions Private Limited (STSPL). To this effect, a non-binding
Memorandum of Understanding (MOU) has been executed between the company and
STSPL in order to capture the main principles of the transfer of business.
OUTLOOK:
The Directors foresee a
rather weak market for textile machinery industry due to overall recession
coupled with significant depreciation of Rupee vis-a-vis other international
currencies. Moreover, in the event of divestment of Natural Fibre and
Components business taking place, the absolute turnover of the company may
reduce substantially However, the company would carry out all its endeavor to
improve its profit margin in respect of its manmade fibre business with
increased austerity measures.
FIXED ASSETS:
Tangible
Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
·
Leasehold Improvements
Intangible
Assets
·
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.59.95 |
|
|
1 |
Rs.102.78 |
|
Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--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.