MIRA
INFORM REPORT
|
Report Date : |
07.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
COMSTAR AUTOMOTIVE TECHNOLOGIES PRIVATE LIMITED [w.e.f. 03.01.2008] |
|
|
|
|
Formerly Known
As : |
VISTEON POWERTRAIN CONTROL SYSTEM INDIA
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Keelakaranai Village, Malrosapuram Post, Chengal, Pattu-603204,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
21.03.1997 |
|
|
|
|
Com. Reg. No.: |
18-037783 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.645.280
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35911TN1997PTC037783 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEE02139E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture and assembly of starter motors, alternators
and starter kits forming part of automobiles. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record Performance of the company has improved. Liquidity position seems to
be decent. However, trade relation are reported to be fair. Business is active.
Payments are reported to be usually correct. The company can be considered normal for business dealing 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
Term Loans: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
September 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
ST – Fund based facilities: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
September 2013 |
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 BY
|
Name : |
Mr. Gopal Krishnan |
|
Designation : |
Senior Accounts Manager |
|
Contact No.: |
91-9884048624 |
|
Date : |
04.03.2014 |
LOCATIONS
|
Registered Office : |
Keelakaranai Village, Malrosapuram Post, Chengal, Pattu-603204,
Tamilnadu, India |
|
Tel. No.: |
91-44-37473700 / 37412330 37473707 |
|
Fax No.: |
91-44-37473737 |
|
E-Mail : |
|
|
Website: |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Sat Mohan Gupta |
|
Designation : |
Director |
|
Address : |
No. 11, Block – II, Casagranade Apartments, Pallikaranai, Tambaram,
Velachery, Main Road, Chennai – 600100, Tamilnadu, India |
|
Date of Birth/Age : |
08.03.1962 |
|
Date of Appointment : |
05.09.2007 |
|
Din No.: |
01882226 |
|
|
|
|
Name : |
Mr. Lakshminarayanan Venkataraman |
|
Designation : |
Director |
|
Address : |
Flat 2, Vpasana 64/48, First Main Road, R A Puram, Chennai – 600028,
Tamil Nadu, India |
|
Date of Birth/Age : |
12.11.1948 |
|
Date of Appointment : |
19.11.2012 |
|
Din No.: |
03457579 |
KEY EXECUTIVES
|
Name : |
Mr. Hariprasath K |
|
Designation : |
Secretary |
|
Address : |
8, Kaaviya Gardens, Pha Phase III, Porur, Chennai – 600116, Tamilnadu,
India |
|
Date of Birth/Age : |
07.01.1976 |
|
Date of Appointment : |
08.03.2012 |
|
Pan No.: |
ACDPH0117Q |
|
|
|
|
Name : |
Mr. Gopal Krishnan |
|
Designation : |
Senior Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
|
Names of Shareholders |
No. of Shares |
% age |
|
Comstar Mauritius Limited, Mauritius |
64441564 |
99.87 |
|
Comstar Holdings Pte Limited, Singapore |
86000 |
0.13 |
|
Total |
64527564 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2013
|
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 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and assembly of starter motors, alternators
and starter kits forming part of automobiles. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
Customers : |
·
TATA ·
Ford ·
Volvo ·
Mazda ·
GM ·
Jaguar ·
FIAT |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· State Bank of India, Industrial Finance Branch, 155, Anna Salai, Chennai - 600002, Tamil Nadu, India ·
Standard Chartered Bank, 19,Rajaji Salai,
Chennai - 600001, Tamil Nadu, India ·
Canara Bank, 5, Greams Road, Thousand Lights,
Chennai, Tamilnadu, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. V. Ghatalia and Associates Chartered Accountants |
|
Address : |
6th and 7th Floor, Tidal Park,Taramani,Chennai-600113, Tamilnadu, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFS6921Q |
|
|
|
|
Ultimate Holding
Company: |
· Comstar International Limited, BVI |
|
|
|
|
Holding Companies: |
· Comstar Mauritius Limited, Mauritius |
|
|
|
|
Fellow Subsidiary: |
· Comstar Holdings Pte Ltd, Singapore · Comstar Automotive USA LLC (subsidiary w.e.f 15 April, 2013) |
|
|
|
|
Subsidiary: |
· Comstar Automotive Technology Services Private Limited (subsidiary w.e.f November, 2012), India [U31501TN2012PTC088468] |
CAPITAL STRUCTURE
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 |
|
64527564 |
Equity Shares |
Rs.10/- each |
Rs.645.276 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 |
645.280 |
645.280 |
645.280 |
|
(b) Reserves & Surplus |
946.120 |
720.750 |
769.100 |
|
(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) |
1591.400 |
1366.030 |
1414.380 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
18.380 |
17.440 |
13.840 |
|
(b) Deferred tax liabilities
(Net) |
65.790 |
10.400 |
41.520 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
2.400 |
|
(d) long-term provisions |
21.900 |
25.120 |
51.020 |
|
Total
Non-current Liabilities (3) |
106.070 |
52.960 |
108.780 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
411.440 |
383.960 |
302.640 |
|
(b) Trade payables |
403.970 |
555.540 |
375.360 |
|
(c) Other current liabilities |
318.300 |
315.550 |
358.640 |
|
(d) Short-term provisions |
4.460 |
0.000 |
5.820 |
|
Total
Current Liabilities (4) |
1138.170 |
1255.050 |
1042.460 |
|
|
|
|
|
|
TOTAL |
2835.640 |
2674.040 |
2565.620 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
441.600 |
474.740 |
522.330 |
|
(ii) Intangible Assets |
455.300 |
526.410 |
599.770 |
|
(iii) Capital work-in-progress |
3.860 |
5.410 |
4.370 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.100 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
138.120 |
81.050 |
77.460 |
|
(e) Other Non-current assets |
25.030 |
27.730 |
31.640 |
|
Total
Non-Current Assets |
1064.010 |
1115.340 |
1235.570 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
21.560 |
10.610 |
54.270 |
|
(b) Inventories |
920.380 |
887.680 |
563.230 |
|
(c) Trade receivables |
548.350 |
548.740 |
572.050 |
|
(d) Cash and cash equivalents |
168.900 |
32.590 |
93.280 |
|
(e) Short-term loans and
advances |
109.730 |
75.170 |
43.310 |
|
(f) Other current assets |
2.710 |
3.910 |
3.910 |
|
Total
Current Assets |
1771.630 |
1558.700 |
1330.050 |
|
|
|
|
|
|
TOTAL |
2835.640 |
2674.040 |
2565.620 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3890.710 |
3470.550 |
2961.440 |
|
|
|
Other Income |
39.930 |
34.640 |
44.060 |
|
|
|
TOTAL (A) |
3930.640 |
3505.190 |
3005.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL
(B) |
3443.140 |
3374.540 |
2738.840 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
48.750 |
130.650 |
266.660 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
26.880 |
25.200 |
22.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
460.620 |
105.450 |
244.250 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
179.860 |
184.920 |
202.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
280.760 |
(79.470) |
41.860 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
55.390 |
(31.120) |
(3.680) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
225.370 |
(48.350) |
45.540 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
505.940 |
554.290 |
508.750 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
731.310 |
505.940 |
554.290 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B value of exports |
3652.260 |
3251.250 |
2781.240 |
|
|
TOTAL EARNINGS |
3652.260 |
3251.250 |
2781.240 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
1194.770 |
1105.680 |
714.870 |
|
|
|
Stores & Spares |
25.960 |
34.300 |
23.280 |
|
|
|
Capital Goods |
12.680 |
14.33 |
5.850 |
|
|
TOTAL IMPORTS |
1233.410 |
1154.310 |
744.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(loss) Per Share (Rs.) |
3.49 |
(0.75) |
0.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.65
|
(1.38) |
1.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.22
|
(2.29) |
1.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.91
|
(2.98) |
3.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
(0.06) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.27
|
0.29 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.24 |
1.28 |
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 |
645.280 |
645.280 |
645.280 |
|
Reserves & Surplus |
769.100 |
720.750 |
946.120 |
|
Net
worth |
1,414.380 |
1,366.030 |
1,591.400 |
|
|
|
|
|
|
long-term borrowings |
13.840 |
17.440 |
18.380 |
|
Short term borrowings |
302.640 |
383.960 |
411.440 |
|
Total
borrowings |
316.480 |
401.400 |
429.820 |
|
Debt/Equity
ratio |
0.224 |
0.294 |
0.270 |
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 |
2961.440 |
3470.550 |
3890.710 |
|
|
|
17.191 |
12.106 |
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 |
2961.440 |
3470.550 |
3890.710 |
|
Profit |
45.540 |
(48.350) |
225.370 |
|
|
1.54% |
(1.39%) |
5.79% |
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 |
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 |
No |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
OPERATIONS
The sales turnover during the year has increased by 12% as compared to last year. The sales were Rs. 3890.710 millions as against Rs. 3470.550 millions (2011-2012). The Profit after tax was Rs. 225.370 millions as against the loss of Rs. 48.350 millions (2011-2012).
The Company had started the supplies to Ford NA in March 2012. Year 2012-13 saw the mass production / shipments to various locations in NA that resulted in additional starter volumes of over 500k against the previous years. This was however offset by the reduction in supplies of kits to Ford NA. But the replacement of Starter business over kits gave Comstar better margins. Comstar also achieved better operational efficiencies through improved quality levels, cost reduction and efficiencies in better supply chain and Plant Management.
On the quality front, the company has achieved very good quality with the customers for all its range of products with the 9 PPM, which is better than the overall industry level.
BACKGROUND
Subject was incorporated in March 21, 1997 as a private limited company under the Companies Act, 1956. The Company is a subsidiary of Comstar Mauritius Limited. The Company is engaged in the manufacture and assembly of starter motors, alternators and starter kits forming part of automobiles in domestic and international markets.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Deferred sales tax loan |
18.380 |
17.440 |
|
Short-term
borrowings |
|
|
|
Working capital loans from banks |
37.820 |
65.250 |
|
|
|
|
|
Total |
56.200 |
82.690 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10197109 |
06/05/2011 * |
285,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, 155,ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
B13556501 |
|
2 |
10154413 |
16/04/2012 * |
573,000,000.00 |
CANARA BANK |
THOUSAND LIGHTS
BRANCH, GREAMS ROAD, CHENNAI, TAMIL NADU - 600006, INDIA |
B40482366 |
|
3 |
90287956 |
29/07/2010 * |
200,000,000.00 |
HDFC BANK LIMITED |
R K SALAI, MYLAPORE,
CHENNAI, TAMIL NADU - 600004, INDIA |
A93644870 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
|
Excise Duty related matters |
4.260 |
|
Service Tax related matters |
22.430 |
|
Income Tax related matters |
39.990 |
|
In earlier years certain regulatory authorities had
conducted survey proceedings in relation to purchase of patents of Rs.
711.000 Millions ( WDV - Rs. 455.300 Millions) further to which certain
information and explanations were sought from the Company. Management has
provided the necessary information and explanations so requested to the
relevant authorities. Management is of the view that the proceedings have
been effectively closed and hence no further adjustments are required to the
financial statements in this regard. |
|
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
Intangible assets
· Computer software
· Patents
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.61.32 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.84.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.