MIRA INFORM REPORT
|
Report Date : |
26.03.2014 |
IDENTIFICATION DETAILS
|
|
|
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Registered Office : |
Tower XIV, Cyber City, Magarpatta City Hadapsar, Pune – 411 013,
Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
12.12.1997 |
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Com. Reg. No.: |
11- 112441 |
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Capital
Investment / Paid-up Capital : |
Rs.3448.574
Millions |
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|
CIN No.: [Company
Identification No.] |
U74220PN1997PTC112441 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEJ00773D |
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PAN No.: [Permanent Account No.] |
AAACJ4233B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is mainly
engaged in the manufacturing and marketing of tractor and related products
(agriculture products) and providing IT and IT enabled services. |
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|
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 71667700 |
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|
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 company has earned fair profitability from its operation during the financial
year 2013. Liquidity position of the company reported to be sound. 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.
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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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. Ram Krishna |
|
Designation : |
Finance Officer |
|
Contact No.: |
91-9687631126 |
LOCATIONS
|
Registered
Office : |
Tower XIV, Cyber City, Magarpatta City Hadapsar, Pune – 411 013,
Maharashtra, India |
|
Tel. No.: |
91-20-66425013/ 66425000/ 67264510 |
|
Mobile No.: |
91-9687631126 [Mr. Ram Krishna] |
|
Fax No.: |
91-20-66425001 |
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E-Mail : |
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Website : |
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Factory 1: |
Parts Distn. Center, G.No.181 and 182, Off Pune Nagar Road, Sanas,
Pune, Maharashtra, India |
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Factory 2: |
166-167, Gate No. 271-291, At Post Sanawadi, Taluka – Shirur, Pune –
412 208, Maharashtra, India |
|
|
|
|
Plant : |
Block No. 593/B, Village Vadu, Taluka Padra, District Vadodara,
Gujarat, India |
|
Tel No.: |
91-2662-679000/679018 |
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Fax No.: |
91-2662-267115 |
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Area Sales
Office : |
44, Alankar Tower, 1st Floor, Sayaji Ganj, Vadodara – 390 005,
Gujarat, India |
|
Tel No.: |
91-264-6444176/ 177 |
DIRECTORS
AS ON 04.05.2013
|
Name : |
Mr. Satish Bhimarao Nadiger |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
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|
Address : |
No.601, Building A3, Aditya Shagun, NDA, Pashan Road, Bavadhan, Pune –
411 021, Maharashtra, India |
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|
Date of Birth/Age : |
13.01.1963 |
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Date of Appointment : |
30.08.2012 |
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Din No.: |
00633892 |
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Other Directorship:
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Name : |
Mr. Ravi Achyutha Menon |
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|
Designation : |
Director |
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|
Address : |
606, Cosmos Building R, Magar, Patta City, Hadapsar, Pune – 411 028, Maharashtra,
India |
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Date of Birth/Age : |
15.07.1961 |
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Date of Appointment : |
13.07.2012 |
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Din No.: |
05344407 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rajesh Kumar Sinha |
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|
Designation : |
Director |
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|
Address : |
Y-602, Sacred Heart Town, Waneworie, Pune-411040, Maharashtra, India |
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|
Date of Birth/Age : |
16.07.1969 |
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Date of Appointment : |
04.05.2013 |
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Din No.: |
06448595 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Ravi Chudamani Guttal |
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Designation : |
Director |
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Address : |
5021, Black Hawk Tran CT, Bettendore IA 411028, USA |
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Date of Birth/Age : |
07.06.1967 |
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Date of Appointment : |
04.05.2013 |
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Din No.: |
06453125 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Ajit Prakash Jain |
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Designation : |
Secretary |
|
Address : |
Flat No.602, Building D/1, Bramha Suncity, Vadgaon Sheri, Pune – 411
014, Maharashtra, India |
|
Date of Birth/Age : |
13.07.1974 |
|
Date of Appointment : |
02.06.2012 |
|
Pan No.: |
ABMPJ8624L |
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|
|
|
Name : |
Mr. Ram Krishna |
|
Designation : |
Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 04.05.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
John Deere Asia (Singapore) Pte. Limited, Singapore
|
344857343 |
100.00 |
|
Deere and Company, US |
10 |
0.00 |
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|
|
|
|
TOTAL
|
344857353 |
100.00 |
AS ON 04.05.2013
|
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
mainly engaged in the manufacturing and marketing of tractor and related products
(agriculture products) and providing IT and IT enabled services. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
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|
|
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Bankers : |
· State Bank of India, S.B. Road Branch, Pune, Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, Dr. Annie Beasant Road, Opposite Shivsagar Industrial Estate,
Worli, Mumbai - 400018, Maharashtra, India |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679100 |
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PAN No: |
ASDFG1234H |
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Holding Company : |
John Deere Asia Singapore Pte. Limited |
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Ultimate Holding Company: |
Deere and Company |
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Fellow
Subsidiaries : |
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Subsidiaries
: |
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CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
653641000 |
Equity Shares |
Rs.10/- each |
Rs.6536.410 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
344857353 |
Equity Shares |
Rs.10/- each
|
Rs.3448.574 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 |
3448.570 |
3448.570 |
3448.570 |
|
(b) Reserves & Surplus |
14468.370 |
12562.040 |
9873.570 |
|
(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) |
17916.940 |
16010.610 |
13322.140 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
3799.950 |
3559.150 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
6.630 |
94.950 |
|
(c)
Other long term liabilities |
223.940 |
259.090 |
335.640 |
|
(d)
Long-term provisions |
358.540 |
283.040 |
210.080 |
|
Total
Non-current Liabilities (3) |
4382.430 |
4107.910 |
640.670 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
6506.610 |
6624.860 |
3676.700 |
|
(c)
Other current liabilities |
788.670 |
601.600 |
278.180 |
|
(d)
Short-term provisions |
1008.660 |
1113.120 |
696.800 |
|
Total
Current Liabilities (4) |
8303.940 |
8339.580 |
4651.680 |
|
|
|
|
|
|
TOTAL |
30603.310 |
28458.100 |
18614.490 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5720.740 |
4951.330 |
3417.580 |
|
(ii)
Intangible Assets |
16.450 |
18.030 |
11.920 |
|
(iii)
Capital work-in-progress |
1157.980 |
529.130 |
704.980 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
400.000 |
20.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
102.950 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
711.430 |
409.260 |
319.360 |
|
(e)
Other Non-current assets |
343.850 |
460.170 |
0.000 |
|
Total
Non-Current Assets |
8453.400 |
6387.920 |
4453.840 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4523.440 |
7313.010 |
3283.610 |
|
(c)
Trade receivables |
7861.800 |
7327.890 |
6189.950 |
|
(d)
Cash and cash equivalents |
4668.710 |
3952.520 |
2555.590 |
|
(e)
Short-term loans and advances |
4727.700 |
3230.390 |
2084.320 |
|
(f)
Other current assets |
368.260 |
246.370 |
47.180 |
|
Total
Current Assets |
22149.910 |
22070.180 |
14160.650 |
|
|
|
|
|
|
TOTAL |
30603.310 |
28458.100 |
18614.490 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
41780.000 |
39878.000 |
33440.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
38151.000 |
35392.000 |
28079.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3629.000 |
4486.000 |
5361.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
298.000 |
18.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3331.000 |
4468.000 |
5361.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
775.000 |
648.000 |
569.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2556.000 |
3820.000 |
4792.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
649.000 |
1132.000 |
1222.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1907.000 |
2688.000 |
3570.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7098.000 |
4410.000 |
840.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
9005.000 |
7098.000 |
4410.000 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
5.53 |
7.79 |
10.35 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.56
|
6.74 |
10.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.83
|
13.69 |
26.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.23 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.21
|
0.22 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.67
|
2.65 |
3.04 |
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 |
3448.570 |
3448.570 |
3448.570 |
|
Reserves & Surplus |
9873.570 |
12562.040 |
14468.370 |
|
Net
worth |
13,322.140 |
16,010.610 |
17,916.940 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
3559.150 |
3799.950 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
3,559.150 |
3,799.950 |
|
Debt/Equity
ratio |
0.000 |
0.222 |
0.212 |
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) |
|
Total Income |
33440.000 |
39878.000 |
41780.000 |
|
|
|
19.252 |
4.770 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Total Income |
33440.000 |
39878.000 |
41780.000 |
|
Profit |
3570.000 |
2688.000 |
1907.000 |
|
|
10.68% |
6.74% |
4.56% |
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 |
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 |
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 |
No |
|
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 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
NOTE:
The registered office of the company has been shifted from JHN Deere Technology Centre, Cyber City, Magarpatta City, Hadapsar, Pune – 411
013, Maharashtra to present address w.e.f. 01.04.2010.
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Term Loan From Other |
3799.950 |
3559.150 |
|
TOTAL
|
3799.950 |
3559.150 |
OPERATIONS:
Total domestic
tractor industry sale was 527,441 numbers against 536,886 numbers sold during
the last financial year. The company recorded total sales of 46,930 numbers of
tractors against 55,953 numbers of tractors sold during the previous year. In
the domestic market, the company recorded a sale of 29,801 units against 39,947
units sold during the last Financial Year recording a fall of 25.4%. Domestic
market share of the company was 5.7% in the current Financial Year compared to
7.4% during the previous Financial Year. The drop in sales was on account of
slowdown in the core market. The Company recorded total sales of 41 numbers of
grain harvester against 9 numbers of grain harvester sold during the previous
year from its Sirhind Combine manufacturing facility. The construction of the
new Tractor factory in Dewas, Madhya Pradesh has made significant progress and
the Company is expected to start production of Agricultural Tractors from the
upcoming plant in Financial Year 2013-14. During the year the Company continued
its progress in providing IT and IT enabled services. The business has created
substantial value to the parent company and is also the Net Positive Foreign
Exchange earner in the year. The Product Engineering Centre (PEC) continued to
provide Engineering Support. The Company continued to provide the best-in-class
quality products and innovative services to farmers, such as agricultural
equipment, micro irrigation, after-sales service and installation, advisory
services.
AMALGAMATION:
In terms of the
Scheme of Amalgamation 'the Scheme' sanctioned by the Hon’ble High Court of
Jurisdiction at Mumbai vide its Order dated 27th November 2009 John
Deere Equipment Private Limited JDEPL a wholly owned subsidiary of the Company
has been amalgamated with the Company with effect from the appointed date viz.
1st April 2010.
In accordance with
the said Scheme and the aforesaid order the following effect has been given in
the accounts of the Company for the year:
a. The assets
other than fixed assets and liabilities of JDEPL have been considered at their
respective book values on a going concern basis with effect from the appointed
date.
Fixed assets i.e.
gross block accumulated depreciation and the net block of the Company and JDEPL
have been restated in accordance with the corresponding values reported to the
Company’s Ultimate Holding Company which has been certified by a Chartered
Accountant. The difference aggregating to Rs.167.811 millions arising between
the restated values and corresponding book values have been adjusted in the
General Reserve.
Accordingly
the values of assets and liabilities transferred are as follows:
FIXED ASSETS:
Tangible
Assets
·
Furniture and
Fixtures
·
Office Equipment
·
Computers
·
Building
·
Leasehold
Improvements
·
Motor Cars
·
Plant and Machinery
Intangible
Assets
·
Software and
Licenses
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.60.49 |
|
|
1 |
Rs.99.77 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
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.