MIRA INFORM REPORT
|
Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
HRS PROCESS SYSTEMS LIMITED (w.e.f 22.04.2010) |
|
|
|
|
Formerly Known
As : |
HRS PROCESS SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
201, 2nd
Floor, Karan Selene, 851, Bhandarkar Institute Road, Pune – 411004,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.04.2003 |
|
|
|
|
Com. Reg. No.: |
25-017846 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.456 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29198PN2003PLC017846 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH04305A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH2679G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited
Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Seller of Heat Exchangers |
|
|
|
|
No. of Employees
: |
110 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “HRS International Limited, UK.” It is an established company having satisfactory track The company possesses a favourable financial profile marked by modest
networth, low gearing and healthy debt protection metrics. Management has reported a significant increase in its sales volume as
well as a net profitability during 2014. The ratings also take into consideration the working capital
intensive, modest scale of operations and increasing competition. However, trade relations are fair. Business is active. Payments terms
are reported as usually correct. In view of technological support extended form its parent, the company
can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BBB– |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
December 20,2013 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
December 20,2013 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Vinay Gokhale |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-20-25663581 |
|
Date : |
06.11.2014 |
LOCATIONS
|
Registered / Corporate Office 1: |
201, 2nd
Floor, Karan Selene, 851, Bhandarkar Institute Road, Pune – 411004,
Maharashtra, India |
|
Tel. No. : |
91-20-25663581/ 6047894/ 25663582/ 66047894/ 66047895 |
|
Mobile No. : |
91-20-25663583 |
|
Fax No. : |
91-20-25663583 |
|
E-Mail : |
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|
Website : |
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|
Area : |
7100 Sq.fts |
|
Location : |
Rented |
|
|
|
|
Corporate Office 2: |
501/502, Karan
Selene, 851, |
|
Tel. No. : |
91-91-2137-676701 |
|
Fax No. : |
91-91-2137-676705 |
|
E-Mail : |
|
|
Area : |
15000 Sq. fts |
|
Location : |
Owned |
|
|
|
|
Factory: |
Gat No.565/1, Koregaon, Bhima, Taluka Shirur, District Pune-411 004,
Maharashtra, India- |
|
Tel. No. : |
91-2137-676701 |
|
Fax No. : |
91-2137-676705 |
|
E-Mail : |
|
|
Area : |
15000 Sq. fts |
|
Location : |
Owned |
DIRECTORS
As on 25.09.2014
|
Name : |
Mr. Gokuldas Venugopalan |
|
Designation : |
Managing Director |
|
Address : |
Flat No.12, Anushka, |
|
Date of Birth/Age : |
03.06.1963 |
|
Date of Appointment : |
04.01.2013 |
|
DIN No. : |
00489737 |
|
|
|
|
Name : |
Mr. Rajendra Kantrao Dawkar |
|
Designation : |
Whole – time Director |
|
Address : |
Building No. F1-6, Citadel, |
|
Date of Birth/Age : |
06.02.1967 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No. : |
02581847 |
|
|
|
|
Name : |
Mr. Steven John Pither |
|
Designation : |
Director |
|
Address : |
10-12, Caxton Way, Watford, England |
|
Date of Appointment : |
13.06.2003 |
|
DIN No. : |
02047015 |
KEY EXECUTIVES
|
Name : |
Mr. Vinay Gokhale |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
HRS International Limited, |
|
469146 |
|
HRS Heat Exchangers Limited, |
|
51 |
|
Gokuldas Venugopalan |
|
76380 |
|
Elizabeth Das |
|
01 |
|
Francisco Javier Abad Ruiz |
|
01 |
|
Steven John Pither |
|
01 |
|
Twydle Michael Robert |
|
01 |
|
Total |
|
545581 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2014
|
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 |
86.00 |
|
Directors or relatives of Directors |
14.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Heat Exchangers |
|
|
|
|
Exports : |
|
|
Products : |
·
Heat Exchangers |
|
Countries : |
·
Malaysia ·
Australia ·
Thailand ·
Dubai ·
US |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· Germany · Italy · US. |
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|
|
|
Terms : |
|
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Selling : |
Cash and Advance Payment |
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|
|
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Purchasing : |
Cash and Advance Payment |
GENERAL INFORMATION
|
No. of Employees : |
110 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
BC: Rs. 30.000 Millions // TC : Rs. 7.800 Millions
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Banking
Relations : |
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Auditors : |
|
|
Name : |
Naniwadekar and Company Chartered Accountants |
|
Address : |
2, Nalini
Apartments, Plot No. 3/10, |
|
Tel. No. : |
91-20-25439238/ 25448641 |
|
Fax No. : |
91-20-25439238 |
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E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AANPN9281B |
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|
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Holding Company: |
· HRS International Limited, UK |
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|
|
|
Fellow Subsidiaries:: |
· HRS Heat Exchangers SDN BHD · HRS FUNKE Heat Exchange FZCO · HRS Heat Exchangers Limited, UK · HRS Heat Exchangers SLU, Spain · HRS Process Technology INC ·
Heat Exchangers Spares com |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
545581 |
Equity Shares |
Rs.10/- each |
Rs. 5.456
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5.456 |
5.100 |
5.100 |
|
(b) Reserves & Surplus |
140.069 |
125.284 |
119.053 |
|
(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) |
145.525 |
130.384 |
124.153 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.731 |
11.623 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
7.637 |
6.108 |
2.907 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
12.368 |
17.731 |
2.907 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
27.707 |
42.420 |
27.330 |
|
(b) Trade payables |
59.989 |
29.499 |
14.331 |
|
(c) Other current liabilities |
66.877 |
41.113 |
31.999 |
|
(d) Short-term provisions |
38.974 |
30.655 |
17.703 |
|
Total
Current Liabilities (4) |
193.547 |
143.687 |
91.363 |
|
|
|
|
|
|
TOTAL |
351.440 |
291.802 |
218.423 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
102.371 |
88.883 |
69.959 |
|
(ii) Intangible Assets |
0.968 |
0.664 |
0.217 |
|
(iii) Capital work-in-progress |
0.000 |
0.502 |
0.000 |
|
(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 |
4.593 |
4.557 |
4.335 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
107.932 |
94.606 |
74.511 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
107.406 |
85.850 |
86.093 |
|
(c) Trade receivables |
106.977 |
72.806 |
32.135 |
|
(d) Cash and cash equivalents |
6.245 |
5.735 |
5.144 |
|
(e) Short-term loans and
advances |
21.091 |
30.254 |
16.661 |
|
(f) Other current assets |
1.789 |
2.551 |
3.879 |
|
Total
Current Assets |
243.508 |
197.196 |
143.912 |
|
|
|
|
|
|
TOTAL |
351.440 |
291.802 |
218.423 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
507.026 |
408.372 |
290.690 |
|
|
Other Income |
4.151 |
1.237 |
1.964 |
|
|
TOTAL
(A) |
511.177 |
409.609 |
292.654 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
244.558 |
199.354 |
160.979 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
17.632 |
7.143 |
(28.950) |
|
|
Employees benefits expense |
87.552 |
71.487 |
52.155 |
|
|
Other expenses |
117.226 |
104.956 |
94.210 |
|
|
TOTAL
(B) |
466.968 |
382.940 |
278.394 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
44.209 |
26.669 |
14.260 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.410 |
4.984 |
4.190 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
37.799 |
21.685 |
10.070 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
5.046 |
4.266 |
4.143 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
32.753 |
17.419 |
5.927 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
11.586 |
8.563 |
1.925 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
21.167 |
8.856 |
4.002 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
41.314 |
35.687 |
31.198 |
|
|
TOTAL
EARNINGS |
41.314 |
35.687 |
31.198 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
57.266 |
37.242 |
27.505 |
|
|
TOTAL
IMPORTS |
57.266 |
37.242 |
27.505 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
38.8 |
17.37 |
7.85 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT/ Sales |
(%) |
4.17 |
2.17 |
1.38 |
|
|
|
|
|
|
|
PBIDT / Sales |
(%) |
8.72 |
6.53 |
4.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.32 |
5.98 |
2.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.13 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22 |
0.41 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.37 |
1.58 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
5.100 |
5.100 |
5.456 |
|
Reserves & Surplus |
119.053 |
125.284 |
140.069 |
|
Net
worth |
124.153 |
130.384 |
145.525 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
11.623 |
4.731 |
|
Short term borrowings |
27.330 |
42.420 |
27.707 |
|
Total
borrowings |
27.330 |
54.043 |
32.438 |
|
Debt/Equity
ratio |
0.220 |
0.414 |
0.223 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
290.690 |
408.372 |
507.026 |
|
|
|
40.484 |
24.158 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
290.690 |
408.372 |
507.026 |
|
Profit |
4.002 |
8.856 |
21.167 |
|
|
1.38% |
2.17% |
4.17% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
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 |
No |
|
18] |
Major customers |
No |
|
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 |
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 |
CHANGE OF ADDRESS
The registered office of the company has been
shifted from Pune – 411021,
Maharashtra, India to the present address
w.e.f 22.11.2006
COMPANY INFORMATION
Subject (formerly known as HRS Process Systems Private Limited) was incorporated on 01 April 2003, under the Companied Act, 1956.
The company is a part of HRS Group and is engaged in manufacture and sale of heat exchangers in domestic and export market.
The company is headquarted in Pune with manufacturing location
at Koregaon Bims, Shirur
FUTURE PLANS
The company is planning to expand local reach by opening regional offices in north and south India. This facility will help the company be in close touch with customers thereby enhancing their visibility and enabling better business.
Their thrust with focus plan in key growth sectors - pharma, speciality chemicals, cement, steel, snack food, nutraceuticals, food processing, beverage will continue during the year.
Their brand ECOFLUX* will be further strengthened to include heat exchangers in exotic material which give good recognition and business value. Their products - plate heat exchangers, Hot water systems and CIP System - which are required in many sectors, like pharma, food processing, chemical process have good Customer response and they expect healthy growth.
International business is showing good growth with ASEAN economy improving, they expect good business in the coming year.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10029876 |
27/03/2012 * |
165,300,000.00 |
STATE BANK OF INDIA |
DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA |
B36228831 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Guarantee |
23.597 |
16.436 |
|
Other money for which the company is contingently
liable – Income tax (Not Recongnised) |
8.083 |
8.083 |
|
Total |
31.680 |
24.519 |
FIXED ASSETS
v
Tangible
Assets
· Land
· Building
· Vehicles
· Computers
· Furniture and Fixtures
· Office Equipment
· Plant and Machinery
· Plant and Machinery – Electrical Installations
v
Intangible
Assets
· Computer Software
· Goodwill
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 records 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.61.39 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.99 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
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 |
|
46 |
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.