MIRA INFORM REPORT

 

 

Report Date :

08.10.2014

 

IDENTIFICATION DETAILS

 

Name :

OTIS ELEVATOR COMPANY (INDIA) LIMITED

 

 

Registered Office :

Magnus Towers, 9th Floor,  Mindspace, Link Road, Malad (West), Mumbai – 400 064, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

30.10.1953

 

 

Com. Reg. No.:

11-009158

 

 

Capital Investment / Paid-up Capital :

Rs. 118.082 Millions

 

 

CIN No.:

[Company Identification No.]

U29150MH1953PLC009158

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMO00083G

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged Inter-alia in the business of Manufacture, Erection, Installation and Maintenance of Elevators, Escalators and Travolators.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (76)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 27000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having excellent track record.

 

The company has shown a significant growth in the turnover and profit during F.Y. 2013

 

Financial position of the company is sound. Fundamentals of the company are healthy.

 

Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment.

 

The company can be considered good 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.

 

ECGC Country Risk Classification List – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

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.

 

 

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 DENIED BY

 

Name :

Mr. Ketan Gala

Designation :

Finance Head

Contact No.:

91-22-66795151

Date :

06.10.2014

 

 

LOCATIONS

 

Registered Office/Head Office/ Western Region :

Magnus Towers, 9th Floor,  Mindspace, Link Road, Malad (West), Mumbai – 400 064, Maharashtra, India

Tel. No.:

91-22-28449700/6679515

Fax No.:

91-22-28449791/9793

E-Mail :

Tanhieya.Ghosh@otis.com

Sumanta.dash@otis.com

Sanu.kapoor@otis.com 

Website :

http://www.otis.com

 

 

Factory  :

Manufacturing Facility, 92, KIADB Industrial Estate Phase 11, Jigani Industrial Area, Anekal Taluk, Bangalore – 562 106, Karnataka, India  

Tel. No.:

91-80-27825401 / 02 / 03

Fax No.:

91-80-27825404

 

 

Eastern Region :

Bengal Intelligent Park, Building – Delta, 4th floor, Block EP&GP, Sector V, Salt Lake Electronics Complex, Kolkata – 700091, West Bengal, India

Tel. No.:

91-44-40524300 / 301

Fax No.:

91-44-40524302

 

 

Northern Region :

171 and 271, Aggarwal Cyber Plaza – II, C-7, Netaji Subhash Place, Pitampura, Delhi – 110034, India

Tel. No.:

91-11-46069000 / 9030 / 4606

Fax No.:

91-11-46069111

 

 

Southern Region :

Otis House, M K Towers, # 27, Langford Road, Shanti Nagar, Bengaluru –560027, Karnataka, India

Tel. No.:

91-80-40314500

Fax No.:

91-80-22111191

 

 

DIRECTORS

 

As on: 27.09.2013

 

Name :

Mr. Dr. Ram Sukhraj Tarneja

Designation :

Director

Address :

Godrej Planet, 21st Floor, Tower-II, Flat No.2102, Jacob Circle, K. K. Road, Saatrasta, Mahalaxmi, Mumbai – 400011, Maharashtra, India

Date of Birth/Age :

07.12.1931

Qualification :

B. A. Honours and M. A. Delhi, M.A.Virginia and Ph.D Cornell

Date of Appointment :

22.03.1977

Din No.:

00009395

 

 

Name :

Ms. Priya Shankar Dasgupta

Designation :

Director

Address :

J-1810, Chittaranjan Park, New Delhi – 110019, Delhi, India

Date of Birth/Age :

30.06.1955

Qualification :

LLB, BA Eco Hons, PG-Corp laws & labour laws

Date of Appointment :

12.04.2001

Din No.:

00012552

 

 

Name :

Patrick Jacques Joseph Blethon

Designation :

Director

Address :

75A, Grange Road, Singapore - 249612, India

Date of Birth/Age :

25.05.1966

Qualification :

Bachelor’s degree in business administration

Date of Appointment :

17.02.2012

Din No.:

05204492

 

 

Name :

Sebi Joseph

Designation :

Managing Director

Address :

9th Floor, Magnus Tower, Mind Space, Link Road, Malad (West), Mumbai – 400 064, Maharashtra, India

Date of Birth/Age :

19.12.1962

Qualification :

MBA, BE (Mech)

Date of Appointment :

07.03.2012

Din No.:

05221403

 

 

Name :

Pedro Silva Ribeiro Geada Marcal

Designation :

Director

Address :

3 Kamizono - Cho, Yoyogi, Shibuya - Ku, Tokyo - 000000, Japan

Date of Birth/Age :

22.09.1967

Date of Appointment :

01.04.2013

Din No.:

06541111

 

 

KEY EXECUTIVES

 

Name :

Sanu Kapoor

Designation :

Secretary

Address :

B-604, Vaibhav Palace, New Link Road, Oshiwara, Jogeshwari (West), Mumbai – 400102, Maharashtra, India

Date of Birth/Age :

24.04.1971

Date of Appointment :

18.04.2012

PAN No.:

AAAPY3743L

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 27.09.2013

 

SHAREHOLDING DETAILS FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 27.09.2013

 

Category

 

Percentage

 

 

 

Nationalized or other banks

 

0.01

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

98.26

Bodies corporate

 

0.04

Other top fifty shareholders

 

1.69

 

 

 

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged Inter-alia in the business of Manufacture, Erection, Installation and Maintenance of Elevators, Escalators and Travolators.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Divulged

 

 

Bankers :

Not Available

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountants

Address :

Plot Yo Y 14, Block Ep Sector V, Saltlake Electronic Complex, Bidhan Nagar, Kolkata – 700091, West Bengal, India

PAN No.:

AAEFP3641G

 

 

Ultimate Holding Company :
  • United Technologies Corporation Inc.

 

 

Substantial Interest in Voting Power of the Company :
  • Otis Elevator Company, New Jersey
  • Otis Elevator Company (S) Pte. Limited, Singapore
  • Otis Mauritius Limited, Mauritius

 

 

Subsidiary Companies :
  • Trio Elevators Co (India) Limited
  • Supriya Elevator Company (India) Limited

 

 

Associate Company :
  • Information Systems Resource Centre Private Limited

 

 

Related Party:

  • Agnice Fire Protection Limited
  • Bluelight Otis Elevator Traction Machine (Tianjin) Company, Limited
  • Carrier Airconditioning and Refrigeration Limited
  • CEAM SRL
  • Chubb Alba Control Systems Limited
  • Elevadores Otis Limited - Brazil
  • Express Elevator Company Limited
  • Guangzhou Otis Elevator Company Limited - China
  • Milton Roy India Private Limited
  • Nippon Otis Elevator Company - Japan
  • Otis Elevator Co Pty Limited - Australia
  • Otis Elevator Company - Bloomfield
  • Otis Elevator (China) Company Limited
  • Otis Escalators S.R.O.- Czech Republic
  • Otis - France
  • Otis GMBH and Company OHG - Germany
  • Otis Elevator Company (H.K.) Limited - Hong Kong
  • Otis Elevators International Inc., Hong Kong
  • Otis Elevators International Inc.
  • Otis Servizi SRL - Italy
  • Otis Elevator Korea
  • Otis Elevator Company - Kuwait
  • Otis Elevator Company (M) SDN BHD - Malaysia
  • Otis Elevators, Lda, Portugal
  • Otis E and M Phillippines Company, Inc.
  • Otis Elevator Company Saudi Arabia Limited
  • Otis Switzerland
  • Otis Elevator Company - Tucson
  • Otis Elevator Company (Thailand) Limited - Thailand
  • Otis L.L.C. - U. A. E.
  • Otis Limited - U. K.
  • Otis Elevator VietNam Company Limited
  • PT Citas Otis Elevator – Indonesia
  • Pratt and Whitney - U. S. A.
  • Sigma Elevator (HK) Limited
  • Suzhou Jiangnan Express Elevator Company Limited
  • Tatung Otis Elevator Company - Taiwan
  • United Technologies Corporation Private Limited
  • UTC Fire and Security India Limited
  • Xizi Otis Elevator Company, Limited - China
  • Zao Shcherbinka Otis Lift - Russia
  • Zardoya Otis S.A. - Spain
  • Zayani Otis Elevator Company

 

 

CAPITAL STRUCTURE

 

As on: 27.09.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15000000

Equity Shares

Rs.10/- each

Rs. 150.000 Millions

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

11808222

Equity Shares

Rs.10/- each

Rs. 118.082 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

118.082

118.082

118.082

(b) Reserves & Surplus

6774.970

5875.644

5906.763

(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)

6893.052

5993.726

6024.845

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

78.860

78.977

64.098

(d) long-term provisions

2071.706

1786.031

420.630

Total Non-current Liabilities (3)

2150.566

1865.008

484.728

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

1785.758

1255.136

922.167

(c) Other current liabilities

3982.627

4277.556

3318.683

(d) Short-term provisions

455.109

273.285

75.644

Total Current Liabilities (4)

6223.494

5805.977

4316.494

 

 

 

 

TOTAL

15267.112

13664.711

10826.067

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

451.032

450.658

235.239

(ii) Intangible Assets

0.000

0.000

6.833

(iii) Capital work-in-progress

352.143

115.177

2.613

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

112.200

112.200

112.200

(c) Deferred tax assets (net)

855.529

695.505

117.261

(d) Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

1012.411

930.597

749.033

Total Non-Current Assets

2783.315

2304.137

1223.179

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1189.109

1242.770

605.575

(c) Trade receivables

2308.391

1492.230

1534.372

(d) Cash and cash equivalents

7447.467

7554.437

6949.217

(e) Short-term loans and advances

1509.296

1018.599

200.501

(f) Other current assets

29.534

52.538

313.223

Total Current Assets

12483.797

11360.574

9602.888

 

 

 

 

TOTAL

15267.112

13664.711

10826.067

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

10280.307

8048.041

9024.626

 

 

Other Income

890.623

737.011

475.348

 

 

TOTAL                                     (A)

11170.930

8785.052

9499.974

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

4412.874

3156.311

3986.498

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

0.755

(6.627)

(2.085)

 

 

Employees benefits expense

1941.570

1744.492

1440.176

 

 

Other expenses

3304.322

3802.770

2318.190

 

 

Exceptional items

0.000

0.000

43.738

 

 

TOTAL                                     (B)

9659.521

8696.946

7786.517

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

1511.409

88.106

1713.457

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1511.409

88.106

1713.457

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

96.772

76.233

61.746

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

1414.637

11.873

1651.711

 

 

 

 

 

Less

TAX                                                                  (H)

377.161

(94.245)

572.712

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1037.476

106.118

1078.999

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

5854.577

5899.419

4820.420

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

103.750

13.720

0.000

 

 

Dividend

118.080

118.080

0.000

 

 

Tax on Dividend

20.060

19.160

0.000

 

BALANCE CARRIED TO THE B/S

6650.163

5854.577

5899.419

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

F.O.B. Value of Exports

0.232

0.011

9.247

 

 

Export Services

3.813

4.188

0.391

 

 

Service Fees

1.495

0.000

0.000

 

TOTAL EARNINGS

5.540

4.199

9.638

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Components and Stores parts

1070.703

824.952

778.947

 

 

Capital Goods

35.366

218.912

12.528

 

TOTAL IMPORTS

1106.069

1043.864

791.475

 

 

 

 

 

 

Earnings Per Share (Rs.)

87.86

8.99

91.38

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)

9.29

1.21

11.36

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

13.76

0.15

18.30

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

10.14

0.09

15.59

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.21

0.00

0.27

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.01

1.96

2.22

 

 

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

118.082

118.082

118.082

Reserves & Surplus

5906.763

5875.644

6774.970

Net worth

6024.845

5993.726

6893.052

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

 

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

9024.626

8048.041

10280.307

 

 

(10.821)

27.737

 

 

 

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

9024.626

8048.041

10280.307

Profit

1078.999

106.118

1037.476

 

11.96%

1.32%

10.09%

 

 

 

 

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

Yes

23]

Banking Details

No

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]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

LITIGATION DETAILS:

 

HIGH COURT OF BOMBAY

 

Bench:- Bombay

Presentation Date:- 10/02/2014

Lodging No:-

ITXAL/328/2014

Filing Date:-

10/02/2014

Reg. No.:-

ITXA/758/2014

Reg. Date:-

04/04/2014

Petitioner:-

THE COMMISSIONER OF INCOME TAX

Respondent:-

M/S OTIS ELEVATOR COMPANY (INDIA) LIMITED

Petn. Adv.:

TEJVEER SINGH MASTAN SINGH (I3678)

District:-

MUMBAI

Bench:-

Division

Status:-

Pre-Admission

Category:-

Tax Appeals

Next Date:

08/10/2014

Stage:

 

Coram:-

ACCORDING TO SITTING LIST

ACCORDING TO SITTING LIST

 

 

Act:-

Income Tax Act, 1961

Under Section:-

260A

 

FINANCIALS

 

The current fiscal year saw a GDP growth rate of 5%. During the year, the Company took some strategic initiatives to improve its volumes and profitability. The effect of these changes is expected to bring in results in the coming years. Sales / Income from operations increased to Rs.10481.000 millions in 2012-13 as compared to Rs.8120.000 millions in 2011-12, registering a growth of 29%.

 

Note: No Charges Exist for Company

 

FIXED ASSETS:

 

  • Leasehold Improvement
  • Freehold Land
  • Leasehold Improvements
  • Buildings
  • Plant and Machinery
  • Electrical Installation
  • Furniture And Fixtures
  • Office Equipment’s
  • Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 61.36

UK Pound

1

Rs. 98.71

Euro

1

Rs. 77.47

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

YES

--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

 

76

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.