MIRA INFORM REPORT
|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
WESTERN INDIA FORGINGS PRIVATE LIMITED (w.e.f. 09.07.2003) |
|
|
|
|
Formerly Known
As : |
WESTERN INDIA FORGINGS LIMITED |
|
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|
|
Registered
Office : |
Plot No. J 2 Block Industrial Area Pimpri MIDC, Pune – 411026,
Maharashtra |
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|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.03.1981 |
|
|
|
|
Com. Reg. No.: |
11-024155 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.99.320 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
u28910PN1981PTC024155 |
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|
|
PAN No.: [Permanent Account No.] |
AAACW2628M |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in the business of manufacturing
and selling steel open die and close die forgings. |
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|
No. of Employees
: |
750 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating reflects sound financial risk profile marked by heathy net worth,
fair profitability and its established track record and clientele in the
industrial forgings segment. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered normal 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
slowly 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 = A- |
|
Rating Explanation |
Adequate degree of safety. It carry low
credit risk. |
|
Date |
12.11.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
12.11.2013 |
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. U.G. Apte |
|
Designation : |
General Manager Finance |
|
Contact No.: |
91-9822790451 |
|
Date : |
16.10.2014 |
LOCATIONS
|
Registered Office / Factory 1 : |
Plot No. J 2 Block, Industrial Area
Pimpri MIDC, Pune – 411026, Maharashtra, India |
|
Tel. No.: |
91-20-27120240 / 27122205 / 27122667 |
|
Mobile No.: |
91-9822790451 [Mr. U.G. Apte] |
|
Fax No.: |
91-20-27120410 / 27122202 |
|
E-Mail : |
ugapte@westenindiaforgings.com wifl@westernindiaforgings.com |
|
Website : |
www.westernindiaforgings.com |
|
Area : |
2500 Sq. Ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
W – 195 – B M.I.D.C.| Bhosari, Pune-411026, |
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Tel. No.: |
91-20-27120519 |
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|
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Factory 3 : |
Gat 163 Hissa No. 1 Sanaswadi, Taluka Shirur, Pune - 412208, |
|
Tel. No.: |
91-2137-320202 |
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|
Factory 4 : |
29/1, Kharadi Village, Off Pune-Nagar Road, Kharada, Pune - 400019, Maharashtra, India |
|
Tel. No.: |
91-20-3241 5135 / 3251 7323 |
|
Fax No.: |
91-20-27011371 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Krishankumar Brijlal Jindal |
|
Designation : |
Managing Director |
|
Address : |
Residential Bungalow PL 89, Lane No. 4, Koregaon Park, Pune-411001, Maharashtra,
India |
|
Date of Birth/Age : |
17.08.1930 |
|
Qualification : |
MBA |
|
Date of Appointment : |
30.03.1981 |
|
PAN No. : |
ABHPJ8758Q |
|
DIN No. : |
00280819 |
|
|
|
|
Name : |
Mr. Arun Krishankumar Jindal |
|
Designation : |
Managing Director |
|
Address : |
Residential Bungalow PL 89, Lane No. 4, Koregaon Park, Pune - 411001,
Maharashtra, India |
|
Date of Birth/Age : |
11.11.1960 |
|
Qualification : |
MBA |
|
Date of Appointment : |
30.03.1981 |
|
DIN No. : |
00121523 |
|
|
|
|
Name : |
Mr. Sanjay Krishankumar Jindal |
|
Designation : |
Managing Director |
|
Address : |
301, Marvel, Grandeur, 12, Boat
Club Road, Pune - 411001, Maharashtra, India |
|
Date of Birth/Age : |
18.11.1962 |
|
Qualification : |
MBA |
|
Date of Appointment : |
01.10.2006 |
|
DIN No. : |
01624895 |
|
|
|
|
Name : |
Mr. Mukundan Madathil |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No. E-9, Bhau Patil Road, Khadki, Pune - 411003, Maharashtra,
India |
|
Date of Birth/Age : |
22.04.1957 |
|
Date of Appointment : |
08.10.2008 |
|
DIN No. : |
02354113 |
KEY EXECUTIVES
|
Name : |
Mr. U.G. Apte |
|
Designation : |
General Manager Finance |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Krishankumar Brijlal Jindal |
|
4939891 |
|
Arun Krishankumar Jindal |
|
292101 |
|
Sanjay Krishankumar Jindal |
|
1034249 |
|
Jindal Arun Shruti |
|
516500 |
|
Jindal Sanjay Kiran |
|
600000 |
|
Gupta Prashant |
|
3 |
|
Jindal Krishankumar Arun |
|
516500 |
|
Jindal Arun Shubham |
|
516256 |
|
Jindal Arun Arushi |
|
516500 |
|
Agarwal Vivek Renu |
|
1000000 |
|
Total |
|
9932000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of manufacturing
and selling steel open die and close die forgings. |
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Products : |
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Exports : |
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Products : |
Open and Close Die Forgings |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Alfa Laval Limited |
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Customers : |
Kalyani Corporation Limited |
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No. of Employees : |
750 (Approximately) |
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Bankers : |
· State Bank of India, Industrial Financial branch, Lead Bank, Tara Chambers, 2nd Floor, Near Mariaai Police Chowky, Pune-Mumbai Old Highway, Wakdewadi, Pune - 411003, Maharashtra, India · Citi Bank, Branch M G Road, Pune, Maharashtra, India · Standard Chartered Bank, 90, M.G. Road, Fort, Mumbai - 400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’ Cuffe Parade,
Colaba, Mumbai – 400005, Maharashtra, India |
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|
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|
Auditors : |
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|
Name : |
Gokhale Tansale and Ghatpande Chartered Accountants |
|
Address : |
102, R.K. Classic New D.P. Road, Opposite Ashish Garden, Kothud,
Pune-411029, Maharashtra, India |
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Tel. No.: |
91-20-2588390 / 25389154 / 25399914 |
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Fax No.: |
91-20-25389302 |
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E-Mail : |
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PAN No. : |
AACFG4275H |
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Enterprises owned
or significantly influenced by key management personnel or their relatives : |
CIN No.: U29299MH1972PTC015649
|
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19980000 |
Equity Shares |
Rs.10/- each |
Rs.199.800 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9932000 |
Equity Shares |
Rs.10/- each |
Rs.99.320 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 |
99.320 |
99.320 |
99.320 |
|
(b) Reserves & Surplus |
1,018.194 |
902.590 |
799.195 |
|
(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) |
1,117.514 |
1,001.910 |
898.515 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
578.205 |
440.272 |
162.044 |
|
(b) Deferred tax liabilities (Net) |
153.022 |
130.004 |
115.041 |
|
(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) |
731.227 |
570.276 |
277.085 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
325.205 |
450.677 |
483.958 |
|
(b) Trade
payables |
374.013 |
302.837 |
0.000 |
|
(c) Other
current liabilities |
112.038 |
79.674 |
709.843 |
|
(d) Short-term
provisions |
163.871 |
136.153 |
153.566 |
|
Total Current
Liabilities (4) |
975.127 |
969.341 |
1,347.367 |
|
|
|
|
|
|
TOTAL |
2,823.868 |
2,541.527 |
2,522.967 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1,276.702 |
983.237 |
923.024 |
|
(ii)
Intangible Assets |
3.605 |
4.928 |
3.181 |
|
(iii)
Capital work-in-progress |
0.000 |
13.922 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.056 |
0.056 |
0.056 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1,280.363 |
1,002.143 |
926.261 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
472.661 |
481.038 |
530.931 |
|
(c) Trade
receivables |
542.606 |
620.923 |
817.048 |
|
(d) Cash
and cash equivalents |
250.619 |
215.924 |
22.967 |
|
(e)
Short-term loans and advances |
118.804 |
97.924 |
76.034 |
|
(f) Other
current assets |
158.815 |
123.575 |
149.726 |
|
Total
Current Assets |
1,543.505 |
1,539.384 |
1,596.706 |
|
|
|
|
|
|
TOTAL |
2,823.868 |
2,541.527 |
2,522.967 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income (Gross) |
3195.094 |
3260.088 |
|
|
|
|
|
Other Income |
NA |
NA |
|
|
|
|
|
TOTAL |
NA |
NA |
2487.899 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
NA |
NA |
2337.611 |
||
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|
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||
|
|
PROFIT/(LOSS)
BEFORE TAX |
207.904 |
185.917 |
150.288 |
||
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||
|
Less |
TAX |
70.739 |
58.939 |
66.449 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
137.165 |
126.978 |
83.839 |
||
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
||
|
|
|
FOB Value of Exports |
572.622 |
617.800 |
404.448 |
|
|
|
TOTAL EARNINGS |
572.622 |
617.800 |
404.448 |
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IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
22.568 |
3.535 |
NA |
|
|
|
|
Plant and machinery |
134.282 |
53.803 |
NA |
|
|
|
TOTAL IMPORTS |
156.850 |
57.338 |
NA |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
13.81 |
NA |
NA |
||
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
3480.000 |
The above information has been parted by Mr. U.G. Apte
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA |
NA |
3.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.36 |
7.36 |
5.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.19 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.81 |
0.89 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58 |
1.59 |
1.19 |
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 |
99.320 |
99.320 |
99.320 |
|
Reserves & Surplus |
799.195 |
902.590 |
1018.194 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
898.515 |
1001.910 |
1117.514 |
|
|
|
|
|
|
Long Term borrowings |
162.044 |
440.272 |
578.205 |
|
Short Term borrowings |
483.958 |
450.677 |
325.205 |
|
Total
borrowings |
646.002 |
890.949 |
903.410 |
|
Debt/Equity
ratio |
0.719 |
0.889 |
0.808 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Gross Income |
|
3,260.880 |
3195.094 |
|
|
|
|
(2.017) |
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2012 |
31.03.2013 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Gross Income |
|
3,260.088 |
3,195.094 |
|
Profit |
|
126.978 |
137.165 |
|
|
|
3.89% |
4.29% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
64.712 |
36.378 |
NA |
|
Total |
64.712 |
36.378 |
NA |
|
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 |
Yes |
|
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
four 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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
119.191 |
179.705 |
|
Total |
119.191 |
179.705 |
CORPORATE
INFORMATION:
The company is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956 ("the Act"). The Company is engaged in the business of manufacturing and selling steel open die and close die forgings. It caters to both the domestic and international market. The Company is not a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956, inasmuch as
- its turnover (excluding other income) did exceed Rs.500.000 Millions in the immediately preceding accounting year and in the year, and
- it did have borrowings (including public deposits) in excess of Rs.100.000 Millions at any time during the immediately preceding accounting year and in the year
- Its equity or debt securities are not listed or are not in the process of being listed on any stock exchange.
- It is not a bank, financial institution or an insurance company
- It is not a holding or subsidiary company of a company which is not a SMC
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10387359 |
09/07/2013 * |
1,337,000,000.00 |
SBICAP Trustee Company Limited |
202, Maker Tower,'E', Cuffe Parade, Colaba,, Mumbai, Maharashtra - 400005, India |
B80025117 |
|
2 |
10325441 |
20/06/2012 * |
252,000,000.00 |
Standard Chartered Bank |
6 -3-1090,Raj Bhavan Road, Somajiguda, Hyderabad, Andhra Pradesh - 500082, India |
B44477255 |
|
3 |
10324591 |
08/12/2011 |
2,240,000.00 |
State Bank of India Industrial Finance Branch |
'Tara Chambers'1st Floor,Near Mariaai Policechowky, Pune Mumbai Old Highway, Wakdewadi, Pune, Maharashtra - 411003, India |
B28362416 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.61.11 |
|
UK Pound |
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
50 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.