MIRA
INFORM REPORT
|
Report Date : |
18.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
INERGY AUTOMOTIVE SYSTEMS INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No.S-16, 17 and 18, SIPCOT Industrial Complex, Phase–III, Mukundarayapyram
Village and Post Ranipet, Walaj Pet, Taluka Vellore – 632 405, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.04.2007 |
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Com. Reg. No.: |
18-072066 |
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Capital
Investment / Paid-up Capital : |
Rs.344.200
Millions |
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|
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CIN No.: [Company Identification
No.] |
U25209TN2007PTC072066 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEI06215G |
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PAN No.: [Permanent Account No.] |
AABCI6747A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Importers of Plastic Fuel Systems and Gas Storage and
Distribution Systems Aimed at Delivering Energy to the Engine or De-Polluting
Engine Exhaust Gases. |
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|
|
|
No. of Employees
: |
65 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 470000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and continuous accumulated losses incurred by the company over a
year. However, trade relations are fair. Business is active. Payment terms
are reported to be slow. The company can be considered for business dealing with some caution. NOTE: The management has changed its financial year filing from December to
march. Available financial record of 2014 is of 15 months. |
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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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 PARTED BY
|
Name : |
Mr. Jaya Prakash Babu Kodimi |
|
Designation : |
Director |
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Contact No.: |
91-9655244390 |
|
Date : |
15.09.2014 |
LOCATIONS
|
Registered Office : |
Plot No.S-16, 17 and 18, SIPCOT Industrial Complex, Phase–III, Mukundarayapyram
Village and Post Ranipet, Walaj Pet, Taluka Vellore – 632 405, Tamilnadu,
India |
|
Tel. No.: |
91-4172-241024 / 660106 / 105 / 102 / 103 |
|
Mobile : |
91-9655244390 (Mr. Jaya Prakash Babu Kodimi) |
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Fax No.: |
91-4172-241044 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 28.06.2013
|
Name : |
Mr. Pierre Raymond Emile Lecocq |
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Designation : |
Managing Director |
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Address : |
2, Square Mignot, Paris – 75116, France |
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Date of Birth/Age : |
23.08.1949 |
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Date of Appointment : |
17.02.2009 |
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Date of Cessation |
01.07.2013 |
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DIN No.: |
01483128 |
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Other Directorship :
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Name : |
Mr. Odile Claude Descamps |
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Designation : |
Director |
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Address : |
5th Floor, 52 RUE Liancourt, Paris – 75014, France |
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Date of Birth/Age : |
06.04.1959 |
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Date of Appointment : |
30.06.2009 |
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DIN No.: |
02584707 |
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Name : |
Mr. Jaya Prakash Babu Kodimi |
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Designation : |
Additional Director |
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Address : |
Door No.20-2-496-5B, Maruhti Nagar, Korlagunta Tirupati, Chittoor
District – 517 501, Andhra Pradesh, India |
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Date of Birth/Age : |
01.08.1973 |
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Date of Appointment : |
29.06.2011 |
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DIN No.: |
03420123 |
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Name : |
Stephane Alain Noel |
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Designation : |
Managing director |
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Address : |
Central Park, 14-2702, 6 Chaoyang Menwai Dajie, Chaoyang |
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Date of Birth/Age : |
27.09.1970 |
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Date of Appointment : |
17.07.2013 |
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DIN No. : |
06416710 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.07.2014
|
Names of Shareholders |
|
No. of Shares |
|
Inergy Automotive Systems S.A., France |
|
68240000 |
|
Inergy Automotive Systems Spain S.A., Spain |
|
10000 |
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|
|
|
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TOTAL
|
|
68250000 |
AS ON 31.07.2014
|
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 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Fuel Systems and Gas Storage and Distribution
Systems Aimed at Delivering Energy to the Engine or De-Polluting Engine
Exhaust Gases. |
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|
|
Imports : |
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Products : |
Raw Material |
|
Countries : |
·
Japan ·
Korea |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.12.2011]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Gasoline / Diesel Part |
Numbers |
NA |
237980 |
69181 |
|
|
|
|
|
|
NOTES:
(i) The Installed Capacity has been certified by the Company’s management on triple shift basis and relied upon by the Auditors, this being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
65 (Approximately) |
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Bankers : |
India Banks |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
Address : |
No.102, 2nd Floor, Gangadhara Chetty Road, Bangalore – 560
042, Karnataka, India |
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Tel. No.: |
91-80-25549666/ 25514977/ 41133305 |
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Fax No.: |
91-80-25549666/ 25514977/ 41133305 |
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PAN No: |
AAAFK7554R |
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Holding Company : |
Inergy Automotive Systems SA |
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Fellow Subsidiary : |
·
Inergy Automotive Systems KK (Japan) ·
Inergy Automotive Systems – Belgium ·
Inergy Automotive Systems – Thailand ·
Inergy Automotive Systems – Korea ·
Inergy Automotive Systems – China ·
Inergy Automotive Systems - Brasil ·
Inergy Automotive Systems (USA)LLC ·
Inergy Automotive Manufacturing Systems India
Private Limited – India · Inergy automotive Systems Slovakia |
CAPITAL STRUCTURE
AFTER 31.07.2014
Authorised Capital : Rs. 900.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.852.500 Millions
AS ON 31.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 900.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,825,000 |
Equity Shares |
Rs.10/- each
|
Rs.68.250
Millions |
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,82,50,000 |
Equity Shares |
Rs.10/- each |
Rs. 682.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,44,20,000 |
Equity Shares |
Rs.10/- each
|
Rs.344.200
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
344.200 |
344.200 |
206.500 |
|
(b) Reserves & Surplus |
(227.348) |
(157.283) |
(129.056) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
137.700 |
|
Total Shareholders’ Funds (1) + (2) |
116.852 |
186.917 |
215.144 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
578.049 |
362.800 |
240.495 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
178.029 |
122.249 |
120.244 |
|
(d) long-term provisions |
1.800 |
1.517 |
0.928 |
|
Total Non-current Liabilities (3) |
757.878 |
486.566 |
361.667 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
11.769 |
88.212 |
39.103 |
|
(c) Other current
liabilities |
247.159 |
86.087 |
30.428 |
|
(d) Short-term provisions |
1.933 |
1.264 |
0.533 |
|
Total Current Liabilities (4) |
260.861 |
175.563 |
70.064 |
|
|
|
|
|
|
TOTAL |
1135.591 |
849.046 |
646.875 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
462.046 |
474.416 |
372.264 |
|
(ii) Intangible Assets |
2.003 |
2.293 |
0.030 |
|
(iii) Capital
work-in-progress |
448.679 |
101.112 |
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 |
35.096 |
35.117 |
57.079 |
|
(e) Other Non-current assets |
0.126 |
0.000 |
0.000 |
|
Total Non-Current Assets |
947.950 |
612.938 |
429.373 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
21.799 |
20.933 |
29.331 |
|
(c) Trade receivables |
39.496 |
24.433 |
43.407 |
|
(d) Cash and cash
equivalents |
2.949 |
107.719 |
108.437 |
|
(e) Short-term loans
and advances |
74.726 |
83.023 |
36.327 |
|
(f) Other current
assets |
48.671 |
0.000 |
0.000 |
|
Total Current Assets |
187.641 |
236.108 |
217.502 |
|
|
|
|
|
|
TOTAL |
1135.591 |
849.046 |
646.875 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
|
427.165 |
327.683 |
|
|
|
Other Income |
|
27.667 |
6.044 |
|
|
|
TOTAL |
|
454.832 |
333.727 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
405.945 |
352.284 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
48.887 |
(18.557) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
90.095 |
26.464 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(41.208) |
(45.021) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
28.856 |
23.718 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
(70.064) |
(68.739) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE EXTRAORDINARY ITEMS |
|
(70.064) |
(68.739) |
|
|
|
|
|
|
|
|
|
Less |
EXTRAORDINARY ITEMS |
|
0.000 |
(40.512) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
(70.064) |
(28.227) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(157.283) |
(129.055) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(227.347) |
(157.282) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
Nil |
0.092 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
67.162 |
131.493 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(2.04) |
(0.82) |
|
|
|
PARTICULARS |
|
|
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
|
|
251.538 |
|
|
|
Other Income |
|
|
5.817 |
|
|
|
TOTAL |
|
|
257.355 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
349.621
(Including Depreciation and Financial Expenses) |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
|
(92.266) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
6.113 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
|
(98.379) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
(27.334) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
(86.153) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
(4.76) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 |
|
PAT / Total Income |
(%) |
(15.40) |
(8.46) |
(38.23) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(16.40) |
(20.98) |
(36.68) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.20) |
(9.19) |
(14.26) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.60) |
(0.37) |
(0.43) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.95 |
1.94 |
1.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72 |
1.34 |
1.25 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
206.500 |
344.200 |
344.200 |
|
Reserves & Surplus |
(129.056) |
(157.283) |
(227.348) |
|
Share Application money
pending allotment |
137.700 |
0.000 |
0.000 |
|
Net
worth |
215.144 |
186.917 |
116.852 |
|
|
|
|
|
|
long-term borrowings |
240.495 |
362.800 |
578.049 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
240.495 |
362.800 |
578.049 |
|
Debt/Equity
ratio |
1.118 |
1.941 |
4.947 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
251.538 |
327.683 |
427.165 |
|
|
|
30.272 |
30.359 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
251.538 |
327.683 |
427.165 |
|
Profit/(Loss) After Tax |
(98.379) |
(28.227) |
(70.064) |
|
|
(39.11%) |
(8.61%) |
(16.40%) |
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 |
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 |
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 |
VIEW INDEX OF CHARGES
NO CHARGES EXIST FOR COMPANY
NOTE: The Registered Office of the company has been shifted from Unit 706, A
Wing, Carlton Tower No.1, Airport Road, Bangalore – 560 008, Karnataka, India, to
the preset address w.e.f. 18.06.2009.
UNSECURED LOAN
|
Particulars |
As
on 31.03.2014 [Rs.
in Millions] |
As
on 31.12.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Term Loans From Others |
578.049 |
362.800 |
|
TOTAL
|
578.049 |
362.800 |
|
Note : (A) * External Commercial Borrowing (ECB) from the Holding Company Inergy Automotive Systems SA Paris. The total sanctioned loan amount is Euro 70,00,000 which is fully drawn. The above loan repayable on demand as per the Loan agreement. ECB carries interest @6 months EURIBOR plus 2% p.a. repayable on quarterly basis. The interest accrued and due as of March 31, 2014 is `3,18,37,390 (Euro - 3,85,541.38 ) (PY ` 1,86,29,339) which has not been paid resulting in default in payment of interest - Default in repayment of principal - NIL (PY - NIL) - Default in repayment of interest – Rs. 31.837 Millions. |
||
FINANCIAL RESULTS
During the period and financial year ended 31 st March 2014, there has been an increase in revenue from operations by 30.36 % with an increase in operational expenses by 15.23%. The earnings before exceptional items, extraordinary items, interest, tax, depreciation and amortization (EBITDA) however, grew from (Rs. 24.600 Millions) to Rs. 21.220 Millions. Losses for the year as compared to the financial year ended 31st December 2012 has increased from Rs. 28.227 Millions - to Rs. 70.064 Millions. The Company endeavors to achieve profits and higher growth in the next financial year.
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Buildings
·
Computers
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
Intangible Assets
·
Computers – Software
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.60.95 |
|
|
1 |
Rs.99.32 |
|
Euro |
1 |
Rs.78.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.