MIRA INFORM REPORT
|
Report No. : |
316798 |
|
Report Date : |
14.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
DEFENCE LAND SYSTEMS INDIA LIMITED (w.e.f 24.11.2014) |
|
|
|
|
Formerly known
as : |
DEFENCE LAND SYSTEMS INDIA
PRIVATE LIMITED (w.e.f 30.12.2009) MAHINDRA DEFENCE LAND STSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Mahindra Towers, P. K. Kurne Chowk, Worli, Mumbai – 400018,
Maharashtra |
|
Tel. no. : |
91-22-24905828 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.03.2099 |
|
|
|
|
Com. Reg. No.: |
11-190702 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 850.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29268MH2009PLC190702 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM0058F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Designs and Produces light armoured vehicles, specialty military
vehicle and Mine protected vehicle |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 390000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Mahindra and Mahindra Limited” it is an
established company having satisfactory track. The company possesses an acceptable position and favourable
environment marked by adequate capital base along with moderate capital
structure which may call to pump in more funds into the company. Moreover the rating is stemmed by the strong parentage, its ability
and accessibility to source high quality raw materials for manufacturing high
end defense products backed by goodwill of the company and demonstrated
resourcefulness of the promoters. Management has witnessed a moderate revenue base whereas has reported
consecutive losses from its operations during FY 14. The rating also take into consideration, the modest scale of
operations into the vulnerable defense sector with a fraction of market share
along with a subdued economic overview. Subsequently, in a bid to reform the country’s defense procurement
policies and procedures, the government has already increased the FDI limit
for military production from 26 to 49 percent and there is a clear preference
for equipment manufactured in India in order to entrust a significantly
larger role in defense production which in turn opens up a huge potential to
be explored in the sector. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of government focus on preferring Indian manufacturers through
the move being centered via “Make in India” campaign, coupled with the
managements capability to derive synergies between the subject and other
group companies, 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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. Vilas |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-22-24905828 |
|
Date : |
11.04.2015 |
LOCATIONS
|
Registered Office : |
Mahindra Towers, P. K. Kurne Chowk, Worli, Mumbai – 400018,
Maharashtra, India |
|
Tel. No.: |
91-22-24905828 |
|
Fax No.: |
91-22-24900833 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch : |
49th Milestone, Delhi Mathura Road Village, Prithla, District Palwal –
121102, Haryana, India |
DIRECTORS
As on 17.09.2014
|
Name : |
Mr. Shriprakash Shukla |
|
Designation : |
Director |
|
Address : |
C – Wing, Flar – 2202, Chaitanya Tower, Appasaheb MArathe Marg,
Prabhadevi, Opposite Sidhivinayak Temple, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
10.03.1959 |
|
Date of Appointment : |
11.03.2013 |
|
DIN No.: |
00007418 |
|
|
|
|
Name : |
Mr. V.S. Parthsrally |
|
Designation : |
Director |
|
Address : |
501-502, Mayfair Biss, Lena Cottage Co-operative Housing Society
Limited, 7th Road, Khar (West), Mumbai – 400052, Maharashtra,
India |
|
Date of Birth/Age : |
11.01.1962 |
|
Date of Appointment : |
27.04.2010 |
|
DIN No.: |
00125299 |
|
|
|
|
Name : |
Mr. Anoop MAthur |
|
Designation : |
Director |
|
Address : |
Flat No. 13, Om Ratan , 70/71 Pochkanwala Road Worli, Mumbai – 400025,
Maharashtra, India |
|
Date of Birth/Age : |
22.10.1947 |
|
Date of Appointment : |
26.09.2013 |
|
DIN No.: |
00014372 |
|
|
|
|
Name : |
Mr. Mukul Verma |
|
Designation : |
Director |
|
Address : |
97, Akash Kunj, Apartments, Plot – 14, Sector- 9, rohini, Delhi –
110085, India |
|
Date of Birth/Age : |
29.02.1968 |
|
Date of Appointment : |
26.09.2013 |
|
DIN No.: |
02428217 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Parte |
|
Designation : |
Secretary |
|
Address : |
Building – A-4, Flat no. 404, Kalpak Estate, Antop hills, Mumbai – 400037,
Maharashtra, India |
|
Date of Birth/Age : |
13.06.1970 |
|
Date of Appointment : |
01.04.2013 |
|
PAN No. : |
AAEFPP2153P |
|
|
|
|
Name : |
Mr. Sukhvinder Deep Singh |
|
Designation : |
Manager |
|
Address : |
N – 403, Vivek vihar, Awho Flats, Sctor – 82, Noida – 201301, Uttar
Pradesh, India |
|
Date of Birth/Age : |
06.11.1960 |
|
Date of Appointment : |
11.03.2013 |
|
PAN No. : |
ABHPH4763M |
|
|
|
MAJOR SHAREHOLDERS
As on 17.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and Mahindra Limited, India |
|
74000000 |
|
Mahindra Defense Systems Limited, India |
|
25999994 |
|
Mahindra Defense Systems limited jointly with V.S. Parthasrathy |
|
1 |
|
Mahindra Defense Systems Limited jointly with Zhooben Bhiwandiwala |
|
1 |
|
Mahindra Defense Systems Limited jointly with S.P. Shula |
|
1 |
|
Mahindra Defense Systems Limited jointly with K. Chandrasekar |
|
1 |
|
Mahindra Defense Systems Limited jointly with Rajeev Debey |
|
1 |
|
Mahindra Defense Systems Limited jointly with Naryan Shankar |
|
1 |
|
Total |
|
100000000 |
As on 17.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Designs and Produces light armoured vehicles, specialty military
vehicle and Mine protected vehicle |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30/60/90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30/60/90 Days) |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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||||||||||||||||||||||||
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase - II , Gurgaon-122002, Haryana, India |
|
PAN No.: |
AABFD2095B |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Holding company : |
CIN No. : L65990MH1945PLC004558
CIN No. : U75220MH2012PLC233889 |
|
|
|
|
Associates : |
|
|
|
|
|
Fellow Subsidiary
Company : |
CIN No. : U75144MH2012PTC231267
CIN No. : U74999MH2011PTC212468
CIN No. : U64200MH1994PLC083996
CIN No. : L55101TN1996PLC036595 Mahindra Telephonics Integrated Systems Limited CIN No. : U75302MH2013PLC242268
CIN No. : U31102CT1983PTC002117 |
|
|
|
CAPITAL STRUCTURE
As on 17.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
170,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1700.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000
Million |
|
|
|
|
|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
170,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1700.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,50,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 850.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
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 |
850.000 |
850.000 |
678.000 |
|
(b) Reserves & Surplus |
(711.949) |
(612.106) |
(224.539) |
|
(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) |
138.051 |
237.894 |
453.461 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
202.470 |
200.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
1.068 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
10.705 |
6.187 |
6.740 |
|
Total
Non-current Liabilities (3) |
214.243 |
206.187 |
6.740 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
141.837 |
81.946 |
83.513 |
|
(b) Trade payables |
44.173 |
82.660 |
76.472 |
|
(c) Other current liabilities |
74.714 |
37.838 |
100.561 |
|
(d) Short-term provisions |
2.381 |
1.107 |
2.825 |
|
Total
Current Liabilities (4) |
263.105 |
203.551 |
263.371 |
|
|
|
|
|
|
TOTAL |
615.399 |
647.632 |
723.572 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
405.714 |
434.519 |
445.338 |
|
(ii) Intangible Assets |
28.208 |
18.523 |
34.664 |
|
(iii) Capital work-in-progress |
0.175 |
0.624 |
0.080 |
|
(iv) Intangible assets under
development |
45.916 |
35.884 |
76.330 |
|
(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 |
14.994 |
19.728 |
20.859 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
495.007 |
509.278 |
577.271 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
85.812 |
110.767 |
128.111 |
|
(c) Trade receivables |
17.866 |
1.165 |
3.094 |
|
(d) Cash and cash equivalents |
0.026 |
0.058 |
0.048 |
|
(e) Short-term loans and
advances |
16.676 |
21.860 |
10.723 |
|
(f) Other current assets |
0.012 |
4.504 |
4.325 |
|
Total
Current Assets |
120.392 |
138.354 |
146.301 |
|
|
|
|
|
|
TOTAL |
615.399 |
647.632 |
723.572 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
198.972 |
165.857 |
311.499 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL
|
NA |
NA |
NA |
|
|
|
|||
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
|
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(61.666) |
(345.321) |
(192.912) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
38.178 |
42.246 |
42.013 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(99.844) |
(387.567) |
(234.925) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
2.571 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(99.844) |
(387.567) |
(234.925) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(632.329) |
(244.762) |
(7.266) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(732.173) |
(632.329) |
(244.762) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
0.421 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(1.17) |
(4.56) |
NA |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
220.000 |
|
|
|
|
|
The above information has been parted by Mr. Vilas
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(50.18) |
(233.68) |
(76.24) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.54) |
(63.42) |
(36.30) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.72) |
(1.63) |
(0.52) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.49 |
1.19 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.46 |
0.68 |
0.56 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
678.000 |
850.000 |
850.000 |
|
Reserves & Surplus |
(224.539) |
(612.106) |
(711.949) |
|
Net
worth |
453.461 |
237.894 |
138.051 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
200.000 |
202.470 |
|
Short term borrowings |
83.513 |
81.946 |
141.837 |
|
Total
borrowings |
83.513 |
281.946 |
344.307 |
|
Debt/Equity
ratio |
0.184 |
1.185 |
2.494 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
311.499 |
165.857 |
198.972 |
|
|
|
(46.755) |
19.966 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
311.499 |
165.857 |
198.972 |
|
Profit |
(237.496) |
(387.567) |
(99.844) |
|
|
(76.24%) |
(233.68%) |
(50.18%) |
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
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) |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS
The Company sold/fabricated 69 Vehicles, which include 2 Up-Armoured Rakshak, 33 Up-Armoured Scorpios, 5 Marksman and 29 Rapid Intervention Vehicles. The financial year 2013-14 was very difficult year for the Company due to limited release of the Police Modernization Funds to the State Governments by the Central Government. The major customers of the Company did not receive any funds during the year. This has resulted in lack of orders during the year. Nonetheless, with the assurances of release of Police Modernisation Fund in the financial year 2014-15 and the new business opportunities, the Company expects a growing business ahead
On the product side, Bullet proof Scorpio continues to be the favoured vehicle of VIPs and VVIPs within the security forces of the Country.
The Company also received maiden order for its “Rakshak Plus”, a new up-armoured model based on the Scorpio Platform.
The Company has also received Central Motor Vehicle Rules (CMVR) certification from Vehicle Research and Development Establishment (VRDE), Ahmednagar for Marksman 4x4 and 4x2 vehicles.
The Company enjoys a good share in the Armoured Vehicle segment and has aggressive plans to expand its customer base in the exports market by giving further impetus to innovation and manufacturing world class quality products.
Though the MPVi 6x6 has been in service with Police forces, the Company faced problems with the non availability of good quality base vehicle, its high prices and the spares. To overcome the issues, the Company is in the process of upgrading it to Mahindra Trucks and Buses Ltd drive line. The Company is fairly confident that this, being an upgraded platform, would carve a market share in this niche area.
The Company addressed an important opportunity in the offsets. It has submitted a bid for supply of assemblies, sub assemblies and components for Thales Australia ‘Hawkei’ vehicle. The Company has been shortlisted for supply of wheel assemblies, drive line assemblies, steering systems and Drive shafts. The LoU for selection of the vendors for this opportunity will be received in financial year 2014-15. The delivery of these orders would start from financial year 2015-16.
The Company has also supplied this year the protective gears, power packs and wheel assemblies to Gun Carriage Factory, Jabalpur for production of the indigenous 155mm OFB Gun.
The Company has also submitted bids for supply of Battery Command Post vehicle for the Defence Research and Development Organisation (DRDO) Advanced Towed Artillery Gun System (ATAGS).
The Company is also preparing to bid for Ministry of Defence (MoD) projects of Armoured Light Specialist Vehicle (ALSV) and Light Multi Role Vehicles (LAM) in financial year 2014-15. The proto vehicles for this project are under development.
The FICV project Expression of Interest (EoI) is still awaited. However the MoD has made it clear that the project will be taken up with participation of the Indian Industry.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Working capital loan from banks |
38.160 |
0.000 |
|
|
|
|
|
Total |
38.160 |
0.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10258928 |
25/11/2010 |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B01603752 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Office building
- Plant and equipment
- Vehicle
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.62.36 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.