MIRA INFORM REPORT

 

 

Report No. :

317603

Report Date :

16.04.2015

 

IDENTIFICATION DETAILS

 

Name :

TATA AUTOCOMP SYSTEMS LIMITED

 

 

Formerly Known As :

TATA AUTOCOMP SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

Bombay House, 24, Homi Mody Street, Fort, Mumbai – 400001, Maharashtra

Tel. No.:

91-22-22049131/ 66658282/ 66657352

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.10.1995

 

 

Com. Reg. No.:

11-093733

 

 

Capital Investment / Paid-up Capital :

Rs.2012.814 Million

 

 

CIN No.:

[Company Identification No.]

U34100MH1995PLC093733

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

AAACT1848E

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Designs, Manufacturer and supplier a variety of components, assemblies to automotive original equipment.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (59)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

 

Maximum Credit Limit :

USD 22000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Tata Group, a highly reputed industrial house.

 

It is a well – established and reputed company having fine track record.

 

There seems dip in the sales turnover as well as profit of the company during 2014. However, general financial position of the company seems to be decent.

 

Directors are reported to be experienced and respectable industrialist.

 

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

 

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 – 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

CRISIL

Rating

Long Term Rating AA-

Rating Explanation

Have high degree of safety and carry very low credit risk.

Date

30.07.2014

 

 

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

 

MANAGEMENT NON- CO-OPERATIVE (91-20-66658282)

 

 

 

LOCATIONS

 

Registered Office :

Bombay House, 24, Homi Mody Street, Fort, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-22049131/ 66658282/ 66657352

Fax No.:

91-22-22845523/ 66658160

E-Mail :

taco@tacogroup.com

carees.dewanji@tacogroup.com

shvetal.dewanji@tacogroup.com

Website :

http://www.tacogroup.com  

Area:

3000 sq. ft.

Location :

Owned

 

 

Corporate Office :

Taco House, Damle Path, Off Law College Road, Pune – 411004, Maharashtra, India

Tel. No.:

91-20-66085000

Fax No.:

91-20-20-66085034/66085102

E-Mail :

taco@tacogroup.com

 

 

Corporate Office 2:

Taco  Technical Centre, Rajiv Gandhi IT Park, Hinjewadi, Phase 2, S No 280 and 281, Pune – 411057, Maharashtra, India

 

 

Factory 1 :

Muttha Chambers, 3rd Floor, Senapati Bapat Road, Pune – 411016, Maharashtra, India

Tel. No.:

91-20-25672782/ 25660691

Fax No.:

91-20-25660699

 

 

Factory 2 :

Plot 28, Bidadi Industrial Area, Ramnagar, Bangalore – 562109, Karnataka, India

 

 

Overseas Office :

35488 Crescent Court, Farmington Hills, MI 48335, United States of America

Tel. No.:

1-248-4744607

Fax No.:

1-248-4744668

 

 

Branches :

Located at:-

 

  • Lucknow, Uttar Pradesh
  • Vadodara, Gujarat
  • Mumbai, Maharashtra
  • Pune, Maharashtra
  • Jamshedpur
  • Bangalore, Karnataka
  • Chennai, Tamilnadu

 

 

DIRECTORS

 

As on 12.09.2014

 

Name :

Mr. Ramabadran Gopalkrishnan

Designation :

Director

Address :

Baug – E, Abbas Flat No. 101, Captain Prakash Peth Marg, 21/A, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

25.12.1945

Date of Appointment :

27.06.2001

DIN No.:

00027858

 

 

Name :

Mr. Kishor Anant Chaukar

Designation :

Director

Address :

Anant, B43, Abhimansh Ree Co –operative HSG Society, Off Pashan Road, Pune – 411016, Maharashtra, India

Date of Birth/Age :

01.08.1947

Date of Appointment :

30.03.1999

DIN No.:

00033830

 

 

Name :

Mr. Rajendra Ramdas Bhinge

Designation :

Director

Address :

Flat No.3051, Tower 2 Planet Godrej, Keshav Rao Khadye Road, Mahalaxmi Road, Mumbai – 400011, Maharashtra, India

Date of Birth/Age :

29.05.1952

Date of Appointment :

30.07.2004

DIN No.:

00036557

 

 

Name :

Mr. Satish Bhaskar Pradhan

Designation :

Director

Address :

191/194, Clover Water Gardens, Plot No. 69, Kalyan Nagar, Pune – 411014, Maharashtra, India 

Date of Birth/Age :

04.01.1955

Date of Appointment :

03.05.2002

DIN No.:

00175969

 

 

Name :

Mr. Praveen Purushottam Kadle

Designation :

Director

Address :

224, NCPA, Apartments, Nariman Point, Mumbai- 400021, Maharashtra, India.

Date of Birth/Age :

21.01.1957

Date of Appointment :

29.09.2009

DIN No.:

00016814

 

 

Name :

Mr. Ramesh Amrut Savoor

Designation :

Director

Address :

No.201, Pine View, 9 Edward Road, Bangalore – 560052, Karnataka, India

Date of Birth/Age :

24.04.1944

Date of Appointment :

09.12.2010

DIN No.:

00149089

 

 

Name :

Mr. Hari Lakshminarayan Mundra

Designation :

Director

Address :

A-61, Twin Towers, Off Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

26.10.1949

Date of Appointment :

09.12.2010

DIN No.:

00287029

 

 

Name :

Mr. Ram Nath Mukhija

Designation :

Director

Address :

301 CTS No. 275, Ciraj Building, NS Road 10, JVPD Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

05.02.1944

Date of Appointment :

09.12.2010

DIN No.:

00001653

 

 

Name :

Mr. Ajay Hari Tandon

Designation :

Chairman cum – Managing Director

Address :

S. No.130/132, Roseland 11, Pimple Saudanagar, Raw House 9, Pune – 411027, Maharashtra, India

Date of Birth/Age :

07.01.1959

Date of Appointment :

06.09.2013

DIN No.:

06.09.2013

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 12.09.2014

 

Names of Shareholders

 

No. of Shares

Tata Industries Limited, India

 

69244903

Tata Motors Limited, India

 

52333170

Tata Capital Limited, India

 

48307333

Tata Sons Limited, India

 

28675598

Tata Investment Corporation Limited, India  

 

2720054

Tata Industries Limited, India  Jointly with Mr. R R Shastri

 

150

Tata Industries Limited, India Jointly with Mr. K A Chaukar

 

50

Tata Industries Limited, India Jointly with Mr. N J Driver

 

50

Dilip S. Pendse

 

50

 

 

 

Total

 

201281358

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

99.99

Other top fifty shareholders

0.01

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Designs, Manufacturer and supplier a variety of components, assemblies to automotive original equipment.

 

 

Products :

Products Description

Item Code No.

 

Parts and Accessories of the Motors

Vehicles of heading

8708

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :
  • DBS Bank Limited, Elbee House, Siddharth Path, Off Dhole Patil Road, Pune – 411001, Maharashtra, India

 

  • HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

 

 

  • Corporation Bank, No.14, Mumbai-Pune Road, Wakdewadi, Pune – 411003, Maharashtra, India

 

  • ICICI Bank Limited HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

 

 

  • State Bank of India, Industrial Finance Branch, 2nd Floor, Tara Chambers, Pune-Mumbai Highway, Near Mariaai Mandir, Wakdewadi, Pune - 411003, Maharashtra, India

 

 

Facilities :

(Rs. In Million)

Secured Loan

As on

31.03.2014

As on

31.03.2013

Long-term borrowings

 

 

Non-convertible debentures others

First pari-passu charge on the moveable and immoveable assets (including land and building) of a Division of the Company.)

350.000

350.000

Short-term borrowings

 

 

Loans repayable on demand from banks

123.048

0.000

Total

473.048

350.000

 

 

 

Financial Institution:

IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai- 400001, Maharashtra, India

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountant

Address :

Muttha Towers, 5th Floor, Suite No.8, Off Airport Road, Yerwada, Pune  411006, Maharashtra, India

PAN No.:

AAEFP3641G

 

 

Promoters/ Promoter Group
  • Tata Sons Limited (Ultimate holding company)
  • Tata Industries Limited
  • Tata Motors Limited
  • Tata Capital Limited

 

 

Subsidiaries
  • Tata Toyo Radiator Limited
  • Taco Sasken Automotive Electronics Limited
  • Taco Holdings (Mauritius) Limited
  • Taco Kunststofftechnik GmbH 
  • Taco Grundstuckverwaltungs GmbH
  • Nanjing Tata Auto Comp Systems Limited
  • Automotive Stampings and Assemblies Limited
  • Taco Engineering (UK) Limited, UK
  • TACO Engineering Services, Germany GMBH (From May 15, 2013)
  • Automotive Skills Training Foundation (From August 1, 2013)

 

 

Fellow Subsidiaries
  • Tata AIG General Insurance Company Limited
  • E- Nxt Financials Limited
  • Tata Teleservices Limited (upto March 26, 2013)
  • Tata Teleservices (Maharahstra) Limited (upto March 26, 2013)
  • Tata Consultancy Services Limited Infiniti Retail Limited
  • Computational Research Laboratories Limited
  • Tata Investment Corporation Limited
  • Tata Sky Limited
  • TCS e-Serve Limited

 

 

Joint Venture:
  • Tata Johnson Controls Automotive Limited (Upto March 25, 2013)
  • Tata Ficosa Automotive Systems Limited
  • Tata Yazaki Autocomp Limited (Upto January 11, 2013)
  • Tata Autocomp GY Batteries Limited
  • Taco Hendrickson Suspensions Private Limited

 

 

CAPITAL STRUCTURE

 

As on 12.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

410000000

Equity Shares

Rs.10/- each

Rs.4100.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

201281358

Equity Shares

Rs.10/- each

Rs.2012.814 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

2012.814

2012.814

2547.814

(b) Reserves & Surplus

5727.419

5847.156

483.075

(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)

7740.233

7859.970

3030.889

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1350.000

1350.000

1762.764

(b) Deferred tax liabilities (Net)

7.079

0.000

0.000

(c) Other long term liabilities

0.000

0.000

8.032

(d) long-term provisions

429.124

440.291

49.389

Total Non-current Liabilities (3)

1786.203

1790.291

1820.185

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

123.048

187.463

968.931

(b) Trade payables

1173.171

1225.008

1599.924

(c) Other current liabilities

788.370

476.826

979.416

(d) Short-term provisions

495.524

494.231

296.489

Total Current Liabilities (4)

2580.113

2383.528

3844.760

 

 

 

 

TOTAL

12106.549

12033.789

8695.834

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2153.191

2351.232

2086.552

(ii) Intangible Assets

65.559

106.135

146.028

(iii) Capital work-in-progress

41.110

29.849

56.561

(iv) Intangible assets under development

0.000

0.000

5.317

(b) Non-current Investments

2263.490

2255.375

3385.255

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1364.306

579.281

381.871

(e) Other Non-current assets

2.578

3.358

0.000

Total Non-Current Assets

5890.234

5325.230

6061.584

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

3806.931

4530.696

302.301

(b) Inventories

632.214

617.151

519.610

(c) Trade receivables

818.971

714.794

1128.856

(d) Cash and cash equivalents

467.227

222.814

73.522

(e) Short-term loans and advances

435.121

568.446

487.087

(f) Other current assets

55.851

54.658

122.874

Total Current Assets

6216.315

6708.559

2634.250

 

 

 

 

TOTAL

12106.549

12033.789

8695.834

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

7378.155

9718.729

9136.162

 

 

Other Income

528.394

275.326

800.770

 

 

TOTAL                                     (A)

7906.549

9994.055

9936.932

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost Material Consumed

3546.052

4968.650

5334.260

 

 

Purchases of Stock In Trade

948.160

933.840

940.605

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(21.844)

67.502

(38.527)

 

 

Employee benefit expense

1039.504

1105.761

832.143

 

 

Exceptional Items

0.000

(6646.930)

0.000

 

 

Other expenses

1373.803

1524.362

1242.486

 

 

TOTAL                                     (B)

6885.675

1953.185

8310.967

 

 

 

 

 

Less

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

1020.874

8040.870

1625.965

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

168.126

302.698

395.854

 

 

 

 

 

 

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

852.748

7738.172

1230.111

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

351.198

405.971

355.068

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

501.550

7332.201

875.043

 

 

 

 

 

Less

TAX                                                                  (H)

152.389

1291.166

2.636

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

349.161

6041.035

872.407

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.73

29.90

4.11

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

4.73

62.16

9.55

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

13.84

82.74

17.80

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.12

75.21

16.67

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.06

0.93

0.29

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.19

0.20

0.90

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.41

2.81

0.69

 

 

 

 

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

2547.814

2012.814

2012.814

Reserves & Surplus

483.075

5847.156

5727.419

Net worth

3030.889

7859.970

7740.233

 

 

 

 

long-term borrowings

1762.764

1350.000

1350.000

Short term borrowings

968.931

187.463

123.048

Total borrowings

2731.695

1537.463

1473.048

Debt/Equity ratio

0.901

0.196

0.190

 

 

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)

Revenue from operations

9136.162

9718.729

7378.155

 

 

6.376

(24.083)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from operations

9136.162

9718.729

7378.155

Profit

872.407

6041.035

349.161

 

9.55%

62.16%

4.73%

 

 

 

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

Yes

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

No

10]

Designation of contact person

No

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

----------------------

23]

Banking Details

No

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 LOAN

Rs. In Million

Particular

As on

31.03.2014

As on

31.03.2013

Long-term borrowings

 

 

Non-convertible debentures others

1000.000

1000.000

Short-term borrowings

 

 

Loans repayable on demand from banks

0.000

187.463

Total

1000.000

1187.463

 

 

 

 

 

INDEX OF CHARGES

 

S.

No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10435151

07/06/2013

300,000,000.00

ICICI BANK LIMITED

"A" WING, SHANGRILA GARDEN, 3RD FLOOR, BUND GARDEN ROAD, PUNE, MAHARASHTRA - 411001, INDIA

B78891397

2

10167377

19/11/2009 *

550,000,000.00

CORPORATION BANK

INDUSTRIAL FINANCE BRANCH, 14, WAKDEWADI, MUMBAI  PUNE ROAD, PUNE, MAHARASHTRA - 411003, INDIA

A73281412

3

10155945

13/05/2009

350,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI- 400001, MAHARASHTRA -400001, INDIA

A61769683

4

10035083

02/08/2013 *

2,580,000,000.00

STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH

TARA CHAMBERS, 2ND FLOOR, PUNE-MUMBAI HIGHWAY, NEAR MARI AAI POLICE STATION,WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA

B83254771

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Freehold Land
  • Buildings
  • Plant Equipment
  • Furniture and Fixture
  • Office Equipment
  • Plant and Machinery
  • Vehicles
  • Leasehold improvements
  • Computer software

 

 

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.62.40

UK Pound

1

Rs.92.15

Euro

1

Rs.66.48

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

RSM

 

 

Report Prepared by :

MTN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--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

 

54

 

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.