MIRA INFORM REPORT
|
Report No. : |
336653 |
|
Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
MITSUBISHI ELECTRIC AUTOMOTIVE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 167-170, Sector – 5, IMT Manesar, District. Gurgaon – 122050,
Haryana |
|
Tel. No.: |
91-124-2290123 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
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Date of
Incorporation : |
29.10.1998 |
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|
|
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Com. Reg. No.: |
05-034946 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.190.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300HR1998PTC034946 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
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PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing, Importing and Trading of Automotive Electrical
Components |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 6300000 |
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|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate net worth base and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Umesh Chand |
|
Designation : |
Company secretary |
|
Contact No.: |
91-124-2290123 |
|
Date : |
11.08.2015 |
LOCATIONS
|
Registered Office / factory / warehouse/ Branch : |
Plot No. 167-170, Sector – 5, IMT Manesar, District. Gurgaon – 122050,
Haryana, India |
|
Tel. No.: |
91-124-2290123 |
|
Fax No.: |
91-124-2290127 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 08.07.2014
|
Name : |
Mr. Shingo Tanimoto |
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|
Designation : |
Director |
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|
Address : |
Jasmine Resort Sriracha Hotel and Serviced Apartment, 226/14-15 Moo 2, Tambol Surasak, Amphur Sriracha,, Chonburi, 20110, , Thailand |
||||||||||||||||||
|
Date of Birth/Age : |
25.12.1959 |
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|
Date of Appointment : |
26.06.2015 |
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DIN No.: |
05249925 |
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Other Directorship:
|
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|
||||||||||||||||||
|
Name : |
Mr. Yasuhiro Yoritomi |
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|
Designation : |
Whole Time Director |
||||||||||||||||||
|
Address : |
Flat No. 602, Tower –F1, Uniworld City, Sector 31, Gurgaon – 122001,
Haryana, India |
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|
Date of Birth/Age : |
25.05.1962 |
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|
Qualification : |
MBA |
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Experience : |
29 Years |
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Date of Appointment : |
26.06.2015 |
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DIN No.: |
05311593 |
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Other Directorship:
|
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Name : |
Mr. Susumu Oshibe |
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|
Designation : |
Director |
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Address : |
91, West Coast Drive, Hundred Trees 5-21, Singapore - 128017 |
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Date of Birth/Age : |
25.03.1960 |
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|
Date of Appointment : |
07.07.2014 |
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DIN No.: |
06911887 |
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Other Directorship:
|
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|
Name : |
Mr. Wakaki Miyaji |
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Designation : |
Director |
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|
Address : |
3-17-13, Nishi – Shinzaike Himeji Hyogo, Japan - 6700096 |
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Date of Birth/Age : |
09.05.1962 |
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Date of Appointment : |
07.07.2014 |
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DIN No.: |
06911935 |
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Other Directorship:
|
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|
||||||||||||||||||
|
Name : |
Mr. Hisao Tezuka |
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|
Designation : |
Managing director |
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|
Address : |
Tower-A-1, Flat No. 604, Uniworld City, Sector -31, Gurgaon, 122001, Haryana, India |
||||||||||||||||||
|
Date of Appointment : |
27.06.2015 |
||||||||||||||||||
|
DIN No.: |
07166661 |
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KEY EXECUTIVES
|
Name : |
Mr. Umesh Chand |
|
Designation : |
Company Secretary |
|
Address : |
House No – 473, Gali No. 17, Hans Enclave, Gurgaon – 122001, Haryana,
India |
|
Date of Birth/Age : |
13.04.1982 |
|
Voter ID : |
RFJ0138370 |
|
Date of Appointment : |
21.10.2013 |
|
PAN No.: |
AHNPC4735A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 08.07.2014
|
Names of Shareholders |
No. of Shares |
|
Mitsubishi Electric Corporation |
18999999 |
|
Mitsubishi Electric Corporation Through Mitsubishi Electric Thai Auto
Parts Company Limited |
1 |
|
Total |
19000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 08.07.2014
|
Category |
|
Percentage |
|
|
|
|
|
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 : |
Manufacturing, Importing and Trading of Automotive Electrical
Components |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
|
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Products : |
Automotive Spare Parts |
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Countries : |
|
|
|
|
|
Terms : |
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|
Selling : |
Cheque |
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|
|
|
Purchasing : |
Cheque |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
Not Divulged |
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Bankers : |
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Auditors : |
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|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Building No. 10, 8th Floor, Tower B, DLF Cyber City, Phase
II, Gurgaon – 122002, Haryana, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAIFB0630K |
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|
|
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Holding company: |
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Fellow Subsidiary Company: |
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CAPITAL STRUCTURE
As on: 08.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19000000 |
Equity Shares |
Rs.10/- each |
Rs.190.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19000000 |
Equity Shares |
Rs.10/- each |
Rs.190.000
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 |
190.000 |
190.000 |
190.000 |
|
(b) Reserves & Surplus |
2003.678 |
1654.357 |
1072.840 |
|
(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) |
2193.678 |
1844.357 |
1262.840 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
733.034 |
724.214 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
31.627 |
66.572 |
23.362 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
21.760 |
9.275 |
6.194 |
|
Total Non-current
Liabilities (3) |
786.421 |
800.061 |
29.556 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
993.113 |
1269.141 |
2072.105 |
|
(c) Other current
liabilities |
489.675 |
248.179 |
219.155 |
|
(d) Short-term
provisions |
196.837 |
0.232 |
0.140 |
|
Total Current
Liabilities (4) |
1679.625 |
1517.552 |
2291.400 |
|
|
|
|
|
|
TOTAL |
4659.724 |
4161.970 |
3583.796 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2098.076 |
1697.766 |
472.767 |
|
(ii) Intangible Assets |
4.037 |
2.978 |
2.690 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
410.770 |
|
(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 |
40.366 |
68.431 |
25.932 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2142.479 |
1769.175 |
912.159 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1135.233 |
1108.840 |
1156.033 |
|
(c) Trade receivables |
529.866 |
473.504 |
537.954 |
|
(d) Cash and cash
equivalents |
526.980 |
420.021 |
635.527 |
|
(e) Short-term loans
and advances |
325.166 |
390.430 |
337.098 |
|
(f) Other current
assets |
0.000 |
0.000 |
5.025 |
|
Total Current Assets |
2517.245 |
2392.795 |
2671.637 |
|
|
|
|
|
|
TOTAL |
4659.724 |
4161.970 |
3583.796 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
7024.352 |
7352.263 |
5587.098 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
5805.724 |
6356.657 |
5181.247 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1218.628 |
995.606 |
405.851 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
400.705 |
120.880 |
57.931 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
817.923 |
874.726 |
347.920 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
279.655 |
293.209 |
112.675 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
538.268 |
581.517 |
235.245 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.254 |
0.022 |
NA |
|
|
TOTAL EARNINGS |
0.254 |
0.022 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.33 |
30.61 |
12.38 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
673.229 |
(47.845) |
662.678 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.66 |
7.91 |
4.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.55 |
21.02 |
10.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.47 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.33 |
0.39 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50 |
1.58 |
1.17 |
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 |
190.000 |
190.000 |
190.000 |
|
Reserves & Surplus |
1072.840 |
1654.357 |
2003.678 |
|
Net worth |
1262.840 |
1844.357 |
2193.678 |
|
long-term borrowings |
0.000 |
724.214 |
733.034 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
724.214 |
733.034 |
|
Debt/Equity ratio |
0.000 |
0.393 |
0.334 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5587.098 |
7352.263 |
7024.352 |
|
|
|
31.594 |
(4.460) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5587.098 |
7352.263 |
7024.352 |
|
Profit |
235.245 |
581.517 |
538.268 |
|
|
4.21% |
7.91% |
7.66% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Million) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Term loans from others |
733.034 |
724.214 |
|
Total |
733.034 |
724.214 |
INDEX
OF CHARGES
No Charges Exist for Company
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
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.64.17 |
|
|
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--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 |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.