MIRA INFORM REPORT
|
Report No. : |
334565.2 |
|
Report Date : |
20.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
FUKOKU INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.G-4/1, Chakan Industrial Area, Phase-III, Chakan, Taluka Khed,
Pune – 410 501, Maharashtra |
|
Tel. No.: |
91-20-30429259 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2014 |
|
|
|
|
Date of
Incorporation : |
14.10.2010 |
|
|
|
|
Com. Reg. No.: |
11-137535 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.355.000 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25190PN2010FTC137535 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEF01366B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF6113D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacture of brake parts,
damper pulley, CVJ boots and other rubber products for supply to automotive companies
and sale of services in the nature of commission income. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 507000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a subsidiary of “Fukoku Company Limited”, Japan. It is an
established company having moderate track record. The company possesses moderate operational performance and it has
incurred huge losses from its operational activities. Rating further constrained on account of company’s moderate financial
risk profile marked by negative reserves and leverage balance sheet profile
of the company. However, trade relations are reported as fair. Payments are reported
to be slow but correct. In view of leverage balance sheet profile, the company can be
considered for business dealing with some caution. |
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 – 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 DECLINED BY
|
Name : |
Mr.
Amol Ballal |
|
Designation : |
Senior
Manager – Finance |
|
Contact No.: |
91-2135-678640 |
|
Date : |
20.08.2015 |
LOCATIONS
|
Registered Office : |
Plot No.G-4/1, Chakan Industrial Area, Phase-III, Chakan, Taluka Khed,
Pune – 410 501, Maharashtra, India |
|
Tel. No.: |
91-20-30429259 91-2135-678640 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 03.06.2014
|
Name : |
Mr. Kenji Chousei Watanabe |
||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||
|
Address : |
2-6-3, Komagata, Gyouda-Shi, Saitama, 3610055, Japan |
||||||||||||||||||
|
Date of Birth/Age : |
11.11.1957 |
||||||||||||||||||
|
Date of Appointment : |
14.11.2013 |
||||||||||||||||||
|
DIN No. : |
06702030 |
||||||||||||||||||
|
PAN No.: |
ADBPW7681H |
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|
|
|
||||||||||||||||||
|
Name : |
Mr. Prashant Balasaheb Joshi |
||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||
|
Address : |
Flat No.8, Building-F, S. No.138, Shriramnagar, Aundh, Pune – 411 007, Maharashtra, India |
||||||||||||||||||
|
Date of Birth/Age : |
19.11.1959 |
||||||||||||||||||
|
Date of Appointment : |
05.06.2015 |
||||||||||||||||||
|
DIN No. : |
03119518 |
||||||||||||||||||
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PAN No.: |
AAVPJ0934F |
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Other Directorship :
|
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|
||||||||||||||||||
|
Name : |
Shoji Toshiro Machida |
||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||
|
Address : |
90, Oazagoudo, Hanyu Shi, Saitama Ken, 3480000, Japan |
||||||||||||||||||
|
Date of Birth/Age : |
05.11.1953 |
||||||||||||||||||
|
Date of Appointment : |
14.10.2010 |
||||||||||||||||||
|
DIN No. : |
03169233 |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Name : |
Mr. Atsushi Hiroshi Suzuki |
||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||
|
Address : |
Hills Chuo B-201, 3-33-1, Chuo Kitamoto-Shi, Saitama, Japan, 3640031 |
||||||||||||||||||
|
Date of Birth/Age : |
31.05.1973 |
||||||||||||||||||
|
Date of Appointment : |
12.12.2011 |
||||||||||||||||||
|
DIN No. : |
03617668 |
||||||||||||||||||
|
PAN No.: |
DQTPS5383A |
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|
|
||||||||||||||||||
|
Name : |
Tokushi Takanori Tsujimoto |
||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||
|
Address : |
Kano 17-3, Okegawa, Saitama, 3630001, Japan |
||||||||||||||||||
|
Date of Birth/Age : |
11.07.1967 |
||||||||||||||||||
|
Date of Appointment : |
01.02.2013 |
||||||||||||||||||
|
DIN No. : |
06485535 |
||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr.
Vivek Dnyaneshwar Patil |
|
Designation : |
Secretary |
|
Address : |
131/2A,
Rajyog Society, Near Ganesh Mandir, Warje, Pune – 411 058, Maharashtra, India |
|
Date of Appointment : |
02.12.2014 |
|
PAN No.: |
CNLPP9802M |
|
|
|
|
Name : |
Mr.
Amol Ballal |
|
Designation : |
Senior
Manager – Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 03.06.2014
|
Names of Shareholders |
No. of Shares |
|
Fukoku Company Limited, Japan |
3549999 |
|
Saim Fukoku Company Limited, Thailand |
1 |
|
Total |
3550000 |
AS ON 03.06.2014
|
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 |
%2020-Aug-2015_files/image014.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of brake parts,
damper pulley, CVJ boots and other rubber products for supply to automotive companies
and sale of services in the nature of commission income. |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management. |
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|
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|
Bankers : |
·
State Bank of India ·
The Bank of Tokyo-Mitsubishi UFJ Limited |
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Auditors : |
|
|
Name : |
S R B C and Co LLP Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchashil Tech
Park, Yerwada (Near Don Bosco School) Pune – 411 006, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9117R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Fukoku Company
Limited Address: 3-105,
Sugaya, Ageo, Saitama, 330-6024, Japan |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 03.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3550000 |
Equity Shares |
Rs.100/- each |
Rs.355.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3550000 |
Equity Shares |
Rs.100/- each |
Rs.355.000 million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
355.000 |
355.000 |
355.000 |
|
(b) Reserves &
Surplus |
(177.578) |
(125.564) |
(42.181) |
|
(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) |
177.422 |
229.436 |
312.819 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
282.536 |
187.200 |
121.638 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term provisions |
0.856 |
0.626 |
0.400 |
|
Total Non-current
Liabilities (3) |
283.392 |
187.826 |
122.038 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
74.362 |
28.543 |
6.852 |
|
(c) Other current
liabilities |
40.395 |
18.782 |
11.187 |
|
(d) Short-term provisions |
0.623 |
0.907 |
0.437 |
|
Total Current Liabilities
(4) |
115.380 |
48.232 |
18.476 |
|
|
|
|
|
|
TOTAL |
576.194 |
465.494 |
453.333 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
325.522 |
334.814 |
270.635 |
|
(ii) Intangible Assets |
0.410 |
0.424 |
0.369 |
|
(iii) Capital
work-in-progress |
6.722 |
8.970 |
32.427 |
|
(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 |
36.244 |
33.739 |
38.375 |
|
(e) Other Non-current
assets |
0.480 |
0.737 |
1.326 |
|
Total Non-Current Assets |
369.378 |
378.684 |
343.132 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
53.719 |
26.133 |
3.560 |
|
(c) Trade receivables |
35.874 |
12.143 |
0.925 |
|
(d) Cash and cash
equivalents |
110.203 |
44.890 |
102.429 |
|
(e) Short-term loans and
advances |
4.319 |
3.025 |
0.762 |
|
(f) Other current assets |
2.701 |
0.619 |
2.525 |
|
Total Current Assets |
206.816 |
86.810 |
110.201 |
|
|
|
|
|
|
TOTAL |
576.194 |
465.494 |
453.333 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
43.265 |
18.222 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
199.357 |
43.265 |
18.222 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
198.271 |
126.708 |
64.234 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1.086 |
(83.443) |
(46.012) |
|
|
|
|
|
|
|
|
|
|
TAX |
53.100 |
(0.060) |
(0.807) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(52.014) |
(83.383) |
(45.052) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
17.175 |
2.037 |
0.000 |
|
|
|
Commission income |
19.405 |
12.628 |
10.936 |
|
|
TOTAL EARNINGS |
36.580 |
14.665 |
10.936 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Tangible and intangible
assets |
15.383 |
5.256 |
2.020 |
|
|
|
Tools and moulds/ Stores and spare parts |
9.061 |
15.712 |
0.295 |
|
|
|
Raw material and components |
56.500 |
24.662 |
33.939 |
|
|
TOTAL IMPORTS |
80.944 |
45.630 |
36.254 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(14.65) |
(23.49) |
(12.69) |
|
%2020-Aug-2015_files/image003.gif){kind=small}
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current
maturities of long-term debt |
17.559 |
0.000 |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net
cash flows from (used in) operations |
12.482 |
(44.359) |
(46.012) |
|
Net cash flows from (used in) operating
activities |
10.924 |
(47.790) |
(46.012) |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT/Total Income) |
(%) |
(26.09) |
(192.73) |
(247.24) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.19 |
(18.28) |
(10.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
(0.36) |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.59 |
0.82 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79 |
1.80 |
5.96 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Share Capital |
355.000 |
355.000 |
355.000 |
|
Reserves & Surplus |
(42.181) |
(125.564) |
(177.578) |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
312.819 |
229.436 |
177.422 |
|
|
|
|
|
|
Long-term borrowings |
121.638 |
187.200 |
282.536 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
121.638 |
187.200 |
282.536 |
|
Debt/Equity ratio |
0.389 |
0.816 |
1.592 |
%2020-Aug-2015_files/image016.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Total Income |
18.222 |
43.265 |
199.357 |
|
|
|
137.433 |
360.781 |
%2020-Aug-2015_files/image018.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Total Income |
18.222 |
43.265 |
199.357 |
|
Profit |
(45.052) |
(83.383) |
(52.014) |
|
|
(247.24%) |
(192.73%) |
(26.09%) |
%2020-Aug-2015_files/image020.gif)
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 |
Yes |
|
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) |
No |
|
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 |
No |
|
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 about two years
and nine months |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last about two years and
nine months |
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note:
The registered office of the company has been shifted from Office No.301, 3rd
Floor, Krsna Chambers, 11, Galaxy Garden, North Main Road, Koregaon Park, Pune
– 411 001, Maharashtra to the present address w.e.f. 16.07.2012.
CORPORATE
INFORMATION:
The Company is a private limited company domiciled in India and incorporated
on 14th October, 2010 as a 100% subsidiary of Fukoku Company
Limited, Japan, under the provisions of the Companies Act, 1956. The Company
has its manufacturing facilities in Chakan, Pune to manufacture pulleys and
rubber products for supply to automotive companies. Further, the Company also
earns commission income from its holding company and fellow subsidiary on sale
of wiper blades and brake seals and other products in India as determined
between the respective parties.
OPERATING REVIEW:
The Company has started commercial transactions with Mando this year.
The Directors were satisfying all the requirement of the Client, in 12-13 and last
year the Directors have developed and designed the product as per the
requirement of the Mando and got the approval of the samples from Mando to
start commercial transactions from last year. The Directors are hopeful that
the Company will get expected business from Mando.
The Company has also started commercial transactions with Honda and got
good business from the client in the last year. This year the Directors are
hopeful that the Company will get good business from Honda.
About MSIL, the Company is doing good business with MSIL and hopeful
that the business of the MSIL will increase in the upcoming years.
The Company will do more business in the upcoming years and will have
more clientele in India gradually in the upcoming years.
UNSECURED LOAN
|
Particulars |
31.12.2014 (Rs. in Million) |
31.12.2013 (Rs. in Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Other
external commercial borrowings (External
commercial borrowings (ECB) represents foreign currency loans of USD
2,200,000 taken on 2nd July 2012, USD 800,000 taken on 1st
August 2013 USD 1,000,000 taken on 27th March 2014 and USD 700,000
taken on 23rd May 2014 from its holding company. Interest is
calculated at 6 months Libor plus 75 basis points. The loans are repayable on
or after 30 November 2015, 31st January 2017, 29th
September 2017 and 30th September 2021 respectively in full or in
eight, eight, ten and four bi-annual installments commencing from the
mentioned respective dates. The holding company also has the right to recall
the respective ECB on or after 31st May 2016, 31st July
2017, 29th September 2017 and 30th September 2021
respectively.) |
282.536 |
187.200 |
|
Total |
282.536 |
187.200 |
INDEX
OF CHARGES:
No Charges Exist for Company.
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2014 (Rs. in Million) |
31.12.2013 (Rs. in Million) |
|
Customs duty on advance licence |
0.371 |
0.000 |
The management has obtained advance license for duty free impact of goods
against an obligation to export in future. The Management believes that
sufficient exports would be made by the Company in due course.
FIXED ASSETS:
Tangible Assets
·
Factory Building
·
Plant and Machinery
·
Furniture and Fittings
·
Computers
·
Office Equipment
·
Vehicle
·
Moulds
·
Electrical Installations
·
Leasehold Land
Intangible Assets
·
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 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.65.25 |
|
UK Pound |
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.72.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.