MIRA INFORM REPORT
|
Report No. : |
307125 |
|
Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
DENSO INDIA LIMITED |
|
|
|
|
Registered
Office : |
B-l/D-4, Ground
Floor, Mohan Co-operative Industrial Estate, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.11.1984 |
|
|
|
|
Com. Reg. No.: |
55-019375 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 279.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52110DL1984PLC019375 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELD04459A/ DELD00891C/ DELD06192E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD4255F |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufactures of automotive electric parts. |
|
|
|
|
No. of Employees
: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. There seems some dip in the turnover during F.Y.2014, the company has
also incurred a loss. However, Business is active. Payments terms are reported to be slow
but correct. The company can be considered for business dealings 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 – 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 (GENERAL DETAILS)
|
Name : |
Mr. Arun Gangwani |
|
Designation : |
Accounts Manage |
|
Contact No.: |
91-9818113372 |
|
Date : |
09.02.2015 |
LOCATIONS
|
Registered Office : |
B-l/D-4, Ground
Floor, Mohan Co-operative Industrial Estate, |
|
Tel. No.: |
91-11-26953994, 26952308 |
|
Fax No.: |
91-11-26953993 |
|
E-Mail : |
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|
Website: |
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|
|
|
|
Factory 1 : |
|
|
Tel. No. : |
91-120-2560140 |
|
Fax No.: |
91-120-2560156 |
|
|
|
|
Factory 2 : |
Plot No. 16,
Industrial Park-II, Salempur, Mehdood, Haridwar – 249 402, |
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|
|
|
Factory 3 : |
Plot No. 248, 3rd Phase, KIADB Industrial Area, Malur,
Kolar District - - 563130, Karnataka |
|
|
|
|
Sales office : |
3rd
Floor. Left Wing Capital Carol of Plame Marg, Munirka, |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Kenichi Shibayama (w.e.f. 29th May, 2014) |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Koji Shiga (Till 29th May, 2014) |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Michio Adachi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kenichi Ayukawa (w.e.f. 21st January, 2014) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sadahiro Usui |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kyoichiro Takashima (w.e.f. 7th August, 2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Taro Nanko (Alternate Director to Mr. Kyoichiro Takashima) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Minoru Ono (Alternate Director to Mr. Sadahiro Usui) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yutaka Fukaya (Alternate Director to Mr. Michio Adachi w.e.f. 29th May, 2014) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nobuyuki Takamura (till 29th May, 2014) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. E. Seto (till 7th August, 2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J.S. Baijal (till 9th November, 2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A.C. Chakrabortti (till 9th November, 2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R.K. Bhatnagar (till 9th November, 2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Keiichi Asai (till 12th December, 2013) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Alok Mathur |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Arun Gangwani |
|
Designation : |
Accounts Manage |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
No of Shareholders |
March 31, 2014 Number of Shares |
% Percentage of Shareholding |
|
Equity shares |
|
|
|
Denso Corporation, Japan, the holding company |
18,813,695 |
67.00 |
|
ASMO Company Limited., Japan, subsidiary of the holding company |
1,393,982 |
5.00 |
|
Sumitomo Corporation, Japan |
2,862,794 |
10.00 |
|
Maruti Suzuki India Limited, India |
2,862,758 |
10.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of automotive electric parts. |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
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Exports : |
Not Divulged |
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Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1200 (Approximately) |
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Bankers : |
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Facilities : |
--- |
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Banking
Relations : |
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|
|
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|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
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|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
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|
Holding Companies: |
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Fellow subsidiaries
: |
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Companies having
Significant Influence : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28,062,000 |
Equity Shares |
Rs.10/- each |
Rs. 281.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27,879,644 |
Equity Shares |
Rs.10/- each |
Rs. 279.000
Millions |
|
|
|
|
|
NOTE:
Reconciliation of the
number of the shares
|
Particulars |
March 31, 2014 (Number of Shares) |
|
Equity shares |
|
|
Balance at the beginning of the year |
27,879,644 |
|
Add: Issued during the year |
-- |
|
Balance at the end of the year |
27,879,644 |
Rights, preferences and restrictions attached to shares
The Company has one class of equity shares having a face value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are entitled to receive remaining assets of the Company after distribution of all preferential amount in proportion to their shareholding.
Shares held by
holding company and subsidiary of holding company.
|
Equity Shares |
As at March 31, 2014 (Rs. in Million) |
|
|
|
|
18,813,695 (Previous year 13,362,091 ) Equity Shares of Rs.10/- each held by Denso Corporation, Japan, the Holding Company |
188.00 |
|
1,393,982 (Previous Year 1,393,982 ) Equity Shares of Rs.10/- each held by ASMO Company Limited., Japan, subsidiary of the Holding Company |
14.000 |
|
Balance at the end of the year |
202.000 |
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company
|
Particulars |
March 31, 2014 Number of Shares |
% Percentage of Shareholding |
|
Equity shares |
|
|
|
Denso Corporation, Japan, the holding company |
18,813,695 |
67.00 |
|
ASMO Company Limited., Japan, subsidiary of the holding company |
1,393,982 |
5.00 |
|
Sumitomo Corporation, Japan |
2,862,794 |
10.00 |
|
Maruti Suzuki India Limited, India |
2,862,758 |
10.00 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
279.000 |
279.000 |
|
(b) Reserves & Surplus |
|
657.000 |
1220.000 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
936.000 |
1499.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
900.000 |
683.000 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
190.000 |
125.000 |
|
Total
Non-current Liabilities (3) |
|
1090.000 |
808.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1150.000 |
1450.000 |
|
(b) Trade payables |
|
1413.000 |
1937.000 |
|
(c) Other current liabilities |
|
1117.000 |
321.000 |
|
(d) Short-term provisions |
|
49.000 |
75.000 |
|
Total
Current Liabilities (4) |
|
3729.000 |
3783.000 |
|
|
|
|
|
|
TOTAL |
|
5755.000 |
6090.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1942.000 |
1698.000 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
49.000 |
173.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
110.000 |
140.000 |
|
(e) Other Non-current assets |
|
0.000 |
33.000 |
|
Total
Non-Current Assets |
|
2101.000 |
2044.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1064.000 |
1856.000 |
|
(c) Trade receivables |
|
1369.000 |
1372.000 |
|
(d) Cash and cash equivalents |
|
867.000 |
265.000 |
|
(e) Short-term loans and
advances |
|
345.000 |
546.000 |
|
(f) Other current assets |
|
9.000 |
7.000 |
|
Total
Current Assets |
|
3654.000 |
4046.000 |
|
|
|
|
|
|
TOTAL |
|
5755.000 |
6090.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
|
11999.000 |
12186.000 |
|
|
Other Income |
|
115.000 |
150.000 |
|
|
TOTAL
(A) |
|
12114.000 |
12336.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
8505.000 |
9219.000 |
|
|
Purchases of Stock-in-Trade |
|
735.000 |
566.000 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
192.000 |
(88.000) |
|
|
Employees benefits expense |
|
1260.000 |
1215.000 |
|
|
Other expenses |
|
1400.000 |
1600.000 |
|
|
Exceptional Items |
|
0.000 |
-827.000 |
|
|
TOTAL
(B) |
|
12092.000 |
11685.000 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
|
22.000 |
651.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
191.000 |
78.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(169.000) |
573.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
|
389.000 |
383.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
|
(558.000) |
190.000 |
|
|
|
|
|
|
|
Less: |
TAX
(I) |
|
0.000 |
62.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
|
(563.000) |
128.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
3.000 |
114.000 |
|
|
TOTAL
EARNINGS |
|
3.000 |
114.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Material |
|
3184.000 |
4193.000 |
|
|
Traded Goods |
|
615.000 |
466.000 |
|
|
Components and Stores parts |
|
30.000 |
22.000 |
|
|
Capital Goods |
|
204.000 |
304.000 |
|
|
TOTAL
IMPORTS |
|
4033.000 |
4985.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
(20.20) |
(16.6) |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
(4.69) |
1.05 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
0.18 |
5.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(9.78) |
3.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.60) |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
2.19 |
1.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.98 |
1.07 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
279.000 |
279.000 |
|
Reserves & Surplus |
1220.000 |
657.000 |
|
Net
worth |
1499.000 |
936.000 |
|
|
|
|
|
long-term borrowings |
683.000 |
900.000 |
|
Short term borrowings |
1450.000 |
1150.000 |
|
Total
borrowings |
2133.000 |
2050.000 |
|
Debt/Equity
ratio |
1.423 |
2.190 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
12186.000 |
11999.000 |
|
|
(1.535) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
12186.000 |
11999.000 |
|
Profit |
128.000 |
(563.000) |
|
|
1.05% |
(4.69%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
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 |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
OPERATIONS:
During the year under report turnover of the Company remained Rs. 13340.000 millions as against Rs. 13583.000 millions in 2012-13. While finance cost increased to Rs. 191.000 millions from Rs. 78.000 millions, the cost of material consumed, employee benefit expenses, administrative and other expenses remained almost at the same level.
The Company suffered a loss of Rs 563.000 millions during 2013-14 as against a loss of Rs. 637.000 millions from operations during 2012-13. However the profit of Rs. 128.000 millions during the year 2012-13 was due to an exceptional item, profit of Rs. 827.000 millions from transfer of Small Motor Business which had contributed towards the profit for the year.
The Indian economy substantially slowed down during last few years and the slowdown has continued during the year under report. The slower growth particularly in agriculture and service sectors had considerable adverse impact on Auto industry. During the year, there was no respite from spiraling oil prices, inflation and high interest rates which continued to severely dampen automotive business sentiments. Depreciation of rupee to the dollar contributed to fuel price rise. Auto industry is in the midst of severe slow down and is struggling with the problem of excess capacity. These factors had adverse impact on operations of the Company.
GENERAL INFORMATION:
Subject was founded in 1984 as a Joint Venture between SRF (India) and Nippon Denso (Japan). The Joint Venture was converted into a subsidiary of Nippon Denso in 1993 and became Nippon Denso India Limited (NDIL). In 1996 the name of NDIL changed to Denso India Limited. The Company is a public limited company and was listed on the Bombay Stock Exchange, Delhi Stock Exchange and the Madras Stock Exchange till 5 November 2013 on which date the Company’s shares were removed from the stock exchange by virtue of delisting. The Company is engaged in the business of manufacturing of automotive components and primarily sells to Original Equipment Manufacturers in India and abroad. The Company has three manufacturing plants at Noida, Haridwar and Bengaluru. The Company also has three warehousing locations at Delhi, Chennai and Noida.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
External commercial borrowings from Denso Corporation, Japan, the holding company |
900.000 |
683.000 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand From banks |
1150.000 |
1444.000 |
|
Other loans (cash credits) From banks |
0.000 |
6.000 |
|
Total |
2050.000 |
2133.000 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
Claims against the
Company not acknowledged as debt; The Company expects
a favourable outcome against all the cases |
|
|
Income tax matters: |
|
|
Relating to disallowance of certain expense and transfer pricing matters for AY 2002-03, 2003-04. During the year, the company has filed the appeal in High Court against the order received from the Income Tax Appellate Tribunal in previous year in which the ITAT had referred the case back to Transfer pricing officer. |
97.000 |
|
Relating to disallowance of certain expense and transfer pricing matters for AY 2004-05 and 2005-06. The case is currently pending with Income Tax Appellate Tribunal. |
93.000 |
|
Relating to disallowance of certain expense for AY 2006-07. Against this, a sum of Rs.37.000 Millions (Previous year Rs.37.000 Millions) has been deposited/ adjusted under protest by income tax authorities which has been grouped under Note 13 Long -Term Loans and Advances - Advance income tax. |
60.000 |
|
Relating to interest on tax payments for AY 2007-08. |
2.000 |
|
Relating to disallowance of certain expense and transfer pricing matters for AY 2009-10. The case is currently pending with the Income Tax Appellate Tribunal. |
47.000 |
|
Excise duty related
matters |
|
|
Related to applicability of excise on certain operations of the Company for the period from 2006-09. Against this, a sum of Rs.5.000 Millions (Previous year Rs.5.000 Millions) has been deposited / adjusted under protest by Excise authorities which has been grouped under Note 13 Long –Term Loans and Advances - Balance with excise authorities. Stay has been granted by CESTAT on this matter. |
218.000 |
|
In respect of allowability of cenvat credit of Excise duty on certain items for the period from 2002-07. The Company has received unconditional stay from Central Excise and Service Tax Appellate Tribunal (CESTAT). |
11.000 |
|
In respect of allowability of cenvat credit of Excise duty on certain items for the period from 2002-11. The Company has received unconditional stay from Central Excise and Service Tax Appellate Tribunal (CESTAT). |
3.000 |
|
Service tax related
matters |
|
|
In respect of allowability of cenvat credit of service tax paid on various input services and demand of service tax in respect of freight outward. |
9.000 |
|
Civil matters |
|
|
In respect of demand raised by Tehsildar, Dadri for reclamation of Tilpatta, Dadri land for Parking.The Hon’ble Allahabad High Court has put order passed by the authority in abeyance. |
70.000 |
|
In respect of demand raised by Tehsildar, Dadri for reclamation of Tilpatta, Dadri land. The Company has obtained a stay order from the Hon’ble Allahabad High Court. |
38.000 |
|
In respect of transfer levy demanded by Uttar Pradesh State Industrial Development Corporation (UPSIDC) for allowing change of name of the Company in their (excluding interest). The Company has obtained a stay order from the Hon’ble Allahabad High Court. |
7.000 |
|
In respect of labour cases (excluding claims where amount is not ascertainable at this stage). |
4.000 |
|
|
|
|
TOTAL |
659.000 |
FIXED ASSETS
Tangible assets
- Leasehold land
- Freehold land
- Building
- Plant and machinery
- Computers
- Furniture and fixtures
- Vehicles
Intangible assets
- Technical Know-how
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.61.96 |
|
|
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.