MIRA INFORM REPORT
|
Report No. : |
308829 |
|
Report Date : |
18.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
DUROVALVES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
F-57-58, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.01.1997 |
|
|
|
|
Com. Reg. No.: |
11-105518 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 43.208 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300MH1997PTC105518 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKD00927D |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in the business of Engine Value – Automobile
Product for Automobile Industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1826000 |
|
|
|
|
Status : |
Good |
|
|
|
|
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 takes into consideration company’s healthy operational risk
profile marked by adequate financial base and healthy profitability margins of
the company. However, 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. |
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: “A+” |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
26.08.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1” |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
26.08.2014 |
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.
LOCATIONS
|
Registered Office/ Factory : |
F-57-58, MIDC Industrial Area, Waluj, Aurangabad – 431136,
Maharashtra, India |
|
Tel. No.: |
91-240-2564161 / 2555293 |
|
Fax No.: |
91-240-2555956 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 23.07.2014
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Director |
|
Address : |
Bhagwati Bhawan, 31-B, M.L. Dahanukar Marg, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
11.02.1935 |
|
Date of Appointment : |
03.09.1997 |
|
DIN No.: |
00027696 |
|
|
|
|
Name : |
Mr. Tarang Jain |
|
Designation : |
Managing director |
|
Address : |
Halcyon Gut No. 41 (P), Opposite Walmi Paithan Road, Aurangabad,
Maharashtra, India |
|
Date of Birth/Age : |
21.03.1962 |
|
Date of Appointment : |
30.01.1997 |
|
DIN No.: |
00027505 |
|
|
|
|
Name : |
Mr. Albertina Scarpa |
|
Designation : |
Director |
|
Address : |
Via Galvani luigi No. 105-20025, Legnano (MI) 20025, Italy |
|
Date of Birth/Age : |
01.05.1951 |
|
Date of Appointment : |
26.08.1999 |
|
DIN No.: |
00761226 |
|
|
|
|
Name : |
Mr. Muralidharan Kalyanasundaram |
|
Designation : |
Director |
|
Address : |
25, 4th Main Road, T.N.H.B. Colony, Kotturpuram,
Chennai – 600085, Tamil Nadu , India |
|
Date of Birth/Age : |
17.02.1955 |
|
Date of Appointment : |
15.12.2011 |
|
Date of cessation: |
06.06.2014 |
|
DIN No.: |
05119127 |
KEY EXECUTIVES
|
Name : |
Mr. Sachidanandan Rengachari Thirukkonda |
|
Designation : |
Secretary |
|
Address : |
Flat No.30, Nirala Apartment Govind Nagar, Station Road, Aurangabad – 431005, Maharashtra,
India |
|
Date of Birth/Age : |
01.07.1955 |
|
Date of Appointment : |
01.04.2001 |
|
Date of cessation : |
01.11.2013 |
|
PAN No.: |
AMHPS3080M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 23.07.2014
|
Names of Shareholders |
|
No. of Shares |
|
Scarpa and Colombo SRL, Italy |
|
754000 |
|
Varroc Engineering Private Limited, India |
|
3144730 |
|
Tarang Jain |
|
10 |
|
Naresh Chandra |
|
10 |
|
Freccia International SRL, Italy |
|
422095 |
|
|
|
0 |
|
Total |
|
4320845 |
Equity Share Break up (Percentage of Total Equity)
AS ON: 23.07.2014
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
27.22 |
|
Bodies corporate |
|
72.78 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Engine Value – Automobile
Product for Automobile Industry. |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
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|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
Not Available |
PRODUCTION STATUS :NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Available |
|
|
|
|
Customers : |
Not Available |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
252 Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra, India |
|
PAN No.: |
AAHFP0187A |
|
|
|
|
Holding Company : |
Varroc Engineering Private Limited U28920MH1988PTC047335 |
CAPITAL STRUCTURE
AS ON: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,700,000 |
Equity Shares |
Rs.10/- each |
Rs. 57.000 Millions |
|
3,800,000 |
Preference Shares |
Rs.10/- each |
Rs. 38.000 Millions |
|
|
Total |
|
Rs. 95.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,320,845 |
Equity Shares |
Rs.10/- each |
Rs.43.208
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
43.208 |
35.970 |
35.970 |
|
(b) Reserves & Surplus |
595.578 |
375.978 |
302.334 |
|
(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) |
638.786 |
411.948 |
338.304 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
125.565 |
55.936 |
81.036 |
|
(b) Deferred tax liabilities
(Net) |
3.075 |
9.396 |
14.665 |
|
(c) Other long term
liabilities |
0.950 |
0.000 |
0.210 |
|
(d) long-term provisions |
4.810 |
10.135 |
3.280 |
|
Total
Non-current Liabilities (3) |
134.400 |
75.467 |
99.191 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
48.924 |
88.140 |
90.544 |
|
(b) Trade payables |
71.873 |
73.555 |
93.806 |
|
(c) Other current liabilities |
102.460 |
55.298 |
55.795 |
|
(d) Short-term provisions |
28.795 |
16.856 |
16.290 |
|
Total
Current Liabilities (4) |
252.052 |
233.849 |
256.435 |
|
|
|
|
|
|
TOTAL |
1025.238 |
721.264 |
693.930 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
222.217 |
269.503 |
290.817 |
|
(ii) Intangible Assets |
0.224 |
0.536 |
1.613 |
|
(iii) Capital work-in-progress |
198.781 |
11.593 |
13.686 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.025 |
0.025 |
0.025 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
106.337 |
6.646 |
15.110 |
|
(e) Other Non-current assets |
6.787 |
15.107 |
19.320 |
|
Total
Non-Current Assets |
534.371 |
303.410 |
340.571 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
40.052 |
0.000 |
0.000 |
|
(b) Inventories |
206.553 |
150.948 |
141.365 |
|
(c) Trade receivables |
171.150 |
186.920 |
159.560 |
|
(d) Cash and cash equivalents |
52.795 |
53.610 |
41.018 |
|
(e) Short-term loans and
advances |
17.730 |
12.261 |
9.707 |
|
(f) Other current assets |
2.587 |
14.115 |
1.709 |
|
Total
Current Assets |
490.867 |
417.854 |
353.359 |
|
|
|
|
|
|
TOTAL |
1025.238 |
721.264 |
693.930 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
927.660 |
883.160 |
811.130 |
|
|
Other Income |
|
|
|
|
|
TOTAL
(A) |
927.660 |
883.160 |
811.130 |
|
|
|
|
|
|
|
|
EXPENSES
TOTAL
(B) |
743.160 |
686.120 |
617.840 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
184.500 |
197.040 |
193.290 |
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
6.190 |
15.920 |
18.590 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
178.310 |
181.120 |
174.700 |
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
57.120 |
52.420 |
49.930 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
121.180 |
128.700 |
124.770 |
|
|
|
|
|
|
|
|
TAX (H) |
42.650 |
44.190 |
42.960 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
78.530 |
84.510 |
81.810 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
216.610 |
151.470 |
88.730 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
8.500 |
8.500 |
8.200 |
|
|
Proposed dividend on
preference share |
0.000 |
0.000 |
0.000 |
|
|
Tax on proposed dividend on
preference share |
0.000 |
0.000 |
0.000 |
|
|
Dividend |
18.750 |
9.350 |
9.350 |
|
|
Tax on Dividend |
3.040 |
1.520 |
1.520 |
|
|
Balance
Carried to the B/S (I+K-M) |
264.850 |
216.610 |
151.470 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
26.040 |
219.110 |
138.620 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
7.350 |
3.270 |
187.240 |
|
|
Components and Stores parts |
3.110 |
19.670 |
2.730 |
|
|
Capital Goods |
1.350 |
83.120 |
8.900 |
|
|
TOTAL
IMPORTS |
11.810 |
106.060 |
198.870 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
18.17 |
23.49 |
22.74 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
8.47 |
9.57 |
10.09 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
19.89 |
22.31 |
23.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.66 |
18.14 |
18.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.31 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.27 |
0.35 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95 |
1.79 |
1.38 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
35.970 |
35.970 |
43.208 |
|
Reserves & Surplus |
302.334 |
375.978 |
595.578 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
338.304 |
411.948 |
638.786 |
|
|
|
|
|
|
long-term borrowings |
81.036 |
55.936 |
125.565 |
|
Short term borrowings |
90.544 |
88.140 |
48.924 |
|
Total borrowings |
171.580 |
144.076 |
174.489 |
|
Debt/Equity ratio |
0.507 |
0.350 |
0.273 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
811.130 |
883.160 |
927.660 |
|
|
|
8.880 |
5.039 |
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 |
811.130 |
883.160 |
927.660 |
|
Profit |
81.810 |
84.510 |
78.530 |
|
|
10.09% |
9.57% |
8.47% |
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 |
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 |
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 |
PERFORMANCE
Inspite of the volatility and uncertainty at market place during the year, the Domestic Sale rose to Rs. 669 million in current year, an increase of 9.5% over corresponding last period. As compare to previous year, Exports were down by 10% from Rs. 265 Million to Rs. 237 million. Net Sales & Other Income was higher by 5.04% at Rs. 927.67 million as compared to Rs. 883.16 million in the previous year. However, Profit after Tax was lower by 7.08% to Rs. 78.53 million from Rs. 84.51 million during last year.
ECONOMY AND INDUSTRY
OUTLOOK
The on-going global economic slowdown is still a matter of concern for the Industry. U.S.A. and U.K. have progressively shown sign of recovery in recent months but other sizable economies including most of EU countries are still struggling through the debt crisis. Recent political instabilities in central and western Asia region have only added to the worries of the Industry.
In India, the slow growth rate and relatively high inflation have doubled the effect of global economic slowdown. Now, the new stable Government with entrepreneurship spirit seems better equipped and committed to increase the growth rate and to control the rising inflation. However, it may take comparatively a longer period of time than expected for Industry to be recovered completely.
FUTURE OUTLOOK
As reported last year regarding increase in capacity of its main product engine valves by 7 million, with total estimated capex of Rs. 300 million, the plant is expected to be operational with the increased capacity latest by December 2014.
The Company continues to focus on enlarging its customer base and initial response from the customers are encouraging in India as well abroad. The top line estimated in the current fiscal is Rs. 1190 million.
The Company is committed to the improvement of environment, safety, health and society and the same has been incorporated in the Company’s Mission Statement and Quality Policy. By way of reinforcing its commitment, the Company has already obtained ISO/TS 16949 / ISO-14001 / OHSAS-18001 Certifications.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10548480 |
05/02/2015 |
120,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23 BARAKHAMBA ROAD, DELHI - 110001, |
C43216662 |
|
2 |
10486281 |
20/03/2014 |
120,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23 BARAKHAMBA ROAD, DELHI - 110001, |
C00963710 |
|
3 |
10474075 |
18/01/2014 |
253,500,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23 BARAKHAMBA ROAD, DELHI - 110001, |
B94898178 |
|
4 |
10193824 |
28/05/2014 * |
150,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,, CUFFE PARADE,, MUMBAI, |
C06615983 |
|
5 |
90213345 |
15/12/2014 * |
100,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
MADHULENI, KHADKESHWAR, AURANGABAD, MAHARASHTRA - |
C36659753 |
|
6 |
80025786 |
01/12/2014 * |
150,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
MADHULENI, KHADKESHWAR,, AURANGABAD, MAHARASHTRA - |
C35261478 |
|
7 |
90213110 |
02/01/1998 * |
54,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, PUNE-MUMBAI ROAD; WAKD |
- |
* Date of charge modification
FIXED ASSETS:
- Lease Hold
Land
- Free holds
Land
- Building
- Plant and
Machinery
- Factory
Equipment
- Electrical
Installation
- Dies and moulds
- Computer
- Vehicles
- Furniture and
Fixture
- Office
Equipmen
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. 62.20 |
|
|
1 |
Rs. 96.00 |
|
Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
|
Analysis done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.