MIRA INFORM REPORT
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Report No. : |
308884 |
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Report Date : |
21.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA TRUCKS AND BUSES LIMITED [w.e.f.04.06.2013] |
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Formerly Known
As : |
MAHINDRA NAVISTAR AUTOMOTIVES LIMITED [w.e.f.06.06.2008] MAHINDRA INTERNATIONAL LIMITED |
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Registered
Office : |
Gateway Building, Apollo Bunder, Mumbai – 400001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.06.1994 |
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Com. Reg. No.: |
11-079098 |
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Capital
Investment / Paid-up Capital : |
Rs. 229.585 Millions |
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CIN No.: [Company Identification
No.] |
U63040MH1994PLC079098 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACM7863L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trading of Spare Parts and Accessories. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational
risk profile and low reserves of the company. However, trade relations are fair. Business is active. Payments 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.
EXTERNAL AGENCY RATING
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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-24905617/ 30694471]
LOCATIONS
|
Registered Office : |
Gateway Building, Apollo Bunder, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-24905887/ 24905617/ 30694471 |
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Fax No.: |
91-22-24951702 |
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E-Mail : |
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Website : |
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Marketing
Department : |
3rd Floor, Mahindra and Mahindra Limited, Towers, Worli, Mumbai – 400018, Maharashtra, India |
DIRECTORS
AS ON 16.09.2014
|
Name : |
Mr. Nalin Mehta |
|
Designation : |
Managing director |
|
Address : |
1805/06, Beverly Hills, T-36, Shastri Nagar, Andheri (West), Mumbai - 400053, Maharashtra, India |
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Date of Birth/Age : |
08.09.1958 |
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Qualification : |
B. Tech (IIT), MBA (FMS), Delhi |
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Date of Appointment : |
01.04.2011 |
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PAN No.: |
AAOPM1564H |
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DIN No.: |
02272736 |
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Name : |
Mr. Durgashankar Subramaniam |
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Designation : |
Director |
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Address : |
203, 2nd Floor, Ganga Towers, Atur Park, Sion Trombay Road, Mumbai - 400071, Maharashtra, India |
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Date of Birth/Age : |
13.07.1959 |
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Date of Appointment : |
26.04.2013 |
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DIN No.: |
00044713 |
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Name : |
Mr. Rajan Wadhera |
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Designation : |
Director |
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Address : |
1203, Oberoi Gardens, 'C' Wing, Thakur Village, Kandivli (East), Mumbai - 400101, Maharashtra, India |
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Date of Birth/Age : |
10.07.1956 |
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Date of Appointment : |
26.04.2013 |
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DIN No.: |
00416429 |
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Name : |
Mr. Bharat Moossaddee |
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Designation : |
Director |
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Address : |
M-14/17, DLF City-II, Off Akashneem Marg, Gurgaon - 122002, Haryana, India |
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Date of Birth/Age : |
11.11.1962 |
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Date of Appointment : |
26.04.2013 |
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DIN No.: |
02166403 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Name of Shareholder |
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No. of Shares |
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Mahindra and Mahindra Limited, India |
|
1147925600 |
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Total |
|
1147925600 |
AS ON 16.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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Bodies
corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading of Spare Parts and Accessories. |
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Products/ Services : |
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Brand Names : |
“Mahindra” |
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Agencies Held : |
-- |
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Exports : |
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Products : |
-- |
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Countries : |
-- |
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Imports : |
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Products : |
-- |
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Countries : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India · Punjab and Sind Bank 78, Girgaon Road, Opera House,, Mumbai - 400004, Maharashtra, India · Dena Bank 1st Floor, Dena Bank Building, 17, Horniman Circle, Fort, Mumbai
- 400023, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
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Holding company : |
Mahindra and Mahindra Limited [L65990MH1945PLC004558] |
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Fellow Subsidiary
company : |
·
Mahindra Vehicle Manufacturers Limited
[U34100MH2007PLC171151] ·
Mahindra Heavy Engines Private Limited
[U35914MH2007PTC169753] ·
Mahindra and Mahindra Financial Services Limited
[L65921MH1991PLC059642] ·
Mahindra Logistics Limited
[U63000MH2007PLC173466] ·
Mahindra Engineering Services Limited
[U72400MH1995PLC091404] ·
Mahindra Ugine Steel Company Limited
[L99999MH1962PLC012542] ·
Mahindra First Choice Services Limited
[U35999MH2008PLC180385] ·
NBS International Limited [U18101MH1995PLC095482] ·
Bristlecone India Limited ·
Mahindra Intertrade Limited ·
Mahindra Hinoday Industries Limited ·
Mahindra Holidays and Resorts India Limited ·
Mahindra Forgings Limited ·
Mahindra Integrated Business Solutions Private
Limited ·
Mahindra Gears and Transmission Private Limited. |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000,000 |
Equity Shares |
Re. 0.20/- each |
Rs. 15000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1,147,925,600 |
Equity Shares |
Re. 0.20/- each |
Rs. 229.585 Millions |
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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 |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
229.585 |
11479.256 |
8009.256 |
|
(b) Reserves & Surplus |
26.131 |
(8710.266) |
(5055.428) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
255.716 |
2768.990 |
2953.828 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
0.000 |
2035.714 |
2464.286 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
1.938 |
210.232 |
178.229 |
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Total
Non-current Liabilities (3) |
1.938 |
2245.946 |
2642.515 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b)
Trade payables |
193.225 |
2482.635 |
2341.398 |
|
(c)
Other current liabilities |
14.724 |
776.502 |
989.484 |
|
(d)
Short-term provisions |
15.739 |
483.086 |
299.041 |
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Total
Current Liabilities (4) |
223.688 |
3742.223 |
3629.923 |
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TOTAL |
481.342 |
8757.159 |
9226.266 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
1.718 |
4031.324 |
4151.607 |
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(ii)
Intangible Assets |
0.000 |
953.856 |
1419.910 |
|
(iii)
Capital work-in-progress |
0.000 |
23.816 |
12.182 |
|
(iv) Intangible assets under development |
0.000 |
186.781 |
123.022 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
1.132 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
9.968 |
386.062 |
300.068 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
57.374 |
|
Total
Non-Current Assets |
12.818 |
5581.839 |
6064.163 |
|
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|
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(2) Current assets |
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|
(a)
Current investments |
0.000 |
50.000 |
399.817 |
|
(b)
Inventories |
184.786 |
1296.364 |
1370.030 |
|
(c)
Trade receivables |
204.909 |
371.848 |
202.810 |
|
(d)
Cash and cash equivalents |
69.461 |
679.183 |
370.262 |
|
(e)
Short-term loans and advances |
9.368 |
777.925 |
817.126 |
|
(f)
Other current assets |
0.000 |
0.000 |
2.058 |
|
Total
Current Assets |
468.524 |
3175.320 |
3162.103 |
|
|
|
|
|
|
TOTAL |
481.342 |
8757.159 |
9226.266 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
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Revenue from Operations |
679.436 |
11440.616 |
12242.572 |
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Other Income |
0.330 |
46.640 |
55.112 |
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TOTAL (A) |
679.766 |
11487.256 |
12297.684 |
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Less |
EXPENSES |
|
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|
Cost of Materials Consumed |
0.000 |
4556.677 |
5089.067 |
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Purchases of Stock-in-Trade |
494.301 |
6374.722 |
6498.665 |
|
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Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(25.705) |
(15.092) |
(317.682) |
|
|
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Employees benefits expense |
21.192 |
713.502 |
605.920 |
|
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Other expenses |
130.840 |
2322.834 |
2282.354 |
|
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TOTAL (B) |
620.628 |
13952.643 |
14158.324 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
59.138 |
(2465.387) |
(1860.640) |
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Less |
FINANCIAL
EXPENSES (D) |
0.314 |
362.035 |
438.556 |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
58.824 |
(2827.422) |
(2299.196) |
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.278 |
823.946 |
800.391 |
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PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
58.546 |
(3651.368) |
(3099.587) |
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|
Less |
TAX (H) |
18.985 |
0.000 |
0.000 |
|
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PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
39.561 |
(3651.368) |
(3099.587) |
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
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FOB Value of exports |
0.000 |
0.984 |
3.416 |
|
|
|
Program Management fee for Engineering Services |
0.000 |
30.398 |
25.758 |
|
|
TOTAL EARNINGS |
0.000 |
31.382 |
29.174 |
|
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IMPORTS |
|
|
|
|
|
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Raw Materials |
5.854 |
45.108 |
68.183 |
|
|
|
Capital Goods |
0.000 |
38.145 |
78.260 |
|
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TOTAL IMPORTS |
5.854 |
83.253 |
146.443 |
|
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Earnings/ (Loss)
Per Share (Rs.) |
0.03 |
(4.49) |
(4.57) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.82 |
(31.92) |
(25.32) |
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Operating Profit Margin (PBDIT/Sales) |
(%) |
8.70 |
(21.55) |
(15.20) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.19 |
(42.72) |
(34.09) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
(1.32) |
(1.05) |
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.74 |
0.83 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09 |
0.85 |
0.87 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
8009.256 |
11479.256 |
229.585 |
|
Reserves & Surplus |
(5055.428) |
(8710.266) |
26.131 |
|
Net worth |
2953.828 |
2768.990 |
255.716 |
|
|
|
|
|
|
Long-term borrowings |
2464.286 |
2035.714 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
2464.286 |
2035.714 |
0.000 |
|
Debt/Equity ratio |
0.834 |
0.735 |
0.000 |
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 |
12242.572 |
11440.616 |
679.436 |
|
|
|
(6.551) |
(94.061) |
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 |
12242.572 |
11440.616 |
679.436 |
|
Profit/ (Loss) |
(3099.587) |
(3651.368) |
39.561 |
|
|
(25.32%) |
(31.92%) |
5.82% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
428.571 |
428.571 |
|
|
|
|
|
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION
DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 01.04.2014 |
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Lodging No: CEXAL/103/2014 Filing Date: 01.04.2014 Reg. No.: CEXA/268/2014 Reg. Date: 02.12.2014 |
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Petitioner: THE COMMISSIONER OF CENTRAL EXCISE Respondent: MAHINDRA
NAVISTAR AUTOMOTIVES LTD Petn. Adv : JITENDRA BRIJBHUSHAN MISHRA (I2937) District: MUMBAI |
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Bench: DIVISION Status: Pre-Admission
Category: CENTRAL EXCISE APPEA (CEXA) Next Date: 02.03.2015 Stage: FOR
ADMISSION Next Coram: HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE
S.P. DESHMUKH Last Date: 18.09.2014
Stage: FOR REJECTION [ORIGINAL SIDE MATTERS] Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
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Act: Central Excise & Salt Act
UNDER SECTION: 35G |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10241664 |
06/09/2010 |
5,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A95199378 |
|
2 |
10060752 |
04/06/2010 * |
350,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A87650073 |
* Date of charge modification
NATURE OF
OPERATIONS
Subject is in the business of trading in Spare Parts and accessories. It
deals in parts required for the range of commercial vehicles manufactured and
sold by its Holding Company Mahindra and Mahindra Limited. The Company
undertakes procurement, warehousing management, logistics and sale of spare
parts and accessories. It has a network of dealers spread across India to
ensure timely availability of spare parts to commercial vehicle customers.
The Company had its trucks undertaking which was in the business of
designing, developing, marketing and distribution of Light Commercial vehicles
and Heavy commercial vehicles.
As per the scheme of arrangement approved by the Honorable High Court of
Judicature at Bombay, the Trucks undertaking has been demerged into Mahindra
and Mahindra Limited with effect from 1st April, 2013.
OPERATIONS
During the Financial year ended 31st March, 2014, total spare parts income increased to Rs. 679.800 Millions from 577.400 Millions, in financial year ended 31st March, 2013, reflecting an increase of 17.73%.
The company is amongst industry best, which has achieved
first fill rates (FFR) for commercial as well as vehicle off road (VOR) orders
by executing delivery orders timely, leading to reduction in retention of
vehicles at authorized dealer workshops.
SCHEME OF ARRANGEMENT
FOR DEMERGER
The Directors, subject to securing necessary approvals, decided to demerge and transfer, through a Scheme of Arrangement for Demerger (the ‘Scheme’), its truck business with Mahindra and Mahindra Limited (name of the Transferee Company) pursuant to the provisions of Sections 391 to 394 of the Companies Act, 1956. The Scheme was thereafter approved by the shareholders and creditors of the Company as also those of Mahindra and Mahindra Limited.
The Hon’ble High Court of Judicature at Mumbai, sanctioned
the Scheme in the month of March, 2014. The Appointed Date under the Scheme was
1st April, 2013.
CONTINGENT
LIABILITIES [AS ON 31.03.2014]:
Claims against
Company not acknowledged as debt comprise of:
1) Excise and VAT claims disputed by the company relating to issues of applicability and classification aggregating Rs. NIL (2013: Rs. 150.640 Millions)
2) Probable Excise Duty liability on third party production relating to issues of applicability and classification aggregating to Rs. NIL (2013: Rs. 101.993 Millions)
3) Order has been served for the proto type vehicle valuation by Commissioner Central Excise, Pune, amounting to Rs. NIL. (2013: Rs. 15.906 Millions)
FIXED ASSETS:
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
· Computer software
· Know-how
· Commercial contractual rights
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. 62.26 |
|
|
1 |
Rs. 96.01 |
|
Euro |
1 |
Rs. 70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
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|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.