MIRA INFORM REPORT
|
Report No. : |
309242 |
|
Report Date : |
24.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
IAC INTERNATIONAL AUTOMOTIVE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 140, Village Mahalunge, Chakan Talegaon Road, Taluka Khed, Chakan,
Pune – 410501, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.03.2008 |
|
|
|
|
Com. Reg. No.: |
11-131589 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 799.447 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN2008FTC131589 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI8434J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of automotive interior systems for various automotive
industry. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary company of IACNA Mauritius Limited. It is an established company having moderate track record. The company has seen a dip in its total revenue and profitability for
the current year. The reserves have turned negative due to earlier huge losses incurred
by the company which has deteriorated the position of net worth. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with 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
|
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. Yadav Gumre |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-2135-674200 |
|
Date : |
23.02.2015 |
LOCATIONS
|
Registered Office/ Corporative Office : |
Gat No. 140, Village Mahalunge, Chakan Talegaon Road, Taluka Khed, Chakan,
Pune – 410501, Maharashtra |
|
Tel. No.: |
91-2135-616300 |
|
Fax No.: |
91-2135-616333 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Factory 1 : |
Plot No. 18, Sector 7 IMT Manesar, Gurgaon, India |
|
|
|
|
Factory 2 : |
MIDC, Chakan, Pune, Maharashtra, India |
DIRECTORS
As on 22.09.2014
|
Name : |
Mr. Gajanan Vithal Gandhe |
|
Designation : |
Director |
|
Address : |
703/704, Wellington Co-Operative Housing Society, Hiranandani Estate, Thane
(West)-400 607, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1864 |
|
Date of Appointment : |
31.03.2008 |
|
Din No.: |
02023395 |
|
|
|
|
Name : |
Mr. Janis Nikkoline Acosta |
|
Designation : |
Director |
|
Address : |
7676, Windgate Circle West, Bloom Field, MI, USA-48323 |
|
Date of Birth/Age : |
26.09.1969 |
|
Date of Appointment : |
31.03.2008 |
|
Din No.: |
02112586 |
|
|
|
|
Name : |
Mr. James Kevin Kamsickas |
|
Designation : |
Director |
|
Address : |
44011, Cypress Point, Drive BNorthville, MI, USA-48168 |
|
Date of Birth/Age : |
15.12.1966 |
|
Date of Appointment : |
31.03.2008 |
|
Din No.: |
02112590 |
|
|
|
|
Name : |
Mr. Scott Allen Kehoe |
|
Designation : |
Director |
|
Address : |
5153, Cedar Creek Drive, Brownstown, MI, USA-481 34 |
|
Date of Birth/Age : |
30.10.1973 |
|
Date of Appointment : |
03.09.2009 |
|
Din No.: |
02740300 |
|
|
|
|
Name : |
Mr. Brian Keith Pour |
|
Designation : |
Director |
|
Address : |
4403 Patrick Road, West Bloomfield, MI, USA |
|
Date of Birth/Age : |
10.12.1971 |
|
Date of Appointment : |
30.03.2011 |
|
Din No.: |
03500848 |
|
|
|
|
Name : |
Mr. Dennis Richardville |
|
Designation : |
Director |
|
Address : |
41518 Waterfall Road, Northville, MI USA 48168 |
|
Date of Birth/Age : |
19.06.1954 |
|
Date of Appointment : |
11.04.2012 |
|
Din No.: |
05273506 |
KEY EXECUTIVES
|
Name : |
Mr. Yadav Gumre |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Ashish Kumar jain |
|
Designation : |
Company Secretary |
|
Address : |
13, Ankit Residency, Pavna Nagar, Chinchawad, Pune-411 033,
Maharashtra, India |
|
Date of Birth/Age : |
14.05.1978 |
|
Date of Appointment : |
14.05.2010 |
|
PAN No.: |
AGNPJ9848E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Iacna Mauritius Limited, |
|
33733426 |
|
IAC US Holding Inc, USA |
|
1 |
|
Total |
|
33733427 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
IACNA Mauritius Limited, Mauritius |
|
50000000 |
|
Total |
|
50000000 |
Equity Share Break up (Percentage of Total Equity)
As on 22.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of automotive interior systems for various automotive
industry. |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
US |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30-60-90 Days) |
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|
|
|
Purchasing : |
Cash and Credit (30-60-90 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
B B S R and Company Chartered Accountants |
|
Address : |
703, 7 Th Floor, Godrej Castlemaine, Next To Rubi Hall Clinic, Bund Garden Road |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAKFB4397F |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
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|
|
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Holding company: |
|
|
|
|
|
Ultimate Holding
company: |
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|
|
|
Fellow
subsidiaries: |
|
CAPITAL STRUCTURE
As on 22.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
50000000 |
Preference Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
Total |
|
Rs.1000.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33733427 |
Equity Shares |
Rs.10/- each |
Rs.337.334 Millions |
|
50000000 |
Preference Shares |
Rs.10/- each |
Rs.500.000
Millions |
|
|
Total |
|
Rs.837.334 Millions |
|
|
|
|
|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
50000000 |
Preference Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
Total |
|
Rs.1000.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29944735 |
Equity Shares |
Rs.10/- each |
Rs.299.447 Millions |
|
50000000 |
Preference Shares |
Rs.10/- each |
Rs.500.000
Millions |
|
|
Total |
|
Rs.799.447 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 |
799.447 |
799.447 |
684.485 |
|
(b) Reserves & Surplus |
(241.791) |
(257.322) |
(358.407) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
78.548 |
|
Total
Shareholders’ Funds (1) + (2) |
557.656 |
542.125 |
404.626 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
584.018 |
359.699 |
257.462 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
23.647 |
11.477 |
3.081 |
|
(d) long-term provisions |
10.583 |
13.372 |
8.994 |
|
Total
Non-current Liabilities (3) |
618.248 |
384.548 |
269.537 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8.608 |
0.000 |
33.267 |
|
(b) Trade payables |
286.554 |
387.707 |
281.715 |
|
(c) Other current liabilities |
1091.873 |
344.672 |
215.463 |
|
(d) Short-term provisions |
6.068 |
2.332 |
1.611 |
|
Total
Current Liabilities (4) |
1393.103 |
734.711 |
532.056 |
|
|
|
|
|
|
TOTAL |
2569.007 |
1661.384 |
1206.219 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
701.884 |
427.506 |
568.619 |
|
(ii) Intangible Assets |
0.264 |
0.037 |
0.122 |
|
(iii) Capital work-in-progress |
43.996 |
15.792 |
6.069 |
|
(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 |
71.958 |
153.440 |
36.966 |
|
(e) Other Non-current assets |
0.100 |
0.050 |
1.132 |
|
Total
Non-Current Assets |
818.202 |
596.825 |
612.908 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
89.545 |
87.898 |
95.898 |
|
(c) Trade receivables |
445.619 |
336.530 |
289.229 |
|
(d) Cash and cash equivalents |
124.490 |
140.153 |
55.469 |
|
(e) Short-term loans and
advances |
586.793 |
253.244 |
141.607 |
|
(f) Other current assets |
504.358 |
246.734 |
11.108 |
|
Total
Current Assets |
1750.805 |
1064.559 |
593.311 |
|
|
|
|
|
|
TOTAL |
2569.007 |
1661.384 |
1206.219 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1748.606 |
1907.261 |
906.851 |
|
|
Other Income |
39.734 |
2.785 |
12.306 |
|
|
TOTAL
|
1788.340 |
1910.046 |
919.157 |
|
|
|
|
|
|
|
Less |
EXPENSES |
1708.370 |
1748.529 |
1042.260 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
79.970 |
161.517 |
-123.103 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
66.482 |
58.209 |
49.862 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
13.488 |
103.308 |
-172.965 |
|
|
|
|
|
|
|
Less |
TAX |
4.203 |
7.694 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
9.285 |
95.614 |
-172.965 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Offshore engineering services |
152.726 |
134.765 |
98.316 |
|
|
TOTAL
EARNINGS |
152.726 |
134.765 |
98.316 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
76.566 |
7.242 |
13.508 |
|
|
Purchase of Raw Material |
102.330 |
144.809 |
98.656 |
|
|
Purchase of Components &
Spares |
0.106 |
0.709 |
1.649 |
|
|
TOTAL
IMPORTS |
179.002 |
152.760 |
113.813 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
Basic |
0.31 |
3.51 |
NA |
|
|
Diluted |
0.12 |
1.25 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.53 |
5.01 |
(19.07) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.53 |
6.28 |
(14.41) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.19 |
(0.43) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.06 |
0.66 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.45 |
1.12 |
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 |
684.485 |
799.447 |
799.447 |
|
Reserves & Surplus |
(358.407) |
(257.322) |
(241.791) |
|
Share Application money pending allotment |
78.548 |
0.000 |
0.000 |
|
Net
worth |
404.626 |
542.125 |
557.656 |
|
|
|
|
|
|
long-term borrowings |
257.462 |
359.699 |
584.018 |
|
Short term borrowings |
33.267 |
0.000 |
8.608 |
|
Total
borrowings |
290.729 |
359.699 |
592.626 |
|
Debt/Equity
ratio |
0.719 |
0.663 |
1.063 |
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 |
906.851 |
1907.261 |
1748.606 |
|
|
|
110.317 |
-8.318 |
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 |
906.851 |
1907.261 |
1748.606 |
|
Profit |
(172.965) |
95.614 |
9.285 |
|
|
(19.07%)) |
5.01% |
0.53% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
51.962 |
43.285 |
23.800
|
|
|
|
|
|
|
Total |
51.962 |
43.285 |
23.800
|
|
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS
This was the fifth year of the Company’s operations. During the year, the Company posted a net profit of INR 9.280 Millions compared to a net profit of INR 95.615 Millions in the previous financial year. The reduction in net profit is due to overall slowdown in the economy during the last financial year. After the general elections in May 2014, a new government has been elected and they are trying to push economic reform in all sectors. It is assumed that the next financial year will be better for you Company in terms of both performance and net profit.
FUTURE BUSINESS
PROSPECTS
Although the Company was incorporated merely six (6) years ago, a significant interest is being shown in it by the Indian domestic passenger car and heavy truck manufacturers in Company’s product and processes because of its unique strengths in technology, product development and operational expertise. The Company caters to various segments ranging from the smallest, eco-friendly car to one of the largest commercial vehicles.
During the year, the Company has been awarded programs for IP, Cockpit, Headliner and under hood parts by various companies, like Mahindra and Mahindra, Eicher Polaris, Volvo Eicher Commercial Vehicles and Volkswagen as well as programs for providing engineering services by companies, such as Tata Motors.
As had been communicated earlier, the green-field facility was established and has been running since December, 2013 and all major Original Equipment Manufacturers (“OEM”) are being catered to from this facility. Because of the high quality of the products that are being produced by the Company as well as its ability to integrate designs and in-house development at the Chakan plant of the Company, several new OEMs, such as Foton Motors, Mercedes Benz and Tata Motors have approached the Company. As always, the Company continues to secure new businesses from its existing customers. Furthermore, the Indian automobile market has shown a significant growth in recent years and all major global OEMs are coming to India to take advantage of it. The Company will definitely benefit in areas of engineering and manufacturing.
The Company has also expanded its offshore design and engineering business by supporting its European and Asian affiliated companies.
BACKGROUND
Subject ('IAC India' or 'the Company') was incorporated in India as a private limited company on 11 March 2008. The entire share capital of IAC India is held by IACNA Mauritius Limited, Mauritius (formerly known as “International Vehicle Components Mauritius Limited”), together with its nominee, IAC U.S. Holdings, Inc., USA. The ultimate holding company is International Automotive Components Group North America LLC, USA.
The Company is engaged in the design, development and manufacture of automotive interior systems for various automotive industry customers and has one corporate office, three manufacturing facilities and an engineering centre. The Company also develops tooling on behalf of its customers.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term Borrowings |
|
|
|
Other external commercial borrowings |
425.361 |
135.725 |
|
Total |
425.361 |
135.725 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10280791 |
31/03/2011 |
60,000,000.00 |
MAHINDRA VEHICLE MANUFACTURERS LIMITED |
MAHINDRA TOWERS, P. K. KURNE CHOWK, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B10834414 |
|
2 |
10242323 |
14/11/2014 * |
497,500,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, TARA CHAMBERS, NEAR MA |
C39593140 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
Claims against the Company not acknowledged as debts in respect of trade payables. |
6.959 |
5.641 |
|
Against sales tax assessment order pending in appeal (Year 2008-09) * |
3.309 |
3.309 |
|
* The Company has received a favorable order dated 30 June 2014 wherein the sales tax demand has been reversed by the Commissioner of Sales tax (Appeals). |
||
FIXED ASSETS
Tangible assets
- Land
- Furniture and fixtures
- Plant and equipment
- Office equipment
- Leasehold improvements
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,
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.62.18 |
|
|
1 |
Rs.95.71 |
|
Euro |
1 |
Rs.70.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUC |
|
|
|
|
Analysis Done by
: |
PBT |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.