MIRA INFORM REPORT
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Report No. : |
329875 |
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Report Date : |
06.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
LAKSHMI TECHNOLOGY AND ENGINEERING INDUSTRIES LIMITED (w. e. f.
18.10.2004) |
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Formerly Known
As : |
LTE Industries Limited (w. e. f. 18.10.2002) Laxmi Textile Exporters Limited |
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Registered
Office : |
34 – A, Kamaraj Road, Coimbatore – 641018, Tamilnadu, India |
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Tel. No.: |
91-422-2664100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.04.1968 |
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Com. Reg. No.: |
18-000583 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Million |
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CIN No.: [Company Identification
No.] |
U17111TZ1968PLC000583 |
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IEC no.: |
0488001757 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBL03187C |
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PAN No.: [Permanent Account No.] |
AAACL5245P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of High Precision Engineering Components. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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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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Maximum Credit Limit : |
USD 520000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Profitability of the company is under pressure. Rating takes into
consideration below – average financial risk profile marked by weak debt protection
metrics despite healthy gearing, working capital intensive and small scale of
operations. Company has incurred loss during FY 2013 and 2014. As per directors report, company has incurred loss due to the steep
increase in operating cost. Inflationary rise in freight costs has made
imports dear cutting into company’s margins. Huge stock holding necessitated
due to the scarce nature of the raw material imported in bulk has added to
company’s cost of inventory. However these rating weaknesses are partially offset by long track
record of operation, established client portfolio and extensive experience of
promoters. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. Subject can be considered for business dealings with some cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating - BB |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
11.08.2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short terms rating A4 + |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
11.08.2014 |
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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Palani Samy |
|
Designation : |
Marketing Manager |
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Contact No.: |
91-422-2664100 |
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Date : |
02.07.2015 |
LOCATIONS
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Registered Office : |
34 – A, Kamaraj Road, Coimbatore – 641018, Tamilnadu, India |
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Tel. No.: |
91-422-2664100 |
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Fax No.: |
91-422-2664121 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2014
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Name : |
Mrs. Jayavarthanavelu Rajyalakhsmi |
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Designation : |
Chairman |
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Address : |
“Pranaam”, No.26, |
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Date of Birth : |
23.08.1945 |
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Date of Appointment : |
31.01.2011 |
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DIN No : |
00004588 |
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Name : |
Mr. Sanjay Jayavarthanavelu |
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Designation : |
Director |
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Address : |
“Shell House” No-695, Avanashi Road, Coimbatore-641037, |
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Date of Birth : |
15.06.1968 |
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Date of Appointment : |
13.05.1992 |
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DIN No : |
00004505 |
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Name : |
Mr. Lalithadevi Sanjay Jayavarthanavelu |
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Designation : |
Director |
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Address : |
“Shell House” No-695, Avanashi Road, Coimbatore-641037, |
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Date of Birth/Age : |
20.10.1971 |
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Date of Appointment : |
08.08.2012 |
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DIN No.: |
00004524 |
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Other Directorship:
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Name : |
Mrs. Kasthuri Renga Appaswamy Selvaraj |
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Designation : |
Director |
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Address : |
No.470, Lakshmipuram Mill Colony, Kovilpatti, Tirunelveli-628501, |
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Date of Birth : |
16.10.1934 |
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Date of Appointment : |
15.03.1995 |
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DIN No : |
00013882 |
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Name : |
Mr. Varatharaja Perumal Ramanujam |
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Designation : |
Directors |
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Address : |
Subhagraha, 1076 K, TVS Colony, Anna Nagar West, Extension, Chennai –
600101, Tamilnadu, India |
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Date of Birth/Age : |
15.01.1943 |
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Date of Appointment : |
08.08.2012 |
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DIN No.: |
03619382 |
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KEY EXECUTIVES
|
Name : |
Mr. Palani Samy |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Shareholders |
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No. of Shares |
|
D. Thayarammal |
|
1200 |
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J.Rajyalakshmi |
|
3600 |
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Sanjay Jayavarthanavelu |
|
44346 |
|
M/S. Eashan Enterprises Limited, |
|
300 |
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Jaidev S. Jayavarthan |
|
400 |
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Shivali Athilakshmi S. Jayavarthan |
|
100 |
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Lalithadevi Sanjay Jayavarthanavelu |
|
51 |
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R. Mahendran |
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1 |
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N.R. Sevvaraj |
|
1 |
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V. Rajakrishnamoorthy |
|
1 |
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Total |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
|
Bodies corporate |
0.60 |
|
Directors or relatives of Directors |
99.40 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of High Precision Engineering Components. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S. Krishnamoorthy and Company Chartered Accountant |
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Address : |
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Tel. No.: |
91-422-4349901 to 09 |
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Fax No.: |
91-422-2536673 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AALFS4188C |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates : |
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CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Share |
Rs.100/- each |
Rs.10.000 million |
|
100000 |
Preference Share |
Rs.100/- each |
Rs.10.000 million |
|
|
Total |
|
Rs.20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs.100/-
each |
Rs.5.000
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
|
|
|
|
(a) Share Capital |
5.000 |
5.000 |
5.000 |
|
(b) Reserves & Surplus |
175.561 |
198.625 |
227.531 |
|
(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) |
180.561 |
203.625 |
232.531 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
118.038 |
164.544 |
72.802 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
118.038 |
164.544 |
72.802 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
72.986 |
64.734 |
46.503 |
|
(b) Trade payables |
63.541 |
87.898 |
64.426 |
|
(c) Other current liabilities |
161.162 |
188.691 |
126.174 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
297.689 |
341.323 |
237.103 |
|
|
|
|
|
|
TOTAL |
596.288 |
709.492 |
542.436 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
171.525 |
250.771 |
198.449 |
|
(ii) Intangible Assets |
1.295 |
1.824 |
2.653 |
|
(iii) Capital work-in-progress |
12.523 |
63.538 |
5.916 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
64.584 |
64.584 |
65.084 |
|
(c) Deferred tax assets (net) |
59.037 |
42.811 |
15.274 |
|
(d) Long-term Loan and Advances |
10.732 |
6.345 |
6.115 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
319.696 |
429.873 |
293.491 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
133.597 |
137.346 |
104.172 |
|
(c) Trade receivables |
101.809 |
85.945 |
64.054 |
|
(d) Cash and cash equivalents |
1.244 |
4.288 |
1.876 |
|
(e) Short-term loans and
advances |
39.942 |
52.040 |
78.843 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
276.592 |
279.619 |
248.945 |
|
|
|
|
|
|
TOTAL |
596.288 |
709.492 |
542.436 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
231.367 |
138.095 |
106.557 |
|
|
Other Income |
56.725 |
34.909 |
45.849 |
|
|
TOTAL
(A) |
288.092 |
173.004 |
152.406 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
116.254 |
40.660 |
21.947 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(22.816) |
(16.506) |
(5.596) |
|
|
Employees benefits expense |
67.894 |
61.598 |
55.724 |
|
|
Other expenses |
80.496 |
74.767 |
41.032 |
|
|
TOTAL
(B) |
241.828 |
160.519 |
113.107 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
46.264 |
12.485 |
39.299 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
31.022 |
15.862 |
9.156 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.242 |
(3.377) |
30.143 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
54.532 |
53.438 |
34.344 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
(39.290) |
(56.815) |
(4.201) |
|
|
|
|
|
|
|
Less |
TAX (H) |
(16.225) |
(27.909) |
(10.883) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(23.065) |
(28.906) |
6.682 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
123.598 |
57.490 |
5.657 |
|
|
TOTAL
EARNINGS |
123.598 |
57.490 |
5.657 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and Stores parts |
28.242 |
38.693 |
7.975 |
|
|
Capital Goods |
2.670 |
71.927 |
36.418 |
|
|
TOTAL
IMPORTS |
30.912 |
110.620 |
44.393 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(461.3) |
578.12 |
133.65 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
400.000 |
|
|
|
|
|
The above information has been parted by Mr. Palani Samy (Marketing
Manager)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
12.000 |
49.097 |
28.036 |
|
Cash generated from operations |
(59.028) |
36.549 |
(11.344) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(9.97) |
(20.93) |
6.27 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
20.00 |
9.04 |
36.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.54) |
(10.55) |
(0.92) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22) |
(0.28) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.12 |
1.37 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
0.82 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
5.000 |
5.000 |
5.000 |
|
Reserves & Surplus |
227.531 |
198.625 |
175.561 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
232.531 |
203.625 |
180.561 |
|
|
|
|
|
|
long-term borrowings |
72.802 |
164.544 |
118.038 |
|
Short term borrowings |
46.503 |
64.734 |
72.986 |
|
Current Maturities of
Long-Term Debts |
28.036 |
49.097 |
12.000 |
|
Total
borrowings |
147.341 |
278.375 |
203.024 |
|
Debt/Equity
ratio |
0.634 |
1.367 |
1.124 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
106.557 |
138.095 |
231.367 |
|
|
|
29.597 |
67.542 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
106.557 |
138.095 |
231.367 |
|
Profit / (Loss) |
6.682 |
(28.906) |
(23.065) |
|
|
6.27% |
(20.93%) |
(9.97%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from No. 20 Sitra Kalapatti Road, Kalapatti, Coimbatore – 641048, Tamilnadu, India to the present address w.e.f. 07.11.2013
OPERATING RESULTS
The Company undertakes the manufacture of High Precision Engineering
Components required for the Space craft and Aeronautical Industries. However
the performance of the company showed marginal improvement as it was on a
consolidation mode being in the final phase of expansion in its facilities.
During the year, the company has achieved a turnover of Rs. 231.367
Million (2012-2013 Rs. 138.100 Million) resulting in a loss of Rs. 39.290
Million before tax. (2012-2013 Rs. 56.800 Million)
Even though the turnover has increased over the previous year, the
Company has incurred a loss due to the steep increase in operating costs.
Inflationary rise in freight costs has made imports dear cutting into their
margins. Huge stock holding necessitated due to scare nature of the raw
material imported in bulk has added to their cost of inventory. The company
will be able to tide over the current phase on executive of its healthy order
book using its improved capacity.
The company had in the earlier year bagged a prestigious high profile
contact with ISRO worth around thirty crores for the manufacture of
transducers,a very critical component used in satelites which a repeat order is
given in recognition of the successful completion of the same project completed
in 2011. During the FY 2013-14 the company had started to dispatch Transducers
as per the dispatch plans which augmented the turnover in the year 2013-14 and
will continue to do so in the years to come. With a view to expanding its
customer base across the globe, the company had started to executive the long
term contacts with Honeywell, a major player in the international airline
industry for nineteen crores, and has consolidated its foothold in its business
with another prestigious international airline company Moog Inc.
The augment these increased business opportunities, the company has
completed the final phase of expansion with bankers support. The company has
completed the enhance its production capacity by importing state of the art
machinery and has made a major breakthrough in its production capacity, market
reach which will take the company to newer horizons of growth and development
in the coming years and plans its mark in the aerospace industry across the
globe.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90006686 |
07/08/2014 * |
702,400,000.00 |
INDIAN BANK |
COIMBATORE MAIN BRANCH, 31, VARIETY HALL ROAD, COIMBATORE, Tamil Nadu
- 641001, INDIA |
C31764541 |
CONTINGENT
LIABILITIES:
(Rs.
in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Letter of Credit |
27.064 |
1.244 |
|
Bank Guarantee |
237.985 |
158.400 |
FIXED ASSETS
Tangible Assets
- Land
- Wind Mill
- Building
- Plant and
Equipment
- Furniture and
Fixture
- Vehicles
- Office
Equipment
- Computer
- Tractor
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.63.36 |
|
|
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
31 |
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.