MIRA INFORM REPORT

 

 

Report No. :

332338

Report Date :

16.07.2015

 

IDENTIFICATION DETAILS

 

Name :

TIMKEN INDIA LIMITED

 

 

Formerly Known As :

TATA TIMKEN LIMITED

 

 

Registered Office :

39-42 Electronic City, Phase II, Hosur Road, Bangalore – 560100, Karnataka

Tel. No.:

91-80-41362000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

12.12.1996

 

 

Com. Reg. No.:

08-048230

 

 

Capital Investment / Paid-up Capital :

Rs. 679.900 Million

 

 

CIN No.:

[Company Identification No.]

L29130KA1996PLC048230

 

 

IEC No.:

0706018753

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRT05200G

 

 

PAN No.:

[Permanent Account No.]

AACCT5280C

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and Trader of Tapered Roller Bearings, Components and Accessories for the Automotive Sector and the Railway Industry and also provides maintenance Contract Services and Refurbishment services.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (61)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having fine track record.

 

Financial position of the company appears to be sound. Rating takes into consideration, subject’s healthy financial profile marked by strong net worth base, low gearing and good profitability.

 

Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments.

 

In the view of extensive experience of promoter and long track record of operations, the subject can be considered for 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

 

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 31-03-2013.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON CO-OPERATIVE

 

(TEL NO.: 91-80-41362000)

 

 

LOCATIONS

 

Registered Office :

39-42 Electronic City, Phase II, Hosur Road, Bangalore – 560100, Karnataka, India

Tel. No.:

91-80-40053131

Fax No.:

91-80-28521039

E-Mail :

soumitra.hazra@timken.com

Website :

http://www.timken.com

 

 

Plant 1:

Bara, P.O. Agrico, Jamshedpur – 831 009, Jharkhand, India

 

 

Plant 2:

1403/4 G. E. Road, Survey No. 46 and 1403/5, Raipur - 490 042, Chhattisgarh, India

 

 

Regional Sales Offices :

Located At :

 

·         New Delhi

·         Kolkata

·         Pune

·         Ahmedabad 

·         Bangalore

·         Chennai 

 

 

DIRECTORS

 

AS ON 10.07.2014

 

Name :

Mr. James R. Menning

Designation :

Chairman

 

 

Name :

Mr. Sanjay Koul

Designation :

Managing Director

 

 

Name :

Mr. Niroop Mahanty

Designation :

Director

Date of Birth/Age :

12.01.1950

Qualification :

·         BA (Hons) - St. Stephans College, Delhi University

·         MBA University of Colorado, USA

Date of Appointment :

19.07.2012

 

 

Name :

Mr. Jai S Pathak

Designation :

Director

Date of Birth/Age :

14.01.1959

Qualification :

·         BA (Hons.), Delhi University

·         MA Intl. Relation, JNU

·         BA (Hons.), Jurisprudence, Oxford University, UK

·         MA, Oxford University, UK

·         LLM, University of Virginia, USA

Date of Appointment :

19.07.2012

 

 

Name :

Mr. P. S. Dasgupta

Designation :

Director

Date of Birth/Age :

30.06.1955

Qualification :

·         Bachelor of Law, Faculty of Law, Delhi University

·         B.A. Econ. (Hons.)

·         Post Graduate Diploma in Corporate Laws and Labour Laws, Indian Law, Institute, Delhi

Date of Appointment :

01.08.2013

 

 

Name :

Mr. R. Ramesh

Designation :

Director

Date of Birth/Age :

17.08.1964

Qualification :

·         B.Sc

·         Qualified Chartered Accountant

·         Qualified Cost and Works Accountant

Date of Appointment :

09.05.2014

 

 

KEY EXECUTIVES

 

Name :

Soumitra Hazra

Designation :

Company Secretary and Chief-Compliance

 

 

Committees of the Board

 

Audit Committee :

Mr. P. S. Dasgupta (Chairman)

Mr. N. Mahanty (Members)

Mr. J. S. Pathak (Members)

Mr. Sanjay Koul (Members)

 

 

Stakeholders Relationship Committee :

Mr. N. Mahanty (Chairman)

Mr. Sanjay Koul (Members)

Mr. R. Ramesh (Members)

 

 

Nomination and Remuneration Committee :

Mr. N. Mahanty (Chairman)

Mr. P. S. Dasgupta (Members)

Mr. J. S. Pathak (Members)

 

 

CSR Committee :

Mr. James R. Menning (Chairman)

 

Mr. Sanjay Koul (Members)

Mr. J. S. Pathak (Members)

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.06.2015

 

Names of Category

No. of Shares

 

Percentage of Holding

 

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

50999988

75.00

http://www.bseindia.com/include/images/clear.gifSub Total

50999988

75.00

Total shareholding of Promoter and Promoter Group (A)

50999988

75.00

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

6332131

9.31

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

24867

0.04

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

1040734

1.53

http://www.bseindia.com/include/images/clear.gifSub Total

7397732

10.88

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1075898

1.58

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

7640501

11.24

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

558498

0.82

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

327367

0.48

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

267370

0.39

http://www.bseindia.com/include/images/clear.gifClearing Members

58897

0.09

http://www.bseindia.com/include/images/clear.gifTrusts

1100

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

9602264

14.12

Total Public shareholding (B)

16999996

25.00

Total (A)+(B)

67999984

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

67999984

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Tapered Roller Bearings, Components and Accessories for the Automotive Sector and the Railway Industry and also provides maintenance Contract Services and Refurbishment services.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         State Bank of India, Commercial Branch, Pratap Towers, J - Road, Bistupur, Jamshedpur - 831001, Jharkhand, India

 

Banking Relations :

--

 

 

Statutory Auditors :

(AS ON 31.03.2014)

 

Name :

S. R. Batliboi and Company

Chartered Accountants

 

 

Cost Auditors :

(AS ON 31.03.2014)

Shome and Banerjee

Cost Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

(AS ON 31.03.2014)

Timken Singapore PTE Limited

 

 

Fellow Subsidiaries :

(AS ON 31.03.2014)

·         The Timken Corporation, USA

·         Timken Industrial Services, USA

·         Timken UK Limited

·         Timken Do Brasil COM.E.IND.LTDA

·         Timken Korea LLC

·         Timken South Africa Limited

·         Timken Romania

·         Yantai Timken Company Limited

·         Australian Timken Proprietary Limited

·         Timken Polska

·         Timken (China)

·         Holding company

·         Timken Wuxi Co Limited – China

·         Timken (Shanghai) Distribution and Sales Co. Limited– China

·         Timken India Manufacturing Private Limited

·         Timken Engineering and Research India Private Limited

·         Timken DE Mexico S A DE CV

·         Jiangsu TWB Bearing Co Limited

·         Timken Canada LP

·         Nihon Timken KK

·         Timken Argentina S R L

·         Timken Gears and Services

·         Timken Chengdu Aerospace

·         Timken XEMC(Hunan) Bearings

·         Timken Housed Units Inc

 

 

Ultimate Parent Company :

(AS ON 31.03.2014)

The Timken Company, USA

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

75,000,000

Equity Shares

Rs. 10/- each

Rs. 750.000 Million

2,600,000

Preference Shares

Rs. 100/- each

Rs. 260.000 Million

 

 

 

 

 

Total

 

Rs. 1010.000 Million

 

Issued Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

68,015,134

Equity Shares

Rs. 10/- each

Rs. 680.151 Million

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

67,973,784

Equity Shares (Fully paid-up)

Rs. 10/- each

Rs. 679.738 Million

26,200

Equity Shares (Partly paid-up)

Rs. 10/- each

Rs. 0.262 Million

 

Less: Call in Arrears-other than directors

 

Rs. 0.121 Million

 

 

 

 

 

Total

 

Rs. 679.879 Million

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

679.900

679.879

637.227

(b) Reserves & Surplus

3704.500

3143.368

2777.359

(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)

4384.400

3823.247

3414.586

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

18.000

16.035

13.335

(d) long-term provisions

88.400

73.523

85.721

Total Non-current Liabilities (3)

106.400

89.558

99.056

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

25.200

32.375

0.000

(b) Trade payables

859.600

730.216

658.220

(c) Other current liabilities

346.200

221.437

205.921

(d) Short-term provisions

132.100

100.077

253.453

Total Current Liabilities (4)

1363.100

1084.105

1117.594

 

 

 

 

TOTAL

5853.900

4996.910

4631.236

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1060.000

951.156

790.495

(ii) Intangible Assets

8.600

13.998

1.044

(iii) Capital work-in-progress

268.100

255.677

244.830

(iv) Intangible assets under development

0.000

0.000

12.219

(b) Non-current Investments

0.300

0.300

0.300

(c) Deferred tax assets (net)

39.100

45.016

44.216

(d)  Long-term Loan and Advances

232.900

162.913

125.961

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1609.000

1429.060

1219.065

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

166.500

233.179

318.450

(b) Inventories

1674.600

1367.615

1403.297

(c) Trade receivables

1742.200

1485.706

1294.321

(d) Cash and cash equivalents

237.200

201.453

140.426

(e) Short-term loans and advances

316.000

201.710

130.525

(f) Other current assets

108.400

78.187

125.152

Total Current Assets

4244.900

3567.850

3412.171

 

 

 

 

TOTAL

5853.900

4996.910

4631.236

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

9289.600

7201.429

6885.161

 

 

Other Income

59.500

108.242

54.841

 

 

TOTAL                                     (A)

9349.100

7309.671

6940.002

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

3219.000

2435.358

2736.125

 

 

Purchases of Stock-in-Trade

2503.900

2059.476

1453.134

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(163.600)

(26.657)

(18.434)

 

 

Excise duty and cess on movement in stock of finished goods

0.000

(11.472)

3.119

 

 

Amortisation Expense

 0.000

1.829

0.597

 

 

Employees benefits expense

667.900

528.865

522.717

 

 

Other expenses

1725.400

1500.186

1453.896

 

 

TOTAL                                     (B)

7952.600

6487.585

6151.154

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

1396.500

822.086

788.848

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

5.700

8.852

12.872

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1390.800

813.234

775.976

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

156.316

156.316

138.511

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

1234.484

656.918

637.465

 

 

 

 

 

Less

TAX                                                                  (H)

416.300

209.394

195.054

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

818.184

447.524

442.411

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export at F.O.B Value

2341.254

1747.962

 

 

Agency Commission

 

37.984

56.038

 

TOTAL EXPORT

NA

2379.238

1804.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials and components

528.145

713.790

 

 

Stores and spare parts

 

20.985

22.973

 

 

Finished Products for re-sale

 

881.501

730.222

 

 

Capital Goods

 

98.123

136.966

 

TOTAL IMPORTS

NA

1528.754

1603.951

 

 

 

 

 

 

Earnings Per Share (Rs.)

11.87

6.60

6.94

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

696.528

310.918

 

 

 

 

Net Cash from Operating Activities

NA

457.028

131.354

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

8.81

6.21

6.43

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

15.03

11.42

11.46

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

22.26

13.99

14.72

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.28

0.17

0.19

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.01

0.01

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.11

3.29

3.05

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

 

 

Market Value

Rs.588.75/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

637.227

679.879

679.900

Reserves & Surplus

2777.359

3143.368

3704.500

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

3414.586

3823.247

4384.400

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

32.375

25.200

Total borrowings

0.000

32.375

25.200

Debt/Equity ratio

0.000

0.008

0.006

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6885.161

7201.429

9289.600

 

 

4.593

28.997

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6885.161

7201.429

9289.600

Profit

442.411

447.524

818.184

 

6.43%

6.21%

8.81%

 

 

 

 

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

No

8

Designation of contact person

No

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)

No

16

No. of employees

No

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

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

80026565

10/03/2004

235,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, PRATAP TOWERS, J- ROAD, BISTUPUR, JAMSHEDPUR - 831001, JHARKHAND, INDIA

-

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

Bills discounted with banks

32.375

0.000

 

 

 

Total

 

32.375

0.000

NOTE:

 

SHORT TERM BORROWINGS:

These are bills discounted with banks with recourse to the Company with various maturity dates. Interest payable ranges between 6.60% to 11.25% p.a for overdue payables.

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2014

(Rs. In Million)

Sales tax matters under dispute / appeal

15.576

Income tax demands under appeal

75.274

Excise and customs demand under dispute / appeal

33.795

Other Claims against the Company not acknowledged as debts

8.310

Total

 

 

 

 

CORPORATE INFORMATION (AS ON 31.03.2014)

 

The company was incorporated on 15th June 1987. The company is primarily into manufacturer and distribution of tapered roller bearings, components and accessories for the automotive sector and the railway industry it also provides maintenance contract services and refurbishment services. The company has also commissioned a new box repairing facility at Raipur where it provides repair and maintenance of industrial gear boxes.

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Building

·         Plant and Machinery

·         Office Equipment

·         Computers

·         Furniture and Fixtures

·         Vehicles

 

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, India Prisons Service, Interpol, etc.

 

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.63.38

UK Pound

1

Rs.99.13

Euro

1

Rs.69.69

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

61

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.