MIRA INFORM REPORT
|
Report No. : |
333892 |
|
Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
MINDA VAST ACCESS SYSTEMS PRIVATE LIMITED (w.e.f.04.03.2015) |
|
|
|
|
Formerly Known
As : |
MINDA VELEO SECURITY SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-15, Ashok Vihar, Phase – 1, Delhi - 110052 |
|
Tel. No.: |
91-2135-668400 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
03.01.2007 |
|
|
|
|
Com. Reg. No.: |
55-157344 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs. 426.654 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300DL2007PTC157344 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM9265E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of 4 Wheeler Vehicles Accessories
and Security Systems. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Minda VAST was set up in 2007 by the Spark Minda Group. In March 2015, the company entered into a 50:50 joint venture with “Vehicle Access Systems Technology, LLC”, USA (VAST) and its name changed to its present name. Currently, Minda VAST is 50:50 owned by Minda Management Services Limitedand VAST. It is well established company having satisfactory track record. The rating reflect the company's established market position in market backed by its reputed clientele and technological, managerial and financials support from its parents and its comfortable financial risk profile marked by low gearing and healthy debt protection metrics. These rating strengths are partially offset by the company's low profitability due to volatility in raw material prices, its accumulated losses over past two years and susceptibility to cyclicality in the automobile industry. However, trade relations are fair. Business is active. Payments terms are reported to be usually correct. In view of strong support from its alliance company, the company can be considered for business dealings with its usual trade terms and conditions. NOTE:- Minda Corporation Limited has informed BSE that Minda Management Services Limited, a wholly owned subsidiary of the Company has entered into a Joint Venture with Vast Access Systems Technology LLC, USA on April 30, 2015 for manufacturing of locksets, steering column locks, latches, strikers, socket bows, handles, etc. for Indian Territory through Minda VAST Access Systems Private Limited with 50:50 participation. |
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 |
CRISIL |
|
Rating |
Long term bank facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
20.07.2015 |
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
|
Name : |
Ms. Supriya |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-2135-668400 |
|
Date : |
28.07.2015 |
LOCATIONS
|
Registered Office : |
A-15, Ashok Vihar, Phase – 1, Delhi – 110052, India |
|
Tel. No.: |
91-2135-668400 |
|
Fax No.: |
91-2135-668501 |
|
E-Mail : |
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|
|
|
|
Factory: |
B-21, MIDC Chakan, Chakan, Pune – 410501, Maharashtra, India |
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|
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Branch: |
Plot No 64, Sector 8, IMT, Manesar, Gurgaon – 122050, Haryana, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Ashok Minda |
|
Designation : |
Director |
|
Address : |
17, OLOF Palme Marg, Vasant Vihar, New Delhi - 110057, India |
|
Date of Birth/Age : |
29.06.1961 |
|
Date of Appointment : |
04.04.2013 |
|
DIN No.: |
00054727 |
|
|
|
|
Name : |
Mr. Avinash Parkash Gandhi |
|
Designation : |
Director |
|
Address : |
C-2/14, Safdarjung, Development Area, New Delhi -110016, India |
|
Date of Birth/Age : |
01.10.1938 |
|
Date of Appointment : |
31.05.2007 |
|
DIN No.: |
00161107 |
|
|
|
|
Name : |
Mr. Dinesh Chand Sharma |
|
Designation : |
Director |
|
Address : |
1/3011, Ram Nagar Extension, Street No-16, Shahadara, Delhi - 110032, India |
|
Date of Birth/Age : |
01.07.1964 |
|
Date of Appointment : |
15.12.2010 |
|
DIN No.: |
01713496 |
KEY EXECUTIVES
|
Name : |
Ms. Supriya |
|
Designation : |
Finance Executive |
|
|
|
|
Name : |
Mr. Mahendra Kumar Naredi |
|
Designation : |
Company Secretary |
|
Address : |
55b, Karni Colony, Vijaybadi, Path No-7, Dher Ke Balaji, Jaipur, 302012, Rajasthan, India |
|
Date of Appointment : |
19.09.2014 |
|
PAN No.: |
AEWPN9414M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.092014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Minda Management Services Limited, India |
21332700 |
50.00 |
|
Minda Capital Limited, India |
21332700 |
50.00 |
|
Total |
42665400 |
100.00 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of 4 Wheeler Vehicles Accessories
and Security Systems. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
|
|
Products : |
Security Systems |
|
Countries : |
· UK · Germany |
|
|
|
|
Imports : |
|
|
Products : |
Parts |
|
Countries : |
Taiwan |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30/ 60 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30/ 60 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Manufacturer
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · Standard Chartered Bank, Credit Documentation Unit, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, India · Volkswagen India Private Limited, E -1, MIDC Industrial Area Phase III, Village Nigoje Mhalunge Kharabwadi Chakan Taluka Khed, Pune - 410501, Maharashtra, India · The Royal Bank of Scotland N. V., Hansalaya Building, 15, Barkhamba Road, New Delhi - 110001, Delhi, India · Axis Bank Limited, Corporate Banking Branch at 214/215, City Mall, Ganeshkhind Road, Pune - 411007, Maharashtra, India · The Royal Bank of Scotland N. V., Hansalaya Building, 15, Barkhamba Road, New Delhi - 110001, Delhi, India · ABN Amro Bank N.V, Hansalaya Building, 15, Barkhamba Road, New Delhi - 110001, Delhi, India |
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Facilities : |
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|
Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
R N Saraf and Company Chartered Accountants |
|
Address : |
2659/ 2, Gurudwara Road, Karol Bagh, Delhi – 110005, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AATPS5918C |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
|
|
Holding Company: |
· Valeo Bayen SAS, France (Joint Venturer) ·
Minda Capital Limited (U31300DL1996PLC083438) |
|
|
|
|
Fellow
Subsidiaries: |
· Minda Corporation Limited (L74899DL1985PLC020401) · Minda Automotive Solutions Limited (U51909DL1985PLC021049) · OZ Minda LLC, · Minda Silca Engineering Limited (U34300DL2002PLC116824) · Valeo Securezza Abitacolo · Valeo Climatization · Minda Management Services Limited (U74140DL2004PLC125552) · Valeo Securite Habitacle · Valeo Security System (Pianezza) · Valeo Security System · Minda Finance Limited (L67120DL1985PLC021349) · Valeo S.P.A · Valeo Securezza Abitacolo · Valeo Climatizacion, · Valeo Securite Habitacle · Minda Silca Engineering Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42,665,400 |
Equity Shares |
Rs. 10/- each |
Rs. 426.654
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
426.654 |
276.654 |
276.654 |
|
(b) Reserves & Surplus |
(5.444) |
(72.614) |
25.925 |
|
(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) |
421.210 |
204.040 |
302.579 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
37.754 |
36.273 |
71.636 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.741 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
33.023 |
34.389 |
17.636 |
|
Total
Non-current Liabilities (3) |
70.777 |
70.662 |
90.013 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
217.665 |
259.906 |
281.309 |
|
(b)
Trade payables |
370.756 |
557.434 |
473.593 |
|
(c)
Other current liabilities |
116.892 |
126.051 |
122.067 |
|
(d)
Short-term provisions |
22.510 |
32.247 |
26.389 |
|
Total
Current Liabilities (4) |
727.823 |
975.638 |
903.358 |
|
|
|
|
|
|
TOTAL |
1219.810 |
1250.340 |
1295.950 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
355.891 |
390.239 |
390.272 |
|
(ii)
Intangible Assets |
20.572 |
26.880 |
35.477 |
|
(iii)
Capital work-in-progress |
0.326 |
0.141 |
14.020 |
|
(iv) Intangible assets under development |
0.000 |
3.705 |
8.141 |
|
(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 |
3.828 |
8.480 |
5.676 |
|
(e)
Other Non-current assets |
|
|
|
|
Total
Non-Current Assets |
380.617 |
429.445 |
453.586 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
269.462 |
210.349 |
217.605 |
|
(c)
Trade receivables |
396.717 |
370.760 |
501.623 |
|
(d)
Cash and cash equivalents |
2.321 |
3.438 |
2.537 |
|
(e)
Short-term loans and advances |
170.693 |
236.348 |
118.648 |
|
(f)
Other current assets |
0.000 |
0.000 |
1.951 |
|
Total
Current Assets |
839.193 |
820.895 |
842.364 |
|
|
|
|
|
|
TOTAL |
1219.810 |
1250.340 |
1295.950 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2761.138 |
2397.012 |
2125.708 |
|
|
|
Other Income |
109.202 |
17.432 |
12.567 |
|
|
|
TOTAL |
2870.340 |
2414.444 |
2138.275 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
2662.029 |
2390.234 |
2137.876 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
208.311 |
24.210 |
0.399 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
47.043 |
51.395 |
49.221 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
161.268 |
(27.185) |
(48.822) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
82.180 |
72.095 |
75.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
79.088 |
(99.280) |
(123.982) |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
EXPENSES |
3.418 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.500 |
(0.741) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
67.170 |
(98.539) |
(123.982) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
294.178 |
124.375 |
NA |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
1.57 |
(3.56) |
(4.48) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
32.919 |
34.044 |
34.044 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from used in Operations |
79.088 |
152.932 |
18.775 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.43 |
(4.11) |
(5.83) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.54 |
1.01 |
0.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.49 |
(7.96) |
(9.73) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
(0.49) |
(0.41) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.68 |
1.62 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
0.84 |
0.93 |
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 |
276.654 |
276.654 |
426.654 |
|
Reserves & Surplus |
25.925 |
(72.614) |
(5.444) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
302.579 |
204.040 |
421.210 |
|
|
|
|
|
|
Long-term borrowings |
71.636 |
36.273 |
37.754 |
|
Short term borrowings |
281.309 |
259.906 |
217.665 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
34.044 |
34.044 |
32.919 |
|
Total
borrowings |
386.989 |
330.223 |
288.338 |
|
Debt/Equity
ratio |
1.279 |
1.618 |
0.685 |
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 |
2125.708 |
2397.012 |
2761.138 |
|
|
|
12.763 |
15.191 |
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 |
2125.708 |
2397.012 |
2761.138 |
|
Profit |
(123.982) |
(98.539) |
67.170 |
|
|
(5.83%) |
(4.11%) |
2.43% |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10581881 |
10/06/2015 |
150,000,000.00 |
YES
BANK LIMITED |
NEHRU
CENTRE, 9TH FLOOR DISCOVERY OF INDIA,, DR A |
C59700310 |
|
2 |
10481506 |
26/02/2014 |
200,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJ |
B98021140 |
|
3 |
10412501 |
30/07/2013
* |
110,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT
DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA |
B82242728 |
|
4 |
10139447 |
16/06/2015
* |
98,000,000.00 |
AXIS
BANK LIMITED |
CORPORATE
BANKING BRANCH, 214/215,CITY MALL, S.NO. 132,PLOT
1,GANESHKHIND(UNIVERSITY)ROAD, PUNE - 411007, MAHA |
C58516196 |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Buildings
·
Office Building
·
Plant and Equipment
·
Factory Equipment’s
·
Furniture and Fixtures
·
Vehicles
·
Motor Vehicles
·
Office Equipment
·
Computer Equipment’s
·
Other Equipment’s
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.64.03 |
|
|
1 |
Rs.99.72 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
JIM |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.