MIRA INFORM REPORT
|
Report No. : |
318998 |
|
Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
MERITOR HVS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 36, Hootagalli Industrial Area, Off. |
|
Tel. No.: |
91-821-2403234/ 2403235/ 36/ 7197800 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2014 |
|
|
|
|
Date of
Incorporation : |
13.02.1998 |
|
|
|
|
Com. Reg. No.: |
08-023383 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 24.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29221KA1998PLC023383 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM06347F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM8911G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is primarily engaged in design, development, sales and marketing, including export of, automotive components and aggregates thereof. |
|
|
|
|
No. of Employees
: |
75 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture company promoted by Meritor Heavy Vehicle
Systems LLC, USA (a subsidiary of Meritor Inc, USA) and Kalyani Group, Pune,
India. It is a well-established company having fine track. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of strong managerial, financial and technological support from
its promoters the subject can be considered for business dealings at usual
trade 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
|
Name : |
Mr. Subramanian |
|
Designation : |
Deputy Finance Manager |
|
Contact No.: |
91-821-7197827 |
|
Date : |
23.04.2015 |
LOCATIONS
|
Registered Office : |
Plot No. 36, Hootagalli Industrial Area, Off. |
|
Tel. No.: |
91-821-2403234/ 2403235/ 36/ 7197800 |
|
Fax No.: |
91-821-2403234 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
32,000 Sq. Mt |
|
Location : |
Owned |
|
|
|
|
CVA Ware House : |
Gala No.34, Safe Village, Taluka Maval, Near Talegaon, Pune – 412016,
Maharashtra, India |
|
Tel. No.: |
91-2114-311083 |
|
E-Mail : |
DIRECTORS
As on 05.02.2015
|
Name : |
Jeffrey Alan Craig |
|
Designation : |
Director |
|
Address : |
9830, Lakewood Dr Grosse Lie, Michigan, USA, 048138 |
|
Date of Birth/Age : |
19.05.1960 |
|
Qualification : |
Master in Business Administration |
|
Date of Appointment : |
10.02.2014 |
|
DIN No. : |
06660876 |
|
|
|
|
|
|
|
Name : |
Mr. Babasaheb Neelkanth Kalyani |
|
Designation : |
Director |
|
Address : |
“Amit”, 221/A, Kalyani Nagar, Yerawada, Pune – 411006, |
|
Date of Birth/Age : |
07.01.1949 |
|
Qualification : |
B.E. and MS (USA) / Industrialist |
|
Date of Appointment : |
25.03.1999 |
|
PAN No.: |
ABIPK5782A |
|
DIN No.: |
00089380 |
|
|
|
|
|
|
|
Name : |
Mr. Chrishan Anton Sebastian Villavarayan |
|
Designation : |
Director |
|
Address : |
No. 246 A, Prestige Ozone, White Field, Bangalore – 560056, Karnataka,
India |
|
Date of Birth/Age : |
12.06.1970 |
|
Qualification : |
Honors Bachelor of Civil Engineering |
|
Date of Appointment : |
24.04.2010 |
|
DIN No.: |
03020467 |
|
|
|
|
|
|
|
Name : |
Thimmaiah Napanda Poovaiah |
|
Designation : |
Director |
|
Address : |
401, Sunflower, Flower Valley, Wanawadi, Pune – 411040, Maharashtra,
India |
|
Date of Birth/Age : |
05.04.1969 |
|
Qualification : |
B.E.Automobiles |
|
Date of Appointment : |
06.02.2013 |
|
DIN No. : |
01184636 |
|
|
|
|
|
|
|
Name : |
Mr. Sundararajan Raghunathan |
|
Designation : |
Additional Director |
|
Address : |
No. 57/A, First Floor, Second Cross, Opposite Mahajana High School,
Jayalaxmipuram, Mysore – 570012, Karnataka, India |
|
Date of Birth/Age : |
01.10.1957 |
|
Qualification : |
B. Tech, Mechanical |
|
Date of Appointment : |
07.01.2012 |
|
PAN No.: |
AAOPR8131P |
|
DIN No.: |
03518628 |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Subramanian |
|
Designation : |
Deputy Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.02.2015
|
Names of Shareholders |
No. of Shares |
|
Bhalerao Prakash |
1 |
|
Mohan Sapre |
1 |
|
Ikramulla Mecci |
1 |
|
Radhesh Nayak |
1 |
|
Meritor Heavy Vehicle Systems LLC, United States of America |
1239300 |
|
BF Investment Limited, India |
1190694 |
|
Amit B.Kalyani |
1 |
|
S. Raghunathan |
1 |
|
Total |
2430000 |
As on 05.02.2015
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
51.00 |
|
Bodies corporate |
49.00 |
|
Total |
100.00 |
%20LIMITED%20-%20318998%2002-May-2015_files/image013.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in design, development, sales and marketing, including export of, automotive components and aggregates thereof. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Available |
||||
|
|
|
||||
|
Imports : |
Not Available |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Retailers, End Users
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
75 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Mysore, Karnataka, India · HDFC Bank Limited, Mysore, Karnataka, India |
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560025, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD3771D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company |
Meritor Heavy Vehicles Systems LLC., USA |
|
|
|
|
Ultimate Holding
Company : |
Meritor Inc., USA |
|
|
|
|
Fellow Subsidiary
Company : |
· Meritor HVS Australia Ltd, Australia · Meritor Heavy Vehicle Systems, Brazil · ArvinMeritor CVS Axles, France · ArvinMeritor Vehicle Systems (Wuxi) Company Limited, China · Systemes Automotrices de Mexico S.A. de C.V., Mexico · Meritor Laurinburg Specialty Maxton USA · Meritor CV Aftermarket AG, Switzerland · Meritor Heavy Vehicle Systems (Singapore) Pte Limited · Xuzhou Meritor Axles Company Limited, China
· Meritor Commercial Vehicle Systems India Private Limited CIN No.:
U34200KA2008PTC047758 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Automotive Axles Limited CIN No.: L51909KA1981PLC004198
CIN No.: L65993PN2009PLC134021 |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs. 35.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2430000 |
Equity Shares |
Rs.10/- each |
Rs. 24.300 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
30.09.2014 |
30.09.2013 |
30.09.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
24.300 |
24.300 |
24.300 |
|
(b) Reserves & Surplus |
663.830 |
609.830 |
545.294 |
|
(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) |
688.130 |
634.130 |
569.594 |
|
|
|
|
|
|
(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 |
0.977 |
0.225 |
0.255 |
|
(d) long-term provisions |
7.649 |
12.331 |
10.508 |
|
Total
Non-current Liabilities (3) |
8.626 |
12.556 |
10.763 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
123.249 |
0.000 |
0.000 |
|
(b) Trade payables |
1680.505 |
1226.661 |
1628.666 |
|
(c) Other current liabilities |
39.385 |
28.062 |
17.257 |
|
(d) Short-term provisions |
117.666 |
109.642 |
156.116 |
|
Total
Current Liabilities (4) |
1960.805 |
1364.365 |
1802.039 |
|
|
|
|
|
|
TOTAL |
2657.561 |
2011.051 |
2382.396 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
62.608 |
71.671 |
72.207 |
|
(ii) Intangible Assets |
26.889 |
59.144 |
93.962 |
|
(iii) Capital work-in-progress |
0.228 |
0.000 |
0.000 |
|
(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) |
8.100 |
18.400 |
15.500 |
|
(d) Long-term Loan and Advances |
6.485 |
7.747 |
7.824 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
104.310 |
156.962 |
189.493 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
373.354 |
267.810 |
241.980 |
|
(c) Trade receivables |
1380.758 |
1090.397 |
1397.190 |
|
(d) Cash and cash equivalents |
635.877 |
458.288 |
508.942 |
|
(e) Short-term loans and
advances |
155.657 |
35.708 |
43.717 |
|
(f) Other current assets |
7.605 |
1.886 |
1.074 |
|
Total
Current Assets |
2553.251 |
1854.089 |
2192.903 |
|
|
|
|
|
|
TOTAL |
2657.561 |
2011.051 |
2382.396 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2014 |
30.09.2013 |
30.09.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7811.179 |
7192.993 |
10845.040 |
|
|
|
Other Income |
78.634 |
55.571 |
49.323 |
|
|
|
TOTAL (A) |
7889.813 |
7248.564 |
10894.363 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
262.322 |
198.569 |
156.451 |
|
|
|
Purchases of Stock-in-Trade |
6918.909 |
6301.871 |
9725.436 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(32.410) |
(18.891) |
34.419 |
|
|
|
Employees benefits expense |
82.895 |
89.340 |
91.645 |
|
|
|
Other expenses |
260.608 |
252.030 |
263.828 |
|
|
|
TOTAL (B) |
7492.324 |
6822.919 |
10271.779 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
397.489 |
425.645 |
622.584 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
41.984 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
355.505 |
425.645 |
622.584 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
42.763 |
48.216 |
50.597 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
312.742 |
377.429 |
571.987 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
107.300 |
128.100 |
186.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
205.442 |
249.329 |
385.587 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
818.990 |
806.883 |
709.172 |
|
|
TOTAL EARNINGS |
818.990 |
806.883 |
709.172 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
84.54 |
102.60 |
158.68 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2014 |
30.09.2013 |
30.09.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.63 |
3.47 |
3.56 |
|
|
|
|
|
|
|
Operating Profit Margin (PBTID/Sales) |
(%) |
5.09 |
5.92 |
5.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.81 |
18.94 |
24.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45 |
0.60 |
1.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.18 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.36 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.09.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
24.300 |
24.300 |
24.300 |
|
Reserves & Surplus |
545.294 |
609.830 |
663.830 |
|
Net
worth |
569.594 |
634.130 |
688.130 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
123.249 |
|
Total
borrowings |
0.000 |
0.000 |
123.249 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.179 |
%20LIMITED%20-%20318998%2002-May-2015_files/image015.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
10845.040 |
7192.993 |
7811.179 |
|
|
|
(33.675) |
8.594 |
%20LIMITED%20-%20318998%2002-May-2015_files/image017.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
10845.040 |
7192.993 |
7811.179 |
|
Profit |
385.587 |
249.329 |
205.442 |
|
|
3.56% |
3.47% |
2.63% |
%20LIMITED%20-%20318998%2002-May-2015_files/image019.gif)
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
(Rs.
In Million)
|
UNSECURED LOAN |
As
on 30.09.2014 |
As
on 30.09.2013 |
|
Short Term
Borrowing |
|
|
|
Working capital loans from banks |
123.249 |
0.000 |
|
Total |
123.249 |
0.000 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CORPORATE INFORMATION
Subject was incorporated on February 13, 1998 as a public limited company. The company started its commercial operations on 1st April 1999.
The Company is engaged in Research, Design, Development and Marketing of Axles and related products.
The Company is having Commercial Vehicle Aftermarket Distribution Centre at Pune, Maharashtra State for the packing, kitting, sales & distribution of aftermarket products procured from major component manufacturers.
INDIAN ECONOMY
In FY 2014, India’s GDP increased by 4.7%, compared to 4.5% in FY 2013. Though this has been the second consecutive year of sub-5% growth, Indian economy is expected to have bottomed out and is emerging from its recessionary phase. However, sustained economic growth can be ensured only by addressing the following:
- Structural bottlenecks due to low manufacturing base
- Slowdown in project approvals
- Inadequate complementary investments
- Agricultural sector’s high dependence on the monsoon
- High food inflation
Meritor HVS (India)
Limited (MHVSIL)
Meritor HVS (India) Limited is a Joint Venture Company promoted by Meritor Heavy Vehicle Systems LLC, USA (a subsidiary of Meritor Inc, US) and Kalyani Group, Pune, India. MHVSIL was incorporated on February 13, 1998 and commenced its business operations on April 1, 1999.
The Company is primarily engaged in design, development, sales and marketing, including export of, automotive components & aggregates thereof. The object of the enterprise is to channelise world class technology related to design and manufacture of Drive Axles, Brakes and aggregates.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
· Computer Equipments
· Other Equipments
Intangible Assets
· Goodwill
· Computer Software
·
Copyrights, Patents and Other Operating Rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records 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.63.57 |
|
|
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
RKH |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.