MIRA INFORM REPORT
|
Report No. : |
323119 |
|
Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
TECUMSEH PRODUCTS INDIA PRIVATE LIMITED (w.e.f. 27.08.2003) |
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|
|
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Formerly Known
As : |
TECUMSEH PRODUCTS INDIA LIMITED SIEL COMPRESSORS LIMITED |
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Registered
Office : |
Balanagar Township, Hyderabad – 500037, Telangana |
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Tel No.: |
91-40-23078103-109 / 23720837 / 23720034 / 30116906 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.01.1997 |
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|
|
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Com. Reg. No.: |
36-035316 |
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Capital
Investment / Paid-up Capital : |
Rs.1885.042
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31109TG1997PTC035316 |
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|
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|
TIN No.: |
Not Available |
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IEC No.: |
0901010618 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AABCT6893J |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing,
trading and sale of compressors used in room air-conditioners and
refrigerators and also provides engineering design services. |
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|
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No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. For the financial year ended 2014, the company has reported weak operational
performance and it has loss from its operational activities. Due to accumulated losses over a past, net worth profile of the
company got hampered. Rating remain constrained on account of company’s moderate financial
risk profile and below average liquidity position of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. In view of negative reserves position, the company can be considered for
business dealings with some caution. |
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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BB- |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
06.08.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
06.08.2014 |
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Mahendra |
|
Designation : |
Key Executive |
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Contact No.: |
91-40-23078103 |
|
Date : |
16.05.2015 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Balanagar Township, Hyderabad – 500037, Telangana, India |
|
Tel. No.: |
91-40-23078103-109 / 23720837 / 23720034 / 30116906 |
|
Fax No.: |
91-40-23076472 / 23078945 / 23076923
/ 23075854 |
|
E-Mail : |
vivekanand.tadimeti@tecumseh.com
tpchakrapani@tecumsehindia.com
|
|
Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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|
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Factory 2 : |
38 KM Stone, Delhi-Mathura Road, Ballabhgarh – 121004, Haryana, India |
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Tel No : |
91-129-2307216-22 |
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Fax : |
91-129-2307221 |
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Location : |
Owned |
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Corporate Marketing Office : |
205-208, 2nd Floor, Tribhuvan Complex, Ishwar Nagar,
Opposite New Friends Colony, Mathura Road, New Delhi – 110065, India |
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Tel. No.: |
91-11-26921923, 26921924, 26921925 |
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Fax No.: |
91-11-26921781 |
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Branch Office 1 : |
41, Amul Estate, Near Sanand - Sarkhej Railway Crossing, Opposite Mariyam Masjid, Sarkhej, Ahmedabad – 382210, Gujarat, India |
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Tel. No.: |
91-79-26823458 |
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Fax No.: |
91-79-26823423 |
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Branch Office 2 : |
38 KM Stone, Aurangabad Paithan Road, Taluka Paithan, District Aurangabad, Maharashtra, India |
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Regional
Sales Offices : |
Located At:
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Depots : |
Located At:
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Sales Office : |
Located At:
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DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Janice Elaine Stipp |
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Designation : |
Director |
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Address : |
1281 Covington Road, Bloomfield Hills MI, 48301, United States Of
America |
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Date of Birth/Age : |
22.09.1959 |
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Date of Appointment : |
27.09.2013 |
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DIN No.: |
06511155 |
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Other Directorship:
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Name : |
Mr. Narasimhan Natarajan |
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Designation : |
Director |
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Address : |
Flat No. B 101, Vishnu Splendor, Near Srinagar Colony Club,
Yellareddyguda, Hyderabad - 500073, Telangana, India |
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Date of Birth/Age : |
11.05.1968 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
06921386 |
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Other Directorship:
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Name : |
Mr. Harold Moore Karp |
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Designation : |
Director |
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Address : |
52, Ledge View Dr Se, Hunts Ville, Al, 35802, United States Of America |
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Date of Birth/Age : |
04.09.1956 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
06945969 |
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Other Directorship:
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Name : |
Mr. Kumud Kumar |
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Designation : |
Director |
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|
Address : |
Plot # 299, Maytas Hill County, Nizampet Road, Bachupally, Hyderabad -
500090, Telangana, India |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
06953046 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Mahendra |
|
Designation : |
Key Executive |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Tecumseh Europe Asia, France |
|
12018606 |
|
Tecumseh Europe S.A., France |
|
1 |
|
Total |
|
12018607 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Tecumseh Europe Asia, France |
|
6831817 |
|
Total |
|
6831817 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing,
trading and sale of compressors used in room air-conditioners and refrigerators
and also provides engineering design services. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
7th
Floor, Block III, White House, Kundan Bagh, Begumpet, Hyderabad – 500016,
Telangana, India |
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PAN No.: |
AAAFW4298E |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
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Ultimate Holding
Company : |
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Fellow Subsidiary Company : |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
Rs.100/- each |
Rs.2250.000 Million |
|
7500000 |
Preference Shares |
Rs.100/- each |
Rs.750.000 Million |
|
|
Total |
|
Rs.3000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12018607 |
Equity Shares |
Rs.100/- each |
Rs.1201.861
Million |
|
6831817 |
Preference Shares |
Rs.100/- each |
Rs.683.181
Million |
|
|
Total |
|
Rs.1885.042 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 |
1,885.042 |
1,885.042 |
1,885.042 |
|
(b) Reserves & Surplus |
(1,290.530) |
(907.375) |
(1,014.657) |
|
(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) |
594.512 |
977.667 |
870.385 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
349.517 |
315.571 |
80.385 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
13.860 |
14.038 |
14.045 |
|
(d) long-term
provisions |
85.756 |
184.250 |
158.195 |
|
Total Non-current
Liabilities (3) |
449.133 |
513.859 |
252.625 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
741.242 |
792.494 |
766.333 |
|
(b) Trade
payables |
1,578.241 |
1,646.927 |
1,410.796 |
|
(c) Other
current liabilities |
193.349 |
186.763 |
353.961 |
|
(d) Short-term
provisions |
309.436 |
67.421 |
74.492 |
|
Total Current
Liabilities (4) |
2,822.268 |
2,693.605 |
2,605.582 |
|
|
|
|
|
|
TOTAL |
3,865.913 |
4,185.131 |
3,728.592 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1,019.489 |
1,058.825 |
1,212.748 |
|
(ii)
Intangible Assets |
0.418 |
0.584 |
3.363 |
|
(iii)
Capital work-in-progress |
29.515 |
12.865 |
60.445 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
99.598 |
183.650 |
197.905 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1,149.020 |
1,255.924 |
1,474.461 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1,328.891 |
1,283.751 |
1,196.831 |
|
(c) Trade
receivables |
773.590 |
1,107.961 |
647.161 |
|
(d) Cash
and cash equivalents |
76.464 |
76.497 |
54.316 |
|
(e)
Short-term loans and advances |
295.279 |
274.139 |
255.006 |
|
(f) Other
current assets |
242.669 |
186.859 |
100.817 |
|
Total
Current Assets |
2,716.893 |
2,929.207 |
2,254.131 |
|
|
|
|
|
|
TOTAL |
3,865.913 |
4,185.131 |
3,728.592 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6,787.100 |
7,299.900 |
4,482.200 |
|
|
|
Other Income |
3.900 |
11.370 |
21.700 |
|
|
|
TOTAL (A) |
6,791.000 |
7,311.270 |
4,503.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
6,889.900 |
6,845.870 |
4,450.100 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(98.900) |
465.400 |
53.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
152.000 |
174.700 |
180.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(250.900) |
290.700 |
(126.300) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
132.300 |
183.400 |
154.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(383.200) |
107.300 |
(280.500) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(383.200) |
107.300 |
(280.500) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
NA |
2165.055 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
NA |
525.634 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(20.33) |
NA |
NA |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(5.65) |
1.47 |
(6.26) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(1.46) |
6.38 |
1.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.99) |
2.57 |
(7.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.64) |
0.11 |
(0.32) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.83 |
1.13 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
1.09 |
0.87 |
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 |
1885.042 |
1885.042 |
1885.042 |
|
Reserves & Surplus |
(1014.657) |
(907.375) |
(1290.530) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
|
|
|
|
|
|
|
|
|
Long Term borrowings |
80.385 |
315.571 |
349.517 |
|
Short Term borrowings |
766.333 |
792.494 |
741.242 |
|
Total
borrowings |
846.718 |
1108.065 |
1090.759 |
|
Debt/Equity
ratio |
0.973 |
1.133 |
1.835 |
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 |
4,482.200 |
7,299.900 |
6,787.100 |
|
|
|
62.864 |
(7.025) |
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
|
4,482.200 |
7,299.900 |
6,787.100 |
|
Profit |
(280.500) |
107.300 |
(383.200) |
|
|
(6.26%) |
1.47% |
(5.65%) |
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) |
No |
|
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 |
No |
|
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 |
Yes |
|
33 |
Market information |
---------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
CASE STATUS INFORMATION SYSTEM
|
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Other loans and advances |
254.520 |
229.800 |
|
Total |
254.520 |
229.800 |
COMPANY OVERVIEW
The company incorporated in 1997 is engaged primarily in manufacturing, trading and sale of compressors used in room air-conditioners and refrigerators, with manufacturing facilities located in Hyderabad, Telangana and Ballabgrah, Haryana, India. The Company also provides engineering design services using information technology.
FINANCIAL
PERFORMANCE:
During the year the Company recorded a fall in sales in comparison to the previous year 2012-13. This was primarily on account of issues related to product and fall in demand in Middle East. The Company has achieved the Gross Sales of Rs.7331.200 Million compared to Rs.7733.4000 Million in the previous period. The total foreign exchange earnings from exports of goods and services during the year were Rs.1944.800 Million compared to Rs 3252.100 Million during 2012-13.
PROJECTS:
During the year we have taken up projects for high efficiency AW R22 compressors and started working on AW R410A compressors.
AW PROJECT:
Designed high efficiency AW R22 compressor. As a part of it, new set of parts (Suction muffler, discharge muffler, crankshaft, Stator wound etc.) were developed. Invested for prototype tooling for these parts. CER for production tooling and setup is in progress. Initiated design of AW R410A compressor. As a part of it, designed new set of parts (Crankcase machined, Motors, new sintered piston, new crankshaft forging, housing etc.), in addition to the new parts developed for high efficiency AWR22 project. Invested for prototype tooling for these parts. CER for production tooling and setup is in progress.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10228694 |
24/08/2011 * |
250,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, JAWAHAR VYAPAR, BHAWAN, 11TH AND 12TH FLOOR, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B19705508 |
|
2 |
90130244 |
25/03/2014 * |
1,312,500,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANH, 1ST FLOOR, AMEERPET MAIN ROAD, HYDEARBAD, ANDHRA PRADESH - 500016, INDIA |
C04300471 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
26 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.