MIRA INFORM REPORT
|
Report No. : |
322504 |
|
Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
VALVOLINE CUMMINS PRIVATE LIMITED (w.e.f. 14.10.2011) |
|
|
|
|
Formerly Known
As : |
VALVOLINE CUMMINS LIMITED |
|
|
|
|
Registered Office
: |
50/8, 1st
Floor, |
|
Tel. No.: |
91-124-4721200 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
28.10.1994 |
|
|
|
|
Com. Reg. No.: |
55-062425 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 190.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1994PTC062425 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BBNT00014A |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACT6494Q |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Subject is engaged in manufacturing and marketing of lubricant
oil, greases, car care products and rust preventive oils. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between Valvoline International INC USA and
Cummins India Limited. It is well-established company having fine track. The company has reported a better increase in its turnover and profitability
during FY2014. The company’s products are well received in the market. The
company has healthy financial risk profile marked by good networth, debt free
balance sheet and comfortable liquidity position during year under review. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. In the view of aforesaid, subject can be considered normal 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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No. 91-124-4721200)
LOCATIONS
|
Registered Office : |
50/8, 1st
Floor, |
|
Tel. No.: |
91-124-4721200 |
|
Fax No.: |
91-124-4721299 |
|
E-Mail : |
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|
Website : |
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|
Head Office : |
278, A-Square, 4th and 5th Floor, Udyog
Vihar, Phase - II, Gurgaon – 122 016, |
|
Tel. No.: |
91-124-4721200/ 4721300 |
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Fax No.: |
91-124-4721299-399 |
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E-Mail : |
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Regional Office (East) : |
CK-46, Sector-II, |
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Tel. No.: |
91-33-23595484, 23591971 |
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Fax No.: |
91-33-23595484, 23591971 |
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|
|
|
Regional Office (West) : |
601, 606-608, Platinum Technopark, Plot No.17, 18, Sector
- 30 A, Vashi, Navi Mumbai – 400 705, |
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|
|
|
Regional Office (South) : |
1-G, First Floor, |
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Tel. No.: |
91-44-24355201/ 24355208 |
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Fax No.: |
91-44-24355201/ 24355208 |
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|
|
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Depo: |
SCF 410, Motor Market, , Manimajra – 1610161, Chandigarh, India |
DIRECTORS
As on: 08.08.2014
|
Name : |
Mr. Naveen Gupta |
|
|
Designation : |
Managing Director |
|
|
Address : |
145, R.P.S. Flats, Sheikh Sarai, Phase – I, |
|
|
Date of Birth/Age : |
24.11.1957 |
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|
Date of Appointment : |
22.05.2009 |
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DIN No.: |
00464903 |
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PAN No.: |
AAAPG0497P |
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|
Name : |
Mr. Anant Jaivant Talaulicar |
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Designation : |
Director |
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Address : |
Flat No.2101 A and B, |
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Date of Birth/Age : |
11.07.1961 |
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|
Date of Appointment : |
03.06.2003 |
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DIN No.: |
00031051 |
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PAN No.: |
AAAPT2311F |
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|
Name : |
Mr. Rajiv Batra |
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Designation : |
Director |
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|
Address : |
Flat No.5 and 6,
‘The Iris’, Sangamwadi, |
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|
Date of Birth/Age : |
30.09.1955 |
|
|
Date of Appointment : |
20.09.2004 |
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DIN No.: |
00082866 |
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PAN No.: |
AAEPJ8200H |
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|
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|
Name : |
Mr. Craig Alan Moughler |
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Designation : |
Director |
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Address : |
4412, |
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Date of Birth/Age : |
09.09.1957 |
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|
Date of Appointment : |
10.12.2002 |
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DIN No.: |
00340414 |
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|
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|
Name : |
Mr. Vivek Kumar Singh |
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|
Designation : |
Director |
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|
Address : |
Flat No.62, First
Floor, Block III, Erose Garden, |
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|
Date of Birth/Age : |
04.08.1970 |
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|
Date of Appointment : |
10.12.2009 |
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DIN No.: |
01317510 |
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PAN No.: |
AHRPS3894C |
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|
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Name : |
Mr. Rajasekhar C. Menon |
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Designation : |
Director |
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|
Address : |
C2, Ivy Glen Apartments, Marigold Society, Kalyani Nagar, Pune – 411
014, |
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|
Date of Birth/Age : |
15.05.1965 |
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Date of Appointment : |
30.12.2010 |
|
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DIN No.: |
03074942 |
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|
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|
Name : |
Mr. Vipul Tandon |
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Designation : |
Director |
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Address : |
4/277, B-2, Vishnupuri, |
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Date of Birth/Age : |
18.07.1973 |
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Date of Appointment : |
21.12.2011 |
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DIN No.: |
05136092 |
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|
|
|
|
|
Name : |
Mr. Zhiqiang Zhang |
|
|
Designation : |
Additional Director |
|
|
Address : |
3240 Sebastian Lane, Lexington, Kentucky, Usa - 40513, United States of America |
|
|
Date of Appointment : |
30.01.2015 |
|
|
DIN No.: |
07082578 |
|
KEY EXECUTIVES
|
Name : |
Pinkey Kataria |
|
Designation : |
Secretary |
|
Address : |
732/1, Lotus Plaza, Mehrauli, Gurgaon Road Sector- 14, Gurgaon, 122001, Haryana, India |
|
Date of Appointment : |
08.08.2013 |
|
PAN No.: |
ABNPH7002B |
|
|
|
|
Name : |
Mr. Vivek Kumar Singh |
|
Designation : |
Chief Executive Officer |
|
Address: |
Flat No/62, 1st Floor, Eros Garden Block - 3, Charmwood Village, Faridabad, 121009, Haryana, India |
|
Date of Appointment : |
08.05.1995 |
|
PAN No.: |
AHRPS3894C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 08.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
Valvoline
International Inc., |
|
9500000 |
|
Cummins India Limited, |
|
9499500 |
|
Chugh Sameer |
|
100 |
|
Shipchandler Qureish |
|
100 |
|
Cummins India Limited with Praveen Singh |
|
100 |
|
Cummins India Limited with Vivek Upadhaya |
|
100 |
|
Cummins India Limited with Sanjay A. Sharma |
|
100 |
|
Total |
|
19000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 08.08.2014
|
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 |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and marketing of
lubricant oil, greases, car care products and rust preventive oils. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
Not Divulged |
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Bankers : |
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Financial Institute: |
Credit Lyonnais, Mercantile House , 6th Floor, 15, K. G. Marg, New
Delhi - 110001, India |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Muttha Towers, 5th Floor, Suite No. 8, Airport Road, Yerwada, Pune, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAEFP3641G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint venture |
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|
Other companies
under common control |
|
CAPITAL STRUCTURE
As on 08.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000000 |
Equity Shares |
Rs.10/- each |
Rs.190.000
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
30.09.2012 |
|
|
[12
Months] |
[6 Months] |
[12
Months] |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
190.000 |
190.000 |
190.000 |
|
(b) Reserves &
Surplus |
2801.995 |
2540.467 |
2286.643 |
|
(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) |
2991.995 |
2730.467 |
2476.643 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
40.764 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
19.893 |
21.692 |
17.882 |
|
Total Non-current
Liabilities (3) |
60.657 |
21.692 |
17.882 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
996.339 |
847.379 |
998.981 |
|
(c) Other current
liabilities |
314.658 |
372.572 |
314.963 |
|
(d) Short-term provisions |
223.862 |
343.493 |
255.210 |
|
Total Current Liabilities
(4) |
1534.859 |
1563.444 |
1569.154 |
|
|
|
|
|
|
TOTAL |
4587.511 |
4315.603 |
4063.679 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
730.837 |
41.129 |
41.623 |
|
(ii) Intangible Assets |
32.807 |
14.328 |
14.556 |
|
(iii) Capital
work-in-progress |
23.438 |
644.178 |
470.648 |
|
(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 |
34.606 |
33.409 |
|
(d) Long-term Loan and Advances |
807.568 |
842.096 |
823.096 |
|
(e) Other Non-current
assets |
4.847 |
7.410 |
8.244 |
|
Total Non-Current Assets |
1599.497 |
1583.747 |
1391.576 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
170.000 |
151.626 |
364.945 |
|
(b) Inventories |
1523.537 |
1196.981 |
1184.270 |
|
(c) Trade receivables |
789.028 |
681.608 |
556.072 |
|
(d) Cash and cash
equivalents |
369.099 |
605.454 |
498.089 |
|
(e) Short-term loans and advances |
133.785 |
94.330 |
68.012 |
|
(f) Other current assets |
2.565 |
1.857 |
0.715 |
|
Total Current Assets |
2988.014 |
2731.856 |
2672.103 |
|
|
|
|
|
|
TOTAL |
4587.511 |
4315.603 |
4063.679 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
30.09.2012 |
|
|
|
[12
Months] |
[6 Months] |
[12
Months] |
|
|
SALES |
|
|
|
|
|
Income |
10092.342 |
5026.699 |
9244.208 |
|
|
Other Income |
33.647 |
36.462 |
58.384 |
|
|
TOTAL (A) |
10125.989 |
5063.161 |
9302.592 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6157.723 |
2708.924 |
5591.582 |
|
|
Purchases of
Stock-in-Trade |
603.768 |
301.510 |
524.747 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(137.314) |
87.415 |
38.192 |
|
|
Employees benefits
expense |
375.912 |
180.557 |
322.421 |
|
|
Other expenses |
1993.476 |
904.798 |
1658.799 |
|
|
TOTAL (B) |
8993.565 |
4183.204 |
8135.741 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
1132.424 |
879.957 |
1166.851 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
4.872 |
5.179 |
7.831 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1127.552 |
874.778 |
1159.020 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.584 |
9.537 |
17.117 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
1066.968 |
865.241 |
1141.903 |
|
|
|
|
|
|
|
Less |
TAX (I) |
360.859 |
277.981 |
365.452 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
706.109 |
587.260 |
776.451 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to general
reserves |
70.610 |
58.730 |
77.650 |
|
|
Proposed Dividend |
190.000 |
285.000 |
190.000 |
|
|
Final Dividend |
0.000 |
0.000 |
0.000 |
|
|
Interim Dividend |
190.000 |
0.000 |
0.000 |
|
|
Dividend tax |
64.580 |
48.440 |
30.840 |
|
|
Total (M) |
515.190 |
392.170 |
298.490 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
190.919 |
195.090 |
477.961 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
64.444 |
23.904 |
29.578 |
|
|
TOTAL EARNINGS |
64.444 |
23.904 |
29.578 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3745.794 |
1658.288 |
3191.730 |
|
|
Components and Stores
parts |
119.137 |
87.007 |
112.000 |
|
|
Capital Goods |
0.715 |
58.705 |
30.011 |
|
|
TOTAL IMPORTS |
3865.646 |
1804.000 |
3333.741 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
37.16 |
30.91 |
40.87 |
CURRENT
MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
30.09.2012 |
|
|
[12
Months] |
[6 Months] |
[12
Months] |
|
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 |
30.09.2012 |
|
|
|
[12
Months] |
[6 Months] |
[12
Months] |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.00 |
11.68 |
8.40 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.22 |
17.51 |
12.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.38 |
23.79 |
32.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.32 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95 |
1.75 |
1.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.09.2012 |
01.10.2012 to 31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
190.000 |
190.000 |
190.000 |
|
Reserves & Surplus |
2286.643 |
2540.467 |
2801.995 |
|
Net worth |
2476.643 |
2730.467 |
2991.995 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.09.2012 |
01.10.2012 to 31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
9244.208 |
5026.699 |
10092.342 |
|
|
|
-45.623 |
100.775 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.09.2012 |
01.10.2012 to 31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
9244.208 |
5026.699 |
10092.342 |
|
Profit |
776.451 |
587.260 |
706.109 |
|
|
8.40% |
11.68% |
7.00% |
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 |
No |
|
6 |
Contact numbers |
No |
|
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
No |
|
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 |
-- |
|
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 |
No |
|
33 |
Market information |
No |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY PERFORMANCE
During the Financial Year 2013-14, the company has achieved net turnover of Rs 11590.930 million (previous year: Rs 5767.020 million). Profit before tax is Rs. 1066.970 million (previous year: Rs. 865.240 million). Profit after tax is Rs. 706.110 million (previous year: Rs. 587.260 million). The comparison is for six (6) months as the Company has changed its Financial Year from October - September to April to March.
The lower profit for the year is due to sluggish market conditions in the lube industry, predominantly in Construction & Mining sectors and reduced power deficit resulting in overall lower demand for lube. However the Company continued to grow in the retail segment which includes diesel engine oil, oils for heavy duty vehicle, commercial and two-wheelers. Further the Company had entered into an Agreement with Tata Motors for co-branded oil which gives access to the bazaar market and this new product line has been very well accepted in the market.
NATURE OF OPERATIONS:
Valvoline Cummins Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956, whose 50% of equity capital is held by Valvoline International Inc., USA and the balance 50% is held by Cummins India Limited (along with its nominees and joint holders).The Company is engaged in manufacturing and marketing of lubricant oil, greases, car care products and rust preventive oils. The Company has outsourced its manufacturing activities to the contract manufacturers. The Company also provides certain administration and other similar services to group companies/ companies under common control. The Company has set up its own lube manufacturing facility in MIDC at Ambernath, Maharashtra
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10043851 |
10/03/2007 * |
90,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
A14286736 |
|
2 |
10040531 |
13/08/2007 * |
140,000,000.00 |
CITIBANK N.A |
JEEVAN VIHAR, 3 SANSAD MARG, NEW DELHI - 110001, INDIA |
A22567960 |
|
3 |
90047742 |
05/10/2006 * |
90,000,000.00 |
BANK OF NOVA SCOTIA |
28, GOPALDAS BHAWAN, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
- |
|
4 |
90046361 |
16/08/2013 * |
100,000,000.00 |
UNION BANK OF INDIA LIMITED |
UNION BANK BHAVAN, M-11 FIRST FLOOR MIDDLE CIRCLE, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
B85876191 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
|
Income Tax Matters |
139.411 |
|
Central Excise Duty Matters |
51.224 |
|
Customs Matters |
1.573 |
|
Sales Tax Matters |
39.746 |
|
|
|
|
Total |
231.954 |
FIXED ASSETS:
- Building Improvements
- Plant and Machinery
- Office equipments
- Furniture and fixtures
- Vehicles
- Computers
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.63.69 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
RKH |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
57 |
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.