MIRA INFORM REPORT
|
Report No. : |
350423 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
CARRARO INDIA PRIVATE LIMITED (w.e.f.16.03.2009) |
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Formerly Known
As : |
CARRAEO INDIA LIMITED |
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Registered Office
: |
B 2/ 2, MIDC, Ranjangaon, Pune - 412220, Maharashtra |
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Tel. No.: |
91-2138-662666/232101 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.04.1997 |
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Com. Reg. No.: |
11-132629 |
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Capital
Investment / Paid-up Capital : |
Rs. 625.860 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U52609PN1997PTC132629 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC09276B |
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PAN No.: [Permanent Account No.] |
AAACC5292M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Automotive Equipments, Parts and Components of the
Agricultural Tractors. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a Pune-based company. It is owned by ‘Carraro SPA’. It has
fine track record. The company has achieved good sales turnover marked by satisfactory
track profit margin which has increased as compared to last year. It
possesses sound net worth base. Trade relations are fair. Business is active. Payment terms are regular
and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH RATING |
|
Rating |
Long Term Issuer Rating = ‘IND A’ |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk |
|
Date |
July 08, 2015 |
|
Rating Agency Name |
FITCH RATING |
|
Rating |
Non Fund Based Limits = ‘IND A1’ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk |
|
Date |
July 08, 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
31-03-2015.
INFORMATION DENIED
Management non co-operative (Tel. No.: 91-2138-662666/232101)
LOCATIONS
|
Registered Office/ Factory : |
B 2/ 2, MIDC, Ranjangaon, Pune - 412220, Maharashtra, India |
|
Tel. No.: |
91-2138-662666/ 232101/ 2/ 3/ 4 |
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Fax No.: |
91-2138-232136/ 662677 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON: 25.06.2013
|
Name : |
Mr. Enrico Elio Gomiero |
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Designation : |
Director |
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Address : |
Via E Degli Scrovegni 7, |
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Date of Birth/Age : |
27.10.1958 |
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Date of Appointment : |
06.06.1997 |
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DIN No.: |
00588074 |
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Other Directorship : |
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Name : |
Mr. Mario Giovanni Carraro |
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Designation : |
Director |
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Address : |
Via Delle Palme 8, |
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Date of Birth/Age : |
29.10.1929 |
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Date of Appointment : |
06.06.1997 |
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DIN No.: |
00676573 |
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Other Directorship : |
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Name : |
Mr. Massimo Zanco |
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Designation : |
Director |
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Address : |
B-401, Oxford Hallmark, Lane No. 7, Koregaon Park, Pune – 411001,
Maharashtra, India |
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Date of Birth/Age : |
17.07.1972 |
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Date of Appointment : |
25.06.2013 |
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DIN No.: |
05245177 |
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Other Directorship : |
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MAJOR SHAREHOLDERS
AS ON: 25.06.2013
|
Names of Shareholders |
No. of Shares |
|
Carraro Drive Tech |
56825998 |
|
Carraro Drive Tech Spa |
2 |
|
Total |
56826000 |
AS ON: 25.06.2013
Equity Share Break up (Percentage of Total Equity)
|
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 : |
Manufacturer of
Automotive Equipments, Parts and Components of the Agricultural Tractors. |
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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 |
GENERAL INFORMATION
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Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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|
Name : |
Lovelock and Lews Chartered Accountants |
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Address : |
252, Veer
Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India |
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PAN No.: |
AABFL5878L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
·
Carraro Drive Tech SpA (Direct Holding Company) ·
Carraro Spa (Holding Company of Carraro Drive
Tech SpA) |
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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 |
|
|
|
|
|
|
76,001,000 |
Equity Shares |
Rs.10/- each |
Rs. 760.010 Million |
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|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56,826,000 |
Equity Shares |
Rs.10/- each |
Rs. 568.260
Million |
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AS ON: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76,001,000 |
Equity Shares |
Rs.10/- each |
Rs. 760.010 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,25,86,000 |
Equity Shares |
Rs.10/- each |
Rs. 625.860
Million |
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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 |
625.860 |
568.260 |
568.260 |
|
(b) Reserves & Surplus |
1615.022 |
785.272 |
523.592 |
|
(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) |
2240.882 |
1353.532 |
1091.852 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
718.661 |
648.510 |
511.011 |
|
(b) Deferred tax liabilities (Net) |
186.551 |
91.443 |
62.756 |
|
(c) Other long term
liabilities |
0.000 |
10.000 |
10.000 |
|
(d) long-term
provisions |
108.335 |
37.851 |
34.729 |
|
Total Non-current
Liabilities (3) |
1013.547 |
787.804 |
618.496 |
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
825.799 |
786.584 |
765.016 |
|
(b) Trade
payables |
2675.465 |
2178.999 |
2960.718 |
|
(c) Other
current liabilities |
883.328 |
232.156 |
226.589 |
|
(d) Short-term
provisions |
113.670 |
65.583 |
53.514 |
|
Total Current
Liabilities (4) |
4498.262 |
3263.322 |
4005.837 |
|
|
|
|
|
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TOTAL |
7752.691 |
5404.658 |
5716.185 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2422.304 |
1364.856 |
1148.669 |
|
(ii)
Intangible Assets |
1.147 |
0.774 |
1.053 |
|
(iii)
Capital work-in-progress |
101.244 |
5.236 |
8.061 |
|
(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 |
215.577 |
159.066 |
217.747 |
|
(e) Other
Non-current assets |
25.471 |
10.605 |
0.000 |
|
Total Non-Current
Assets |
2765.743 |
1540.537 |
1375.530 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1396.141 |
1093.999 |
1557.330 |
|
(c) Trade
receivables |
2064.615 |
1589.071 |
1769.647 |
|
(d) Cash
and cash equivalents |
665.183 |
511.392 |
254.337 |
|
(e)
Short-term loans and advances |
818.233 |
668.844 |
758.898 |
|
(f) Other current
assets |
42.776 |
0.815 |
0.443 |
|
Total
Current Assets |
4986.948 |
3864.121 |
4340.655 |
|
|
|
|
|
|
TOTAL |
7752.691 |
5404.658 |
5716.185 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL INCOME
|
11355.523 |
8316.983 |
8271.844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less |
|
TOTAL EXPENSES |
9742.501 |
7748.125 |
7909.752 |
|
|
|
|
|
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|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1613.022 |
568.858 |
362.092 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
374.664 |
172.695 |
130.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
1238.358 |
396.163 |
231.201 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
307.947 |
134.483 |
76.934 |
|
|
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|
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|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
930.411 |
261.680 |
154.267 |
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7880.071 |
5221.349 |
5170.881 |
|
|
|
Commission Earnings |
0.000 |
0.000 |
0.000 |
|
|
|
Other Earnings |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
7880.071 |
5221.349 |
5170.881 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.37 |
4.60 |
2.71 |
|
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 |
|
Net cash flow from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.19 |
3.15 |
1.86 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
14.20 |
6.84 |
4.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.18 |
7.34 |
4.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.55 |
0.29 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.69 |
1.06 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.18 |
1.08 |
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 |
568.260 |
568.260 |
625.860 |
|
Reserves & Surplus |
523.592 |
785.272 |
1615.022 |
|
Net
worth |
1091.852 |
1353.532 |
2240.882 |
|
|
|
|
|
|
long-term borrowings |
511.011 |
648.510 |
718.661 |
|
Short term borrowings |
765.016 |
786.584 |
825.799 |
|
Total
borrowings |
1276.027 |
1435.094 |
1544.460 |
|
Debt/Equity
ratio |
1.169 |
1.060 |
0.689 |
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) |
|
Total Income |
8271.844 |
8316.983 |
11355.523 |
|
|
|
0.546 |
36.534 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
8271.844 |
8316.983 |
11355.523 |
|
Profit |
154.267 |
261.680 |
930.411 |
|
|
1.86% |
3.15% |
8.19% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
----- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
----- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
----- |
|
33 |
Market information |
----- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS OPERATIONS:
During the year under report the company recorded a consolidated
turnover of Rs. 113.500 Million as compared to previous year standalone
turnover of Rs. 83.200 Million. Consolidated Operating Profit (EBITDA) increased
to Rs. 1768.100 Million (15.6% of revenue) from standalone EBITDA of Rs.
770.700 Million (9.3% of revenue). Similarly Consolidated Profit after taxation
(PAT) increased to Rs. 930.400 Million (8.2% of revenue) from standalone PAT of
Rs. 261.700 Million (3.1% of revenue). Improvement in profitability in the
current year is mainly due to better control over operating costs along with
improved internal capacity utilization.
BUSINESS OUTLOOK:
The company has consolidated its previous year’s growth in sales along
with significant improved profitability during the current year under report.
Company is expecting to continue consolidating the gains of previous year and
also to achieve growth in domestic as well as export sector in the current
financial year 2014-15. This favorable outlook is due to ongoing recovery of
developed economies improvement in emerging markets and continued shift of
production from Carraro Group units in Europe. Company is leveraging on its
superior technology in providing efficient transmission solution to
Construction as well agricultural sector leading to further strengthen its
customer portfolio.
MERGER:
The Honble High Court Bombay has approved the Scheme of Amalgamation of
Turbo Gears India Private Limited
(TGIPL) with Company vide order dated. 28th August 2014 and the
effective date of the merger was 23rd September 2014.
The appointed date of merger is April 1 2013. The financial results of
erstwhile TGIPL for the year ended March 31st 2014 are reflected in
Company’s accounts. Pursuant to the merger the erstwhile shareholders of TGIPL
were allotted 5760000 equity shares of the Company.
In accordance with the Scheme the Company has issued shares in the ratio
of 0.06:1 i.e. 0.06 shares of the Company for each share held by shareholders
of erstwhile TGIPL. The swap ratio has been decided on the basis of fair
valuation of the shares performed by independent values. Accordingly Fair value
of shares of the Company and erstwhile TGIPL were been determined as Rs. 8.1.09
per share and Rs. 4.74 per share respectively.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Borrowing form foreign institutional agencies |
121.644 |
0.000 |
|
Term loans from others |
0.000 |
139.180 |
|
Total |
121.644 |
139.180 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10502083 |
21/05/2014 |
500,000,000.00 |
State Bank of India |
IFB Pune Branch,, Tara Chambers, Mumbai - Pune Road,, Pune,
Maharashtra - 411003, INDIA |
C06170799 |
|
2 |
10494223 |
22/08/2014 * |
126,500,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
C18948802 |
|
3 |
10476267 |
04/06/2014 * |
200,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYA ROAD, EAST STREET, CAMP, PUNE, Maharashtra -
411001, INDIA |
C07191984 |
|
4 |
10358848 |
17/12/2012 * |
360,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTER COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B65455230 |
|
5 |
10289285 |
20/10/2011 * |
139,300,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
B24954570 |
|
6 |
10274566 |
15/06/2011 * |
150,000,000.00 |
Export-Import Bank of India |
Centre One Building, 21st Floor, World Trade Centre, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
B14739056 |
|
7 |
10280366 |
29/05/2014 * |
150,000,000.00 |
Axis Bank Limited |
214-215, "City Mall", GaneshKhind Road,, Near Pune University,
Pune, Maharashtra - 411007, INDIA |
C06830020 |
|
8 |
10156984 |
17/07/2013 * |
450,000,000.00 |
EXPORT - IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
B82092685 |
|
9 |
10098106 |
18/03/2008 |
100,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
DYANESHWAR PADUKA CHOWK, F C ROAD, SHIVAJINAGAR, |
A35650258 |
|
10 |
10109467 |
29/05/2014 * |
430,000,000.00 |
Axis Bank Limited |
214-215, "City Mall", GaneshKhind Road,, Near Pune
University, Pune, Maharashtra - 411007, INDIA |
C06834667 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipments
- Computers
- Vehicles
- Dies,
Pattern, Fixtures and Tools
- Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.14 |
|
UK Pound |
1 |
Rs. 100.55 |
|
Euro |
1 |
Rs. 71.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
54 |
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.