MIRA INFORM REPORT

 

 

Report No. :

344965

Report Date :

15.10.2015

 

IDENTIFICATION DETAILS

 

Name :

EMMVEE PHOTOVOLTAIC POWER PRIVATE LIMITED (w.e.f. 10.11.2010)

 

 

Formerly Known As :

EMMVEE TOUGHENED GLASS AND PHOTOVOLTAICS PRIVATE LIMITED

 

 

Registered Office :

#55, Solar Tower, 6th Main, 11th Cross, Lakashmaiah Block, Ganganagar, Bangalore – 560 024, Karnataka

Tel. No.:

91-80-43233311/ 43233310/ 23638380/ 81

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

21.03.2007

 

 

Com. Reg. No.:

08-042197

 

 

Capital Investment / Paid-up Capital :

Rs.107.918 Million

 

 

CIN No.:

[Company Identification No.]

U26101KA2007PTC042197

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRE04624E

 

 

PAN No.:

[Permanent Account No.]

AABCE7342P

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject manufactures and sells toughened glass, photovoltaic systems and photovoltaic modules, further, the subject executes grid and off-grid photovoltaic projects on a turnkey basis.

 

 

No. of Employees :

600 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 2524000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Emmvee Photovoltaic Power Private Limited (EPPPL), formerly Emmvee Toughened Glass and Photovoltaics Private Limited, was incorporated on 21st March 2007.

 

The ratings takes into account company’s improvement in the financial profile of the company marked by comfortable debt protection metrics.

 

The ratings also take into account the healthy order book position of the company resulting in the steady y-o-y sales turnover growth and sound profitability margin during the years. The ratings also favourably consider of healthy demand for photovoltaic (PV) modules, and established supplier’s and customers relations.

 

The ratings however remain constrained by the high working capital intensity in the business and exposure of profitability. The ratings are also constrained by the decline in the company’s profitability levels in financial year 2014 on account of sizeable bad debt and investment write-off in relation to a German subsidiary company.

 

Trade relations are fair. Business is active. Payments terms are reported to be usually correct.

 

The company can be considered normal for business dealing at usual trade terms and conditions.

 

 

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

ICRA

Rating

Long Term Bank Facilities: BBB+

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

January, 2015

 

Rating Agency Name

ICRA

Rating

Short Term Bank Facilities: A2

Rating Explanation

Strong degree of safety and low credit risk.

Date

January, 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 PARTED BY

 

Name :

Mr. Nandish Kumar

Designation :

Finance Director

Contact No.:

91-80-43233511

Date :

13.10.2015

 

 

LOCATIONS

 

Registered Office :

#55, Solar Tower, 6th Main, 11th Cross, Lakashmaiah Block, Ganganagar, Bangalore – 560 024, Karnataka, India

Tel. No.:

91-80-43233311/ 43233310/ 23638380/ 81

Fax No.:

91-80-28467808/ 23332060

E-Mail :

info@emmvee.in

jgspy@emmvee.in

nandeshkumar.hr@emmvee.in

mahabaleshwar.b@emmvee.in

Website :

http://www.emmveetuffglass.com

http://www.emmveephotovltaic.com

http://www.emmveelightings.com

Area:

3000 sq. ft.

Location:

Owned

Locality:

Commercial

 

 

Corporate Office/ Factory/ Processing Unit :

#13/1, International Airport Road, Bettahalsur Post, Bengalore – 562157, Karnataka, India

Tel. No.:

91-80-43233544/ 28467801/ 02/ 03/ 04

Fax No.:

91-80-28467808/ 28477502

 

 

DIRECTORS

 

As on 28.11.2014

 

Name :

Mr. Dhonti Venkatrathnaiah Manjunatha

Designation :

Managing Director

Address :

B 22, Shubha Nilaya, 5 Main 10 Cross, Housing Layout, Bangalore – 560 032, Karnataka, India

Date of Birth/Age :

08.08.1967

Qualification :

B.Com

Date of Appointment :

26.03.2007

PAN No.:

ABQPM7504G

DIN No.:

00249495

 

 

Name :

Mrs. Manjunatha Donthi Shubha

Designation :

Director

Address :

B 22, Shubha Nilaya, 5 Main, 10 Cross, Housing Layout, Bangalore -560 032, Karnataka, India

Date of Birth/Age :

22.03.1972

Qualification :

B.Com

Date of Appointment :

26.03.2007

PAN No.:

AMJPS7541K

DIN No.:

00249559

 

 

Name :

Mr. Srinath Thippe Gowda

Designation :

Whole Time Director

Address :

# 1701, 17 Cross, MC Layout, Vijayanagar, Bangalore – 560 040, Karnataka, India

Date of Birth/Age :

13.04.1964

Date of Appointment :

27.09.2010

PAN No.:

ACRPT9887F

DIN No.:

01508121

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U85110KA1996PTC021190

EMMVEE SOLAR SYSTEMS PRIVATE LIMITED

Director

10/05/2007

10/05/2007

-

Active

NO

2

U26101KA2007PTC042197

Emmvee Photovoltaic Power Private Limited

Whole-time director

27/09/2010

04/04/2008

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Nandish Kumar

Designation :

Finance Director

 

 

Name :

Mr. Mahabaleshwar Bhat

Designation :

Secretary

Address :

# 843, 18 Cross, 5 Main, HMT Layout, Vidyaranya, Bangalore – 560 097, Karnataka, India

Date of Birth/Age :

05.04.1975

Date of Appointment :

20.10.2008

PAN No.:

ALMPB7927Q

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 28.11.2014

 

Names of Shareholders

 

No. of Shares

% age

Donthi Venkatharathnaia Manjunatha

5200000

48.18

Manjunatha Shubha

5200000

48.18

D V Manjunath HUF Represented by D V Manjunath

391810

3.64

Total

10791810

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 28.11.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject manufactures and sells toughened glass, photovoltaic systems and photovoltaic modules, further, the subject executes grid and off-grid photovoltaic projects on a turnkey basis.

 

 

Products :

Product Description

 

ITC Code

Safety / Toughened Glass.

70071900

Solar Photovoltaic Modules

85414011

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • France
  • Germany
  • Italy

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • European Countries

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Jindal Alluminium Limited, Bangalore, Karnataka, India

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers, Retailers and Manufacturer

Reference :

Sunedison Energy India Private Limited, Chennai, Tamilnadu, India

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

600 (Approximately)

 

 

Bankers :

Bank Name

State Bank of India

Branch

Madhava Nagar, Bangalore, Karnataka, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

  • Axis Bank Limited, M.G. Road, Bangalore – 560 001, Karnataka, India
  • State Bank of India, Specialized Mid Corporate Branch, No.97, Railway Parallel Road, Kumarapark West, Bangalore – 560 020, Karnataka, India
  • Kotak Mahindra Bank Limited, 27bkc, C 27, G Block, Bandra Kurla Complex, Bandra (Eest), Mumbai, Maharashtra - 400051, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term Loans From Banks

225.000

391.200

 

 

 

Short-term borrowings

 

 

Working Capital Loan From Banks

457.796

1024.623

 

 

 

Total

682.796

1415.823

 

 

 

Auditors :

 

Name :

Vishnu Daya and Company

Chartered Accountants

Address :

Bangalore, Karnataka, India

PAN N Income-tax PAN of auditor or auditor's firm :

AACFV5145P

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Enterprises which are

owned, or have significant

influence of or are partners

with Key management

personnel and their relatives:

  • Sri Manjunatha Glass and Plywoods, India

 

 

Subsidiary company:

  • Emmvee Energy GmbH, Germany
  • Emmvee Photovoltaics GmbH, Germany
  • Emmvee Energy Private Limited, India (U31506KA2008PTC046011)
  • Emmvee Solar Systems Private Limited, India  (U85110KA1996PTC021190)

 

 

Associate:
  • Solar Power Tech S.R.L (effective 4 October 2011)

 

 

 

CAPITAL STRUCTURE

 

As on 28.11.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12000000

Equity Shares

Rs.10/- each

Rs.120.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10791810

Equity Shares

Rs.10/- each

Rs.107.918 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

107.918

107.918

107.918

(b) Reserves & Surplus

775.352

761.093

592.408

(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)

883.270

869.011

700.326

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

558.668

391.200

344.774

(b) Deferred tax liabilities (Net)

139.927

170.961

163.154

(c) Other long term liabilities

2.410

2.933

2.368

(d) long-term provisions

47.441

41.890

29.319

Total Non-current Liabilities (3)

748.446

606.984

539.615

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

458.523

1082.126

1425.702

(b) Trade payables

935.020

696.072

628.549

(c) Other current liabilities

831.073

349.243

121.058

(d) Short-term provisions

17.961

61.975

18.675

Total Current Liabilities (4)

2242.577

2189.416

2193.984

 

 

 

 

TOTAL

3874.293

3665.411

3433.925

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

637.919

716.787

693.332

(ii) Intangible Assets

6.955

6.719

8.492

(iii) Capital work-in-progress

0.000

0.000

60.253

(iv) Intangible assets under development

0.211

1.917

6.785

(b) Non-current Investments

32.861

416.395

95.092

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

54.821

134.257

197.677

(e) Other Non-current assets

4.299

0.079

0.744

Total Non-Current Assets

737.066

1276.154

1062.375

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

653.808

0.108

0.000

(b) Inventories

266.446

142.094

308.188

(c) Trade receivables

1054.391

1297.247

1969.707

(d) Cash and cash equivalents

333.017

440.418

27.055

(e) Short-term loans and advances

715.529

485.842

48.673

(f) Other current assets

114.036

23.548

17.927

Total Current Assets

3137.227

2389.257

2371.550

 

 

 

 

TOTAL

3874.293

3665.411

3433.925

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

2869.489

2846.333

3898.391

 

Other Income

77.941

14.650

12.395

 

TOTAL

2947.430

2860.983

3910.786

 

 

 

 

 

Less

TOTAL EXPENSES

2767.098

2359.255

3584.316

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

180.332

501.728

326.470

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

98.061

224.910

150.224

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

82.271

276.818

176.246

 

 

 

 

 

Less

TAX

68.012

108.134

60.678

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

14.259

168.684

115.568

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.32

15.63

10.71

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

3980.000

 

 

 

 

 

Expected Sales (2015-2016) : Rs.4500.000 Million

 

 

The above information has been parted by Mr. Nandish Kumar (Finance Director)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

166.200

126.534

31.873

Cash generated from operations

NA

NA

NA

Net cash flow from operating activity

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.50

5.93

2.96

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.14

8.53

5.39

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.09

0.32

0.25

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.34

1.84

2.57

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.40

1.09

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

107.918

107.918

107.918

Reserves & Surplus

592.408

761.093

775.352

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

700.326

869.011

883.270

long-term borrowings

344.774

391.200

558.668

Short term borrowings

1425.702

1082.126

458.523

Current Maturities of Long-Term Debts

31.873

126.534

166.200

Total borrowings

1802.349

1599.860

1183.391

Debt/Equity ratio

2.574

1.841

1.340

 

 

 

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

3898.391

2846.333

2869.489

 

 

(26.987)

0.814

 

 

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

3898.391

2846.333

2869.489

Profit

115.568

168.684

14.259

 

2.96%

5.93%

0.50%

 

 

 

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

Yes

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

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

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 four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

BACKGROUND

 

The Company was incorporated on 21 March 2007, as a Private Limited Company under the Companies Act, 1956 the Act. The Company manufactures and sells toughened glass, photovoltaic systems and photovoltaic modules. Further, the Company executes grid and off-grid photovoltaic projects on a turnkey basis.

 

SEGMENT REPORTING

 

The primary segments of the Company are its business segments as follows:

 

(i) Photovoltaics modules - Photovoltaics unit manufactures eco-friendly and pollution free photovoltaics modules. The manufacturing process involves assembling of photovoltaic cells into a continuous pattern to enable them to generate electricity from sunlight.

 

(ii) Toughened glass - In the toughened glass unit plain glass is washed, cleaned, cut into different sizes and polished as per the requirement of the customers. These glasses are then toughened by placing them into a furnace.

 

(iii) Solar photovoltaics project - Solar photovoltaics project executes grid and off-grid projects on turnkey basis. The segment capabilities include basic/detailed engineering, procurement and construction.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Loans and Advances From Related Parties

333.668

0.000

 

 

 

Short-term borrowings

 

 

Loans and advances from directors

0.000

30.768

Loans and advances from others

0.727

26.735

 

 

 

Total

334.395

57.503

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10593394

02/09/2015

600,000,000.00

KOTAK MAHINDRA BANK LIMITED

27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA

C65375180

2

10245035

29/07/2015 *

800,000,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH, INDIAN EXPRESS BUILDING, 
, NO.1, QUEEN'S ROAD,, BANGALURU, KARNATAKA - 560 001, INDIA

C60223153

3

10239424

08/07/2013 *

1,285,000,000.00

STATE BANK OF INDIA

SPECIALISED MID CORPORATE BRANCH, NO. 97, RAILWAY 
PARALLEL ROAD, KUMARAPARK WEST, BANGALORE, KARNATAKA - 560020, INDIA

B83652156

 

 

FIXED ASSETS

 

Tangible Assets

 

  • Land
  • Buildings
  • Factory building
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Motor vehicles
  • Office equipment
  • Computer equipments
  • Other equipments

 

 

Intangible Assets

 

  • 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.65.11

UK Pound

1

Rs.99.49

Euro

1

Rs.74.24

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KSH

 

 

Report Prepared by :

SUD

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

43

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.