MIRA INFORM REPORT

 

 

Report No. :

346093

Report Date :

20.10.2015

 

IDENTIFICATION DETAILS

 

Name :

YOKOGAWA INDIA LIMITED

 

 

Registered Office :

96, Electronic City Complex, Hosur Road, Bangalore – 560100, Karnataka

Tel. No.:

91-80-41586000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

14.04.1987

 

 

Com. Reg. No.:

08-008304

 

 

Capital Investment / Paid-up Capital :

Rs. 87.500 Million

 

 

CIN No.:

[Company Identification No.]

U74210KA1987FLC008304

 

 

IEC No.:

0788002317

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACY0840P

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Providing Automation Services and Engineering Solutions to various Industries.

 

 

No. of Employees :

500 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (80)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Yokogawa Electric Corporation, Japan [YEC]”. It has excellent track record.

 

For the financial year ended 2015, the company has healthy scale of operations marked by top line growth of 14.7% along with profitability margin of 6.4%.

 

The rating also factor in the company’s strong financial risk profile, marked by a debt-free capital structure.

 

The company has an established market position in the Industrial Automation (IA) business backed by the technological and product support that it receives from its parent company.

 

Trade relations are fair. Business is active. Payments are regular and as per commitment.

 

In view of aforesaid, 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

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term Bank facilities = AA-

Rating Explanation

High degree of safety and very low credit risk.

Date

September 2015

 

 

Rating Agency Name

CRISIL

Rating

Short term Bank facilities = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

September 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. Gyan Prakash

Designation :

Sales Department

Contact No.:

91-9910134556

Date :

20.10.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

96, Electronic City Complex, Hosur Road, Bangalore – 560100, Karnataka, India

Tel. No.:

91-80-41586000

Mobile No.:

91-9910134556 [Mr. Gyan Prakash Saxena]

Fax No.:

91-80-28521442

E-Mail :

v.senthilkumar@in.yokogawa.com

gyanprakash.saxena@in.yokogawa.com

Website :

http://www.yokogawa.com

Location :

Owned

Locality :

Industrial

 

 

Regional Office :

203, Somdutt Chambers II, 9, Bhikaji Cama Place, New Delhi – 110066, India

 

 

Other Regional Offices :

Located at:

 

·         New Delhi

·         Kolkata

·         Mumbai

·         Chennai

·         Vadodara

 

 

Sales Offices :

Located at:

 

·         Bangalore

·         Secunderabad

·         Pune

·         Lucknow

·         Nagpur

·         Surat

·         Visakhapatnam

·         Bhubaneshwar

·         Guwahati

 

 

DIRECTORS

 

AS ON 06.10.2014

 

Name :

Mr. Tsutomu Murata

Designation :

Managing director

Address :

No 96, Electronic City Complex, Hosur Road, Bangalore – 560100, Karnataka, India

Date of Birth/Age :

01.08.1963

Qualification :

Graduate

Experience :

28 Years

Date of Appointment :

01.04.2010

DIN No.:

03149651

 

 

Name :

Mr. Shailendra Mohan Shete

Designation :

Director

Address :

18, Simei Street 1, # 06-04, Singapore, 529943, Singapore

Date of Birth/Age :

21.09.1955

Date of Appointment :

27.09.2013

DIN No.:

06552207

 

 

Name :

Ms. Naoko Ehara

Designation :

Director

Address :

240 Lorong Chuan, #01-07, Lorong Chuan, 556743, Singapore

Date of Birth/Age :

21.02.1964

Qualification :

Graduate

Experience :

20 Years

Date of Appointment :

31.03.2015

DIN No.:

07134915

 

 

Name :

Mr. Perody Narasimha Karanth

Designation :

Director

Address :

27, Classic Orchards, Bannerghatta Road, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

06.04.1948

Qualification :

Electrical Engineer

Experience :

36 Years

Date of Appointment :

16.03.2015

DIN No.:

00004088

 

 

Name :

Mr. Hewitt John Christopher

Designation :

Director

Address :

31 Amber Road, #11-06, The Sea View, 439943, Singapore

Date of Birth/Age :

12.06.1951

Qualification :

·         Bachelor of Business Studies, Australia

·         Fellow of CPA, Australia

·         Fellow of Institute of Chartered Secretaries, Australia

·         Fellow Member-Governance Institute of Australia

·         Member-Australian Institute of Directors

Experience :

34 Years

Date of Appointment :

27.07.2015

DIN No.:

07176151

 

 

Name :

Mr. Janakiraman Srinivasan

Designation :

Director

Address :

No. 203, Surya Apartments, Plot No. 16, 5th Main, Malleshwaram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

11-Sep-1956

Qualification :

B.E., (Electronics) M. Tech., (Electricals) IIT Madras

Experience :

35 Years

Date of Appointment :

16.03.2015

DIN No.:

00145811

 

 

KEY EXECUTIVES

 

Name :

Mr. Senthil Kumar V

Designation :

AVP – Finance and Company Secretary

Address :

Flat F-502, APR T1, Devarabi Sinahalli, Bellandur Post Orr, Bangalore – 560103, Karnataka, India

Date of Birth/Age :

17.02.1959

Date of Appointment :

01.03.2013

PAN No.:

ABOPS6544G

 

 

Name :

Mr. Gyan Prakash

Designation :

Sales Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 06.10.2014

 

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

 

 

AS ON 06.10.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Nationalised or other banks

0.01

Mutual funds

0.01

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

97.28

Bodies corporate

0.10

Other top fifty shareholders

0.43

Others

2.17

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Automation Services and Engineering Solutions to various Industries.

 

 

Products :

ITC Code No.

 

Product Descriptions

90328990

Construction Contracts: Process Control Instrumentation Systems

90329000

Recorders with Accessories

99831299

Training, AMC, etc

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

 

Selling :

Cash and Credit [30 Days, 60 Days and 90 Days]

 

 

Purchasing :

Cash and Credit [30 Days, 60 Days and 90 Days]

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

End Users and OEMs

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

500 (Approximately)

 

 

Bankers :

Bank Name:

ICICI Bank Limited

Branch:

Landmark Race Cource Circle, Alkapuri, Vadodara – 390007, Gujarat, India

Person Name (with Designation):

Not Divulged

Contact Number:

1800224848 [Number Continuously Ringing]

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Cash Credit = Rs. 1500.000 Million

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         State Bank of India

Industrial Finance Branch, No. 61, Residency Plaza, Residency Road, Bangalore – 560025, Karnataka, India

 

·         B N P Paribas

M G Road Branch, M G Road, Bangalore – 560001, Karnataka, India

 

·         State Bank of India

·         Mizuho Bank Limited

·         Bank of Tokyo Mitsubishi Limited

 

 

Facilities :

--

 

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Deloitte Centre, Anchorage II 100/2, Richmond Road, Bangalore – 560025, Karnataka, India

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

AACFD3771D

 

 

Internal Auditors :

 

Name :

Reddy and Associates

Chartered Accountants

Address :

Bangalore, Karnataka, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

Yokogawa Electric Corporation, Japan (YEC)

 

 

Company in which KMP / Relatives of KMP can exercise significant influence :

·         Yokogawa India Limited Employees Provident Fund

·         Yokogawa India Limited Employees Superannuation Fund

·         Yokogawa India Limited Employees Gratuity Fund

 

 

Parties under common control with whom transactions have taken place during the year :

·         Rota Yokogawa GmbH and Co. K G, Germany

·         Yokogawa Europe B.V., Romania

·         Yokogawa Corporation Of America, USA

·         Yokogawa Engineering Asia Pte Limited, Singapore

·         Yokogawa Electric Asia Pte Limited, Singapore

·         Yokogawa Europe B.V., Netherlands

·         Yokogawa Engineering Middle East., UAE

·         Yokogawa Meters and Instruments ,Japan

·         Yokogawa Middle East E.C, Bahrain

·         Yokogawa System Centre Europe B.V., Netherlands

·         Yokogawa Solutions Limited, Japan

·         Yokogawa Australia Pty Limited, Australia

·         Yokogawa Sichuan Instruments, China

·         Yokogawa China Co. Limited, China

·         Yokogawa Industrial Safety Systems, Netherlands

·         Yokogawa Electric Korea Ltd., South Korea

·         Yokogawa Electric (M) SDN BHD, Malaysia

·         Yokogawa (Thailand) Limited, Thailand

·         Yokogawa IA Tech India Private Limited, India

·         Yokogawa Saudi Arabia Co., KSA

·         Yokogawa Digital Computer Corporation, Japan

·         Omega Simulation Co. Limited, Japan

·         Yokogawa Electric CIS, Japan

·         Yokogawa Marex Limited, UK

·         Yokogawa America Do Sul, Brazil

·         Yokogawa United Kingdom Limited, UK

·         Yokogawa Electric International Pte Limited, Singapore

·         Yokogawa Canada Inc.,Canada

·         Yokogawa South Africa (Pty) Limited, South Africa

·         Yokogawa Italia S.R.L, Italy

·         Yokogawa Europe Solution B.V., Netherlands

·         Yokogawa Deutschland GmBH., Germany

·         Yokogawa System Engineering Corpn. Japan

·         Yokogawa Process Analysers, Netherlands

·         Yokogawa Philippines, Incorporated

·         Yokogawa Solution Service Corporation

·         PT. Yokogawa Indonesia, Indonesia

 

·          

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9,500,000

Equity Shares

Rs. 10/- each

Rs. 95.000 Million

500,000

Unclassified Shares

Rs. 10/- each

Rs. 5.000 Million

 

 

 

 

 

Total

 

Rs. 100.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8,750,000

Equity Shares

Rs. 10/- each

Rs. 87.500 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

87.500

87.500

87.500

(b) Reserves & Surplus

1838.224

1659.234

1541.857

(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)

1925.724

1746.734

1629.357

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

28.736

Total Non-current Liabilities (3)

0.000

0.000

28.736

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

899.573

645.347

780.817

(c) Other current liabilities

943.344

745.325

812.868

(d) Short-term provisions

885.931

810.553

672.118

Total Current Liabilities (4)

2728.848

2201.225

2265.803

 

 

 

 

TOTAL

4654.572

3947.959

3923.896

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

552.681

566.444

569.703

(ii) Intangible Assets

20.749

25.684

23.649

(iii) Capital work-in-progress

13.349

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

235.376

237.332

193.716

(d)  Long-term Loan and Advances

138.705

180.946

130.798

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

960.860

1010.406

917.866

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

355.185

335.401

340.702

(c) Trade receivables

2283.888

1798.663

2113.646

(d) Cash and cash equivalents

435.357

402.892

160.012

(e) Short-term loans and advances

125.754

91.989

51.767

(f) Other current assets

493.528

308.608

339.903

Total Current Assets

3693.712

2937.553

3006.030

 

 

 

 

TOTAL

4654.572

3947.959

3923.896

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from Operations

7242.928

6263.586

6555.302

 

 

Other Income

258.353

51.252

8.189

 

 

TOTAL                                     (A)

7501.281

6314.838

6563.491

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

2382.125

1861.002

2152.771

 

 

Purchases of Stock-in-Trade

1766.233

1564.672

1903.231

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(7.425)

34.529

65.894

 

 

Employees benefits expense

1395.617

1185.505

1085.873

 

 

Other expenses

1043.279

1156.248

895.167

 

 

TOTAL                                     (B)

6579.829

5801.956

6102.936

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

921.452

512.882

460.555

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

3.128

1.671

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

918.324

511.211

460.555

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

132.416

69.532

63.052

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

785.908

441.679

397.503

 

 

 

 

 

Less

TAX                                                                  (H)

308.737

150.274

123.584

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

477.171

291.405

273.919

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods calculated on FOB basis

573.492

309.528

204.800

 

 

Project executed in India for overseas customers

37.305

5.547

 

 

Software Services

1158.133

967.547

 

 

 

Commission

25.424

32.708

 

 

 

Services Others

132.559

86.723

 

 

 

Other income (Reimbursement)

48.803

1.404

996.725

 

TOTAL EARNINGS

1975.716

1403.457

1201.525

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

2448.973

2261.735

2415.905

 

 

Capital Goods

8.054

5.185

4.936

 

TOTAL IMPORTS

2457.027

2266.920

2420.841

 

 

 

 

 

 

Earnings Per Share (Rs.)

54.53

33.30

31.31

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated/(used in) from operations

577.199

699.733

NA

 

 

 

 

Net cash flow from / (used in) operating activities

312.909

410.994

319.547

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

6.59

4.65

4.18

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

12.72

8.19

7.03

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

17.84

11.90

10.66

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.41

0.25

0.24

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.35

1.33

1.33

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

87.500

87.500

87.500

Reserves & Surplus

1541.857

1659.234

1838.224

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

1629.357

1746.734

1925.724

 

 

 

 

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

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6555.302

6263.586

7242.928

 

 

-4.450

15.635

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6555.302

6263.586

7242.928

Profit

273.919

291.405

477.171

 

4.18%

4.65%

6.59%

 

 

 

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

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10059243

07/01/2014 *

1,500,000,000.00

ICICI BANK LIMITED

LANDMARK RACE COURCE CIRCLE, ALKAPURI, VADODARA, 
GUJARAT - 390007, INDIA

B97054050

2

80026625

18/07/2013 *

1,050,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, NO. 61, RESIDENCY PLAZA, RESIDENCY ROAD, BANGALORE, KARNATAKA - 560025, INDIA

B81780967

 

* Date of charge modification

 

 

CORPORATE INFORMATION

 

Subject is a public company incorporated under the Companies Act 1956. The company is Subsidiary of Japanese Company Yokogawa Electric Corporation which is listed at Tokyo Stock Exchange. The Company is engaged in the manufacturing of industrial automation systems. It has also got trading and customer services activities in India. It also caters certain technical services overseas.

 

 

PREVIEW OF BUSINESS OPERATIONS

 

The Company is engaged in the business of providing automation services and engineering solutions to various industries. During the year, there was no change in the nature of business of the Company. During the year, though the order intake low at any 3.1% over the previous year, the Sales growth was good as around 15% further, the profit before tax improved substantially by about 78% due to certain measures taken by the company to improve sales realization, and also due to better margin orders executed during the year.

 

However, the liquidity issues resulting in project delays and consequent increase in project cost faced by customers are still continuing and the coming year would be difficult both in terms of revenue and profit.

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

(a) Claims against the Company not acknowledged as debt

 

 

(i) Income Tax Matters in Dispute

(Future cash outflows in respect of the above matters are determinable only on receipt of judgments / decisions pending at various forums / authorities.)

173.242

183.491

(b) Bank Guarantees

1788.260

1929.245

 

 

 

Total

 

1961.502

2112.736


FIXED ASSETS:

 

·         Freehold Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office equipment

·         Leasehold improvements

·         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. 64.82

UK Pound

1

Rs. 100.12

Euro

1

Rs. 73.75

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

9

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

9

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

9

--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

 

80

 

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.