|
|
|
MIRA INFORM REPORT
|
Report No. : |
502422 |
|
Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
YOROZU JBM AUTOMOTIVE TAMIL NADU PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot Nos. B5 and B6, Sipcot Industrial Park, Vangadu Village
Sriperumbudur Taluk, Kanchipuram – 602105, Tamilnadu |
|
Tel. No.: |
91-44-71158115 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
10.02.2011 |
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|
|
|
Com. Reg. No.: |
18-079145 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 3576.376 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U34201TN2011FTC079145 |
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|
|
|
IEC No.: [Import-Export Code No.] |
0411009061 |
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|
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|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACY4647A |
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|
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in developing, manufacturing and
sale of automotive parts [suspension] and also engaged in sale of production
tooling die and equipment.
[Registered Activity] |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 7700000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject is
a subsidiary of “Yorozu Corporation” based in Japan and it was incorporated
in the year 2011. It is
engaged in developing, manufacturing and selling of automotive parts, selling
of production tooling die and equipment. As per
the financials of March 2017, the company has registered healthy growth in
its revenue but has reported minimal losses. Rating
takes into consideration the company’s satisfactory track record of business
operations marked by healthy capital base along with zero debt balance sheet
and decent liquidity position. Rating
also takes into account the strong financial and managerial support received
from its holding entity and well experienced management team. However,
rating strength is partially offset by negative reserves of the company. Payments
seems to be slow but correct. 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 10.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative (91-44-71158115)
LOCATIONS
|
Registered Office : |
Plot Nos. B5 and B6, Sipcot Industrial Park, Vangadu Village
Sriperumbudur Taluk, Kanchipuram – 602105, Tamilnadu, India |
|
|
91-44-71158115 |
|
Fax No.: |
91-44-71158116 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Fumihiro Kondo |
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Designation : |
Managing Director |
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Address : |
2668-83, Imajuku-Cho Asahi-Ku Yokohamashi – 2208686, Japan |
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Date of Birth/Age : |
12.06.1969 |
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Date of Appointment : |
01.05.2013 |
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DIN No.: |
06602777 |
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Name : |
Mr. Anand Swaroop Khandelwal |
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Designation : |
Director |
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Address : |
C - 5A/14, 2nd Floor, Janakpuri, New Delhi – 110058, India |
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Date of Birth/Age : |
26.06.1956 |
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Date of Appointment : |
10.02.2011 |
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DIN No.: |
00004816 |
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Other Directorship:
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Name : |
Kazumi Sato |
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Designation : |
Director |
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Address : |
11-8, Nakaodai Naka-Ku Yokohama 2310839, Japan |
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Date of Appointment : |
26.08.2016 |
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DIN No.: |
07597984 |
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KEY EXECUTIVES
|
Name : |
Ms. Archana Jaiswal |
|
Designation : |
Company Secretary |
|
Address : |
9/41, King's Road, Howrah Municipal Corporation Golabari,
Howrah – 711101, West Bengal, India |
|
Date of Appointment : |
26.11.2015 |
|
PAN No.: |
AITPJ3972D |
MAJOR SHAREHOLDERS
AS ON 02.08.2017
|
Names of Shareholders |
No. of Shares |
|
Yorozu Corporation |
347637600 |
|
JBM Auto System Private Limited |
10000000 |
|
|
|
|
Total |
357637600 |
Equity Share Break up (Percentage of Total Equity)
AS ON 02.08.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in developing, manufacturing and
sale of automotive parts [suspension] and also engaged in sale of production tooling
die and equipment.
[Registered Activity] |
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Products / Services
: |
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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 : |
Information denied by the management |
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Bankers : |
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Auditors : |
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|
Name : |
Satish and Sankar Chartered Accountants |
|
Address : |
Old No. 17 New No 6, Muthulamman, Koil Street, West Mambalam – 600033, Tamilnadu, India |
|
PAN No.: |
ABXFS5342K |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
|
CAPITAL STRUCTURE
AS ON 02.08.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
INR 10/- each |
INR 4000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
357637600 |
Equity Shares |
INR 10/- each |
INR 3576.376 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3576.376 |
3576.376 |
3576.376 |
|
(b) Reserves & Surplus |
(898.503) |
(887.810) |
(766.037) |
|
(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) |
2677.873 |
2688.566 |
2810.339 |
|
|
|
|
|
|
(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 |
12.396 |
4.702 |
4.878 |
|
Total Non-current
Liabilities (3) |
12.396 |
4.702 |
4.878 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
114.430 |
132.032 |
198.807 |
|
(c) Other
current liabilities |
1110.000 |
1374.043 |
920.670 |
|
(d) Short-term
provisions |
0.139 |
0.000 |
0.107 |
|
Total Current
Liabilities (4) |
1224.569 |
1506.075 |
1119.584 |
|
|
|
|
|
|
TOTAL |
3914.838 |
4199.343 |
3934.801 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2243.251 |
2361.586 |
1973.071 |
|
(ii)
Intangible Assets |
15.662 |
29.604 |
47.934 |
|
(iii)
Capital work-in-progress |
469.747 |
235.901 |
660.359 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
1.510 |
1.184 |
2.255 |
|
Total Non-Current
Assets |
2730.170 |
2628.275 |
2683.619 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
62.070 |
63.895 |
62.453 |
|
(c) Trade
receivables |
401.042 |
261.133 |
463.026 |
|
(d) Cash
and cash equivalents |
151.732 |
109.312 |
178.126 |
|
(e) Short-term
loans and advances |
341.616 |
594.788 |
472.964 |
|
(f) Other
current assets |
228.207 |
541.940 |
74.613 |
|
Total
Current Assets |
1184.667 |
1571.068 |
1251.182 |
|
|
|
|
|
|
TOTAL |
3914.837 |
4199.343 |
3934.801 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2221.071 |
1100.971 |
1259.314 |
|
|
Other Income |
73.037 |
51.537 |
75.122 |
|
|
TOTAL |
2294.108 |
1152.508 |
1334.436 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
1670.137 |
742.181 |
964.505 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1.825) |
1.442 |
3.275 |
|
|
Employee benefit expense |
155.422 |
119.202 |
117.335 |
|
|
Other expenses |
193.040 |
157.182 |
143.965 |
|
|
Exceptional items |
23.363 |
17.436 |
110.612 |
|
|
TOTAL |
2040.137 |
1037.443 |
1339.692 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
253.971 |
115.065 |
(5.256) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3.868 |
3.844 |
18.948 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
250.103 |
111.221 |
(24.204) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
260.796 |
232.994 |
206.617 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(10.693) |
(121.773) |
(230.821) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(10.693) |
(121.773) |
(230.821) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.03) |
(0.34) |
(0.65) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
391.621 |
100.173 |
169.926 |
|
Net cash flows from (used in) operating activities |
391.621 |
100.173 |
169.926 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
65.91 |
86.57 |
134.20 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.54 |
4.22 |
2.72 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
25.01 |
64.93 |
75.24 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
4.09 |
1.80 |
(0.08) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.09 |
0.04 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.31 |
0.36 |
0.28 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.46 |
0.56 |
0.40 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.02 |
0.98 |
0.95 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
65.66 |
29.93 |
(0.28) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(0.48) |
(11.06) |
(18.33) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(0.27) |
(2.90) |
(5.87) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(0.40) |
(4.53) |
(8.21) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.97 |
1.04 |
1.12 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.92 |
1.00 |
1.06 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.68 |
0.64 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.97 |
1.04 |
1.12 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
3576.376 |
3576.376 |
3576.376 |
|
Reserves & Surplus |
(766.037) |
(887.810) |
(898.503) |
|
Net
worth |
2810.339 |
2688.566 |
2677.873 |
|
|
|
|
|
|
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1259.314 |
1100.971 |
2221.071 |
|
|
|
(12.574) |
101.737 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1259.314 |
1100.971 |
2221.071 |
|
Profit/ (Loss) |
(230.821) |
(121.773) |
(10.693) |
|
|
(18.33
%) |
(11.06
%) |
(0.48
%) |
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 |
No |
|
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 |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND
The company, incorporated on February 10, 2011 as a Private limited company. The Company was incorporated in the State of Tamil Nadu, India. The Company is a subsidiary of Yorozu Corporation, Japan (“YC”). YC Japan holds 97.20% of the share capital of YJAT. The Company is engaged in developing, manufacturing and sale of automotive parts [suspension]. The Company is also engaged in sale of production tooling die and equipment.
BUSINESS PLAN
The Company has incurred losses for the 6th consecutive financial year but in order to revive the business, following strategies is being adopted:
The Object Clause has been altered to extend the business all over India and get the exposure of wide market to maximize the opportunity of revenue.
The business volume from our existing customer Renault would be increased by receiving nomination for new models and new variants.
Sales to HCIL, TKM and AKL have been started during the financial year resulting in increased volume compared to previous financial year.
New business opportunity has opened with Ford India which is under trial.
Increasing the base of product line to cover more parts like H79-RR, HHA Fr subframe, HHA Engine under Cover to substantially increase the sales volume.
As a result of various initiatives taken during the year, the sales have increased and hence we expect to result in operational profits during the next financial year.
Accordingly, the financials have been prepared based on the assumption that the entity will be a “Going concern”.
RESULTS OF OPERATIONS AND STATE OF
COMPANY’S AFFAIRS
They have a turnover of INR 2294.100 million as on 31st March 2017 in compare to INR 1152.500 million as on 31st March 2016. The Loss after tax is INR 10.600 million during the Financial Year 2016 – 17 as against INR 121.700 million in the previous Financial Year 2015 -16, One reason has been demonotisation which result fall in customer demand in Indian Market.
The Object Clause has been altered to extend the business all over India and get the exposure of wide market to maximize the opportunity of revenue. With change in Object clause a new business with Honda Cars India limited has been started for 2FM project.
The Indian automobile industry has a prominent future in India. Apart from meeting the advancing domestic demands, it is penetrating the international market too. They also hope that with various benefits such as globally competitive auto-ancillary industry; production of steel at lowest cost; inexpensive and high skill manpower; their business will grow in the coming year. Not only they will be growing in business, also new employment opportunities will be generate by us.
TKM and AKL SUV commercial production has been started from October 2016. A new project GD Engine – Oil Pan with TIEI Group Company of TKM is under trial and SOP is schedule on September – 2017.
The business with HCIL for 2FM project has been started in January 2017 and their Team is in trial for 2UA with HCIL and the SOP is schedule on April 2018.
The business with Renault-Nissan is also in good growth. Few new projects H79-RR, HHA Fr subframe, HHA Engine under Cover are in pipeline with Renault in the coming year.
A new business with Ford India is under trail for ford panther and their employees are working their best to get it.
The company has proposed to invest in the upcoming financial year, an amount not exceeding INR 0.570 million in the equity shares of M/s Mytrah Energy (India) Private Limited for the purpose of supply of private power. The matter was placed before the board and necessary approvals required for the investments have been obtained.
The Directors are optimistic about company business and hopeful of better performance with increased revenue in next year.
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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
|
INR |
|
US Dollar |
1 |
INR 64.99 |
|
|
1 |
INR 90.96 |
|
Euro |
1 |
INR 79.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.