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|
MIRA INFORM REPORT
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Report No. : |
488270 |
|
Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
HAARTZ AUTOMOTIVE INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No F-3, Chakan Industrial Area, MIDC, Phase II, Village Vasuli,
Taluka Khed, Pune – 410501, Maharashtra |
|
Tel. No.: |
91-2135-628300/ 628301 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
24.08.2011 |
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Com. Reg. No.: |
11-140563 |
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Capital
Investment / Paid-up Capital : |
INR 273.024 Million |
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CIN No.: [Company Identification
No.] |
U29268PN2011FTC140563 |
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IEC No.: |
Not Divulged |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AACCH7380P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
· Subject is engaged in the business of manufacture, production, processing, fabrication and to assemble, buy, sell, import, export, repair, distribute and deal in automotive parts and components of all kinds and descriptions specifically relating to interior soft trim, moldable interior films and laminates, accessories and fittings of all kinds. (Registered Activity) · Trader and Importer of Automotive Topping Fabrics (Confirmed by management) |
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No. of Employees
: |
8 (Approximately) |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “The Haartz Corporation” based in in USA. It was incorporated in the year 2011 and it is a trader and importer of automotive parts. As per financials of March 2017, the company has registered a growth of 91.39% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 15.24% under review. Rating takes into consideration the company’s sound capital base along with low solvency indicators due to zero debt balance sheet and decent liquidity position. Rating also takes into account the strong financial and managerial support received from its holding entity. However, rating strength is partially offset by negative reserves level of the company. Payments are reported 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
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 25.01.2018
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Vishal Chalke |
|
Designation : |
Admin Department |
|
Contact No.: |
91-2135-628300 |
|
Date : |
24.01.2018 |
LOCATIONS
|
Registered Office : |
Plot No F-3, Chakan Industrial Area, MIDC, Phase II, Village Vasuli,
Taluka Khed, Pune – 410501, Maharashtra |
|
Tel. No.: |
91-2135-628300/ 628301 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
Locality : |
Industrial |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. John Lester Fox |
|
Designation : |
Director |
|
Address : |
188 Bear Hill Road North Andover MA 01845 US |
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Date of Birth/Age : |
11.09.1949 |
|
Date of Appointment : |
24.08.2011 |
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DIN No.: |
03562094 |
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|
|
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Name : |
Mr. Charles Richard Quimby |
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Designation : |
Director |
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Address : |
24, Wayside Road, Lot 63 Westborough MA 01581 US |
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Date of Birth/Age : |
24.03.1949 |
|
Date of Appointment : |
24.08.2011 |
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DIN No.: |
03562098 |
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|
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Name : |
Mr. Samit Shantaram Sadavarte |
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Designation : |
Director |
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Address : |
Unit No. 83, Rohan Seher Baner, Pune-411045, Maharashtra, India |
|
Date of Birth/Age : |
16.06.1975 |
|
Date of Appointment : |
17.10.2011 |
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PAN No.: |
DRRPS1928A |
|
DIN No.: |
03643096 |
KEY EXECUTIVES
|
Name : |
Mr. Vishal Chalke |
|
Designation : |
Admin Department |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
The Haartz Corporation, United States of America (through its authorized representative John Lester Fox ) |
|
27302399 |
|
Eric R Haartz |
|
1 |
|
Total |
|
27302400 |
Equity Share Break up (Percentage of Total Equity)
As on 19.07.2017
|
Category |
Percentage |
|
Promoters [Individual/Hindu Undivided Family – Non-resident Indian (NRI)] |
0.00000366 |
|
Promoters (Body corporate) |
99.99999634 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
· Subject is engaged in the business of manufacture, production, processing, fabrication and to assemble, buy, sell, import, export, repair, distribute and deal in automotive parts and components of all kinds and descriptions specifically relating to interior soft trim, moldable interior films and laminates, accessories and fittings of all kinds. (Registered Activity) · Trader and Importer of Automotive Topping Fabrics (Confirmed by management) |
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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 Available |
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Imports : |
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Products : |
Automotive Topping Fabrics |
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Countries : |
United States |
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Terms : |
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Selling : |
L/C, Cheque, Credit (30/60 Days) |
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Purchasing : |
L/C, Cheque, Credit (30/60 Days) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and Manufacturer
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No. of Employees : |
8 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
B K Khare and Company Chartered Accountants |
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Address : |
B-4, Satguru Chsnear Nakhawa High School, Tilak Road, Thane-400603, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AGEPR4216M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
The Haartz Corporation, United States of America |
CAPITAL STRUCTURE
As on 19.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27302400 |
Equity Shares |
INR 10/- each |
INR 273.024 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27302400 |
Equity Shares |
INR 10/- each |
INR 273.024 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
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 |
273.024 |
273.024 |
273.024 |
|
(b) Reserves and Surplus |
(59.088) |
(61.290) |
(61.515) |
|
(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) |
213.936 |
211.734 |
211.509 |
|
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|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.422 |
|
(b) Deferred tax liabilities (Net) |
0.258 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
8.489 |
8.502 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
8.747 |
8.502 |
0.422 |
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
4.922 |
0.915 |
0.643 |
|
(c) Other
current liabilities |
2.657 |
1.367 |
12.887 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.362 |
|
Total Current
Liabilities (4) |
7.579 |
2.282 |
13.892 |
|
|
|
|
|
|
TOTAL |
230.262 |
222.518 |
225.823 |
|
|
|
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|
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II.
ASSETS |
|
|
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|
(1)
Non-current assets |
|
|
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|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible assets |
203.746 |
207.555 |
77.250 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets capital work-in-progress |
0.000 |
0.000 |
131.027 |
|
(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 |
0.096 |
0.122 |
|
(d) Long-term loans and advances |
2.747 |
1.500 |
0.035 |
|
(e) Other Non-current assets |
1.104 |
0.649 |
4.979 |
|
Total Non-Current
Assets |
207.597 |
209.800 |
213.413 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.164 |
0.164 |
0.164 |
|
(c) Trade receivables |
11.124 |
8.909 |
0.000 |
|
(d) Cash and bank balances |
10.770 |
3.089 |
11.277 |
|
(e) Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
0.607 |
0.556 |
0.969 |
|
Total
Current Assets |
22.665 |
12.718 |
12.410 |
|
|
|
|
|
|
TOTAL |
230.262 |
222.518 |
225.823 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
14.446 |
7.548 |
0.000 |
|
|
Other Income |
16.949 |
13.549 |
0.000 |
|
|
TOTAL |
31.395 |
21.097 |
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
0.000 |
0.000 |
0.000 |
|
|
Purchases of
Stock-in-Trade |
4.215 |
0.000 |
0.164 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
(0.164) |
|
|
Employee benefit expense |
9.504 |
7.889 |
12.816 |
|
|
Other expenses |
8.516 |
7.397 |
8.830 |
|
|
TOTAL |
22.235 |
15.286 |
21.646 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
9.160 |
5.811 |
(21.646) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.160 |
5.811 |
(21.646) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6.604 |
5.560 |
1.184 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2.556 |
0.251 |
(22.830) |
|
|
|
|
|
|
|
Less |
TAX |
0.354 |
0.026 |
0.081 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
2.202 |
0.225 |
(22.911) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.08 |
0.01 |
(0.84) |
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 |
12.209 |
(1.827) |
(7.015) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
281.06 |
430.81 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.30 |
0.85 |
0.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
426.22 |
0.00 |
1431.07 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
55.85 |
35.43 |
(131.99) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.04 |
0.03 |
(0.10) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.03 |
0.01 |
0.06 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.04 |
0.01 |
0.07 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.95 |
0.98 |
0.98 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.00 |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
15.24 |
2.98 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.96 |
0.10 |
(10.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
1.03 |
0.11 |
(10.83) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.99 |
5.57 |
0.89 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
2.97 |
5.50 |
0.88 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.93 |
0.95 |
0.94 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.99 |
5.57 |
0.89 |
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 |
273.024 |
273.024 |
273.024 |
|
Reserves & Surplus |
(61.515) |
(61.290) |
(59.088) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
211.509 |
211.734 |
213.936 |
|
|
|
|
|
|
long-term borrowings |
0.422 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.422 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.002 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
|
Sales |
7.548 |
14.446 |
|
|
|
91.388 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
|
Sales |
7.548 |
14.446 |
|
Profit |
0.225 |
2.202 |
|
|
2.98
% |
15.24
% |
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 |
Yes |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
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 |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been
shifted from 6,Sharada Apartments, Opposite Abhimanshree Society Gate5, Survey
No 108/1A/2, Aundh, Pune – 411008, Maharashtra, India to the present address w.e.f. 18.06.2015
STATE OF COMPANY’S AFFAIRS
AND FUTURE OUTLOOK
The Company: Haartz Automotive India Private Limited (referred as HAIPL) is a subsidiary of the Haartz Corporation located in Acton, USA (referred as Haartz), has been incorporated on 24th August, 2011 with the main object to carry on the business of manufacture, production, processing, fabrication and to assemble, buy, sell, import, export, repair, distribute and deal in automotive parts and components of all kinds and descriptions specifically relating to interior soft trim, moldable interior films and laminates, accessories and fittings of all kinds. The Company’s products are currently used worldwide in many popular vehicles like GM, Ford, BMW, Toyota, Honda and many more, and currently operate from its business development offices located in Pune and Gurgaon.
The automotive industry in India and Southeast Asia is one of the most promising growth areas in the world. To participate in this growth, HAIPL been actively involved in business development throughout FY ’2016-2017, the sixth year of Operations. This development activity has been moderately successful, with important commitments received from several global / international Companies, such as FIAT, Volvo - Eicher, Mahindra, and IAC India. We are also in discussions regarding new requirements with Suzuki, Honda, Ford, Renault-Nissan, TATA, JCI (now YanFeng) and Faurecia which are in development.
HAIPL has also completed site development for a production facility located in the Chakan, Pune area. Indian automotive market has not yet reached a critical mass for Haartz to produce soft interior trim materials locally so the decision was made to continue to sublet portion of the facility in Chakan.
The Company has entered into a Business Development Agreement with its holding Company HAARTZ CORPORATION, USA. Pursuant to this agreement the Company has earned income of INR 10.065 million from rendering of services to the clients of HAARTZ CORPORATION USA which constitutes 32% of its total Income. The Company has also ventured itself into a trading area / activity which constitutes 14% of Total Turnover amounting to INR 4.380 million
As stated in para 2 above the Company has sublets its Factory shed to one of the Company which helps in generating additional amount of Revenue of INR 16.629 million. Thus, showing an increasing trend in turnover and profits as compared to the previous year.
INDEX
OF CHARGES: NO CHARGES EXISTS FOR COMPANY
FIXED ASSETS
- Land
- Building
- Furniture and Fixture
- Computer
- Plant and equipment
- Vehicles
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 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 63.64 |
|
UK Pound |
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
VIK |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
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 |
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.
·