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|
MIRA INFORM REPORT
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Report No. : |
508355 |
|
Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
LINAMAR INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 3 and 4, Gat No. 679/2/1, 679/2/2 and 679/2/3, Village Kuruli,
Taluka Khed, Pune – 410501, Maharashtra |
|
Tel. No.: |
91-2135-661888 |
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|
|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2017 |
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|
|
Date of
Incorporation : |
26.08.2013 |
|
|
|
|
Com. Reg. No.: |
11-148587 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
INR 229.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29242PN2013FTC148587 |
|
|
|
|
IEC No.: [Import-Export Code 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.] |
AACCL5351J |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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Legal Form : |
Private Limited Liability Company. |
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|
Line of Business
: |
Subject is engaged in the Designing, Developing, Manufacturing , Marketing of precision metallic components, modules and systems for engines, transmission and driveline systems for passenger vehicles. (Registered Activity) |
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|
|
|
No. of Employees
: |
Information declined 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 |
|
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 “Linamar Corporation”. The company was incorporated in the year 2013. It is a manufacturer of Precision Metallic Components, Modules and Systems for Engines. For the financial year 2017, the company has achieved 37.02% growth in its revenue as compared to the previous year revenue but has incurred operational loss. The moderate financial profile of the company is marked by negative reserve base along with negligible debt level. However, rating takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Business is active. Payment seems to be slow but correct. In view of aforesaid, the subject 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
31-03-2018.
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 12.05.2018
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 (TEL NO.: 91-2135-661888)
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 3 and 4, Gat No. 679/2/1, 679/2/2 and 679/2/3, Village Kuruli,
Taluka Khed, Pune – 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-661888 |
|
Fax No.: |
91-2135-661889 |
|
E-Mail : |
|
|
Website.: |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Amitava Sinha |
|
Designation : |
Managing Director |
|
Address : |
C-801, Park Titanium, Park Street, Near Jagtap Dairy Chowk, Wakad,
Pune 411057, Maharashtra, India |
|
Date of Birth/Age : |
19.12.1968 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
19.03.2014 |
|
PAN No.: |
AGEPS0286J |
|
DIN No.: |
06838041 |
|
|
|
|
Name : |
Mr. Roger Brent Fulton |
|
Designation : |
Director |
|
Address : |
1973, Sterling Place, Burlington Ontario L7P2Y6 |
|
Date of Birth/Age : |
20.05.1962 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
26.08.2013 |
|
DIN No.: |
06637724 |
|
|
|
|
Name : |
Mr. Dale Schneider |
|
Designation : |
Director |
|
Address : |
17, Norton Dr, Guelph Ontario N1E7L1 |
|
Date of Birth/Age : |
06.05.1969 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
26.08.2013 |
|
DIN No.: |
06637742 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Linamar Corporation, Canada |
16840000 |
73.54 |
|
Linamar Holdings INC, Canada |
60000 |
0.26 |
|
Linamar Financial S.A.R.L., Luxembourg |
6000000 |
26.20 |
|
Total |
22900000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Designing, Developing, Manufacturing , Marketing of precision metallic components, modules and systems for engines, transmission and driveline systems for passenger vehicles. (Registered Activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Price Warehouse and Company Chartered Accountants |
|
Address : |
7th Floor, Tower A, Wing 1, Business Bay, Airport Road, Yerwada, Pune, Maharashtra, India |
|
Tel No.: |
91-20-41004444 |
|
Fax No.: |
91-20-41006161 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFP8828M |
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Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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Holding company.: |
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Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
INR 10/- each |
INR 550.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22900000 |
Equity Shares |
INR 10/- each |
INR 229.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees 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 |
229.000 |
229.000 |
120.000 |
|
(b) Reserves and Surplus |
(171.713) |
(169.914) |
(150.813) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
84.000 |
|
Total
Shareholders’ Funds (1) + (2) |
57.287 |
59.086 |
53.187 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
120.000 |
280.000 |
160.000 |
|
(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 |
1.075 |
0.874 |
1.379 |
|
Total Non-current
Liabilities (3) |
121.075 |
280.874 |
161.379 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
67.403 |
92.988 |
31.616 |
|
(c) Other current
liabilities |
173.108 |
16.200 |
26.782 |
|
(d) Short-term
provisions |
0.751 |
0.308 |
0.040 |
|
Total Current
Liabilities (4) |
241.262 |
109.496 |
58.438 |
|
|
|
|
|
|
TOTAL |
419.624 |
449.456 |
273.004 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
130.518 |
169.601 |
149.647 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
8.127 |
|
(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 loans and advances |
75.009 |
61.478 |
13.577 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
205.527 |
231.079 |
171.351 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
56.838 |
76.363 |
31.230 |
|
(c) Trade receivables |
17.766 |
56.522 |
3.273 |
|
(d) Cash and
bank balances |
89.990 |
77.916 |
65.472 |
|
(e) Short-term loans
and advances |
49.503 |
7.575 |
1.678 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
214.097 |
218.376 |
101.653 |
|
|
|
|
|
|
TOTAL |
419.624 |
449.455 |
273.004 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
522.912 |
381.610 |
7.202 |
|
|
Other Income |
0.000 |
14.440 |
0.000 |
|
|
TOTAL |
522.912 |
396.050 |
7.202 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
216.315 |
216.321 |
9.578 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
17.401 |
(46.079) |
(3.521) |
|
|
Employee benefit expense |
83.019 |
76.948 |
53.476 |
|
|
Other expenses |
140.905 |
118.734 |
46.893 |
|
|
TOTAL |
457.640 |
365.924 |
106.426 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
65.272 |
30.126 |
(99.224) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
26.925 |
18.649 |
10.484 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
38.347 |
11.477 |
(109.708) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
40.147 |
30.577 |
8.982 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(1.800) |
(19.100) |
(118.690) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(1.800) |
(19.100) |
(118.690) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
0.000 |
5.561 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
5.561 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.08) |
(0.96) |
(9.89) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
160.000 |
0.000 |
0.000 |
|
Net cash flows from (used in) operations |
59.659 |
94.973 |
(96.599) |
|
Net cash flows from (used in) operating activities |
59.659 |
94.973 |
(96.599) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
12.40 |
54.06 |
165.88 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
29.43 |
6.75 |
2.20 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
113.73 |
156.90 |
1204.83 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
1.15 |
0.39 |
(3.18) |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.50 |
0.18 |
(0.63) |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
1.24 |
0.87 |
0.80 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
4.89 |
4.74 |
3.01 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ NetWorth) |
|
4.21 |
1.85 |
1.10 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
2.28 |
2.87 |
2.97 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
2.42 |
1.62 |
(9.46) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
(0.34) |
(5.01) |
(1648.01) |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
(0.43) |
(4.25) |
(43.48) |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
(3.14) |
(32.33) |
(223.16) |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
0.89 |
1.99 |
1.74 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.65 |
1.30 |
1.21 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total Assets] |
|
0.14 |
0.13 |
0.19 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
1.22 |
1.22 |
1.33 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
0.89 |
1.99 |
1.74 |
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 |
120.000 |
229.000 |
229.000 |
|
Reserves & Surplus |
(150.813) |
(169.914) |
(171.713) |
|
Share Application money
pending allotment |
84.000 |
0.000 |
0.000 |
|
Net
worth |
53.187 |
59.086 |
57.287 |
|
|
|
|
|
|
Long-term borrowings |
160.000 |
280.000 |
120.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
160.000 |
|
Total
borrowings |
160.000 |
280.000 |
280.000 |
|
Debt/Equity
ratio |
3.008 |
4.739 |
4.888 |
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 |
7.202 |
381.610 |
522.912 |
|
|
|
5198.667 |
37.028 |
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 |
7.202 |
381.610 |
522.912 |
|
Profit/ (Loss) |
(118.690) |
(19.100) |
(1.800) |
|
|
(1648.01
%) |
(5.01
%) |
(0.34
%) |
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 |
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 |
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 |
NATURE OF OPERATIONS
Subject is a private company domiciled in India. The Company was established in 2013, it is engaged in the manufacturing of output shaft, diffcase assembly, shaft axel flange and sales of engine components. The Company has manufacturing plant in India and sells in both domestic and export segment.
REVIEW OF PERFORMANCE
AND OPERATIONS:
The Director’s would like to inform the that, during the last five decades the “Linamar” has grown up manifold and have achieved a remarkable success in global industry.
Subject is a private company incorporated as an Indian subsidiary of Linamar Corporation, Canada, Linamar Holdings Inc, Canada, and Linamar Financial, Luxembourg, and, under the provisions of the Companies Act 1956, as amended to the Companied Act 2013, and rules made thereunder, on 26th August 2013; with the main object of manufacturing of output shaft, diffcase assembly, shaft axel flange and sales of engine components.
The company is in the initial stage of setting up of a manufacturing plant in India, so as to undertake the manufacturing/production activity in confirmation with the main objects of the company.
The company had borrowed funds by way of External Commercial Borrowings (ECB) of INR 160.000 Million from Linamar Financial, Luxembourg, a fellow subsidiary company, in the financial year 2014-15, which was repayable on the first business day immediately upon the third anniversary of the Drawdown i.e. on May 25, 2017.
However, subsequent to the year end, the company has entered into a supplemental credit facility agreement dated May 23, 2017 with Linamar Financial, Luxembourg, to modify the terms of re-payment and rate of interest. The term of ECB has been extended and is repayable on June 20, 2020 and rate of interest has been reduced to 6.25% p.a. The requisite approval has been obtained from authorised dealer, Bank of America regarding the amendment of terms of ECB
BUSINESS OUTLOOK
The Directors would like to update that considering the company is in its initial stage and increasing competition in the market the company has adopted various new technologies which would turned out to be a beneficial move for the company. The Directors’ of the are hopeful that company will report better financial results in the coming financial year and company will continue to strive for profit and wealth maximization of shareholders of the Company by achieving better financial output in the coming years.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Debentures |
120.000 |
120.000 |
|
Term loans from others |
0.000 |
160.000 |
|
|
|
|
|
Total |
120.000 |
280.000 |
INDEX
OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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 67.38 |
|
|
1 |
INR 91.39 |
|
Euro |
1 |
INR 79.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KJL |
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.