MIRA INFORM REPORT
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Report Date : |
02.04.2007 |
IDENTIFICATION DETAILS
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Name : |
SECOVA ESERVICES PRIVATE LIMITED |
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Registered
Office : |
121/3, Manickam Avenue, TTK Road, Alwarpet, Chennai – 600018,
Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2005 |
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Date of
Incorporation : |
04.07.2003 |
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Com. Reg. No.: |
18-51138 |
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CIN No.: [Company
Identification No.] |
U72200TN2003PTC051138 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
CHES16590A |
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PAN No.: [Permanent
Account No.] |
AAHCS3174R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Company is engaged in Providing Servicing of Software |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit
Limit : |
USD 280000 |
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Status : |
New Company |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is in its initial year of operation. Trade relations are fair.
Payments are correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions with some caution, initially. |
LOCATIONS
|
Registered
Office : |
121/3, Manickam Avenue, TTK Road, Alwarpet, Chennai – 600018,
Tamilnadu |
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Tel. No.: |
91-44-24992252 |
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Fax No.: |
91-44-24670625 |
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E-Mail : |
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Website : |
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Headquarters – General Inquiries |
Michelle Bell - michelle.bell@secova.com |
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Chennai Office |
Sanjeev Misra - sanjeev.misra@secova.com
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New Jersey Office |
Joel Carter - joel.carter@secova.co |
DIRECTORS
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Name : |
Mr. Venkat Tadanki |
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Designation : |
Director |
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Address : |
18, Canyonwood, Irvine - 92620, CA, USA |
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Date of
Birth/Age : |
04.11.1961 |
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Date of
Appointment : |
04.07.2003 |
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Name : |
Mr. Chandrasekaran |
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Designation : |
Director |
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Address : |
5A, Upasana Apartment, iv seaward Road, Valmiki Nagar, Chennai –
600041 |
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Date of
Birth/Age : |
07.04.1958 |
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Date of
Appointment : |
04.07.2003 |
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Name : |
Mr. Robert Parke |
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Designation : |
Director |
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Address : |
404, Via Almar Palos Verdes Estate, CA – 902745, USA |
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Date of
Birth/Age : |
28.03.1945 |
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Date of
Appointment : |
01.10.2003 |
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Name : |
Mr. Subramaniam Guhan |
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Designation : |
Director |
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Address : |
HDFC House, 5TH Floor, 51 Kasturba Road, Bangalore –
560001, Karnataka |
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Date of
Birth/Age : |
08.05.1954 |
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Date of
Appointment : |
29.08.2003 |
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Name : |
Mr. Arun Korati |
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Designation : |
Director |
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Address : |
HDFC House, 5TH Floor, 51 Kasturba Road, Bangalore –
560001, Karnataka |
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Date of
Birth/Age : |
21.05.1966 |
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Date of Appointment
: |
01.10.2003 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Venkat Tadanki |
46320 |
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Mr. Chandrasekaran |
8675 |
|
M/s. Congruent Solution Private Limited |
5790 |
|
Mr. N Jayaraman |
8685 |
|
Mr. Sanjeev Misra |
11580 |
|
Mrs. Sharada Chandrasekeran |
10 |
|
Mr. Robert Parke |
14475 |
|
Tnit Fund |
3819 |
|
Sara Fund |
1681 |
|
Tnit Fund |
49579 |
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Sara Fund |
43807 |
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Mr. Robert Parke |
9097 |
|
M/s. Persona Ventures Corporation |
4325 |
BUSINESS DETAILS
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Line of Business
: |
Company is engaged in Providing Servicing of Software |
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Products : |
Software - 85249119 |
GENERAL INFORMATION
|
Bankers : |
Citicorp Finance (India) Limited, 5th Floor, Citigroup
Centre, Bandra – Kurla Complex, Bandra (East), Mumbai – 400051 |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
Deloitte Haskins & Sells Chartered Accountant |
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Address: |
Temple Tower, II Floor, 672, Anna Safai, Nandanam, Chennai – 600035,
Tamilnadu |
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Tel. No.: |
91-44-52131124/28 |
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Fax No.: |
91-44-52131129/30 |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.000
Millions |
|
115,000 |
Optionally Fully Convertible Preferences Shares |
Rs. 1000/- Each |
Rs. 115.000
Millions |
|
|
Total |
|
Rs. 120.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
101,035 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.010
Millions |
|
93,371 |
Optionally Fully Convertible Preferences Shares |
Rs. 1000/- Each |
Rs. 93.371
Millions |
|
|
Total |
|
Rs. 94.381
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
94.381 |
72.404 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
5.103 |
5.103 |
|
|
4] (Accumulated Losses) |
|
(28.551) |
(9.097) |
|
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NETWORTH |
|
70.933 |
68.410 |
|
|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
|
0.000 |
0.000 |
|
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2] Unsecured Loans |
|
10.580 |
0.000 |
|
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TOTAL BORROWING |
|
10.580 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
81.513 |
68.410 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
|
3.242 |
2.496 |
|
|
Capital
work-in-progress |
|
0.000 |
0.000 |
|
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|
|
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INVESTMENT |
|
17.263 |
31.716 |
|
|
DEFERREX TAX
ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES |
|
|
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
2.291 |
0.000 |
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Cash & Bank Balances |
|
0.297 |
33.070 |
|
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Other Current
Assets |
|
0.000 |
0.000 |
|
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Loans &
Advances |
|
63.169 |
2.692 |
|
Total Current Assets |
|
65.757 |
35.762 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
|
|
Current
Liabilities |
|
4.565 |
1.400 |
|
|
Provisions |
|
0.184 |
0.164 |
|
Total Current Liabilities |
|
4.749 |
1.564 |
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|
Net
Current Assets |
|
61.008 |
34.198 |
|
|
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MISCELLANEOUS
EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
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TOTAL |
|
81.513 |
68.410 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
3.249 |
1.275 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(19.454) |
(9.097) |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
(19.454) |
(9.097) |
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Export Value |
|
2.439 |
NA |
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Import Value |
|
1.562 |
1.717 |
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Total Expenditure |
|
22.702 |
10.371 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
(598.76) |
(713.49) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
(598.76) |
(713.49) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(28.19) |
(23.77) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.27) |
(0.13) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.21 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
|
|
13.84 |
22.86 |
LOCAL AGENCY FURTHER INFORMATION
Performance
This is the full year of the company’s business. The company registered
a turnover of Rs. 2.439 millions during the year under review as against a
turnover of Rs. Nil during the previous year. The net loss was Rs. 19.454
Millions as against Rs. 9.097 Millions in the previous year.
In the opinion of the board the results are absolutely satisfactory
especially considering the fact that the company is still in a nascent stage
Secova in now clearly recognized by business and the people at large as
Indian first HR – BPO. Secova was ranked to be 7th within the beo it
top 10 best performing BPOs from India. The same survey ranked secova to be 5th
out of the top 10 in the category of Human Capital Development. Thus, is well
on its way to be the leader in its category of business
During the year under review the company acquired a step down subsidiary
in New Jersey – Empact EBS Inc with annualised revenue of around $ 2 million at
the time pf take over. The said company specialized in providing HR and
Benefits Administration. The group currently had an order book of about $ 3.2M
which represents a growth in excess of 60% The group had strengthened the sales
funnel had grown significantly in tune with the aggressive growth targets
On the operation front the company had established a data communication
link between its Chennai delivery centre and impacts delivery centre in brick.
Using the link Chennai delivery canter provide both voice and non – voice
processing services to expect as well as to the payroll business from Services
Inc. The company had implemented necessary production control and MIS
application to review and improve the various business processes and quality of
service delivery
Shares
Capital
During the year under review the company had raised further investment
through private placement of shares a sum of Rs. 21.977 millions by issue of
21,977 optionally fully conversable preference. Out of the above 12880 shares
were initially subscribed in the form of debentures which were later conversed
in to preference shares.
Future
Prospects
The company targets the mid – market segment in the US for providing HR
outsourcing services. Various research done by reputed organization indicate
that this segment represent an opportunity of about $ 20Bn for their HRO
services and that segment is expected to lead the HRO activity in terms of
growth in the quality in the coming year. The company to meet the growth
projection with support from investors the company will pursue growth through
organic and inorganic means
Fixed
Assets
v
Computer & Accessories
v
Office Equipment
v
Furniture & Fixture
|
Name of the
company |
SECOVA
ESERVICES PRIVATE LIMITED |
|
Presented By |
Mr. V
Chandrsekran |
|
1) Date and
description of instrument creating the change |
13.08.2005 deed of
hypothecation |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 65.000
millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
First and exclusive
charge over all the present and future, movable tangible and intangoble
assets and all the subsidiaries located in India and united states of
America. The list of assets under the heading computing equipment |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Repayable – 3
years Interest – 10.25%
per annum |
|
5) Name and
Address and description of the person entitled to the charge. |
Citicorp Finance (India) Limited, 5th Floor, Citigroup
Centre, Bandra – Kurla Complex, Bandra (East), Mumbai – 400051 |
|
6) Date and brief description of instrument
modifying the charge |
Not Applicable |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Not Applicable |
As Per
Website Details
Secova delivers the industry’s most innovative and cost-effective global
Human Resources, Benefits Administration and Payroll outsourcing solutions for
medium to large size companies.
Their mission is to be the premier brand for customer satisfaction in the
sector by continuously demonstrating that cost effectiveness does not come at
the expense of quality and the well-being of employees.
As a key strategic partner, they have three
main goals for their clients:
Provide a customized outsourcing solution
that immediately improves the quality of HR services offered to the employees;
Free you from administrative and regulatory
tasks so you can concentrate on higher-level human capital development issues,
change management and other strategic corporate initiatives; and
Significantly reduce operational costs
Value Sourcing
Secova's operating philosophy is based on the concept of
"Value-Sourcing”. Using the Value Sourcing model they determine the
optimum mix of service locations, processes and technologies to meet the
business and cost reduction objectives.
Elements of Value
Sourcing
Dedicated Work Teams
The operating team for each of their customers has only one focus - you. They
do not divide the time of their customer service representatives (CSRs) among
several companies. Because their CSRs work only for one primary company, they
become a true extension of the staff. They understand the processes, the
culture, the technology and they are rewarded on how well they meet the
standards.
Process Excellence
Process excellence is at the core of how Secova
operates. They work with you to ensure they understand the detailed standards
and most importantly, the definition of success. We then ensure their processes
deliver on these metrics. Their team includes COPC and Kaizen trained experts
who have in-depth experience in delivering world class administrative services
for large companies. As they learn the processes, their staff will work with
the process experts to continuously upgrade their processes and services to
improve employee and client satisfaction and reduce costs.
Best Shore Delivery
Secova offers you the option of service delivery from
an offshore location in India as well as a major onshore center in the United
States. Their team of experienced professionals, who have transitioned large
projects for many major companies, will work with you to develop a plan that
best meets the requirements. They call this plan the "Best Shore"
model. Such a model may entail a portion of the work done onshore and the
balance offshore. This helps you reduce the costs while at the same time
keeping onshore those processes that may not be amenable to going offshore.
Value Added Services
They believe that each client is unique and different.
Secova believes that each client needs to be provided with a variety of value
added services that are of specific relevance to the client. Some of the
different value added services that Secova provides are;
v Customized analyses and reports,
v On-line Training Manuals,
v Computer Based Training tools, and
v Knowledge Based Management tools.
Leveraging Technology
Once they understand the specific needs, they
undertake a formal technology and business process review with the key teams.
Part of the strategic recommendation may be to build specific tools and
applications to improve the processes and/or provide high value management
support tools. Some of their technology solutions have reduced cycle times on
key processes by as much as 30 percent!
Management
Team
Venkat
Tadanki - Chief
Executive Officer
Prior to Co-founding Secova, Venkat was one of the four founding members
of Daksh, which became the largest independent client services company in
India. His responsibilities included the US operation and the company's Sales
and Marketing activities.
As an offshore outsourcing expert, Venkat has delivered numerous talks
at various industry forums such as Strategic Research Institute, World
Outsourcing Center, SI Annual Event, SIPA Annual Event and the University
of Maryland.
Prior to Daksh, Venkat was a member of the South Asia Management
Committee of a large U.S. based consumer products company.
Joel
A. Carter - Vice President
Prior to the merger of Empact and Secova, Joel was a co-founder of
Empact and its’ Chief Operating Officer. Immediately prior to that time,
Joel was Managing Director for the consulting services firm engaged to assist
in the design and development of Empact's HealthLine and its overall business
plan. In his capacity as a management consultant, Joel specialized in the
design and implementation of outsourcing and performance improvement
initiatives for clients such as BellSouth Telecommunications, Xerox and MCI.
V.
Chandrasekaran - Chief Technology Officer
VC has been involved with Technology consulting for two decades. He was
the co-founder and Chief Technology Consultant of Congruent Solutions, a
software development services organization.
Under his direction, the organization implemented several
successful applications, in leading edge technologies, for global corporations.
These included a 360 degree survey application for GE Medical systems,
a Testing and Certification system for Citibank, and a Net based 401K
processing system for Emplanet.
Prior to Congruent, VC held a variety of technical and management
positions with IBM in Australia.
Sanjeev
Misra - Vice President, Operations
Sanjeev has had extensive experience in
building operational excellence practices and quality programs. In his previous
assignments, he has successfully set up large client services operations
for several Fortune 500 clients.
He has mapped and transitioned varied processes
in for Fortune 500 clients including one of the largest health care companys in
the U.S.
He is COPC and KAIZEN certified.
Bob Parke - Vice
President, Strategy & Business Processes
Bob worked for over two decades at a Fortune 100 company.
As VP for Human Resources, he was responsible for Human Resources
strategy and planning for the Corporation's 93,000 domestic and international
employees.
In that assignment, he proposed and had responsibility for implementing
the outsourcing of all payroll, HR on-line administration and benefits.
His experience over the years includes, executive compensation,
International HR, executive development and succession planning, employee
benefits, staffing and redeployment, employee and labor relations, HR
information systems, equal employment opportunity, and safety, health and
environmental affairs.
Steve
Siegling - Vice President, Networking and Infrastructure
Prior to joining the company in 2000, Steve owned a technology
consulting company that designed and implemented network infrastructures for
medium sized corporations. In addition, Steve is a Microsoft Certified System
Engineer, Master Certified Novell Engineer, Certified Novell Instructor and a
Certified Technical Trainer. Since joining the organization, he has upgraded
and enhanced the company's overall systems and infrastructure to support its'
high growth and expanded service lines, developed an in-house team of
programmers and system support personnel and has overseen the continued
development of EBSystem.
Benefits
Administration
In today's
streamlined business environment focused on value creation, it's more important
than ever to keep employees productive and treat them with respect. Yet soaring
healthcare costs may lead employers to either reduce benefit programs or
provide limited assistance to employees through self-service solutions.
Secova takes a full-service, customer-centric approach to benefits
administration; they improve employee satisfaction with benefits administration
by tightly coupling data and voice technologies with their highly skilled
counselors. On average, the employees will be speaking with one of their
trained counsels within 12 seconds of making a call.
Experience has
shown that given a choice over a decision as important as health benefits,
employees prefer to talk with a knowledgeable benefits counselor to get the
answers they need. In their world, that does not mean expensive, it means
efficient. Getting employees what they need, as soon as possible, gets them
back to work sooner and less concerned about benefits issues.
Their benefits
administration offering include:
For Employers:
- Full
outsourced benefits administration including medical, dental,
life/AD&D, vision and long term/short term disability , 401(k)
deduction management, ESOP, ESPP
- Healthline: a
customized, 24/7 call center
- Enrollment
and eligibility services
- Premium
billing and reconciliation
- COBRA/HIPAA
administration
- Section
125/Non Section 125 premium billing, collection and administration
- Leave
management services
- Defined
Contribution Administration" to Defined Benefit/Defined Contribution
Services"
- Retiree
services
- Defined
contribution plan administration
- Interactive
web-based benefits management
- Benefits data
analysis
For BPO Partners and Providers:
- Inbound and
outbound customer service
- Multi-channel
support
- Multi-lingual
support
- Back-office
processing
- Eligibility
verification /benefits verification
- Payments
processing
- Adjudication
- Receivables
management
The technology underpinning their
benefits administration offering is called EBSystem. It is a comprehensive
management platform that tracks every employee interaction and issue and ties
together data from their call center, self service applications and HRIS
systems. EBSystem is among the most advanced HR applications in the world and
was built from the ground up to support complex processes and integrates with a
wide range of enterprise/HR systems such as SAP, Lawson, PeopleSoft,
Pro-Business and UltiPro.
Payroll
Secova provides an entire spectrum of
services associated with payroll processing, helping you manage employee
compensation from the time they’re hired through when they’re retired.
Depending on the requirements, they can work with the existing systems or
provide you with access to their web-based, industry-proven system.
Managers and supervisors have the flexibility to directly
input payroll-related data into a central system, anytime and from any
location. They are available 24/7 to service all transactions and manage
inquiries. Of course, transactions are secure and fully auditable.
They understand that payroll processes are tightly
integrated with many other processes in an organization, including those
related to government regulations. (e.g., EEOC, ADA, ADEA, FMLA, FLSA, COBRA,
HIPAA). Whether it’s their system or thes, they will design a solution that
saves you time and money while meeting the myriad of internal and external
requirements facing the company.
Secova manages virtually all payroll-related computations,
including:
- Gross-to-net payroll processing
- Complex payroll data entry and
calculations [such as shift premiums, piecework and make-up pay]
- Benefits and workers' compensation
calculations
- Deductions
- Garnishment processing
- Direct deposit or paper check
processing
- Time and attendance administration
- Liens
- Comprehensive tax management system to
handle federal, state and local tax computations, including multi-state
taxing rules and reciprocity.
Human Resource Operations
Secova's management and employees
understand the challenges associated with human resources operations. They make
a detailed assessment of current operational capabilities, recommend innovative
go-forward strategies and implement a service center that handles all HR
administration issues on a 24/7 basis. Secova helps you manage a broad range of
critical workforce processes:
- Employee performance reviews
- Job and salary history
- Career development
- Transfers and promotions
- Leave and Termination processing
- Recruitment including job posting,
candidate screening, applicant tracking, employment verification,
interviewing and offer management
- Administration of FMLA
- OSHA incident and safety tracking
- Federal and state legislative
compliance
- Company-issued property tracking
- Service awards
- Employee Surveys
Data Services
Secova solutions tightly integrate core HR functionality with a payroll
engine, rich reporting/analytical decision-making tools, and a central web
portal for employee self service. The end result is an empowered staff that can
access critical information quickly and perform routine business activities
more efficiently. In addition, they seamlessly interface with third-party
applications such as general ledger and medical plan provider systems through
proven enterprise integration tools.
One of the keys to successful benefits administration is assuring the integrity
and accuracy of employee data as it moves, and is used, by all the various
organizations that are part of the corporate benefits supply chain. Secova has
worked with all parts of this chain, and has developed extensive data audit,
data exchange controls, and validation methods to ensure data quality.
Secova's integrated data management capability:
- Ensures
auditable accuracy to the internal benefits/payroll data feeds;
- Ensures
auditable accuracy to external benefit vendors such as carriers, TPA's and
other service providers; and
- Ensures
auditable accuracy to the employees
Clients
Secova works with a variety of customers across multiple
industries. No one company is exactly like another, which is why they pride
ourselves on being flexible and creative in designing HRO solutions that really
work. Their service model is designed to work for hundreds of thousands of
employees as well as it does for a few thousand employees.
They’ve crafted comprehensive HR outsourcing solutions that have helped major
brand name companies reduce administrative expenses between 30 and 60 percent
in sectors as diverse as:
v
Hospitality and Entertainment
v
Technology
v
Temporary Staffing
v
Retail
v
Insurance
v
Health Care
v
Not for Profit
The relationships they build with their clients go beyond the obvious
performance guarantees and cost savings, but are also based on mutual trust and
their desire to exceed expectations. Sometimes it’s not just about the numbers;
it’s about real people and understanding the challenges they face.
Press Releases
June 19, 2006:
Secova /
Ultralink Secures Eight Million in New Funding From Baring Private Equity.
May 01, 2006:
August 25, 2005:
Secova signs innovative venture
lending deal with Citigroup.
December 21, 2004:
Empact EBS, Inc. and Secova
eServices, Ltd. combine to form global HRO leader.
November 18, 2004:
Healthaxis and Secova Deploy
Web-based Benefits Enrollment.
Press
Coverage
June 19, 2006 :
Secova / Ultralink Secures Eight
Million in New Funding From Baring Private Equity.
December 15, 2005 :
Mutual-Aid
Network Links South Asia and the U.S.
December 15, 2005:
August 25, 2005 :
Citigroup invests $1.5m in Secova
eServices.
June 21, 2005 :
December 13, 2004 :
Smart Companies Turn to Bestshoring.
November 29, 2004 :
Secova eServices to hike headcount.
November 22, 2004 :
HR BPO next big thing for India.
November 02, 2004 :
Indian IT sector to remain buoyant.
September 29, 2004 :
Unravelling the Secovian beauty.
December 10, 2003 :
December 04, 2003 :
BPO SEGMENTS - Opportunities Galore.
September 23, 2003 :
Mr. Venkat Tadanki, speaks on
"Effective Marketing of an ITeS Facility" at Taj Bengal, Kolkata.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.13 |
|
UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.64 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|