MIRA
INFORM REPORT
|
Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RISHI MADHUR AND COMPANY |
|
|
|
|
Registered Office : |
1st Floor, HVM House, No.106, Amarjyothi Layout, Off Intermediate
Ring Road, Domlur, Bangalore 560017, Karnataka. |
|
|
|
|
Country : |
India. |
|
|
|
|
Financials (as on) : |
31.03.2008 (Estimated) |
|
|
|
|
Date of Incorporation : |
01.01.2003 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAGFR3584A |
|
|
|
|
Legal Form : |
Partnership Concern With an Unlimited Liability of the Partner. |
|
|
|
|
Line of Business : |
Provider of Assurance, Accounting, Income tax, Indirect taxes and
Business set up Services. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Chartered Accountancy firm. It enjoy favourable
reputation in the domestic market. Trade relations are fair. Payments are usually
correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/Head Office : |
1st Floor, HVM House, No.106, Amarjyothi Layout, Off Intermediate
Ring Road, Domlur, Bangalore 560017, Karnataka. |
|
Tel. No.: |
91-80-41145757 / 25352222 |
|
Fax No.: |
91-80-41145858 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq ft |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Rishi Harlaka |
|
Designation : |
Partner |
|
Date of Birth/Age : |
35 Years |
|
Qualification : |
B.Com, FCA |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mr. Madhur Harlaka |
|
Designation : |
Partner |
|
Date of Birth/Age : |
34 Years |
|
Qualification : |
B.Com, FCA |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mr. Tejas Vora |
|
Designation : |
Partner |
|
Date of Birth/Age : |
34 Years |
|
Qualification : |
B.Com, FCA |
|
Experience : |
25 Years |
BUSINESS DETAILS
|
Line of Business : |
Provider of Assurance, Accounting, Income tax, Indirect taxes and
Business set up Services. |
GENERAL
INFORMATION
|
Customers : |
o
Multinational Corporates. o
Banking and Financial Institutions o
Start-Ups High Net Worth Individuals o
Executives Ex 1/2 Patriates o
MNCs Include across Americal Europe. |
|
|
|
|
No. of Employees : |
27 |
|
|
|
|
Bankers : |
HDFC Bank Limited, C.M.H. Road, Bangalore, Karnataka. |
|
|
|
|
Memberships : |
Institute of Chartered Accountants of India. |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
MSSV and Company, Chartered Accountants. |
|
Address : |
Bangalore, Karnataka. |
CAPITAL STRUCTURE
Not Divulged.
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 (Estimated) |
|
Service Revenue |
|
|
5.000 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Detail |
|
|
|
|
Existence Verification |
|
|
Name |
RISHI MADHUR AND COMPANY |
|
Address |
1st Floor, HVM House, No.106, Amarjyothi Layout, Off
Intermediate Ring Road, Domlur, Bangalore 560017, Karnataka. |
|
Phone Numbers |
91-80-41145757 / 25352222 |
|
Fax Number |
91-80-41145858 |
|
Electricity Bill |
3 SMPL 25940 (Landlord) |
|
|
|
|
Statutory Approvals |
|
|
Legal Status of Firm |
Partnership firm |
|
Income Tax Registration |
AAGFR3584A |
|
Service Tax Registration |
AAGFR3584A ST001 |
|
Name of Bank |
HDFC Bank |
|
Account Since |
3 Years |
|
|
|
|
Creditability Factors |
|
|
Years of Establishment |
01.01.2003 |
Notes: Subject has Liason links with various government of India
Agencies RBI, Various Minstries, Income Tax, Excise, Company Law Professional Institutes
Such as ICAI, ICSI, ICWA, as well as International links like OECD, WTO, EU,
SAARC, SEC FASB etc.
Websites Details Attached:
Concern Profile:
Subject is a professionally managed company that offers end to end solutions to a wide spectrum of services, including - Assurance Services, Accounting Services, Business Tax Planning Services and Business Financial Planning Services to Business Setup and Merger and Acquisition.
The firm is led by highly qualified and experienced CA partners having
collective experience of over thirteen years that includes six years in KPMG's
Indian member firm at Bangalore. The concern is catering to Indian and
Multinational Corporate, Banking and Financial Institutions, Start-ups, High
net-worth individuals, executives and expatriates.
Today, they take pride in their strategic business partnerships with clients
that come from different industries and backgrounds. Their clientele include
customers from different sectors, such as - Software and Information
Technology, Engineering, Pharmaceutical and Bio technology, Automotive
components, Financial Services and Banking, Media and Entertainment, etc. This
clientele spans across different geographical regions, including India, Asia, America,
and Europe
Partners:
Mr. Rishi
Harlalka
Rishi is a Chartered Accountant (securing 35th All India merit) and a Fellow
member of the Institute of Chartered Accountants of India (ICAI) and is one of
the founding partners of the firm. He heads the Income-tax, International
tax and Transfer Pricing practice besides being involved in the other services
of the firm, including M and A services. He handles corporates and
multinational clients across a wide range of industries.
Rishi is a visiting faculty at the ICAI and the Institute of Company
Secretaries of India. He is also a regular contributor of articles on
international tax in various leading journals.
Prior to co-founding
the firm, Rishi has worked with KPMG’s Indian member firm at Bangalore for six
years. He was involved in income-tax advisory services, international tax
and was part of the core transfer pricing team. Rishi was also
involved in advising on inbound and outbound investment structuring.
During this tenure, Rishi has extensively liaised with various global practices
on the above issues and attended various international seminars.
Mr. Madhur
Harlalka
Madhur is a Chartered Accountant, and an fellow member of the Institute of
Chartered Accountants of India, and is the other founding partner of the
firm. He heads the Indirect tax and the Assurance practice, besides being
involved in the other services of the firm, including M and A services. He
handles corporates and multinational clients across a wide range of industries.
Madhur is a visiting faculty at the ICAI and the Institute of Company
Secretaries of India. He is also a regular contributor of articles on
indirect taxes in various leading journals. Madhur is also involved in a
nation-wide initiative of the ICAI to impart technical training to tax
commissioners on service tax and central excise matters- an initiative which
has been acknowledged by none less than the Hon’ble Union Finance Minister of
India.
Prior to co-founding the firm, Madhur has worked with leading Chartered
Accountants in Bangalore in various indirect taxes and assurance services such
as Statutory Audit, Internal Audit, Tax Audit, Systems and Management Audit and
Bank Audits.
Mr. Tejas Vora
Tejas is a Chartered Accountant, and an Associate member of the Institute of
Chartered Accountants of India and has joined the firm in August 2008. He heads
the business set- up and Business Support services besides being involved in
other services of the firms. He handles corporates and multinational clients across
a wide range of industries.
Tejas has liaised extensively with international business delegations and trade
councils on doing business in India. He has contributed articles on foreign
direct investment policy in India besides having extensively contributed for a
book on joint venture in India. Tejas has also been involved in M and A related
advisory services.
Prior to joining the
firm, Tejas has worked for a leading chartered accountant firm based in Mumbai
and headed their Bangalore branch
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.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|