MIRA
INFORM REPORT
|
Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
NOMURA SERVICES INDIA PRIVATE LIMITED (w.e.f.24.10.2008) |
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Formerly Known
As : |
LEHMAN BROTHERS SERVICES INDIA PRIVATE LIMITED |
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Registered
Office : |
10th Floor, Winchester Building, Off High Street,
Hiranandani Business Park, Powai, Mumbai – 400 076, Maharashtra |
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Country : |
India |
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Financials (as on)
: |
31.03.2010 |
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Date of
Incorporation : |
02.08.2004 |
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Com. Reg. No.: |
11-147813 |
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Capital
Investment / Paid-up Capital : |
Rs. 895.286 millions |
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CIN No.: [Company Identification
No.] |
U72200MH2004PTC147813 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML05310E |
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PAN No.: [Permanent Account No.] |
AABCL0053L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Software Development and IT Enabled Services. |
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No. of Employees
: |
Not divulged by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 18000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. The company
is doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered normal 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.
INFORMATION DECLINED BY
Management non cooperative.
LOCATIONS
|
Registered Office : |
10th Floor, Winchester Building, Off High Street,
Hiranandani Business Park, Powai, Mumbai – 400 076, Maharashtra, India |
|
Tel. No.: |
91-22-30534626 |
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Fax No.: |
91-22-30532111 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Kasthuri Rangan |
|
Designation : |
Director |
|
Address : |
Flat No.2202, Odyssey II, |
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Date of Birth/Age : |
02.09.1962 |
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Date of Appointment : |
08.09.2005 |
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DIN No : |
00373554 |
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Name : |
Mr. Leon Lawrence D’ Souza |
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Designation : |
Director |
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Address : |
Desire, Flat No.2, 56, T.P.S. IV, Bandra, Mumbai – 400 050, |
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Date of Birth/Age : |
19.01.1973 |
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Date of Appointment : |
18.09.2009 |
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DIN No : |
01726341 |
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Name : |
Mr. Murali Subrahmanyam |
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Designation : |
Director |
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Address : |
Old # 22, New#43, 4th Main Road, Raja Annamalai Puram,
Chennai-600028, Tamil Nadu, India |
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Date of Birth/Age : |
20.04.1966 |
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Date of Appointment : |
08.06.2010 |
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DIN No : |
00199599 |
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Name : |
Mr. Yukinobu Onoda |
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Designation : |
Additional director |
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Address : |
4-7-15-406, Harigaya, Urawa-ku, |
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Date of Birth/Age : |
12.11.1952 |
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Date of Appointment : |
09.01.2009 |
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DIN No : |
02472742 |
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Name : |
Mr. Futoshi Hirata |
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Designation : |
Director |
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Address : |
1-20-2, Higashi Sugano, Ichikawa-Shi, chiba, Japan-2720823 |
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Date of Birth/Age : |
31.08.1965 |
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Date of Appointment : |
08.06.2010 |
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DIN No : |
03113066 |
KEY EXECUTIVES
|
Name : |
Mr. Harsh Nangalia |
|
Designation : |
Secretary |
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Address : |
202-A Wing, Preeti Sagar Building, Link Road, Near Yogi Nagar,
Borivali (West), Mumbai-400091, Maharashtra, India |
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Date of Birth/Age : |
26.08.1985 |
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Date of Appointment : |
15.09.2010 |
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PAN No : |
AELPN3774M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
No. of Shares |
|
Nomura Asia Investment ( |
89528547 |
|
Nomura Asia Holding N.V., The |
100 |
|
Total |
89528647 |
AS ON 28.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Software Development and IT Enabled Services. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management. |
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Bankers : |
Not Available |
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Banking
Relations : |
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered Accountants |
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Address : |
6th Floor, |
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Tel. No.: |
91-22-66579200 |
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Fax No.: |
91-22-22876401 |
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Holding Company : |
·
Normura Asia Investment (India Powai) Pte.
Limited ·
LB India Holdings Limited (up to October
12, 2008) |
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|
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Ultimate Parent Company: |
·
Nomura Holdings Inc. (From October
13, 2008) ·
Lehman Brothers Holdings Inc. (upto
October 12, 2008) |
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|
Fellow subsidiaries : |
·
Nomura Fin Services (India) Private
Limited from October 13, 2008 ·
Nomura Financial Advisory and
Securities (India) Private Limited from October 13, 2008 ·
Nomura Structured Finance Services
Private Limited from October 13, 2008 ·
Nomura Fixed Income Securities
Private Limited from June 21, 2009 ·
Nomura Capital Markets PLC from
October 13, 2008 ·
Nomura International (Hong Kong)
Limited from October 13, 2008 ·
Nomura International PLC from October
13, 2008 ·
Nomura Securities International Inc.
from October 13, 2008 ·
Nomura Securities Company Limited
from October 13, 2008 ·
Nomura Singapore Limited from October
13, 2008 ·
Nomura International (Hong Kong)
Limited Seoul Branch Office from October 13, 2008 ·
Nomura Asset Management Co., Limited
from October 13, 2008 ·
Nomura Corporate Research and Asset
Management Inc. from October 13, 2008 ·
Nomura Global Financial Products Inc.
from October 13, 2008 ·
Nomura Derivative Products Inc. from
October 13, 2008 ·
Nomura European Investment Limited
from October 13, 2008 ·
Nomura Americas Services LLC from
October 13, 2008 ·
Lehman Brothers Inc. up to October
12, 2008 ·
Lehman Brothers Special Financing
Inc. up to October 12, 2008 ·
Lehman Brothers Asia Holdings Limited
up to October 12, 2008 ·
Lehman Brothers Limited up to October
12, 2008 ·
Lehman Brothers Japan Inc. up to
October 12, 2008 ·
Lehman Brothers (Thailand) Limited
PCO- New THB up to October 12, 2008 ·
Lehman Brothers Bankhaus A.G. up to
October 12, 2008 ·
Lehman Brothers Global Services
Limited up to October 12, 2008 ·
Lehman Brothers Finance (Japan) Inc.
up to October 12, 2008 ·
LBIE Seoul Securities Branch up to
October 12, 2008 ·
Lehman Brothers Securities Private
Limited up to October 12, 2008 ·
Libertus Jutaku Loan K.K. up to
October 12, 2008 ·
Lehman Brothers International
(Europe) up to October 12, 2008 ·
Lehman Brothers Singapore PTE Ltd up
to October 12, 2008 ·
Lehman Brothers Capital Private
Limited up to October 12, 2008 ·
Lehman Bros Inc Singapore Branch up
to October 12, 2008 ·
Lehman Brothers Advisers Private
Limited up to October 12, 2008 ·
Lehman Brothers Europe Limited up to October
12, 2008 ·
Lehman Brothers International Europe
(Zurich Branch) Up to October 12, 2008 ·
Banque Lehman Brothers S.A. up to
October 12, 2008 ·
Neuberger Berman LLC up to October
12, 2008 ·
Lehman Brothers Israel up to October
12, 2008 |
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Nature of Relationship : |
·
Yukinobu Onoda (Appointed on January
9, 2009) ·
George Oommen (Resigned on November
4, 2008) ·
Vikas Sharma (from October 13, 2008
to January 14, 2009) ·
Ushio Doisako (from October 13, 2008
to January 14, 2009) ·
Atsushi Shibata (from October 13,
2008 to January 14, 2009) |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Rs.10/- each |
Rs. 1100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89528647 |
Equity Shares |
Rs.10/- each |
Rs. 895.286
Millions |
|
|
|
|
|
Notes: of the above:
i)
89,528,547 (Previous year 89,528,547)
shares are held by Nomura Asia Investment (India Powai) Pte. Limited, the
Holding Company.
ii)
100 (Previous year 100) shares are held
by Nomura Asia Holding N.V., in trust for Nomura Asia Investment (India Powai)
Pte. Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
895.286 |
895.286 |
532.038 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3704.179 |
2954.904 |
1463.296 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4599.465 |
3850.190 |
1995.334 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4599.465 |
3850.190 |
1995.334 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1732.867 |
2033.382 |
2076.126 |
|
|
Capital work-in-progress |
0.000 |
4.637 |
192.080 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
181.616 |
175.232 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
757.795
|
1704.209 |
201.114 |
|
|
Cash & Bank Balances |
3503.319
|
909.314 |
907.322 |
|
|
Other Current Assets |
13.504
|
4.351 |
0.000 |
|
|
Loans & Advances |
807.807
|
1195.925 |
350.256 |
|
Total
Current Assets |
5082.425
|
3813.799 |
1458.692 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1375.112 |
1307.930 |
1343.047 |
|
|
Other Current Liabilities |
936.106
|
812.765 |
354.327 |
|
|
Provisions |
86.225
|
56.165 |
34.190 |
|
Total
Current Liabilities |
2397.443
|
2176.860 |
1731.564 |
|
|
Net Current Assets |
2684.982
|
1636.939 |
(272.872) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4599.465 |
3850.190 |
1995.334 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
5960.622 |
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
6869.570 |
5960.622 |
5219.222 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Financial Expenses |
5897.189 |
5962.243 |
4317.349 |
|
|
|
Depreciation |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
5897.189 |
5962.243 |
4317.349 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
972.381 |
(1.621) |
901.873 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
223.104 |
(4.999) |
158.952 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
749.277 |
3.378 |
742.921 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
6571.362 |
5804.854 |
5169.127 |
|
|
TOTAL EARNINGS |
6571.362 |
5804.854 |
5169.127 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
12.986 |
246.597 |
518.711 |
|
|
TOTAL IMPORTS |
12.986 |
246.597 |
518.711 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.37 |
0.05 |
13.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.91
|
0.06 |
14.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.90
|
(0.03) |
25.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
(0.00) |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
0.56 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
1.75 |
0.84 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
1375.112 |
1307.930 |
1343.047 |
Business Overview
During the year the Company has earned income from sale of
services of Rs.6,679 Mn compared to Rs. 5,846 Mn earned last year and earned
net profit after tax of Rs.749 Mn after providing for depreciation of Rs.486 Mn
and provision for tax (including current, deferred, fringe benefit tax and
Japan withholding tax) of Rs.223 Mn.
Background
and Nature of operations
Nomura
Services India Private Limited (formerly known as Lehman Brothers Services
India Private Limited) was incorporated under the Companies Act, 1956 on August
2, 2004. On October 24, 2008, the Company received approval from Registrar of
Companies for change of name to Nomura Services India Private Limited.
The
Company is primarily engaged in providing Software Development and IT Enabled
Services. The Company carries its operations from unit registered under
Software Technology Park of India („STPI‟) and has also commenced commercial
operations on February 25, 2008 in Special Economic Zone (‟SEZ‟) unit
pursuant to an approval and notification issued for the unit in September 20,
2007.
FIXED ASSETS:
v
Leasehold Improvements
v
Furniture and Fittings
v
Computers
v
Office Equipments
v
Computer Software
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.90 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.