MIRA
INFORM REPORT
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Report Date : |
30.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
NGC NETWORK INDIA PRIVATE LIMITED |
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Registered Office : |
Star House, Off |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.06.2000 |
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Com. Reg. No.: |
11-127390 |
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CIN No.: [Company
Identification No.] |
U74300MH2000PTC127390 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN07064B |
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PAN No.: [Permanent
Account No.] |
AABC1401A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
The Company is primarily engaged in the distribution and advertising
sales business of the National Geographic Channel and The Fox History and
Entertainment Channel (erstwhile The History Channel). |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 945420 |
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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 and reputed company having fine track.
Trade relations are reported as fair. Business is active. General Financial
position is good. Payments are reported as usually made as per commitments. The company can be considered good 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
Note – Management Non-Cooperative Name Not Disclosed.
LOCATIONS
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Registered Office : |
Star House, Off |
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Tel. No.: |
91-22-66305555 |
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Fax No.: |
91-22-66305028 |
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E-Mail : |
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Corporate Office : |
Plot # 77, Institutional Area, Sector 32, Gurgaon – 122 001, |
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Tel. No. : |
91-124-6654400 |
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Fax no. : |
91-124-2382685 |
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Corporate Office : |
Star India Private Limited, 205, Okhla Industrial Estate, Phase III, |
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Tel. No.: |
91-11-66567827 |
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Fax No.: |
91-11-66567828 |
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E-Mail : |
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Advertising
Sales: |
Located At: v
v
Kolkata
v
Chennai v
Mumbai v
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Distribution: |
Located At: v
v
Kolkata v
Chennai v
Mumbai v
v
v
v
v
v
Jaipur v
v
v
v
Pune v
Vijaywada v
v
v
v
v
v
v
v
v
Guwahatri v
Hosur v
v
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Sameer Chawla |
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Designation : |
Directors |
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Address : |
D-021, Ridgewood Estate, DLF Phase IV, Gurgaon, |
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Date of Birth/Age : |
21.06.1969 |
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Date of Appointment : |
27.01.2005 |
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Name : |
Mr. Nikhil Mohan Mirchandani |
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Designation : |
Directors |
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Address : |
75, 1st Floor, |
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Date of Birth/Age : |
08.02.1972 |
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Date of Appointment : |
15.02.2006 |
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Name : |
Mr. Sunil Kumar Dhawala |
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Designation : |
Directors |
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Address : |
Flat No.21, building – 120, Silver Oaks Apartments, DLF- 1, Gurgaon-
122 001, |
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Date of Birth/Age : |
15.05.1971 |
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Date of Appointment : |
30.06.2008 |
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Name : |
Mr. Keerthan Adyanthaya |
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Designation : |
Managing Director |
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Address : |
603, Uma Shikar, Plot NO. 541, |
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Date of Appointment : |
02.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
|
Sunil K. Dhavala |
|
1 |
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Sameer Chawla |
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1 |
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NGC Network ( |
|
46629 |
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Total |
|
46631 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in the distribution and advertising
sales business of the National Geographic Channel and The Fox History and Entertainment
Channel (erstwhile The History Channel). |
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Products: |
Channel Distribution |
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 Associates Chartered Accountants |
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Address : |
6th Floor, |
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Tel. No.: |
91-22-66655000 |
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Fax No.: |
91-22-66656000 |
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Holding Company: |
v
NGC Network ( v
NGC Network Asia LLC - (holding company of NGC
Network ( v
NGC Network International LLC - (holding company
of NGC Network Asia LLC) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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50,000 |
Equity Shares |
Rs.10/- Each |
Rs.0.500 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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46,631 |
Equity Shares |
Rs.10/- Each |
Rs.0.466
million |
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Note – of the above 46,629 equity shares of Rs. 10/- each
are held by the holding company, NGC Network (
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.466 |
0.466 |
0.466 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
235.889 |
453.955 |
416.534 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
236.355 |
454.421 |
417.000 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
236.355 |
454.421 |
417.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.980 |
12.517 |
18.776 |
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Capital work-in-progress |
0.054 |
0.040 |
0.549 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
14.161 |
16.026 |
11.440 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
284.121
|
228.331 |
349.313 |
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Cash & Bank Balances |
542.003
|
374.746 |
134.212 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
99.559
|
67.560 |
19.464 |
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Total
Current Assets |
925.683
|
670.637 |
502.989 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
21.654
|
38.474 |
40.673 |
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Current Liabilities |
435.250
|
194.043 |
68.721 |
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Provisions |
253.619
|
12.282 |
7.360 |
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Total
Current Liabilities |
710.523
|
244.799 |
116.754 |
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Net Current Assets |
215.160
|
425.838 |
386.235 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
236.355 |
454.421 |
417.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Turnover |
380.572 |
401.549 |
NA |
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Profit/(Loss) Before Tax |
40.990 |
59.056 |
NA |
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Provision for Taxation |
14.365 |
21.635 |
NA |
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Profit/(Loss) After Tax |
26.625 |
37.421 |
NA |
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Earnings in Foreign Currency : |
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Transaction, Dubbing and Post Production |
NA |
NA |
41.800 |
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Ad Sales Commission Earnings |
NA |
NA |
0.290 |
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Total Earnings |
NA |
NA |
42.090 |
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Total Expenditure |
339.582 |
342.493 |
NA |
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Earnings Per Share (Rs.) |
571 |
802 |
3903 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
10.77
|
14.71 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.39
|
8.64 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.13 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.00
|
0.54 |
0.28 |
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Current Ratio (Current Asset/Current Liability) |
|
1.30
|
2.74 |
4.31 |
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) |
|
Trade Creditors |
21.654 |
38.474 |
40.673 |
BACKGROUND
NGC Network (
The Company was
distributing advertisement time on behalf of overseas media companies till
April 30, 2006 whereby it solicited television advertising and collected and
remitted advertisement charges for such advertisements to the principal. With
effect from May 1, 2006, the Company acquires advertising time from overseas
media companies on the National Geographic and Fox History and Entertainment
Channel (erstwhile The History Channel) and markets the same as a principal.
The Company has with effect from April I, 2008 again reverted to the erstwhile
agency model.
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 records 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.44.67 |
|
|
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
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--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 |
|
TOTAL |
|
62 |
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.