MIRA
INFORM REPORT
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Report Date : |
27.09.2011 |
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Tel. No.: |
011-26653702 / 011-25747866 |
Note:
Correct name of the concern is “RADHASWAMI SATSANG
BEAS”.
IDENTIFICATION DETAILS
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Name : |
RADHASWAMI SATSANG |
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Registered
Office : |
5, Guru Ravidas Marg, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Year of
Establishment : |
1891 (Delhi Office has been started about 50 years back) |
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Capital
Investment / Paid-up Capital : |
Rs.6.000 millions (Estimated in publication only) |
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Legal Form : |
Philosophical Organization (Not for profit organization) |
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Line of Business
: |
Subject is a philosophical organization based on the spiritual
teachings of all religions and dedicated to a process of inner development
under the guidance of a spiritual teacher and Publication of Books. |
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No. of Employees
: |
Approximately 30 and Devotees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 24000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a philosophical organization based on the spiritual
teachings of all religions. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The organization 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.
ECGC Country Risk Classification List – April 1, 2010
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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
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Name : |
Mr. Sushil Sethi |
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Designation : |
Manager (Publication) |
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Contact No.: |
91-8800498246 |
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Date : |
22.09.2011 |
LOCATIONS
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Registered Office : |
5, Guru Ravidas Marg, |
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Tel. No.: |
91-11-25747866/ 25740479/ 25740483/ 25747866 |
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Mobile No.: |
91-8800498246 (Mr. Sushil Sethi) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Main Ashram : |
Dera Baba Jaimal Singh – 143 204, |
MANAGEMENT
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Name : |
Mr. Gurender Singh |
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Designation : |
Head of the Organisation |
Note:
25 Other Trustees are in the management - name not divulged.
KEY EXECUTIVES
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Name : |
Mr. Sushil Sethi |
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Designation : |
Manager (Publication) |
BUSINESS DETAILS
|
Line of Business : |
Subject is a philosophical organization based on the spiritual
teachings of all religions and dedicated to a process of inner development
under the guidance of a spiritual teacher and Publication of Books. |
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GENERAL INFORMATION
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Customers : |
v
Retailers v
Others |
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No. of Employees : |
Approximately 30 and Devotees |
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Bankers : |
v
Punjab National Bank, v
Canara Bank, |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
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Other Society : |
Maharaj Jagat Singh Medical Relief Society |
CAPITAL STRUCTURE
As on 31.03.2011
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Capital Investment : |
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Owned : |
Rs.6.000 millions (Estimated in publication only) |
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Borrowed : |
-- |
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Total : |
Rs.6.000 millions (Estimated in publication only) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2011 |
31.03.2010 |
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Sales Turnover in publication only (Approximately) |
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55.000 |
50.000 |
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The above information has been parted by Mr. Sushil Sethi (Manager - Publication).
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS:
PROFLE:
Subject is a philosophical organization based on the spiritual teachings
of all religions and dedicated to a process of inner development under the
guidance of a spiritual teacher.
In the Indian language, Radha Soami means ‘lord of the soul’,
satsang describes a group that seeks truth, and Beas refers to the town near
which the main centre is located in northern
Subject was established in
The philosophy teaches a personal path of spiritual development which includes
a vegetarian diet, abstinence from intoxicants, a moral way of life and the
practice of daily meditation. There are no rituals, ceremonies, hierarchies or
mandatory contributions, nor are there compulsory gatherings. Members need not
give up their cultural identity or religious preference to follow this path.
ADMINISTRATION:
Subject’s main centre is Dera Baba Jaimal Singh, named after its founder
who settled there in the late 1800’s. Located in
Subject centres are located throughout
Subject has a publishing department that has produced more than 70 original
titles on spirituality. Volunteers have translated a large selection of these
books into 35 languages. A recently constructed 20,000 square-metre library at
the main centre in India will eventually house a collection of nearly 500,000
volumes concentrating on world religions, mysticism, philosophy and related
subjects. The library will be open to scholars and researchers of all faiths.
MAIN CENTRE:
Dera Baba Jaimal Singh, or simply the ‘Dera’ as it is generally known,
is a mini-township with 6,000 residents. Since the Dera is the home of the
spiritual leader of the organization, large crowds visit on specially
designated weekends to hear his discourses. These crowds average more than
250,000 people daily. The administration has become highly skilled in managing
and providing facilities for large numbers of people on a short-term basis.
The Venue
In order to provide a sheltered venue for these gatherings, the Dera’s
engineering department has constructed one of the largest covered structures in
Food
To
feed the visitors three meals a day, several approaches are taken. The langar
(a place where food is served free of charge) is the primary means. The free
langar complex covers over 48 acres and operates around the clock. Capable of
feeding up to 300,000 people per meal, 50,000 in a single sitting, it has a
mostly volunteer staff who prepare and serve simple but nourishing food
suitable to local tastes. As an example, in 2006 the langar cooked more than
150,000 kilos of rice and used more than 2 million kilos of wheat to make the
traditional flat breads. Meals are also served at canteens and snack bars at a
nominal price.
Shelter
The colony is visited by people from around the world and all walks of life. To
provide temporary accommodations for everyone, a variety of facilities are
offered, all free of charge. There are a number of guest hostels with
individual rooms and attached baths, hostels with dormitory-style rooms, and
other large buildings to house visitors.
The Community
The Dera seeks to be as self-sufficient and environmentally friendly as
possible. Every year thousands of trees are planted. Many lawns and parks
beautify the colony and provide space for visitors and residents to rest and
relax. More than 1,000 acres of land are cultivated for growing vegetables and
fruits that are used in the langar and by Dera residents. Organic farming
methods are being adapted to local conditions. The Dera has its own water
supply, water treatment plant and solid waste treatment facility. It has its
own electrical sub-station and large electrical generator back-up facility to
supply emergency power to the whole community.
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.62 |
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|
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.66.47 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--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 |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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- |
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.