|
Report Date : |
05.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHIPTEST ENGINEERING LIMITED [w.e.f. 15.05.2009] |
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|
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Formerly Known
As : |
CHIPTEST LABS LIMITED [w.e.f. 15.05.2007] CHIPTEST LABS PRIVATE LIMITED |
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Registered
Office : |
No 2C, CMDA Industrial Estate, Dr. Subramania Siva Salai, NH-7,
Maraimalai Nagar, Kancheepuram-603209, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
05.02.2001 |
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Com. Reg. No.: |
18-046563 |
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Capital
Investment / Paid-up Capital : |
Rs.4.125 Millions |
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|
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CIN No.: [Company Identification
No.] |
U32107TN2001PLC046563 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC05846B |
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|
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PAN No.: [Permanent Account No.] |
AAFCS1531A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing IC Application Software Development Services. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 172000 |
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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 an established company having good track. It has achieved
better growth in its revenue from its operations during 2012. The
profitability appears to be good. Trade relations are reported as decent. Business is active. Payments
are reported to be regular and 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Head Quarter / Operations : |
No 2C, CMDA Industrial Estate, Dr. Subramania Siva Salai, NH-7,
Maraimalai Nagar, Kancheepuram-603209, Tamilnadu, India |
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Tel. No.: |
91-44-47405419 |
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Fax No.: |
91-44-47405303 |
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E-Mail : |
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US Office : |
848, Stew Art Drive, Suite # 101, Sunny Vale CA, 94085, USA |
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Tel. No.: |
+1 (408) 498 4629 |
DIRECTORS
As on 18.07.2012
|
Name : |
Dr. Ramasamy Krishnan |
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Designation : |
Director |
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Address : |
W-649, |
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Date of Appointment : |
28.03.2008 |
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DIN No.: |
00062318 |
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Other Directorship :
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Name : |
Mr. Porura Vedagiri |
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Designation : |
Director |
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Address : |
9D, 12th
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Date of Birth/Age : |
09.11.1942 |
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Date of Appointment : |
18.07.2012 |
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DIN No.: |
00846734 |
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Other Directorship :
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Name : |
Dr. Enakshi Bhattacharya |
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Designation : |
Director |
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Address : |
C-5-5, 4th
Cross Street, IIT |
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Date of Birth/Age : |
23.04.1959 |
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Date of Appointment : |
18.07.2012 |
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DIN No.: |
05277571 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Chip Test Incorporated, |
|
80000 |
|
Valingro Consultancy Limited |
|
19960 |
|
South Indian Travels Private Limited |
|
156250 |
|
Gold Nest Trading Company Limited |
|
156250 |
|
K.K. Rajagopalan |
|
10 |
|
M. Sankara Subramanian |
|
10 |
|
S. Ravi Chandran |
|
10 |
|
S. Magesh |
|
10 |
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Total |
|
412500 |
AS ON 18.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
19.30 |
|
Bodies
corporate |
|
80.60 |
|
Other
top fifty shareholders |
|
0.10 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IC Application Software Development Services. |
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Product / Services : |
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GENERAL INFORMATION
|
Customers : |
·
Cherrytec ·
Accuspeed Engineering ·
Vibrant ·
Natronix ·
Springboards |
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|
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No. of Employees : |
Not Available |
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Bankers : |
·
Punjab National Bank, Purasawalkam Branch, 21,
Raja Annamalai Road, Chennai-600084, Tamilnadu, India ·
Indian Overseas Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
M.K. Dandeker and Company Chartered Accountants |
|
Address : |
244, Angappa Naicken Street, Chennai-600001, Tamilnadu, India |
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Tel. No.: |
91-44-25222100 |
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Fax No.: |
91-44-25220721 |
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E-Mail : |
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PAN No: |
AAAFM0865H |
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Holding Company : |
Chip Test Incorporated, USA |
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Associates : |
Valingro Exponents Limited and Chip Test, USA |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
412500 |
Equity Shares |
Rs.10/- each |
Rs.4.125 millions
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.125 |
4.125 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
38.937 |
31.665 |
26.490 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
43.062 |
35.790 |
27.490 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.851 |
15.830 |
11.336 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
17.724 |
|
|
TOTAL BORROWING |
13.851 |
15.830 |
29.060 |
|
|
DEFERRED TAX LIABILITIES |
3.769 |
4.253 |
4.524 |
|
|
|
|
|
|
|
|
TOTAL |
60.682 |
55.873 |
61.074 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
34.231 |
32.537 |
39.432 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
10.875
|
12.579 |
13.502 |
|
|
Cash & Bank Balances |
18.107
|
14.085 |
9.830 |
|
|
Other Current Assets |
0.086
|
0.149 |
0.000 |
|
|
Loans & Advances |
4.282
|
3.958 |
4.433 |
|
Total
Current Assets |
33.350
|
30.771 |
27.765 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
3.212 |
|
|
Other Current Liabilities |
6.845
|
5.454 |
1.504 |
|
|
Provisions |
1.054
|
1.981 |
1.407 |
|
Total
Current Liabilities |
7.899
|
7.435 |
6.123 |
|
|
Net Current Assets |
25.451
|
23.336 |
21.642 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
60.682 |
55.873 |
61.074 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
65.615 |
50.668 |
42.731 |
|
|
|
Other Income |
1.450 |
0.857 |
1.306 |
|
|
|
TOTAL (A) |
67.065 |
51.525 |
44.037 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expenses |
25.793 |
18.087 |
0.000 |
|
|
|
Other Expenses |
21.484 |
17.426 |
25.991 |
|
|
|
Extraordinary Items |
0.000 |
1.501 |
(0.009) |
|
|
|
TOTAL (B) |
47.277 |
37.014 |
25.982 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.788 |
14.511 |
18.055 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.775 |
1.773 |
2.084 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.013 |
12.738 |
15.971 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.250 |
7.690 |
7.612 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
10.763 |
5.048 |
8.359 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.491 |
1.255 |
0.942 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
7.272 |
3.793 |
7.417 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
26.484 |
19.067 |
|
|
|
|
|
|
|
|
|
Less |
INCOME TAX FOR
EARLIER YEARS |
NA |
0.492 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
29.785 |
26.484 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
52.690 |
38.834 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods and Spares |
NA |
4.620 |
5.361 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
17.63 |
9.19 |
74.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.84
|
7.36 |
16.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.40
|
9.96 |
19.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.93
|
7.97 |
12.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.14 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.65 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.22
|
4.14 |
4.53 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from 5, CMDA Industrial Estate, MM Nagar, Chennai-603209, Tamilnadu, India to the present address w.e.f. 01.07.2011.
FINANCIAL
PERFORMANCE:
In terms of percentage of total revenue, the operating profit (PBIDT)
for the year is 30%, PBT is 16% and PAT is 11%.
PRODUCTS AND
SERVICES:
The company has increased the Customer base for the Test Engineering
projects which has increased substantially from the previous financial year. A
strong base has been set on the execution of test engineering support on new
products as well as conversion of established products from older legacy tester
platform to newer tester platforms. Couple of new Customers have been added
which has brought in the
required Sales and is expected to bring in more project work in the next fiscal
year. New tester platform has been added to meet the request from existing Customers,
which again is expected to grow the business multi-fold. The Company is working
out the plan to expand the capability of both the equipment and the engineering
manpower resource. Few experienced test engineering resources have been hired
in the last quarter and expected to take-up projects from next year
The company was able to identify few Customers in
In addition to the test engineering, characterization and allied product
engineering business, the company has been developing the expertise of design
and fabrication of mechanical spare items, used in the various automated test
handlers. The company has grown this expertise in a separate business line of
Test Equipment Products. The company is also working on the design and
development of an Automatic Test handler, the proto type of which will be
evaluated in the first quarter of next financial year. This can be marketed to
show the capabilities in Equipment manufacturing and capture neb business in
the Semiconductor industry. The company also plans to develop the expertise of
support in Embedded FPGA Design
area, working in partnership with few Customers. Thus, in addition to supplying
the test equipment, the company can provide a total solution to its customers
on the testability of at their new products being designed.
The Company is in the process of expanding the facilities to accommodate
the increased need of office space and test floor area. New built-up area has
been identified for this purpose and the augmentation of the infrastructure
facilities is being planned in the forthcoming financial year. This will help
the Company to launch into the next phase of growth level and increase the
business several fold.
FIXED ASSETS:
·
Plant and Machinery
·
Computers
·
Office Equipments
·
Furniture
·
Building
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.53.66 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT / SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--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 |
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.