MIRA
INFORM REPORT
|
Report Date : |
05.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
PERFECT-OCTAVE MEDIA PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
701, 704, 705, Crystal Plaza, Chakala, A.G. Link Road, Opposite Solitaire
Business Park, Andheri (East), Mumbai-400099, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.09.1991 |
|
|
|
|
Com. Reg. No.: |
11-063275 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.340.128
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999MH1991PLC063275 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Service Provider of Entertainment and Media Industry. |
|
|
|
|
No. of Employees
: |
200 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1330000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a moderate track record.
The company has incurred accumulated losses which is increasing over the
years. However, trade relations are fair. Business is active. Payment terms are
slow but correct. The company can be considered for business dealings with some caution.
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more!
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
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.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Ms. Madhuri |
|
Designation : |
Assistant |
|
Contact No.: |
91-22-61362522 |
|
Date : |
02.08.2013 |
LOCATIONS
|
Registered Office : |
701, 704, 705, Crystal Plaza, Chakala, A.G. Link Road, Opposite Solitaire
Business Park, Andheri (East), Mumbai-400099, Maharashtra, India |
|
Tel. No.: |
91-22-61362522 |
|
Fax No.: |
91-22-61362523 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Ratish Tagde |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Mahesh Tagde |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bharat Gada |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vivek Salian |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Komal Deshmukh |
|
Designation : |
AVP- Corporate
Affairs and Company Secret |
|
|
|
|
Name : |
Ms. Madhuri |
|
Designation : |
Assistant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
Total No. of Shares held in Dematerialized Form |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
10565136 |
31.06 |
|
|
3383245 |
9.95 |
|
|
13948381 |
41.01 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
13948381 |
41.01 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
0 |
0.01 |
|
|
825700 |
2.43 |
|
|
825700 |
2.44 |
|
|
|
|
|
|
8307281 |
36.84 |
|
|
|
|
|
|
476066 |
5.01 |
|
|
3945256 |
13.49 |
|
|
112516 |
1.21 |
|
|
0 |
0.88 |
|
|
112516 |
0.33 |
|
|
12841119 |
56.55 |
|
Total Public shareholding (B) |
13666819 |
58.99 |
|
Total (A)+(B) |
27615200 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
27615200 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Entertainment and Media Industry. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
200 [Approximately] |
|
|
|
|
Bankers : |
·
Axis Bank Limited ·
Corporation Bank |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
N K Jalan and Company Chartered Accountants |
|
Address : |
2A,MayurApartments,
Dadabhai Cross Road No.3, Vile Parle (West), Mumbai – 400 056, Maharashtra,
India |
|
Tel No.: |
91-22-26210903/26210904 |
|
Mobile No.: |
91-9324114101 |
|
Email : |
|
|
|
|
|
Other Related Parties : |
·
Perfect Octave Private Limited ·
Raga Cafe LLP ·
Perfect Company Advice Private Limited ·
In-Sync Music Education Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35600000 |
Equity Shares |
Rs.10/- each |
Rs.356.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34012800 |
Equity Shares |
Rs.10/- each
|
Rs.340.128
Millions |
NOTES:
DETAILS OF SHARES
HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES:
|
CLASS OF SHARES / NAME OF SHAREHOLDER |
AS ON 31 MARCH,
2013 |
|
|
|
NO. OF SHARES |
% HOLDING IN
THAT CLASS OF SHARES |
|
Ratish Tagde |
5929967 |
17.43 |
|
Raga Café LLP |
3383245 |
9.95 |
|
Rajni Sharadchandra Tagde |
2300400 |
6.76 |
|
Surmani Content Developers Private Limited |
2508700 |
7.37 |
|
Surmani Content Developers Private Limited |
3000000 |
8.82 |
(i) The Authorised
Share capital of the company is increased in pursuant to the scheme of
amalgamation vide clause 6 of Part III of order of the Honorable High Court
dated 7th September, 2012.
(ii)The company
has only one class of shares referred to as equity shares having a par value of
Rs. 10/- each and holder of equity shares is entitled to one vote per share.
(iii) The company
has issued 25822800 fully paid equity shares of Rs. 10/- each in pursuant to
the scheme of amalgamation, to the shareholders of Transferor Company for
consideration other than cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
340.128 |
81.900 |
73.900 |
|
(b) Reserves & Surplus |
(20.065) |
(5.449) |
(19.762) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
14.659 |
6.615 |
2.230 |
|
Total Shareholders’ Funds (1) + (2) |
334.722 |
83.066 |
56.368 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
1.400 |
1.500 |
0.077 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1.400 |
1.500 |
0.077 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.747 |
0.000 |
0.000 |
|
(b)
Trade payables |
41.354 |
7.097 |
0.000 |
|
(c)
Other current liabilities |
0.421 |
0.573 |
0.022 |
|
(d) Short-term
provisions |
0.613 |
0.031 |
0.000 |
|
Total Current
Liabilities (4) |
43.135 |
7.701 |
0.022 |
|
|
|
|
|
|
TOTAL |
379.257 |
92.267 |
56.467 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
9.110 |
8.080 |
9.520 |
|
(ii)
Intangible Assets |
201.274 |
1.700 |
0.000 |
|
(iii)
Capital work-in-progress |
4.186 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
8.650 |
0.750 |
0.600 |
|
(c) Deferred tax assets
(net) |
3.305 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.900 |
1.125 |
0.095 |
|
Total Non-Current
Assets |
227.425 |
11.655 |
10.215 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
23.740 |
1.600 |
0.000 |
|
(c)
Trade receivables |
30.257 |
9.911 |
0.200 |
|
(d) Cash
and cash equivalents |
0.276 |
1.285 |
0.701 |
|
(e) Short-term
loans and advances |
97.446 |
67.816 |
45.351 |
|
(f)
Other current assets |
0.113 |
0.000 |
0.000 |
|
Total
Current Assets |
151.832 |
80.612 |
46.252 |
|
|
|
|
|
|
TOTAL |
379.257 |
92.267 |
56.467 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
81.318 |
80.979 |
1.450 |
|
|
|
Other Income |
0.000 |
0.000 |
0.093 |
|
|
|
TOTAL |
81.318 |
80.979 |
1.543 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Content |
80.367 |
76.702 |
1.125 |
|
|
|
Employee benefits expense |
2.678 |
0.193 |
0.090 |
|
|
|
Other expenses |
2.442 |
1.750 |
1.711 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
0.000 |
(1.600) |
0.000 |
|
|
|
TOTAL |
85.487 |
77.045 |
2.926 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(4.169) |
3.934 |
(1.383) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.753 |
1.621 |
0.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(5.922) |
2.313 |
(1.763) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.633) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(5.289) |
2.313 |
(1.763) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(17.449) |
(19.762) |
(17.999) |
|
|
|
|
|
|
|
|
|
Add |
Transfer under scheme of amalgamation |
(9.327) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(32.065) |
(17.449) |
(19.762) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.15) |
0.28 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(6.50)
|
2.85 |
(114.25) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.28)
|
2.85 |
(121.59) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.63)
|
2.53 |
(3.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.03 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01
|
0.02 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.52
|
10.47 |
2102.36 |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
SCHEME OF
AMALGAMATION:
The company during
the previous year, pursuant to the scheme of Amalgamation and Arrangement (“the
schemes”) under sections 391 to 394 of the Companies Act, 1956 approved by the Hon’ble
High Court of respective Judicature, have recorded all necessary accounting
effects, along with requisite disclosure in notes to accounts, in accordance
with the provisions of the said scheme.
As per the scheme
approved by the Honorable High Court for amalgamation of 'Gandhar Media
Limited” (Transferor Company) with the “Perfect Octave Media Projects Limited”
(Transferee Company) the same has been carried out as provisions mention in the
court order. The assets are recorded as per audited balance sheet of Transferor
Company as on 18/10/2012 being the effective date of amalgamation. As per the
provisions mention in the court order the difference between the consideration
and the value of net identified assets acquired is recognized as Goodwill.
Accordingly, on
the effective date i.e. 18/10/2012, all assets and liabilities of the
Transferor Company have been transferred to the Transferee Company at its Book
value.
OPERATIONS:
For the period
ended March 2013 the Company has recorded revenue of Rs. 81.300 Millions
compare to previous year of Rs. 80.900 Millions. However the expenses incurred
are more this year as compared to last year. Major spent on the setting up
broadcasting activity, appointment of necessary personnel etc. The Company is
yet to initiate its broadcasting business.
MERGER OF GANDHAR
MEDIA LIMITED:
During the year,
the Bombay High Court has approved the merger of Gandhar Media Limited (GML)
into Perfect-Octave Media Projects Limited (POMPL) vide its order dated
September 07, 2012. As per the scheme of amalgamation, all assets and
liabilities of GML stands transferred and vested in the Company.
MANAGEMENT DISCUSSION AND ANALYSIS:
INDIAN MEDIA AND
ENTERTAINMENT INDUSTRY:
The Indian media and
entertainment industry has been achieving a steady growth for past few years
and registered 12.6% growth during the financial year 2012. The industry grew
to Rs. 821000.000 Millions in 2012 from Rs. 728000.000 Millions in 2011
recording a massive growth path. The television sector revenues grew from Rs.
329000.000 Millions in 2011 to Rs. 370100.000 Millions in 2012 registering a
growth rate of 12.5% (Source: FICCI-KPMG M and E Industry Report 2013).
DIGITIZATION:
Digitization of TV
Channel distribution Industry has brought in the promise of more sustainable
and profitable business models across media sectors. The year 2012 heralded the
much awaited start to digitization of analog cable era. Despite some hiccups,
Phase 1 saw significant success in implementation of mandatory digital access
system (DAS) across the four metros. The Phase II of the digitization in 38
cities across India has also been completed. The industry has achieved 90% plus
digitization of television homes and expects to be close to 100 percent
digitized in the next 18 months to 2 years. The third phase of digitization
will witness complete digitization of C and S homes across India which will
drastically change the perception of Indian television industry
internationally. Overall – digital technology is expected to drive the M and E
sector’s growth in a challenging macro environment, by spurring on enduser
spending and transparency.
They have launched
the first ever classical music channel, In-Sync on two major digital cable networks
Hathway and In Cable. The Company has already created/acquired/preferred access
to nearly 300 hrs of suitable content for the channel.
BUSINESS
PROSPECTS:
Company proposes
to be a very prominent hub in the non-film music segment. They will provide
opportunities to all aspiring musicians to become professional artists. Company
will also have a very robust event management business model wherein they have
planned many events across India that will generate content for their TV
Channel and also generate revenue and enhance subscriber’s base. Theirs is the
India’s first music channel catering to Indian classical music, sufi and
gazhals which entails us the first mover’s advantages.
OUTLOOK:
Indian Media and
Entertainment Industry (M and E) seems soaring higher and higher every year. It
is one of the fastest growing sectors in Indian economy triggered by economic
growth and increasing income levels.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE:
The Company proposes to operate in the following
segments:
• Television
Broadcasting Division (TBD)
• Content
Production Division (CPD)
• Music Division
(MB)
• Event Management
Division (EMD)
• Artist
Management Division (AMD)
Since the Company
has recently entered into media industry, during the year, there is no segment
wise performance.
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Loan from care business universal solution |
1.400 |
1.500 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Loans and advances from others |
0.747 |
0.000 |
|
TOTAL
|
2.147 |
1.500 |
FIXED ASSETS:
·
Air Conditioner
·
DeskJet Printer Software
·
Laptop
·
Electronic and Electrical Items
·
Furniture and Fixture
·
Office Equipment
·
Copyrights
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 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.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLV |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.