MIRA
INFORM REPORT
|
Report Date : |
06.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
FOREVERMARK DIAMONDS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Advanced Business Centre, 83, Maker Chamber VI, Nariman Point, Mumbai
– 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.06.2008 |
|
|
|
|
Com. Reg. No.: |
11-183268 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 13.001 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2008PTC183268 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Jewelley Display Items and Marketing |
|
|
|
|
No. of Employees
: |
17 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 120000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms
are regular and as per commitment. The company can be considered 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.
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
|
Name : |
Mr. Merwyn |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-22832971 |
|
Date : |
02.08.2013 |
LOCATIONS
|
Registered Office : |
Advanced Business Centre, 83, Maker Chamber VI, Nariman Point, Mumbai
– 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22832971 / 27 |
|
Fax No.: |
91-22-22832823 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
As on 10.08.2012
|
Name : |
Mr. Rajiv Bhandari |
|
Designation : |
Director |
|
Address : |
Flat No. 9, Sunshine, 156, Maharshi Carve Marg, Churchgate, Mumbai – 400020, Maharashtra, India |
|
Date of Birth/Age : |
21.12.1950 |
|
Date of Appointment : |
17.09.2008 |
|
DIN No.: |
00122546 |
|
|
|
|
Name : |
Mr. Percy Jal Dajee |
|
Designation : |
Director |
|
Address : |
Lady Jamshedji Building, 26, Hughes Road, Mumbai – 400007, Maharashtra, India |
|
Date of Birth/Age : |
09.09.1953 |
|
Date of Appointment : |
17.09.2008 |
|
DIN No.: |
01540860 |
|
|
|
|
Name : |
Mr. John Harvey Shelton |
|
Designation : |
Director |
|
Address : |
Posnet Suit 626, Private Bag X9, Benmore – 2010, South Africa |
|
Date of Birth/Age : |
16.02.1964 |
|
Date of Appointment : |
15.06.2009 |
|
DIN No.: |
02686983 |
|
|
|
|
Name : |
Mr. Stephen Christopher Lussier |
|
Designation : |
Director |
|
Address : |
5 Netherton Grove, London - SW109TQ, United Kingdom |
|
Date of Birth/Age : |
18.12.1957 |
|
Date of Appointment : |
08.09.2009 |
|
DIN No.: |
02794791 |
|
|
|
|
Name : |
Mr. Sachin Jain |
|
Designation : |
Managing Director |
|
Address : |
B- 402, Nagarjuna Apartments, Mayur Vihar Phase-I, New Delhi – 110096, India |
|
Date of Birth/Age : |
05.09.1976 |
|
Date of Appointment : |
10.08.2012 |
|
DIN No.: |
03641705 |
KEY EXECUTIVES
|
Name : |
Mr. Merwyn |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Forevermark Limited, United Kingdom |
|
1300089 |
|
Andrew Phillip Barton, South Africa |
|
1 |
|
Total |
|
1300090 |
As on 10.08.2012
Equity Share Break up (Percentage of Total Equity)
|
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 : |
Trader of Jewelley Display Items and Marketing |
|
|
|
|
Brand Names : |
FOREVERMARK |
|
|
|
|
Imports : |
|
|
Products : |
Display Item |
|
Countries : |
·
China ·
Hong Kong |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit / Depend |
|
|
|
|
Purchasing : |
Cash / Credit / Depend |
GENERAL INFORMATION
|
Customers : |
Retailers |
||||||||||||||||||
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|
||||||||||||||||||
|
No. of Employees : |
17 (Approximately) |
||||||||||||||||||
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|
||||||||||||||||||
|
Bankers : |
Standard Chartered Bank, Mumbai, Maharashtra, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annies Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai
– 400018, Maharashtra, India |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding Company : |
Forevermark Limited |
|
|
|
|
Ultimate Holding
Company : |
De Beers SA through its subsidiary Forevermark Limited (a company incorporated under the laws of England and Wales) |
|
|
|
|
Other Related
Parties : |
De Beers India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1300090 |
Equity Shares |
Rs.10/- each |
Rs.13.001
Millions |
|
|
|
|
|
a) Reconciliation of
the number of shares outstanding at the beginning and at the end of the year
|
Equity Shares |
No. of shares |
Rs. In Millions |
|
Al the beginning of the year / period |
1,300.090 |
13.001 |
|
Add Issued during the year / period |
-- |
- |
|
Outstanding at the end of the year / period |
1.300.090 I |
13.001 |
b) Details of shareholders
holding more than 5% equity shares in the Company
|
Name of Equity
Shareholders |
No. of Shares |
% holding |
|
Equity Shares of Rs 10 each fully paid held by: |
|
|
|
De Beers UK Limited and its nominees |
|
- |
|
Forevermark Limited, UK, and its nominees |
1.300.090 |
100% |
|
Total |
1.300.090 |
100% |
c) Terms / Rights
attached to each type of equity snares.
The Company has only one class of equity shares with voting rights having a par value of Rs. 10 per share each shareholder of equity shares is entitled to one vote per share held. Each share is entitled to a dividend, if declared, in Indian Rupees The dividend, if any, proposed by Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in the case of interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 (12 Month) |
31.03.2011 (15 Month) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
13.001 |
13.001 |
|
(b) Reserves & Surplus |
|
19.116 |
3.845 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
32.117 |
16.846 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.152 |
0.483 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
7.650 |
6.124 |
|
Total Non-current Liabilities (3) |
|
7.802 |
6.607 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.330 |
0.290 |
|
(b) Trade payables |
|
18.032 |
10.715 |
|
(c) Other current
liabilities |
|
2.856 |
2.166 |
|
(d) Short-term provisions |
|
0.000 |
0.579 |
|
Total Current Liabilities (4) |
|
21.218 |
13.750 |
|
|
|
|
|
|
TOTAL |
|
61.137 |
37.203 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
0.842 |
1.270 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
2.572 |
2.073 |
|
(d) Long-term Loan and Advances |
|
0.727 |
0.933 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
4.141 |
4.276 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
0.000 |
0.002 |
|
(d) Cash and cash
equivalents |
|
54.778 |
30.303 |
|
(e) Short-term loans and
advances |
|
2.187 |
2.097 |
|
(f) Other current assets |
|
0.031 |
0.525 |
|
Total Current Assets |
|
56.996 |
32.927 |
|
|
|
|
|
|
TOTAL |
|
61.137 |
37.203 |
|
SOURCES OF FUNDS |
|
|
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
13.001 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(1.300) |
|
|
NETWORTH |
|
|
11.701 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1.085 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
1.085 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
12.786 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2.342 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.220 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
10.024 |
|
|
Cash & Bank Balances |
|
|
4.566 |
|
|
Other Current Assets |
|
|
0.017 |
|
|
Loans & Advances |
|
|
1.171 |
|
Total
Current Assets |
|
|
15.778 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2.478 |
|
|
Other Current Liabilities |
|
|
2.547 |
|
|
Provisions |
|
|
0.529 |
|
Total
Current Liabilities |
|
|
5.554 |
|
|
Net Current Assets |
|
|
10.224 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
12.786 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 (12 Month) |
31.03.2011 (15 Month) |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
163.509 |
102.549 |
55.993 |
|
|
|
Other Income |
2.958 |
0.919 |
|
|
|
|
TOTAL |
166.467 |
103.468 |
55.993 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
143.795 |
95.376 |
48.718 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
143.795 |
95.376 |
48.718 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
22.672 |
8.092 |
7.275 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
7.402 |
2.946 |
0.897 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
15.270 |
5.146 |
6.378 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.846 |
(1.300) |
(7.678) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
19.116 |
3.846 |
(1.300) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On account of receipt of service fees |
33.253 |
0.021 |
NA |
|
|
TOTAL EARNINGS |
33.253 |
0.021 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.75 |
3.96 |
6.16 |
|
%2006-Aug-2013_files/image001.gif){kind=small}
%2006-Aug-2013_files/image002.gif){kind=small}
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
247.800 |
The above information has been parted by Mr. Merwyn
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (12 Month) |
31.03.2011 (15 Month) |
31.12.2009 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
9.17
|
4.97 |
11.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.87
|
7.89 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
38.71
|
23.03 |
40.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.71
|
0.48 |
0.62 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02
|
0.05 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.69
|
2.39 |
2.84 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: Not Available
|
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 |
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) |
Yes |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN 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 |
PERFORMANCE:
During the year, the total revenue from operations of the Company is Rs.163.509 Millions as compared to Rs.102.549 Millions in the previous 15 month period ended 31st March, 2011. The profit before tax for the current year is Rs.22.672 Millions as compared to Rs.8.092 Millions during the previous 15 month period ended 31st March, 2011. The profit after tax for the year is Rs.15.270 Millions and after adding thereon the balance of profit carried forward from previous year of Rs.3.846 Millions the total amount of surplus in the statement of profit and loss is Rs. 19.116 Millions.
OPERATIONS:
The Forevermark Indian operation witnessed commencement in the Indian Marketplace during this period -181 April 2011 - 31st March 2012.
Distribution: 46 retail doors spread in 6 markets. Post the launch in Bangalore in January 2011, the brand was launched in Mumbai / Delhi in April, Kolkata in August and Chennai/Hyderabad in October. Supply: Supply to the Indian retailers has been a challenge, the market is catered by 6 Forevermark Diamantaires and 2 Jewelry Manufacturers.
Product and Sales: Whilst the attempt was to break into the Indian Jewelry type, post the first year of operation, it was clear that the brand strengths lied in the contemporary, every day wear and the consumer gave a lot of weight to the concept of their Big Ideas as they were backed by a story and had an emotional linkage than just being another designs. Millemoi has been very well receipted and performed well on sates.
The brand is on a foothold of more rollout with additional markets and deeper penetration in existing markets. 2011 year ended with about 6500 numbers of inscribed diamonds with 8% grading. The broad objective for 2012 is 20105 inscribed diamonds with 10% grading and a presence in 80 retail doors.
OVERVIEW
Subject was incorporated on June 6, 2008 as a Private Limited Company to carry on the business of coordinating and carry out marketing, publicity and promotional activities including brand promotion, market research, surveys and all other initiatives, associated services and support services in India in relation to the promotion of diamonds and diamond jewellery under the trade mark / brand name of "Forevermark".
The Board of Directors of the Company at their meeting held on December 7, 2010 had resolved to change the financial / accounting year of the Company from the year ending December 31 to the year ending March 31. Consequently, the previous financial period was for a period of fifteen months commencing from January 1, 2010 to March 31,2011. As a result of the said change in the financial period of the Company, the figures in respect of the current accounting year are not directly comparable with those of the previous accounting period.
Pursuant to the Contribution Agreement entered into on December 20, 2011 (effective November 30, 2011), and the share transfer forms executed between De Beers UK Limited (the erstwhile holding company and Transferor") and Forevermark Limited - a company incorporated under the laws of England and Wales (Transferee"), 1,300,089 equity shares of the Company were transferred to Forevermark Limited, which had the effect of making Forevermark Limited the holding company of the Company with effect from November 30, 2011.
FIXED ASSETS
· Furniture and Fixtures
· Office and Other Equipments
· Computer
· Vehicles
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.60.82 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.