|
Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
GE INDIA TECHNOLOGY CENTRE PRIVATE LIMITED |
|
|
|
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Registered
Office : |
SY #152, Export Promotion Industrial Park, Phase-2, Hoodi Village, Whitefield Road, Bangalore – 560066, Karnataka |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.06.1999 |
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Com. Reg. No.: |
08-025325 |
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Capital Investment
/ Paid-up Capital : |
Rs. 849.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1999PTC025325 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRG00869B |
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PAN No.: [Permanent Account No.] |
AABCG0559J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is
engaged in the business of research and development activity in the areas of
material sciences, process technology and providing engineering analysis and
related software development services/ export of customized electronic data. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 22040000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of GE Mauritius Infrastructure
Holding Limited. It is a well established and a reputed
company having fine track record. Financial position of the company appears
to be sound. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. 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.
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.
LOCATIONS
|
Registered Office / Head Office : |
SY 152, |
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Tel. No.: |
91-80-40881813 |
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Fax No.: |
91-80-28412111 |
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E-Mail : |
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Website : |
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Area : |
40000 sq. ft - (3 acres land) |
|
Location : |
Owned |
DIRECTORS
As on: 27.06.2012
|
Name : |
Mr. Gopichand Katragadda |
|
Designation : |
Managing Director |
|
Address : |
No. 254, Palm Meadows,
Ramagondanhalli, Bangalore, Karnataka, India |
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Date of Birth/Age : |
08.05.1968 |
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Date of Appointment : |
15.02.2012 |
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DIN No. : |
02475721 |
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Name : |
Mr. John Joseph Curley |
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Designation : |
Nominee Director |
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Address : |
25, Sheiffield drive, Clifton
Park, New York 12065 |
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Date of Birth/Age : |
17.11.1950 |
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Date of Appointment : |
26.06.2003 |
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DIN No. : |
00303071 |
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Name : |
Mr. Gopal Venkata Ramanan |
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Designation : |
Alternate Director |
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Address : |
No. 370, 1 Opposite S.B.M., 6 MN, 1 BLK, Koramangala, Bangalore
– 560034, Karnataka, India |
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Date of Birth/Age : |
04.10.1969 |
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Date of Appointment : |
26.06.2003 |
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DIN No. : |
01446016 |
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|
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Name : |
Richard Lee Stanley |
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Designation : |
Nominee Director |
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Address : |
14 Ramsford LN, Simsonwille,
SC, 29681, USA |
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Date of Birth/Age : |
21.06.1955 |
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Date of Appointment : |
15.07.2004 |
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DIN No. : |
00467923 |
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|
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Name : |
Mr. Bansidhar Jagannath Phansalkar |
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Designation : |
Alternate Director |
|
Address : |
#7, Hyde Park, 27, Rustumji LO,
Whitefield, Bangalore, Karnataka, India |
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Date of Birth/Age : |
13.04.1966 |
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Date of Appointment : |
24.04.2012 |
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DIN No. : |
02687689 |
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|
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Name : |
Jeanne Marie Rosario |
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Designation : |
Director |
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Address : |
9888, Beach Drive, Cincinnati,
Ohio, US |
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Date of Birth/Age : |
12.03.1952 |
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Date of Appointment : |
12.06.2009 |
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DIN No. : |
02684676 |
KEY EXECUTIVES
|
Name : |
Omkar Nagesh Gayatri |
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Designation : |
Secretary |
|
Address : |
Site #3, Muniveera Reddy L/O,
Channasandra, Bangalore, Karnataka, India |
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Date of Birth/Age : |
22.06.1982 |
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Date of Appointment : |
24.04.2012 |
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PAN No. : |
AMYPG5389G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 27.06.2012
|
Names of Shareholders |
No. of Shares |
|
GE Mauritius Infrastructure Limited* |
84081040 |
|
GE Pacific (Mauritius) Limited |
849302 |
|
|
|
|
Total
|
84930342 |
* Beneficial Owner of 1 (one only) share is GE Pacific (Mauritius)
Limited
As on: 27.06.2012
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 : |
The Company is
engaged in the business of research and development activity in the areas of
material sciences, process technology and providing engineering analysis and related
software development services/ export of customized electronic data. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala,
Bangalore – 560071, Karnataka, India |
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PAN No. : |
AAAFB9852F |
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Ultimate holding
company: |
General Electric Company, USA |
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|
Holding company: |
GE Pacific (Mauritius) Limited (up to 29 March 2012) GE Mauritius Infrastructure Holdings Limited (w.e.f. 29 March 2012) |
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|
Other related
parties: |
Ø Bentley Nevada
LLC Ø Bentley Systems
India Private Limited Ø Beta Research
and Development Limited Ø GE (China)
Company Limited. Ø GE (China)
Research And Development Center Company Limited Ø GE Aircraft
Engines Ø GE Aviation
Systems Limited Ø GE Aviation
Systems LLC Ø GE Betz Inc. Ø GE Capital
Finance Australasia Pty. Limited Ø GE Capital
Services India Ø GE Drives and Controls,
INC Ø GE Engine
Services Distribution, LLC Ø GE Fanuc
Embedded Systems, INC Ø GE Fanuc
Intelligent Platforms, INC. Ø GE Fanuc Systems
Private Limited Ø GE Gas Turbines
(Greenville) L.L.C. Ø GE Healthcare
Bio-Sciences AB Ø GE Healthcare
Bio-Sciences Limited Ø GE Healthcare
INC Ø GE Healthcare
Limited Ø GE India
Business Services Private Limited Ø GE India Exports
Private Limited Ø GE India
Exports-HTC Ø GE India
Industrial Private Limited Ø GE
Infrastructure Sensing, INC. Ø GE
Infrastructure Technology International LLC Ø GE Inspection
Technologies LP Ø GE Intelligent
Platforms Private Limited Ø GE Intelligent
Platforms, INC. Ø GE International
Inc., Korea Branch Ø GE Jenbacher
GMBH and CO OG Ø GE Lumination
LLC Ø GE Medical
Systems (China) Company Limited Ø GE Medical Systems
(India) Private Limited Ø GE Money
Financial Services Limited Ø GE Power
Controls Iberica SL Ø GE Power
Controls India Private Limited Ø GE Power
Systems, INC. Ø GE Sensing and
Inspection Technologies GMBH Ø GE Smallworld Ø GE
Transportation Parts, LLC. Ø GE Transportation
Systems Global Signaling, LLC Ø GE
Transportation Systems Global Signaling, LP Ø GEMx
Technologies, LLC Ø General Electric
Bahrain Company W.L.L. Ø General Electric
Canada Ø General Electric
Company Ø General Electric
International, INC. Ø GEPS GE
International, INC. Ø Lumination LLC Ø Maruti
Countrywide Auto Financial Services Limited Ø MRA Systems,
Inc. Ø Nuovo Pignone
Holding S.P.A Ø Nuovo Pignone
S.P.A. Ø Nuovo Pignone
S.R.L. Ø Thermodyn S.A.S. Ø Vetco Gray Inc Ø Vetco Gray
Scandinavia A.S. Ø Vetco Gray U.K.
Limited Ø Wipro GE Healthcare
Private Limited Ø Zenon Europe
Kft. Ø GE Pacific
(Mauritius) Limited (from 29 Mar 2012) Ø GE Pacific Pte
Limited - Holding company of GE Pacific (Mauritius) Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84930342 |
Equity Shares |
Rs.10/- each |
Rs. 849.300 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
NOTE:
FINANCIAL DETAILS FILE ATTACHED
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 |
Yes |
|
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 two 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 |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
Yes |
|
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 |
LITIGATIONS:
|
High Court of Karnataka - Principal Bench
at Bangalore |
|
|
Petitioner/Appnt.
Name |
The Commissioner Of Income Tax |
|
Respondent/
Defnt. Name |
M/S GF India Technology |
|
Petnr. / Defnt.
Advocate |
K V Aravind |
|
Respnt./ Defnt.
Advocate |
-- |
|
Date Filed |
13.06.2013 |
|
District |
Bangalore City |
UNSECURED LOAN:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Other external commercial borrowings |
0.000 |
299.700 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Other external commercial borrowings |
0.000 |
168.600 |
|
|
|
|
|
Total |
0.000 |
468.300 |
BACKGROUND:
The Company was
incorporated on 10 June 1999 as a Private Limited Company under the Companies
Act, 1956. The registered office of the Company is located at Bangalore. The
Company obtained the Foreign Investment Promotion Board (FIPB) approval on 20
April 1999 to set up a 100% export oriented unit (EOU) in Bangalore, registered
with the Cochin Export Processing Zone (CEPZ) under chapter XV of the EXIM
Policy, 1997 -2002. The Company commenced commercial operations on 20 August
1999. With effect from 1 April 2004, Engineering Analysis Centre of Excellence
Private Limited (EACoE), a company incorporated under the Companies Act, 1956
amalgamated with the Company as a going concern pursuant to a scheme of
amalgamation approved by the Honourable High Court of Karnataka.
The Company is
engaged in the business of research and development activity in the areas of
material sciences, process technology and providing engineering analysis and
related software development services/ export of customized electronic data.
BUSINESS OPERATIONS:
During the year
the Company had a steady growth in business operations and derived its income
from business of carrying out research and development activities in several
areas of technology leading to the creation of customized electronic data
including engineering drawings and designs, programs, etc.
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.61.52 |
|
|
1 |
Rs.94.99 |
|
Euro |
1 |
Rs.81.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.