MIRA
INFORM REPORT
PRELIMINARY REPORT
|
Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEXUS ELECTRO STEEL LIMITED (w.e.f. 04.04.2006) |
|
|
|
|
Formerly Known
As : |
NEXUS ELECTRO STEEL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
202, Shivalay, Block C, 16, Ethiray Salai, Egmore, Chennai - 600008,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
22.07.1998 |
|
|
|
|
Com. Reg. No.: |
18-040858 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.010 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29142TN1998PLC040858 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEN05766F |
|
|
|
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PAN No.: [Permanent Account No.] |
AABCN4224H |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Transformer Parts and Cores. |
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|
|
|
No. of Employees
: |
Not Available |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Loan: B+ (Downgraded from BB-) |
|
Rating Explanation |
High risk of default. |
|
Date |
26.07.2011 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Bank Guarantee: A4 (Downgraded from A4+) |
|
Rating Explanation |
Minimal degree of safety. It carry very high
credit risk. |
|
Date |
26.07.2011 |
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/ Corporate Office : |
202, Shivalay, Block C, 16, Ethiray Salai, Egmore, Chennai - 600008,
Tamilnadu, India |
|
Tel. No.: |
91-44-40600600/ 28231120 |
|
Fax No.: |
91-44-40600610/ 28214118 |
|
E-Mail : |
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|
Website : |
DIRECTORS
As on: 30.09.2011
|
Name : |
Mr. Ketan Chhotalal Bagadia |
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|
Designation : |
Managing Director |
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|
Address : |
“Amrut Villa” 28, (Old No.49) RItherdon Road, Vepery,
Chennai- 600007, Tamilnadu, India |
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|
Date of Birth/Age : |
10.12.1965 |
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|
Date of Appointment : |
22.07.1998 |
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DIN No.: |
01404893 |
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Other Directorship :
|
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|
Name : |
Mr. Hiren Mahendra Botadra |
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|
Designation : |
Whole – Time Director |
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|
Address : |
10, Kadambari Apartment, |
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Date of Birth/Age : |
06.01.1977 |
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|
Date of Appointment : |
14.03.2006 |
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|
DIN No.: |
01375328 |
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Other Directorship :
|
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|
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|
Name : |
Mr. Tarun Kumar Bimalendu Mukherjee |
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|
Designation : |
Director |
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|
Address : |
Flat – 801, Block – F Kalpataru Regency Phase-II, Survey No. 208,
Kalyani Nagar, Yerawad, Pune- 411006, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
26.09.1937 |
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|
Date of Appointment : |
10.09.2008 |
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|
DIN No.: |
01834219 |
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Other Directorship :
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Ketan C Bagadia |
|
2962579 |
|
Hitesh G Bagadia |
|
350 |
|
Charu K. Bogadia |
|
790200 |
|
Anila V Mehta |
|
900 |
|
Shailesh G Bagadia |
|
1000 |
|
Rajendra G Bagadia |
|
1000 |
|
Hiren M Botadra |
|
499950 |
|
Hiren M Botadra Joint Holder Poonam H Botadra |
|
401346 |
|
Charu K Bagadia Joint Holder Ketan C Badagia |
|
305040 |
|
Ketan C Badagia Joint Holder Charu K Bagadia |
|
37130 |
|
P. S. Shekar |
|
5 |
|
|
|
|
|
Total |
|
4999500 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
Ketan C Bagadia |
|
3788166 |
|
Charu K. Bogadia |
|
910619 |
|
Charu K. Bogadia Joint Holder Ketan C Bagadia |
|
151417 |
|
Ketan C Bagadia Joint Holder Charu C Bagadia |
|
151312 |
|
|
|
|
|
Total |
|
5001514 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Transformer Parts and Cores. |
PRODUCTION STATUS (As on: 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Transformer Laminations |
M.T |
4800 |
7365 |
|
Transformer Core Assembly |
M.T |
1200 |
2111 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
ICICI Bank Limited, Land Mark Race Cource Circle,
Alkapuri, Baroda - 390015, Gujarat, India ·
State Bank of India, Oversea Branch, No.86,
Rajaji Salai, Chennai- 600001, Tamilnadu, India |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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|
Financial Institution : |
3i Infotech Trusteeship Services Limited, 3rd To 6th Floor,
International Infotech Park, Tower No.5, Vashi Railway Station Complex,
Vashi, Navi Mumbai - 400703, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Nilesh B Shah and Company Chartered Accountant |
|
Address : |
Dr. Rajiv Towers, Shop No. 3-4-, 2nd Floor, No.231, |
|
Tel. No.: |
91-44-42179705 |
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Fax No.: |
91-44-42179705 |
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E-Mail : |
|
|
PAN No.: |
AAJPS3444D |
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|
|
|
Associates : |
· Nexus Finvest Private Limited CIN No.: U65999TN2006PTC059280 · Current Electricals Limited CIN No.: U31901TN1972PLC006253 |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5250000 |
Equity Shares |
Rs.10/- each |
Rs.52.500 Millions |
|
5250000 |
Preferences Shares |
Rs.10/- each |
Rs.52.500 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.105.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4999500 |
Equity Shares |
Rs.10/- each |
Rs.49.995
Millions |
|
5001514 |
Preferences Shares |
Rs.10/- each |
Rs.50.015
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.100.010 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
100.010 |
100.010 |
100.010 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
22.098 |
22.098 |
22.098 |
|
|
4] (Accumulated Losses) |
(20.130) |
(28.243) |
(18.566) |
|
|
NETWORTH |
101.978 |
93.865 |
103.542 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
466.105 |
461.748 |
256.203 |
|
|
2] Unsecured Loans |
102.350 |
80.500 |
71.428 |
|
|
TOTAL BORROWING |
568.455 |
542.248 |
327.631 |
|
|
DEFERRED TAX LIABILITIES |
24.184 |
18.599 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
694.617 |
645.712 |
431.173 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
302.410 |
285.547 |
145.011 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
55.658 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
10.343 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
380.898
|
359.667 |
578.535 |
|
|
Sundry Debtors |
233.828
|
154.224 |
59.407 |
|
|
Cash & Bank Balances |
35.956
|
22.647 |
38.005 |
|
|
Other Current Assets |
88.554
|
96.400 |
93.034 |
|
|
Loans & Advances |
4.605
|
3.378 |
3.029 |
|
Total
Current Assets |
743.841
|
636.316 |
772.010 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
333.097
|
245.229 |
19.041 |
|
|
Other Current Liabilities |
7.929
|
17.211 |
502.874 |
|
|
Provisions |
10.608
|
4.860 |
30.232 |
|
Total
Current Liabilities |
351.634
|
267.300 |
552.147 |
|
|
Net Current Assets |
392.207
|
369.016 |
219.863 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.149 |
0.298 |
|
|
|
|
|
|
|
|
TOTAL |
694.617 |
654.712 |
431.173 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
931.620 |
960.329 |
1166.743 |
|
|
|
Other Income |
8.369 |
5.239 |
9.533 |
|
|
|
TOTAL (A) |
939.989 |
965.568 |
1176.276 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
655.574 |
757.153 |
|
|
|
|
Manufacturing service costs |
63.829 |
37.287 |
|
|
|
|
Employee related expenses |
35.830 |
23.421 |
|
|
|
|
Administrative selling other expenses |
59.350 |
53.391 |
|
|
|
|
TOTAL (B) |
814.583 |
871.252 |
1162.886 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
125.406 |
94.316 |
13.390 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
91.895 |
64.823 |
77.983 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.511 |
29.493 |
(64.593) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.343 |
10.169 |
3.746 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.168 |
19.324 |
(68.339) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.055 |
29.000 |
(9.350) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.113 |
(9.676) |
(58.989) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(28.242) |
(18.566) |
40.423 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(20.129) |
(28.242) |
(18.566) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
97.471 |
97.471 |
76.808 |
|
|
TOTAL EARNINGS |
97.471 |
97.471 |
76.808 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
545.987 |
418.851 |
1183.099 |
|
|
|
Capital Goods |
12.625 |
65.148 |
24.724 |
|
|
TOTAL IMPORTS |
558.612 |
483.999 |
1207.823 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.62 |
(1.94) |
(12.97) |
|
%2004-Dec-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.86 |
(1.01) |
(5.01) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.16 |
2.01 |
(5.86) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.93 |
2.10 |
(7.45) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.21 |
0.66 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.02 |
8.62 |
8.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12 |
2.38 |
1.40 |
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 |
No |
|
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] |
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 |
Yes |
BUSINESS AND OUTLOOK:
The business of the company for the 12 month period ended March 2011 was very challenging, as the international prices of CRGO Coils were down and as customers began expecting further drop in the prices, the placement of order for lamination was cautious and slow. Despite this, your company processed 7365 Metric Tonnes of laminations and 2111 Metric Tonnes of Transformer Core Assemblies. The company’s focus to achieve better export turnover during the year yielded gratifying results and your company is now a preferred vendor to many of the European and Asian markets. The outlook for the year 2011-12 is one of cautious optimism and your company is planning to concentrate on markets which offer better prices.
Note:
The Registered Office of the company has been shifted from 202,
"Shivalya" Block 'C' 16, Ethiraj Salai, Chennai - 600105, Tamilnadu,
India to the present address w.e.f. 26.12.2008
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U29142TN1998PLC040858 |
|
Name of the
company |
NEXUS ELECTRO
STEEL LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
202, Shivalay, Block C, 16, Ethiray Salai, Egmore, Chennai - 600008,
Tamilnadu, India E-mail: ketan@nesl.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Others
(Borrower's entire current assets) |
|
Particular of
charge holder |
ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda -
390015, Gujarat, India E-mail: shanthi.venkatesan@icicibank.com
|
|
Nature of
instrument creating charge |
Deed of
Hypothecation of Nexus Electro Steel Limited Dated 18-09-2012 for creating
Security in favour of ICICI bank. |
|
Date of
instrument Creating the charge |
18.09.2012 |
|
Amount secured by
the charge |
Rs.65.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As Per CAL No.23/SMECHN/48333
dated September 14, 2012 Terms of
Repayment As Per CAL
No.23/SMECHN/48333 dated September 14, 2012 Margin 10% Extent and
Operation of the charge Pari passu charge |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First Pari passu
charge in favour of ICICI Bank by way of hypothecation of the Company entire
current assets and including book-debts, outstanding monies, receivables both
present and future Pari passu first charge on all moveable fixed assets of
the company at Pondicherry. Pari passu second charge on all moveable fixed
assets of the company at Bhiwandi (Kasne plant) Mumbai. |
Fixed Assets
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Land
- Vehicles
- Computer and Printer
- Electrical Equipments and Fitting
- Generator
- Tools and Implements
AS PER WEBSITE DETAILS:
PROFILE
Subject is a leading Indian manufacturer of
Slit – to – size Coils, Cut Laminations, Core Assembly, Windings and Core and
Coil Assembly, the active parts of a transformer. An ISO 9001: 2008 Quality
Certified Company managed by people with over 25 years experience, all their
products are manufactured on state – of – art equipments. Prompt Response and
Timely Delivery of products at Competitive Prices is their Hallmark.
Their strategically located plants at
Puducherry and Mumbai equipped with the latest technology and high – end
handling / manufacturing / testing facilities are catering to most of the
leading Transformer manufacturers in India.
Now, with eco-friendly plants, dust-proof shop
floor, ultra-modern equipments and world-class test facility, they are serving
the leading Transformer manufacturers around the world. The best is, they have
highly skilled and committed professionals with rich experience to roll out
only the best of products.
“An insight of their superior quality was
evident very recently when IEEMA, a prestigious Trade organisation representing
the entire spectrum of Electrical / Power equipment manufacturers of India,
presented their Quality Award to us for ‘Strong Commitment to Quality Systems’.
These awards are decided by an eminent jury from the electrical / power
industry and based on stringent norms for evaluating the Quality Systems of a
business organisation.
MILESTONES
1987
Commenced the manufacturing of Laminations in
Chennai; India, suitable Control / Distribution Transformer.
1994
Established a green – field facility at
Pondicherry; India for manufacturer of Laminations suitable for Distribution
and Medium Power Transformers.
2001
Commenced Exports of Transformer Laminations
and Slit - to - size coils to Middle - East and Far – East Asia.
2005
Installed “Georg” CNC Cut – to – Length Line
to cater to Medium and Large Power Transformer mfrs.
2005
Recd. ISO 9001: 2000 Certification from TUV
Rheinland Group for “Manufacturing of Transformer Laminations Transformer Cores
and Slit - to – Size Coils.
2007
Six Sigma Quality audited by India’s Largest
Transformer Co – Crompton Greaves Ltd, and achieved a 3 star Rating by
Independent/ Black Belt Auditor.
2009
Inauguration of a state of the art plant in the
outskirts of Mumbai, having most modern facilities to manufacture
Slit-to-size-Coils / Cut Laminations / Fully Assembled Cores / Windings / Core
and Coil Assemblies.
2010
Commenced Exports of Slit - to – size Coils,
Cut Laminations and Fully Built Cores to Abu Dhabi / Belgium / Canada / Dubai /
Indonesia / Ireland / Oman / Sharjah / South Africa etc.
2010
Commenced shipment of 25 MVA / 132 KV Core and
Coil Assembly to a leading transformer manufacturer in India.
2011
Received ISQA 2011 Quality Award from IEEMA
for ‘STRONG COMMITMENT TO QUALITY SYSTEMS’.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.62.34 |
|
UK Pound |
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.