MIRA INFORM REPORT

 

 

Report Date :

22.03.2013

 

IDENTIFICATION DETAILS

 

Name :

OPUS SOFTWARE SOLUTIONS PRIVATE LIMITED

 

 

Registered Office :

1st Floor, Building No. 4, Commerzone, Samrat Ashok Path, Yerwada, Pune – 411006, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

28.04.1997

 

 

Com. Reg. No.:

25-107600

 

 

Capital Investment / Paid-up Capital :

Rs. 13.773 Millions

 

 

CIN No.:

[Company Identification No.]

U72200MH1997PTC107600

 

 

PAN No.:

[Permanent Account No.]

AAACO2203N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing Software Services.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (53)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1600000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having a satisfactory track record. It enjoys comfortable financial risk profile. It has achieved better growth in its income and profits during 2012. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered normal for any business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

LOCATIONS

 

Registered Office :

1st Floor, Building No. 4, Commerzone, Samrat Ashok Path, Yerwada, Pune – 411006, Maharashtra, India

Tel. No.:

91-20-66272100/ 30925100

Fax No.:

91-20-30925399

E-Mail :

sakharam.kumbhar@opussoft.com

Website :

http://www.opussoft.com

 

 

Mumbai Office:

906, 9th Floor, Windfall, Sahar Plaza, JB Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-67896800

Fax No.:

91-22-67896829

 

 

Chennai Office:

Sterling Towers, 2nd and 3rd Floor, Building No. 327, Annasalai, Mount Road,
Teynampet ,Chennai - 600006 Tamilnadu, India

Tel. No.:

91-44-42297600

Fax No.:

91-44-26612546

 

 

Overseas Office:

Located At

 

·         Princeton

·         Omaha

·         Europe

·         UAE

·         Asean

 

 

DIRECTORS

 

AS ON 17.09.2012

 

Name :

Mr. Ramesh Laxman Mengawade

Designation :

Managing director

Address :

Bung-12, Kapil Malhar, Baner Road, Pune – 411007, Maharashtra, India

Date of Birth/Age :

25.03.1961

Date of Appointment :

28.04.1997

DIN No.:

00028319

 

 

Name :

Mr. Madhusudan Nagarur Gopinath

Designation :

Director

Address :

C - 62, Sunder Apartments, Opposite Diamond, Sion Trombay Road, Mumbai- 400071, Maharashtra, India

Date of Birth/Age :

17.07.1959

Date of Appointment :

28.04.1997

DIN No.:

00028272

 

 

Name :

Mr. Prashant Laxman Mengawade

Designation :

Whole-time director

Address :

C-104, Mantri Kinara, Bhaupatil Road, Bopodi, Pune – 411003, Maharashtra, India

Date of Birth/Age :

04.01.1973

Date of Appointment :

28.09.2007

DIN No.:

01843314

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 17.09.2012

 

Names of Shareholders

Address

No. of Shares

Ramesh Mengawade

D-2/18, Sidharth Nagar, Aundh, Pune - 411007, Maharashtra, India

721125

Madhusudan Gopinath

C - 62, Sunder Apartments, Opposite Diamond, Sion Trombay Road, Mumbai - 400071, Maharashtra, India

197544

Paresh Banerjee

356, Ridge Road, Apartment 1-7, Dayton. NJ 08810

108888

R. Vijay Chandar

H-11, Clarion Park, S. No. 138. Near Aundh Telephone, Exchange, D P Road, Aundh Pune-411007, Maharashtra, India

79565

P. K. Sengupta

137, Sindhousing, Aundh, Pune -411007, Maharashtra, India

17000

C. Satish Kumar

4S, Mambalam High Road, T. Nagar, Chennai – 600017, Maharashtra, India

1500

R. M. Sundaram

13/174, Vr1ndavan, Gokul, Marg Sion, East, Mumbai – 400022, Maharashtra, India

3000

Sandeep Menon S

B-l, Smitha Vrdjdavan Colony, Chevayur Kozhinade-673017

2000

S. Ramsubramanian

No. 5 Balaji Apartment, Alwarthiru Nagar, Chennai – 600087, Tamilnadu, India

5000

Prashant Laxman Mengawade

201, Mantri Kinare, A, Building, Bhau Patil Road, Bopadi, Pune-411007, Maharashtra, India

3000

Anil Sharma

B/2, Radha Kunj, Nivetia Road, Malad (East). MumbaI – 400097, Maharashtra, India

3000

Uma Thorat

S, Varadayani Apartment, 1009/, Deep Bungalow Chowk, Pune – 411016, Maharashtra, India

1000

A. M. Prasad

Flat No. IB, PGP Manor, 29, Barnaby Road, Kilpauk, Chennai – 600010, Tamilnadu, India

109233

L. Muthulingam

S. V. Complex, 3rd Floor, 179, Eswaran Koil Street, Pondicherry – 605001, Tamilnadu, India

33

Ram Narayan Colathur

2nd Floor, Waheeda 19, Nargis Datt Road, Pali Hills, Bandar, Mumbai – 400050, Maharashtra, India

5000

Anita Sarma

826, 10th Main, 4th 'C Block, Koramangla, Bangalore -560034, Karnataka, India

106666

Jose Antony Thattil

B-44, Heritage, Dadabhai Road, Andheri (West), Mumbai -400058, Maharashtra, India

6000

Tushar Shankar

5/20, Yashwant Nagar, Goregaon (West) Mumbai – 400062, Maharashtra, India

1000

Sanjiv Raghunath Pandit

F. No. 20, VII Floor, Kumar Sankhya, Dhole Patil Road, Aundh, Pune – 400007, Maharashtra, India

2000

Avadhanam Sitaram Sarma

Type III-26A, TATA Housing Colony, Aziz Baug, Mahul Road, Chembur, Mumbai-400074, Maharashtra, India

1000

Talapan Manikoth Praveen

A/3-703, Kumar Prerna, New Dhole Patil Road, Aundh, Pune-400007, Maharashtra, India

1000

Ashok Kumar Pillai

304, Bharati Kunj, Behind Shewale Hospital, Aundh Road, Khadki, Pune – 411020, Maharashtra, India

1000

Vaishnaviravindran

Plot No. 8, West Vanniar, 1st Cross Street, Nespakkam Chennai-600078, Tamilnadu, India

1000

Vikram Gadiya

D-702, Kumar Puram, Mukund Nagar, Gultekadi, Pune-Satara Road, Pune-411037, Maharashtra, India

700

 

 

 

Total

 

1377254

 

 

AS ON 17.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

67.00

Other top fifty shareholders

 

33.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Software Services.

 

 

Products :

ITC Code

Product Descriptions

8524

Software Services

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Ø  Corporation Bank, Corporate Banking Branch, 14 Mumbai Pune Road, Wakdewadi, Pune - 411003, Maharashtra, India

Ø  Axis Bank Limited, Sterling Plaza, 1262/B, J. M. Road, Deccan Gymkhana, Pune - 411004, Maharashtra, India

 

 

Facilities :

 

Secured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Vehicle loan*

1.702

0.000

Office Premises loan**

 

 

Indian rupee loan

45.477

104.029

Foreign currency loan

33.467

0.000

Cash credit facility from Banks

87.460

104.050

Total

166.404

208.079

 

Note:

 

* Vehicle loan is secured by hypothecation of vehicle and is repayable in 27 equated monthly installments.

 

** Office premises loan is secured by mortgage of office premises, land and personal guarantee of the directors of the company. This loan is repayable in 38 equated monthly installments.

 

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

SNJ and Company

Chartered Accountants

Address :

25, Manisha Terrace,1st Floor, 2A, Moledina Road, Camp, Opposite SGS Mal, Pune – 411001, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AACFJ1826D

 

 

Subsidiaries :

Ø  ElectraCard Services Private Limited [U72200PN2000PTC014585]

Ø  ElectraNet Payments Private Limited [U72200PN2012PTC141843]

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs. 10/- each

Rs. 30.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1377254

Equity Shares

Rs. 10/- each

Rs. 13.773 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

13.773

13.773

13.773

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

386.743

311.081

285.205

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

400.516

324.854

298.978

LOAN FUNDS

 

 

 

1] Secured Loans

168.104

208.079

256.856

2] Unsecured Loans

0.000

0.395

7.842

TOTAL BORROWING

168.104

208.474

264.698

DEFERRED TAX LIABILITIES

1.601

1.813

0.000

 

 

 

 

TOTAL

570.221

535.141

563.676

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

217.122

227.434

244.856

Capital work-in-progress

3.556

0.000

0.000

 

 

 

 

INVESTMENT

105.822

105.722

100.239

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

0.000

0.000

0.000

 

Sundry Debtors
281.248
144.749

125.734

 

Cash & Bank Balances
128.797
25.926

47.875

 

Other Current Assets

0.269

79.514

0.000

 

Loans & Advances
36.472
37.053

108.561

Total Current Assets
446.786
287.242

282.170

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Sundry Creditors
91.405
33.726

62.049

 

Other Current Liabilities
95.462
38.822

1.540

 

Provisions
16.198
12.709

0.000

Total Current Liabilities
203.065
85.257

63.589

Net Current Assets
243.721
201.985

218.581

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

570.221

535.141

563.676

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income from Software Service and Product

891.898

526.012

846.611

 

 

Other Income

35.806

25.011

1.005

 

 

TOTAL                                     (A)

927.704

551.023

847.616

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Office Expenses

 

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

833.225

506.728

777.359

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

 

 

70.257

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

 

6.563

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

 

63.694

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

 

20.454

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

94.479

44.295

43.240

 

 

 

 

 

Less

TAX                                                                  (H)

15.616

16.813

14.200

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

78.863

27.482

29.040

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

262.083

236.207

208.773

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Equity Dividend

2.755

1.377

1.377

 

 

Tax on Dividend

0.447

0.229

0.229

 

BALANCE CARRIED TO THE B/S

337.744

262.083

236.207

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Service Income

862.749

501.926

451.984

 

 

 

 

 

 

Earnings Per Share (Rs.)

57.26

19.95

21.09

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
8.50
4.99

3.43

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
10.59
8.42

5.11

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
14.23
8.61

8.20

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.24
0.14

0.14

 

 
 
 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.42
0.64

0.89

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
2.20
3.37

4.44

 

 

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

No

 

 

UNSECURED LOANS

 

Unsecured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Unsecured loan

0.000

0.395

Total

0.000

0.395

 

 

Note:

The Registered office of the company has been shifted from 201/202 A Wing, 2nd Floor Mayfair Towers, Shivaji Nagar, Pune – 411005, Maharashtra, India to the present address w.e.f 14.08.2008

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U72200MH1997PTC107600

Name of the company

OPUS SOFTWARE SOLUTIONS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

1st Floor, Building No.4, Commerzone. Samrat Ashok Path, Yerwada, Pune – 411006, Maharashtra, India

Email: sakharam.kumbhar@opussoft.com

This form is for

Modification of charge

Charge identification number of the modified 

10207195

Type of charge

Book debts

Movable property (not being pledge)

Particular of charge holder

Corporation Bank, Corporate Banking Branch, 14 Mumbai Pune Road, Wakdewadi, Pune - 411003, Maharashtra, India

Email: cb502@corpbank.co.in

Nature of description of the instrument creating or modifying the charge

First Supplemental Common Deed of Hypothecation of Movables / Assets / Debts  and Agreement for Term Loan

Date of instrument Creating the charge

23.10.2012

Amount secured by the charge

Rs. 117.500 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Bank Guarantee : At our Prescribed Rates

CC-PCL-FDBN / FDBP / FDBD: 14.10% viz. 3.60% above COBAR subject to changes from time to time.

Term Loan: 14.50% viz. 4 % above COBAR subject to changes.

 

Terms of Repayment

TL: 36 monthly installments of Rs. 1.667 Millions each and last installment of Rs. 1.655 Millions after 4 months of repayment holiday.

 

Margin

CC: Domestic receivables 25% (upto 90 days book debts); Export receivables 10% (upto 120 days book debts)

TL: 28.81 %

 

Extent and Operation of the charge

Pari passu 1st charge with Axis Bank Limited on Inventory cum Book Debts / Current Assets of the company stored / maintained / lying at 1st Floor, Building No.4, Commerzone, Samrat Ashoka Path, Off Airport Road, Yerwada, Pune 411 006 and any other such places notified from time to time ; Pari passu 1st charge on P&M / Fixed Movable Assets of the company viz. office equipment, furniture and fixtures and other movable assets (excluding vehicles) like computer systems, equipments and accessories

 

Others

The total credit limit of Rs.117.500 Millions is as under :

Bank Guarantee : Rs.7.500 Millions; CC-PCL-FDBN / FDBP / FDBD : Rs.50.000 Millions; TL : Rs.60.000 Millions

Electracard Services Private Limited has given collateral security by way of Second charge on entire movable assets and Guarantee to secure these limits

 

Short particulars of the property charged

Pari passu 1st charge with Axis Bank Limited on Inventory cum Book Debts / Current Assets of the company stored / maintained / lying at 1st Floor, Building No. 4, Commerzone, Samrat Ashoka Path, Off Airport Road, Yerwada, Pune 411 006 and any other such places notified from time to time.

 

Pari passu 1st charge on P&M/Fixed Movable Assets of the company viz. office equipment, furniture and fixtures and other movable assets (excluding vehicles) like computer systems, Euipn and Accessories.

 

Electracard Services Private Limited has given collateral security by way of Second charge on entire movable assets and Guarantee to secure these limits

Particulars of the present modification 

By Present Modification the credit limits has been renewed / enhanced / revised to Rs.117.500 Millions against Pari passu 1st charge with Axis Bank Ltd on Inventory cum Book Debts / Current Assets of the company stored at Commerzone, Samrat Ashoka Path, Yerwada, Pune 411 006 & any other such places and Pari passu 1st charge on P&M / Fixed Movable Assets of the company viz. office equipment, furniture & fixtures and other movable assets.

 

 

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars

31.03.2012

31.03.2011

Guarantees given by the company

91.694

74.520

 

 

FIXED ASSETS

 

Ø  Computer System

Ø  Equipments and Accessories

Ø  Furniture and Fixtures

Ø  Electrical and Networking Installation

Ø  Office Equipments

Ø  Vehicle

Ø  Software

Ø  Goodwill Account

Ø  Land/ Advance for Land

Ø  Office Premises

 

 

 

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. 54.28

UK Pound

1

Rs. 82.06

Euro

1

Rs. 72.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

 

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

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

53

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.