|
Report Date : |
20.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
C-EDGE TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
Palm Centre,
Banyan Park, Suren Road, Andheri (East), Mumbai – 400093, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.01.2006 |
|
|
|
|
Com. Reg. No.: |
11-159038 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2006PLC159038 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCC7950Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Service Provider of Information Technology. |
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|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 2300000 |
|
|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Tata Consultancy Services Limited which hold
51% of Equity shares and 49% owned by State Bank of India. It is well established ad reputed company having a good track record. Financially, company performance is appreciable. Subject gets good
support from its holdings. Liquidity and financial position of the company appears to be sound
and healthy. Trade relations are reported to be trust worthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealing 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
India’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the trade deficit, resulting
in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in
the corresponding quarter of the previous financial year. The government aims
to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term: AA- |
|
Rating Explanation |
High degree of safety ad very Low credit
risk. |
|
Date |
November, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term: A1+ |
|
Rating Explanation |
Strong degree of Safety and carry lowest
credit risk. |
|
Date |
November, 2012 |
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 DECLINED BY
|
Name : |
Mr. Delip Bhagal |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-67789595 |
|
Date : |
13.11.2013 |
LOCATIONS
|
Registered Office : |
Palm Centre, Banyan Park, Suren Road, Andheri (East), Mumbai-400093,
Maharashtra, India |
|
Tel. No.: |
91- 22-67789379 |
|
Fax No.: |
91- 22-66303672 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Wellspring, Phase III, Godrej and Boyce Complex, Plant no
12, Gate No. 4, LBS Marg, Vikhroli (West), Mumbai-400079, Maharashtra, India. |
|
Tel. No.: |
91- 22-67784106 |
|
Fax No.: |
91- 22-67784400 |
|
E-Mail : |
|
|
|
|
Sales
Team:
|
|
|
Tel. No.: |
91- 22-67784236 |
|
E-Mail : |
|
|
|
|
Support
Team:
|
|
|
Tel. No.: |
91- 22-67784200 / 04 / 07 / 14 / 17 / 24 / 33 / 39 |
|
E-Mail : |
DIRECTORS
AS ON 25.07.2013
|
Name : |
Mr. Chandrasekaran Natarajan |
|
Designation : |
Nominee Director |
|
Address : |
302, Sagar Darshan, 8, Worli Sea Face, Worli-400025, Maharashtra,
India |
|
Date of Birth/Age : |
02.06.1963 |
|
Qualification : |
Bachelor Degree in Applied Sciences, and Master Degree in computer
application |
|
Date of Appointment : |
19.01.2006 |
|
DIN No.: |
00121863 |
|
|
|
|
Name : |
Mr. Barindra Hemendra Sanyal |
|
Designation : |
Nominee director |
|
Address : |
B-21, Bandra Trilok CHS Limited, 313, Dr. Ambedkar Road, Bandra
(West), Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
19.10.1946 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
10.12.2009 |
|
DIN No.: |
00175046 |
|
|
|
|
Name : |
Mr. Sushil Kumar Mishra |
|
Designation : |
Nominee Director |
|
Address : |
D/03, Kinellan Tower, 100-A, Napean Road, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
19.01.1955 |
|
Date of Appointment : |
25.07.2013 |
|
DIN No.: |
06411532 |
|
|
|
|
Name : |
Mr. Jambunathan Narayanan |
|
Designation : |
Nominee Director |
|
Address : |
'H' Bungalow, SBI Colony, Sector - 13, Nerul (East), Navi Mumbai-
400706, Maharashtra, India |
|
Date of Birth/Age : |
16.03.1955 |
|
Date of Appointment : |
09.07.2012 |
|
DIN No.: |
05126421 |
KEY EXECUTIVES
|
Name : |
Mr. Delip Bhagal |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Prakash Dinesh Mehta |
|
Designation : |
Secretary |
|
Address : |
B-1/305, Bee Jumbo, CHSL Koldongri, Road No.2, Sahar Road, Andheri (East),
Mumbai-400069, Maharashtra, India |
|
Date of Birth/Age : |
23.08.1959 |
|
Date of Appointment : |
07.02.2006 |
|
PAN No.: |
AAHPM6789P |
|
|
|
|
Name : |
Mr. Krishna Kumar Anantharaman krishnamoorthy |
|
Designation : |
Manager |
|
Address : |
Serenity Heights, B-406, Mind Space Malad Link Road, Malad (West),
Mumbai – 4500064, Maharashtra, India |
|
Date of Birth/Age : |
26.07.1953 |
|
Date of Appointment : |
01.01.2013 |
|
PAN No.: |
AAGPK7580H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Tata Consultancy Services Limited, India |
|
5099997 |
|
Tata Consultancy Services Limited JT N. Chandrasekaran |
|
1 |
|
Tata Consultancy Services Limited JT S. Mahalingam |
|
1 |
|
State Bank of India, India |
|
4899998 |
|
Tata Consultancy Services Limited JT Suprakash Mukhopadhyay |
|
1 |
|
State Bank of India, JT Rajendra Kumar Saraf |
|
1 |
|
State Bank of India and A Krishna Kumar |
|
1 |
|
|
|
|
|
Total |
|
10000000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
|
|
|
|
Nationalised and
Other Bank |
|
49.00 |
|
Bodies Corporate |
|
51.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Information Technology. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management. |
||||||||||||||||||
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|
||||||||||||||||||
|
Bankers : |
·
State Bank of India Vikhroli West Branch, Maharashtra, India |
||||||||||||||||||
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|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th – 32nd Floor, Indiabulls Finance
Centre, Elphinstone Mill Coumpound, Senapati Bapat Marg, Elphinstone (West),
Mumbai – 400013, Maharashtra, India |
|
PAN No: |
AACFD4815A |
|
|
|
|
Ultimate Holding
Company: |
Tata Sons Limited |
|
|
|
|
Holding Company: |
Tata Consultancy Services Limited |
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|
|
|
Fellow
Subsidiaries: |
TCS Financial Solutions Australia Pty Limited |
|
|
|
|
Investing Party: |
State Bank of India |
CAPITAL STRUCTURE
(AS ON 25.07.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
100.000 |
100.000 |
100.000 |
|
(b) Reserves & Surplus |
466.649 |
344.347 |
154.790 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
566.649 |
444.347 |
254.790 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
194.837 |
101.518 |
13.752 |
|
(b) Deferred tax liabilities (Net) |
14.398 |
6.572 |
0.000 |
|
(c) Other long
term liabilities |
1.615 |
0.346 |
0.000 |
|
(d) long-term
provisions |
4.355 |
2.740 |
1.855 |
|
Total Non-current
Liabilities (3) |
215.205 |
111.176 |
15.607 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
377.789 |
111.736 |
93.740 |
|
(c) Other
current liabilities |
68.444 |
49.436 |
13.075 |
|
(d) Short-term
provisions |
0.000 |
40.863 |
35.166 |
|
Total Current
Liabilities (4) |
446.233 |
202.035 |
141.981 |
|
|
|
|
|
|
TOTAL |
1228.087 |
757.558 |
412.378 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
357.727 |
142.275 |
24.241 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
101.685 |
43.012 |
36.028 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.047 |
|
(d) Long-term Loan and Advances |
120.854 |
35.447 |
32.993 |
|
(e) Other
Non-current assets |
20.436 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
600.702 |
220.734 |
93.309 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
9.843 |
39.738 |
43.108 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
284.054 |
280.540 |
154.138 |
|
(d) Cash
and cash equivalents |
210.167 |
184.906 |
59.250 |
|
(e)
Short-term loans and advances |
101.729 |
23.154 |
47.060 |
|
(f)
Other current assets |
21.592 |
8.486 |
15.513 |
|
Total
Current Assets |
627.385 |
536.824 |
319.069 |
|
|
|
|
|
|
TOTAL |
1228.087 |
757.558 |
412.378 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1362.823 |
1134.988 |
633.480 |
|
|
|
Other Income |
15.894 |
6.033 |
3.641 |
|
|
|
TOTAL (A) |
1378.717 |
1141.021 |
637.121 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expense |
180.585 |
132.493 |
95.330 |
|
|
|
Other Expenses |
922.092 |
703.779 |
368.547 |
|
|
|
TOTAL (B) |
1102.677 |
836.272 |
463.877 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
276.040 |
304.749 |
173.244 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.588 |
5.747 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
251.452 |
299.002 |
173.244 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.090 |
20.226 |
24.853 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
181.362 |
278.776 |
148.391 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
59.060 |
89.220 |
53.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
122.302 |
189.556 |
99.856 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
466.700 |
344.400 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.23 |
18.96 |
9.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.87
|
16.61 |
15.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.31
|
24.56 |
23.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.10
|
39.01 |
39.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.63 |
0.58 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.34
|
0.23 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
2.66 |
2.25 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES:
|
Particulars |
31.03.2013 [Rs.
in millions] |
31.03.2012 [Rs.
in millions] |
31.03.2011 [Rs.
in millions] |
|
|
|
|
|
|
Current
Maturities of Finance Lease Obligations |
49.669 |
22.455 |
2.644 |
|
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 |
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The registered office of the company has been shifted from Suren Road,
Andheri (East), Mumbai-400093, Maharashtra, India, to the present address
w.e.f. 19.06.2006
OPERATING RESULTS
The Company
witnessed moderate growth during 2012-13 in its business segments. The Company
has been emerging as a key player in providing Core Banking Solution (CBS) in
the Co-operative sector on Application Service Provider (ASP) model.
The turnover of
the Company was Rs.1362.800 Millions in FY 2013 (Rs.1135.000 Millions in FY
2012), registering a growth of 20% over last year. The increase is mainly due
to implementation of core banking solution in additional branches of the
present and new customers.
The profit before
tax is lower at Rs.181.400 Millions in FY 2013 (Rs.278.800 Millions in FY
2012), the decrease is mainly attributable to low volume of transaction in ATM
business and migration cost in NABARD contract. The resultant profit after tax
(PAT) was Rs.122.300 Millions in FY 2013 (Rs.189.600 Millions in FY 2012).
BUSINESS PERFORMANCE
The Company is the
leader and the only total solution provider for banks with Transaction Banking
services integrated with complete range of Payment solutions. The range of
services includes CBS, Internet, Mobile, ATM, RUPAY, RTGS, NEFT, CPMS. The
Company is adding cross-sell services like insurance premium collection,
utility bills payment and Pension processing. The Company is also planning to add
RBI’s Automated Data Flow (ADF) services with Business Inelegance
(BI)/Analytics integrated. The Company is also exploring the overseas market
and has held discussions to take the cloud offering models to the Middle East
and South Africa markets. Also, it is exploring the insurance services model on
the cloud for SME Insurance companies.
The Company has
consolidated its leadership position in the CBS-on-the-cloud services by adding
more banks and branches in the Co-operative, Rural and District banks. By the
end of June 2013, the Company will be servicing 155 banks with 10,000 branches
with a rural foot print of 45%. Such a large foot print and captive customers
gives the Company multiple opportunities to cross sell other products and
services integrated with the CBS platform.
The Company is in
the final stages of migrating NABARD sponsored DCCBs. Currently it has migrated
1560 branches and has additional 1600 branches to migrate by June 2013. It has
migrated over 1300 Branches in 5 States in 100 days.
The amalgamation
of RRBs has given the Company an opportunity to migrate net of 400 additional
branches. When the amalgamation is complete, the Company will be servicing
Andhra Pradesh Grameena Bank with over 850 branches in a single instance of
CBS. By far, this will be the single largest instant on the ASP platform of the
Company.
The Company has
established itself in the NPCIL RUPAY payment services. With plans to integrate
150 Banks into the RUPAY network, the Company is expected to be the largest
electronic transaction aggregator for RUPAY.
The Company is
targeting high growth in the coming years. In order to achieve such target, the
Company is re-organizing and planning to provide additional solutions and
services. The Company is in the process of bringing on board strong resources
with specialization and experience in Financial Services. The team will drive
new Solutions, Sales, and Payments and strengthen operational control, project
execution, security, internal processes and financial control.
The overall
business outlook for the Company remains extremely positive with a significant
potential for further growth in its business operations.
FIXED ASSETS:
·
Computer Equipment
·
Office Equipment
·
Furniture and Fixture
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.62.23 |
|
|
1 |
Rs.100.18 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
--RBI |
YES/NO |
No |
|
--EPF |
YES/NO |
No |
|
TOTAL |
|
65 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.