MIRA
INFORM REPORT
|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
DEUTSCHE ASSET MANAGEMENT ( |
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Registered
Office : |
2nd Floor, 222, Kodak House, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.03.2002 |
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Com. Reg. No.: |
11-135249 |
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Capital
Investment / Paid-up Capital : |
Rs. 250.000 Millions |
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CIN No.: [Company Identification
No.] |
U65991MH2002PTC135249 |
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PAN No.: [Permanent Account No.] |
AABCD5226D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Portfolio Management Services and acts as an investment manager to the Fund and also provides investment advisory and marketing advisory services to various entities including group entities. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for 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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
DWS Treasury Fund Cash Plan: “A1+mfs” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
May, 2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66584300)
LOCATIONS
|
Registered Office : |
2nd Floor, 222, Kodak House, Dr. D. N. Road, Mumbai –
400001, Maharashtra, India |
|
Tel. No. : |
91-22-71803222 |
|
Fax No. : |
91-22-71804171 |
|
E-Mail : |
DIRECTORS
As on 16.08.2013
|
Name : |
Kersi Minocher Gherda |
|
Designation : |
Director |
|
Address : |
9A, Sterling Apartments, 38, Peddar Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
16.08.1928 |
|
Date of Appointment : |
15.04.2002 |
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DIN No. : |
00237125 |
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Name : |
Mr. Suresh Chandra Soni |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
B-1601, Asoka Tower, Dr. Babasaheb Ambedkar Marg, Parel (West), Mumbai
– 400012, Maharashtra, India |
|
Date of Birth/Age : |
29.11.1970 |
|
Date of Appointment : |
28.08.2008 |
|
DIN No. : |
02265993 |
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Name : |
Mr. Shankar Dey |
|
Designation : |
Director |
|
Address : |
3A, Elegant Apartments, Sobani Road, Colabad, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth/Age : |
24.02.1954 |
|
Date of Appointment : |
08.08.2012 |
|
DIN No. : |
00056794 |
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|
|
Name : |
Mr. Stephen Paul Harris |
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Designation : |
Director |
|
Address : |
Flat No. 4B, Block 2, Dynasty, Court 23, Old Peak Road, Hong Kong |
|
Date of Birth/Age : |
13.07.1953 |
|
Date of Appointment : |
10.07.2009 |
|
DIN No. : |
00118461 |
KEY EXECUTIVES
|
Name : |
Nehal Navinchandra Shah |
|
Designation : |
Secretary |
|
Address : |
‘Sai Prabha’, 2nd Floor, Khandelwal Society, Shankar Lane,
Kandivali (West), Mumbai – 400067, Maharashtra, India |
|
Date of Birth/Age : |
17.04.1979 |
|
Date of Appointment : |
01.06.2011 |
|
PAN No.: |
AAPPS2191H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.08.2013
|
Names of Shareholders |
No. of Shares |
|
Deutsche India Holdings Private Limited, India |
24999998 |
|
Murali Ramasubramanian |
1 |
|
Kiran S. Deshpande |
1 |
|
Total |
25000000 |
As on 16.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20281306_MIRA%2014-Aug-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Providing Portfolio Management Services and acts as an
investment manager to the Fund and also provides investment advisory and
marketing advisory services to various entities including group entities. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by management |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
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Holding Company : |
Deutsche India Holdings Private Limited CIN No.: U67120MH2004PTC146800 |
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Ultimate Holding
company : |
Deutsche Bank AG (and its branches) |
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Fellow subsidiaries
in India with whom transactions have taken place during the year: |
· Deutsche Trustee Services (India) Private Limited DBOI Global Services Private Limited Deutsche Investments India Private Limited Deutsche Investor Services Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
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|
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 |
250.000 |
250.000 |
250.000 |
|
(b) Reserves & Surplus |
709.999 |
750.528 |
689.532 |
|
(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) |
959.999 |
1000.528 |
939.532 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.329 |
7.485 |
7.311 |
|
Total Non-current Liabilities (3) |
9.329 |
7.485 |
7.311 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
30.500 |
0.000 |
|
(b) Trade payables |
5.412 |
7.942 |
3.791 |
|
(c) Other current
liabilities |
119.060 |
77.860 |
66.471 |
|
(d) Short-term provisions |
13.176 |
7.025 |
9.515 |
|
Total Current Liabilities (4) |
137.648 |
123.327 |
79.777 |
|
|
|
|
|
|
TOTAL |
1106.976 |
1131.340 |
1026.620 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3.788 |
3.950 |
4.598 |
|
(ii) Intangible Assets |
0.389 |
0.777 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
7.227 |
19.528 |
5.260 |
|
(d) Long-term Loan and Advances |
164.493 |
68.562 |
16.157 |
|
(e) Other Non-current assets |
534.700 |
96.491 |
89.845 |
|
Total Non-Current Assets |
710.597 |
189.308 |
115.860 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
145.875 |
0.083 |
194.885 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
90.759 |
12.225 |
13.214 |
|
(d) Cash and cash
equivalents |
5.751 |
817.200 |
649.021 |
|
(e) Short-term loans and
advances |
21.946 |
6.875 |
19.265 |
|
(f) Other current assets |
132.048 |
105.649 |
34.375 |
|
Total Current Assets |
396.379 |
942.032 |
910.760 |
|
|
|
|
|
|
TOTAL |
1106.976 |
1131.340 |
1026.620 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
645.633 |
469.328 |
550.534 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
504.161 |
376.879 |
323.203 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
141.472 |
92.449 |
227.331 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.138 |
2.621 |
4.339 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
140.334 |
89.828 |
222.992 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
44.301 |
28.832 |
108.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
96.033 |
60.996 |
114.369 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
750.528 |
689.532 |
575.163 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
709.999 |
750.528 |
689.532 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
48.441 |
5.131 |
19.738 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.84 |
2.44 |
4.57 |
|
%20PRIVATE%20LIMITED%20-%20281306_MIRA%2014-Aug-2014_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20281306_MIRA%2014-Aug-2014_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20281306_MIRA%2014-Aug-2014_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
14.87 |
13.00 |
20.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.76 |
8.08 |
21.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.09 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.03 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.88 |
7.64 |
11.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
250.000 |
250.000 |
250.000 |
|
Reserves & Surplus |
689.532 |
750.528 |
709.999 |
|
Net
worth |
939.532 |
1000.528 |
959.999 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
30.500 |
0.000 |
|
Total
borrowings |
0.000 |
30.500 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.030 |
0.000 |
%20PRIVATE%20LIMITED%20-%20281306_MIRA%2014-Aug-2014_files/image007.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
550.534 |
469.328 |
645.633 |
|
|
|
(14.750) |
37.565 |
%20PRIVATE%20LIMITED%20-%20281306_MIRA%2014-Aug-2014_files/image009.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
550.534 |
469.328 |
645.633 |
|
Profit |
114.369 |
60.996 |
96.033 |
|
|
20.77% |
13.00% |
14.87% |
%20PRIVATE%20LIMITED%20-%20281306_MIRA%2014-Aug-2014_files/image011.gif)
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
CURRENT MATURITIES
OF LONG TERM DEBTS: NOT AVAILABLE
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
OPERATIONS:
The Company's gross revenue increased by 37% to INR 645.000 millions for the year. Sharp focus on cost control helped a stronger 56% growth in the Profit before tax to INR 140.000 millions for the year.
The company also offers the Non-Discretionary Portfolio Management Services through the PMS platform, with the underlying investments being in various mutual funds. As of 31 March 2013, the AUM under the non discretionary PMS was INR 1280.000 Millions. The company also offers non-discretionary advisory services to few domestic an doffshore clients under the PMS license.
Indian Economy slowed down considerably during the 2012-13, with GDP growing at the slowest pace in a decade at 5%. The slowing economic growth was reflected in relatively weaker growth in corporate profitability during the year. The WPI inflation which averaged around 9% in 2011-12, started moderating somewhat during 2012-13 and reached a low of 5.96% by end of March 2013. Reserve Bank of India started cutting interest rates in a bid to revive the economic growth. Therepo rate was cut by 100bps to 7.50% during the year.
With the stimulus continuing globally, the equity markets were up. This helped Indian equity market rise by a modest 8% despite pressure on corporate profitability Flis were net buyers to the tune of USD 24bn during the year However, the resource mobilization through the primary market was significantly lower as compared to last 2 years Mutual fund industry saw a healthy growth in the average assets under management by over 20% to Rs 8166570.000 Millions during the year. The growth came primarily on the back of strong investor appetite for Debt funds, which was reflected in over 36% growth in assets On the other hand, the assets of equity funds fell by 5%. The average assets under management of the company grew by 36% to Rs.167000.000 Millions during the year. As of March 31st 2013, the company managed 17 open ended and 33 close ended funds.
BUSINESS OUTLOOK:
The Indian Economy is projected to grow at 5.7% in 2013-14. as the economic activity is expected to show modest improvement over 2012-13. While the inflation has moderated, there still remains some upside risk given the structural imbalances. High Current account deficit has caused a sharp depreciation in Indian rupee versus major currencies. The CAD at 4% of the GDP is well above the comfort level of RBI. It also remains to be seen how the Government would tread on the fiscal reforms path while facing the populist demands in the wake of forthcoming General Elections next year. The sentiment on the equity markets would depend on factors like global developments, capital flows, pick up in industrial growth, monsoons and fiscal prudence in the economy. The money markets would look for direction from the Central Bank on the growth inflation dynamics given the pressure on exchange rate.
Financial Inclusion is one of the top priorities for the Government and the Regulators. During the year SEBI announced a number of measures to increase the awareness and expand the reach of Mutual fund products. The Directors strongly believe that the Mutual Funds have a significant role to play in the Financial inclusion. The company is working on meeting the regulatory expectations. It would endeavour to stay ahead through product innovation, strong investment performance and continuous enhancement in service deliverables to Investors and Distributors.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
The Company has contingent liability towards Income Tax demands of Rs. 7.895 Millions as of 31 March 2013 (Previous Year: Rs. 2.500 Millions).
FIXED ASSETS
Tangible Assets
· Leasehold Improvements
Furniture,
Fixtures and Office Equipment
Telecommunications
Equipment
Computer
(Hardware)
Intangible
Assets
· Computer software
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.61.25 |
|
|
1 |
Rs.103.02 |
|
Euro |
1 |
Rs.81.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
57 |
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.