MIRA
INFORM REPORT
|
Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
CREDIT SUISSE SECURITIES ( |
|
|
|
|
Formerly Known
As : |
CREDIT SUISSE FIRST |
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|
|
Registered
Office : |
9th Floor, Ceejay House, Plot F, Shivsagar Estate, Dr.
Annie Besant Road, Worli, Mumbai – 400018, Maharashtra |
|
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Country : |
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|
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Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
10.12.1996 |
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|
|
|
Com. Reg. No.: |
11-104392 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2214.762 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH1996PTC104392 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC06240D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC4388G |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
To act as a stock
broker for foreign institutional investors, mutual funds, financial
institutions, companies and other private banking clients. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
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 18600000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s strong financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
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.
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 DENIED BY
|
Name : |
Mr. Prem |
|
Designation : |
Admin Department |
|
Contact No.: |
91-22-67773707 |
|
Date : |
20.08.2014 |
LOCATIONS
|
Registered Office : |
9th Floor, Ceejay House, Plot F, Shivsagar Estate, Dr.
Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-67773777 |
|
Fax No.: |
91-22-67773870 / 67773710 |
|
E-Mail : |
Somanathan.viswanathan@credit-suisse.com
premprakash_prasad@creditsuisse.com
|
DIRECTORS
As on 16.09.2013
|
Name : |
Mrs. Vedika Bhandarkar |
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Designation : |
Managing Director |
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Date of Appointment : |
04.01.2011 |
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DIN No.: |
00033808 |
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Other Directorship:
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Name : |
Mr. Rajat Sabharwal |
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Designation : |
Managing Director |
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Address : |
8 F/A, |
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Date of Birth/Age : |
27.12.1968 |
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Date of Appointment : |
01.06.2007 |
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PAN No.: |
AAAPS1813R |
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DIN No.: |
01223147 |
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|
Name : |
Mr. Mihir Jagdish Doshi |
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|
Designation : |
Managing Director |
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|
Address : |
41/A, Maher Apartment, Anstey Road, Off Alta Mount Road, Mumbai –
400026, Maharashtra, India |
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Date of Birth/Age : |
06.10.1961 |
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Date of Appointment : |
08.02.2007 |
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PAN No.: |
AADPD5791Q |
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DIN No.: |
01283331 |
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Other Directorship:
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|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rasik Bindumadhav Joshi |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
04.02.1968 |
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Date of Appointment : |
25.11.2008 |
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PAN No.: |
AADPJ5201F |
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|
DIN No.: |
02183143 |
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MAJOR SHAREHOLDERS
As on 31.03.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Credit Suisse Investment Holding ( |
221476245 |
100.00 |
|
Total |
221476245 |
100.00 |
%20PRIVATE%20LIMITED%20-%20282038%2022-Aug-2014_files/image002.gif)
Equity Share Break up (Percentage of Total Equity)
As on 16.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To act as a stock broker
for foreign institutional investors, mutual funds, financial institutions,
companies and other private banking clients. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|
|
|
|
Bankers : |
Not Divulged |
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|
|
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Banking
Relations : |
-- |
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|
|
Auditors : |
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|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M.
Joshi Marg, Mahalakshmi, Mumbai – 400011, |
|
PAN No.: |
AAAFB9852F |
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|
|
Holding Company : |
· Credit Suisse Investment Holdings (Mauritius) Limited |
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|
Fellow Subsidiary
Company : |
· Credit Suisse Securities (USA) LLC · Credit Suisse Consulting (India) Private Limited · Credit Suisse International United kingdom · Credit Suisse AG Singapore Branch · Credit Suisse Securities (Europe) Limited · Credit Suisse Holding (USA) Inc. · Credit Suisse Securities (Japan) Limited · Credit Suisse Principal Investments Limited · Credit Suisse (Honkong) Limited · Credit Suisse AG Singapore · Credit Suisse Services (India) Private Limited CIN No.: U93090PN2006PTC133169 · Credit Suisse Finance (India) Private Limited CIN No.: U74140MH1991PTC193610 · Credit Suisse Business Analytics (India) Private Limited CIN No.: U74990MH2009FTC190217 · Credit Suisse AG Mumbai · Credit Suisse Business Management (India) Private Limited CIN No.: U74120MH2011FTC222529 · Credit Suisse (UK) Limited · Credit Suisse AG Dubai Branch · Credit Suisse (USA) Inc. ·
Credit Suisse (Singapore) Limited |
CAPITAL STRUCTURE
As on 16.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
245000000 |
Equity Share |
Rs.10/- each |
Rs.2450.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
221476245 |
Equity Share |
Rs.10/- each
|
Rs.2214.762
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 |
2,214.762 |
2,214.762 |
2,214.762 |
|
(b) Reserves & Surplus |
2,432.998 |
1,199.298 |
633.418 |
|
(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) |
4,647.760 |
3,414.060 |
2,848.180 |
|
|
|
|
|
|
(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 |
1,113.143 |
721.721 |
461.710 |
|
(d) long-term provisions |
100.605 |
87.080 |
49.236 |
|
Total Non-current Liabilities (3) |
1,213.748 |
808.801 |
510.946 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
25,884.049 |
22,498.151 |
37,867.674 |
|
(c) Other current
liabilities |
1,343.839 |
1,276.316 |
1,154.515 |
|
(d) Short-term provisions |
60.128 |
56.657 |
52.617 |
|
Total Current Liabilities (4) |
27,288.016 |
23,831.124 |
39,074.806 |
|
|
|
|
|
|
TOTAL |
33,149.524 |
28,053.985 |
42,433.932 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
166.658 |
197.756 |
87.359 |
|
(ii) Intangible Assets |
1.760 |
3.276 |
2.294 |
|
(iii) Capital
work-in-progress |
3.192 |
2.695 |
133.830 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.946 |
0.946 |
0.946 |
|
(c) Deferred tax assets (net) |
369.497 |
398.068 |
258.061 |
|
(d) Long-term Loan and Advances |
834.484 |
622.870 |
686.506 |
|
(e) Other Non-current assets |
136.783 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1,513.320 |
1,225.611 |
1,168.996 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
9,076.608 |
14,097.715 |
24,956.775 |
|
(d) Cash and cash
equivalents |
22,152.785 |
12,423.590 |
15,843.014 |
|
(e) Short-term loans and
advances |
176.997 |
170.151 |
163.542 |
|
(f) Other current assets |
229.814 |
136.918 |
301.605 |
|
Total Current Assets |
31,636.204 |
26,828.374 |
41,264.936 |
|
|
|
|
|
|
TOTAL |
33,149.524 |
28,053.985 |
42,433.932 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
4,948.000 |
4,293.000 |
4,859.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
3,001.000 |
3,329.000 |
3,513.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1,947.000 |
964.000 |
1,346.000 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
64.000 |
87.000 |
109.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
1,883.000 |
877.000 |
1,237.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
649.000 |
311.000 |
425.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
1,234.000 |
566.000 |
812.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.57 |
NA |
NA |
|
%20PRIVATE%20LIMITED%20-%20282038%2022-Aug-2014_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20282038%2022-Aug-2014_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20282038%2022-Aug-2014_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
24.94 |
13.18 |
16.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.75 |
3.17 |
2.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.26 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.13 |
1.06 |
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 |
2214.762 |
2214.762 |
2214.762 |
|
Reserves & Surplus |
633.418 |
1199.298 |
2432.998 |
|
Net
worth |
2848.180 |
3414.060 |
4647.760 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%20PRIVATE%20LIMITED%20-%20282038%2022-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 |
4,859.000 |
4,293.000 |
4,948.000 |
|
|
|
(11.648) |
15.257 |
%20PRIVATE%20LIMITED%20-%20282038%2022-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 |
4,859.000 |
4,293.000 |
4,948.000 |
|
Profit |
812.000 |
566.000 |
1,234.000 |
|
|
16.71% |
13.18% |
24.94% |
%20PRIVATE%20LIMITED%20-%20282038%2022-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 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS
|
Case Details |
||||||||
|
Bench:- Bombay |
||||||||
|
Presentation Date:- |
29/07/2013 |
|||||||
|
Lodging No.:- |
ITXAL/1224/2013 |
Filing Date:- |
29/07/2013 |
Reg. No.:- |
ITXA/2387/2013 |
Reg. Date:- |
18/12/2013 |
|
|
|
||||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX -4, MUMBAI |
Respondent:- |
CREDIT SUISSE SECURITIES (INDIA) PRIVATE LIMITED |
|||||
|
Petn.Adv:- |
PADMA DIVAKAR (0) |
Resp. Adv.: |
ATUL K. JASANI (0) |
|||||
|
District:- |
MUMBAI |
|||||||
|
|
||||||||
|
Bench:- |
SINGLE |
|||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|||||
|
Last Date:- |
25/03/2014 |
Stage:- |
FOR DIRECTION [ORIGINAL SIDE MATTERS] |
|||||
|
Last Coram:- |
|
|||||||
|
|
||||||||
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
|||||
BACKGROUND
The Company was
incorporated on 10 December 1996 and the Company is a wholly owned subsidiary
of Credit Suisse Investment Holdings (Mauritius) Limited. The principal activity
of the Company is to act as a stock broker for foreign institutional investors,
mutual funds, financial institutions, companies and other private banking
clients.
The Company is
registered with Securities and Exchange Board of India ('SEBI') for merchant
banking, underwriting services and as portfolio manager.
PRESENT OPERATIONS
AND FUTURE PLANS
The company reported an increase of Rs.668.000 Millions post
tax for the year ended March 31st 2013. This represents an increase of over
110% over March 31st 2012. The profit is driven by increase in financial
advisory income and reduction in operating expenses. The company has 2
principal divisions Investment Banking and Private Banking. On the Investment
Banking side the Operating Profit increased by Rs.829.000 Millions from
Rs.1353.000 Millions to Rs.2182.000 Millions and on the Private Banking side
the company managed to reduce its Operating Losses from Rs.473.000 Millions to
Rs.298.000 Millions.
Cash segment average daily volumes on NSE declined 4.04%
y-o-y while the average daily volumes for the derivatives segment on NSE
registered an increase of 0.58% y-o-y. Net investment by foreign institutional
investors (FIIs) in the stock market during 2012-13 was at Rs.13858.61 billion
as against Rs.4949.31 billion in FY2012.
With the improved data in the US Economy and the Eurozone coming out of recession the markets expect Quantitative Easing to be pulled back in the coming quarters. This is believed to result in pull out of money from the Emerging Markets to the Developed markets.
For India specifically the INR currency has depreciated by
over 14% in the current fiscal. Lower economic growth rates and General
Elections over the next 6 to 8 months have increased the risk for the fiscal
2014. The company continues to maintain its lead market share in Foreign
Institutional Broking and Research. The company is also focused on the Private
Banking business, consolidated the platform and has increased client
penetration in the last fiscal year
NO CHARGES EXIST FOR
THE COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
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 records 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] ecord 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.60.77 |
|
|
1 |
Rs.100.72 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
70 |
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.