|
Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
IGATE GLOBAL SOLUTIONS LIMITED (w.e.f. 23.06.2003) |
|
|
|
|
Formerly Known
As : |
MASCOT SYSTEMS LIMITED (w.e.f. 31.01.2000) MASCOT SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Level II, Tower 3, Cyber City, Magarpatta City, Hadapsar, Pune – 411
013, Maharashtra |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.12.1993 |
|
|
|
|
Com. Reg. No.: |
08-145950 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.127.640
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110PN1993PLC145950 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM4573E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is primarily
engaged in providing Information Technology ("IT") and IT - enabled
operations offshore outsourcing solutions and services to large and medium-sized
organizations using an offshore/onsite model. |
|
|
|
|
No. of Employees
: |
21955 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 86679000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a fine track record. Financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are
reported to be regular. The company can be considered good for 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.
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
IrAA- (Withdrawn) |
|
Rating Explanation |
Low credit risk and high credit quality. |
|
Date |
March, 2013 |
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
Management non-cooperative
(Tel. No.: 91-20-39842000/
26693457)
LOCATIONS
|
Registered Office : |
Level II, Tower 3, Cyber City, Magarpatta City, Hadapsar, Pune – 411
013, Maharashtra, India |
|
Tel. No.: |
91-20-39842000/ 26693457 |
|
Fax No.: |
91-20-39842082 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Headquarters : |
Plot No:158-162P and 165-170P, EPIP Phase II, Whitefield, Bangalore –
560 066, Karnataka, India |
|
Tel. No.: |
91-80-41040000 |
|
Fax No.: |
91-80-41259090 |
|
|
|
|
Training Centre : |
iGATE Training Centre, Akshay Tech Park, Jayalashmi
Exports and Imports, Plot No.72 and 73, EPIP Industrial Area, Whitefield,
Bangalore – 560 066, Karnataka, India |
|
Tel. No.: |
91-80-39839700 |
|
Fax No.: |
91-80-41259090 |
|
|
|
|
Global Delivery Centre
: |
Located at: · Bangalore · Chennai · Hyderabad · Mumbai · Navi Mumbai · Pune · Noida · Gandhinagar |
|
|
|
|
Overseas Sales Office : |
Located at: ·
Australia ·
China ·
Indonesia ·
Japan ·
Malaysia ·
Mauritius ·
Singapore |
|
|
|
|
Overseas Global Delivery Centre : |
Located at: ·
Australia ·
China |
DIRECTORS
AS ON 18.12.2013
|
Name : |
Mr. Ashok Kumar Trivedi |
|
Designation : |
Director |
|
Address : |
50, Friends Colony East, New Delhi – 110 065, India |
|
Date of Birth/Age : |
20.04.1949 |
|
Qualification : |
M.B.A.,
M.Sc., B.Sc. |
|
Date of Appointment : |
27.12.1993 |
|
DIN No.: |
00024566 |
|
|
|
|
Name : |
Mr. Sunil Tekchand Wadhwani |
|
Designation : |
Vice Chairman |
|
Address : |
1110, Meridian Drive, Neville Wood Presto PA 15142, United States, USA
15142 |
|
Date of Birth/Age : |
21.12.1952 |
|
Date of Appointment : |
27.12.1993 |
|
DIN No.: |
00380408 |
|
|
|
|
Name : |
Mr. Ashok Vemuri |
|
Designation : |
Director |
|
Address : |
15, Oak Lane, Green Brook, New Jersey, USA 08812 |
|
Date of Birth/Age : |
22.04.1968 |
|
Date of Appointment : |
17.09.2013 |
|
DIN No.: |
03545559 |
|
|
|
|
Name : |
Mr. Sujit Sircar |
|
Designation : |
Whole-time Director |
|
Address : |
No.402, Vars Casa Rosa, 1st Main, Pai Layout, Old Madras
Road, Bangalore – 560 016, Karnataka, India |
|
Date of Birth/Age : |
27.04.1968 |
|
Qualification : |
B.COM,
F.C.A |
|
Date of Appointment : |
01.01.2010 |
|
DIN No.: |
00026417 |
|
PAN No.: |
ABVPS3124K |
KEY EXECUTIVES
|
Name : |
Mr. Mukund Srinath |
|
Designation : |
Secretary |
|
Address : |
8, Rashmi Lakshmi Road, 1st Cross Shantinagar, Bangalore –
560 027 Karnataka, India |
|
Date of Birth/Age : |
26.11.1960 |
|
Date of Appointment : |
02.11.2000 |
|
PAN No.: |
AFSPS7009A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
iGATE Inc., USA |
|
9600000 |
|
iGATE Corporation, USA |
|
3064378 |
AS ON 18.12.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.17 |
|
Bodies
corporate |
|
0.02 |
|
Other
top fifty shareholders |
|
0.81 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily
engaged in providing Information Technology ("IT") and IT - enabled
operations offshore outsourcing solutions and services to large and
medium-sized organizations using an offshore/onsite model. |
GENERAL INFORMATION
|
No. of Employees : |
21955 (Approximately) |
||||||||||||
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|
||||||||||||
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Bankers : |
· Citibank NA, 506-507, Level 5, Prestige Meridian 2, # 30, M.G. Road, Bangalore – 560 001, Karnataka, India |
||||||||||||
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|
|
||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
UB City,
Canberra Block, 12th and 13th Floor, No.24, Vittal
Malya Road, Bangalore – 560 051, Karnataka, India |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Holding
Company : |
· iGATE Inc., United States |
|
|
|
|
Ultimate Holding
Company: |
· iGATE Corporation, United States |
|
|
|
|
Subsidiary
Companies : |
|
|
|
|
|
Fellow Subsidiaries : |
|
|
|
|
|
Related parties with whom transactions have taken place during the
year : |
|
CAPITAL STRUCTURE
AS ON 18.12.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
29950000 |
Equity Shares |
Rs.10/- each |
Rs.299.500 millions |
|
10800000 |
Preference Shares |
Rs.10/- each |
Rs.108.000 millions |
|
|
Total |
|
Rs.407.500
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
29433347 |
Equity Shares |
Rs.10/- each |
Rs.294.333
millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13000000 |
Equity Shares |
Rs.10/- each |
Rs.130.000 millions |
|
13000000 |
Preference Shares |
Rs.10/- each |
Rs.130.000 millions |
|
|
Total |
|
Rs.260.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12764378 |
Equity Shares |
Rs.10/- each |
Rs.127.640
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 |
127.640 |
127.640 |
127.600 |
|
(b) Reserves & Surplus |
21355.000 |
11172.000 |
9819.800 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
187.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
21669.640 |
11299.640 |
9947.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
38.360 |
24.360 |
27.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
23.000 |
17.000 |
25.100 |
|
(d)
Long-term provisions |
1501.000 |
72.000 |
53.300 |
|
Total
Non-current Liabilities (3) |
1562.360 |
113.360 |
105.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2551.000 |
2645.000 |
1337.900 |
|
(b)
Trade payables |
4448.000 |
870.000 |
802.500 |
|
(c)
Other current liabilities |
25188.000 |
1251.000 |
918.700 |
|
(d)
Short-term provisions |
358.000 |
376.000 |
315.100 |
|
Total
Current Liabilities (4) |
32545.000 |
5142.000 |
3374.200 |
|
|
|
|
|
|
TOTAL |
55777.000 |
16555.000 |
13427.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6951.000 |
1808.000 |
1722.600 |
|
(ii)
Intangible Assets |
364.000 |
98.000 |
95.200 |
|
(iii)
Capital work-in-progress |
720.000 |
150.000 |
338.300 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1911.000 |
7600.000 |
326.000 |
|
(c) Deferred tax assets
(net) |
574.000 |
344.000 |
118.300 |
|
(d) Long-term Loan
and Advances |
3941.000 |
811.000 |
854.500 |
|
(e)
Other Non-current assets |
7.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
14468.000 |
10811.000 |
3454.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
25893.000 |
2101.000 |
1554.800 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
8228.000 |
1583.000 |
1893.300 |
|
(d)
Cash and cash equivalents |
2497.000 |
708.000 |
5515.500 |
|
(e)
Short-term loans and advances |
2859.000 |
424.000 |
353.100 |
|
(f)
Other current assets |
1832.000 |
928.000 |
655.400 |
|
Total
Current Assets |
41309.000 |
5744.000 |
9972.100 |
|
|
|
|
|
|
TOTAL |
55777.000 |
16555.000 |
13427.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
34195.000 |
11561.000 |
11845.500 |
|
|
|
Other Income |
2098.000 |
123.000 |
278.100 |
|
|
|
TOTAL (A) |
36293.000 |
11684.000 |
12123.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefit expenses |
17639.000 |
7068.000 |
6563.300 |
|
|
|
Other expenses |
10467.000 |
2543.000 |
2631.000 |
|
|
|
Provision for losses of subsidiary written back |
0.000 |
0.000 |
(70.800) |
|
|
|
TOTAL (B) |
28106.000 |
9611.000 |
9123.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8187.000 |
2073.000 |
3000.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
64.000 |
45.000 |
7.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8123.000 |
2028.000 |
2992.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1277.000 |
431.000 |
359.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
6846.000 |
1597.000 |
2632.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1497.000 |
191.000 |
104.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
5349.000 |
1406.000 |
2528.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
33965.000 |
11561.000 |
11845.500 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
181.73 |
110.22 |
198.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
14.74 |
12.04
|
20.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.02 |
13.82
|
22.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.02 |
18.87
|
20.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.14
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.12 |
0.24
|
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.12
|
2.96 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Other
loans and advances |
2551.000 |
2645.000 |
|
Total
|
2551.000 |
2645.000 |
CORPORATE INFORMATION:
The Company is a public Company
domiciled in India and incorporated under the provisions of the Companies Act,
1956. The Company is primarily engaged in providing Information Technology
("IT") and IT - enabled operations offshore outsourcing solutions and
services to large and medium-sized organizations using an offshore/onsite
model. The Company has its branches in United States, Canada, Japan, Singapore,
Australia, Sweden, Switzerland, United Kingdom, Belgium, Denmark, France,
Finland, Germany, Ireland and Netherlands. IT services and IT-enabled operation
offshore outsourcing solutions is delivered using the offshore centers located
in Bangalore, Hyderabad, Chennai, Noida, Mumbai, Pune and Gandhinagar in India.
During the year, the registered office of the Company has been shifted from
Bangalore, Karnataka to Pune, Maharashtra. On May 12, 2011, the Company
acquired 11% of equity interest in iGATE Computer Systems Limited ('iCS')
(formerly known as Patni Computer Systems Limited). The Company, along with its
ultimate holding company and its subsidiaries issued a public announcement
regarding the proposed acquisition of remaining iCS equity shares and delisting
the fully paid-up equity shares of iCS. iCS then applied to the Bombay stock
exchange (BSE) and the National stock exchange (NSE) to voluntarily delist its
equity shares from those exchanges. Upon completion of the purchase of iCS?s
remaining shares, trading was discontinued as on 21 May 2012 and iCS’s shares
were delisted from the of the BSE and the NSE as on 28 May 2012. Subsequently,
iCS applied for voluntary delisting of its ADSs from the New York stock
exchange (NYSE) and for de-registration of the ADSs under the Securities
Exchange Act of 1934. The ADSs were delisted from the NYSE after the close of
trading on September 28, 2012. The Company also purchased 35.16% shares for a
cash consideration of Rs.24796.000 millions. On October 26, 2012, the Company's
Board of Directors approved the plan to merge iCS with the Company and filed a
scheme of amalgamation with the High Court in Mumbai, India on October 29,
2012. On 29 December 2012, iCS sent to its shareholders a notice convening a
meeting of shareholders to approve the merger scheme (as filed with the High
Court) of iCS with iGS. The Company received High Court Order on May 10, 2013
for merger with iCS effective April 1, 2012, being the appointed date.
Note:
The Registered office of the company has been
shifted from, Nos.158-162(P) and 165(P)-170(P), EPIP, Phase II, White Field, Bangalore
– 560 066, Karnataka, India, to the prse4nt address w.e.f. 08.10.2012.
FIXED ASSETS:
Tangible Assets
· Land
· Buildings
· Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
·
Leasehold Improvements
Intangible Assets
·
Goodwill
·
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 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] 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.60.13 |
|
|
1 |
Rs.99.65 |
|
Euro |
1 |
Rs.82.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.