MIRA
INFORM REPORT
|
Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRINCIPAL RETIREMENT ADVISORS PRIVATE LIMITED
(w.e.f. 05.05.2011) |
|
|
|
|
Formerly Known
as: |
PNB PRINCIPAL FINANCIAL PLANNERS PRIVATE
LIMITED |
|
|
|
|
Registered
Office : |
Exchange Plaza, B Wing, Ground Floor, NSE Building, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
11.10.2004 |
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Com. Reg. No.: |
149084 |
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Capital Investment
/ Paid-up Capital : |
Rs.580.000 Millions |
|
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CIN No.: [Company Identification
No.] |
U67190MH2004PTC149084 |
|
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP19465F |
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PAN No.: [Permanent Account No.] |
AADCP4853G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged into distribution of Mutual fund and
other financial products and providing consultancy services in relation to
financial products. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to accumulated
losses recorded by the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like messaging
service Weibo Corporation has filed to raise $ 500 million via a US initial
public offering. Alibaba, which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation
raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon
rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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.
Subject’s name has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Rishad |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-67720555 |
|
Date : |
13.05.2014 |
LOCATIONS
|
Registered Office / Corporate Office: |
Exchange Plaza, B Wing, Ground Floor, NSE Building, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-67720555 |
|
Fax No.: |
91- |
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E-Mail : |
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|
Website : |
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Regional Office: |
Located at ·
Pune ·
Delhi ·
Hyderabad ·
Bangalore ·
Ahmedabad ·
Jaipur ·
Chandigarh ·
Kolkata ·
Chennai ·
Luknow |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Ritesh Parasmai Jain |
|
Designation : |
Alternate Director |
|
Address : |
Flat No.502, Building 20 Phase III, Siddhacha I Housing Complex
Pokharan 2, Thana, Mumbai – 400010, Maharashtra, India |
|
Date of Birth/Age : |
11.09.1972 |
|
Date of Appointment : |
05.09.2011 |
|
DIN No.: |
00194062 |
|
|
|
|
Name : |
Mr. Ranjan Ramkrishna Ghotgalkar |
|
Designation : |
Director |
|
Address : |
10A, II Great Eastern Royale 1-322 Belassis Road Tardeo, Mumbai –
400034, Maharashtra, India |
|
Date of Birth/Age : |
04.05.1958 |
|
Date of Appointment : |
26.09.2006 |
|
DIN No.: |
00777125 |
|
|
|
|
Name : |
Mr. Rex Pak Kuen Auyeung |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 2, 14th Floor, Block D, Villa, Monte Rosa, 41 A
Stubs road, Hong Kong |
|
Date of Birth/Age : |
16.04.1952 |
|
Date of Appointment : |
25.02.2011 |
|
DIN No.: |
00504658 |
|
|
|
|
Name : |
Mr. Sudipto Soumendrabhusan Roy |
|
Designation : |
Whole time director |
|
Address : |
A-403, 4th Floor, Biance Near Ashoka Towers Panchemrg, Yari
Road, Mumbai – 400061, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1966 |
|
Date of Appointment : |
21.03.2013 |
|
DIN No.: |
01346161 |
|
|
|
|
Name : |
Mr. Ned Alan Burmeister |
|
Designation : |
Additional Director |
|
Address : |
6256 Pheasant Run Drive West Des Moines Iowa, USA |
|
Date of Birth/Age : |
16.03.1959 |
|
Date of Appointment : |
25.02.2011 |
|
DIN No.: |
02044803 |
|
|
|
|
Name : |
Mr. Sudhinchandra Arvind Padhye |
|
Designation : |
Director |
|
Address : |
16, 3rd Floor, Lalat Society, Lt Dilip Gupte Road, Mumbai –
400016, Maharashtra, India |
|
Date of Birth/Age : |
24.02.1963 |
|
Date of Appointment : |
21.03.2013 |
|
DIN No.: |
00164220 |
|
|
|
|
Name : |
Mr. Terrance Joseph Lillis |
|
Designation : |
Director |
|
Address : |
2925, 160th Street Lowa, Urbandale, Lowa – 50323, USA |
|
Date of Birth/Age : |
09.12.1952 |
|
Date of Appointment : |
24.09.2013 |
|
DIN No.: |
06662686 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Jagdish Kumavat |
|
Designation : |
Secretary |
|
Address : |
Exchange Plaza, Ground Floor, B Wing, NSE Building, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1987 |
|
Date of Appointment : |
24.09.2013 |
|
PAN No.: |
AZCPK2127R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Sudhin Chandra Arvind Padhya |
|
1 |
|
Principal Financial Group (Mauritius) Limited, Mauritius |
|
57999999 |
|
Total |
|
58000000 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2013
|
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 : |
Subject is engaged into distribution of Mutual fund and
other financial products and providing consultancy services in relation to
financial products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Divulged |
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|
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
6 Karim Chambers, 40, A. Doshi Marg,(Harman Street), |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFL1894Q |
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Holding company: |
· Principal Financial Group (Mauritius) Limited, Mauritius |
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Fellow Subsidiary
company: |
· Principal PNB Asset Management Company Private Limited, India [U25000MH1991PTC064092] |
CAPITAL STRUCTURE
AFTER 27.09.2013
Authorised Capital : Rs.
1150.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 880.000
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
115000000 |
Equity Shares |
Rs.10/- each |
Rs. 1150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58000000 |
Equity Shares |
Rs.10/- each |
Rs. 580.000
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 |
580.000 |
430.000 |
230.000 |
|
(b) Reserves & Surplus |
(301.789) |
(63.617) |
(22.653) |
|
(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) |
278.211 |
366.383 |
207.347 |
|
|
|
|
|
|
(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 |
0.018 |
0.757 |
0.000 |
|
Total
Non-current Liabilities (3) |
0.018 |
0.757 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
37.097 |
9.004 |
0.000 |
|
(c) Other current liabilities |
19.813 |
4.189 |
0.407 |
|
(d) Short-term provisions |
2.845 |
0.788 |
0.007 |
|
Total
Current Liabilities (4) |
59.755 |
13.981 |
0.414 |
|
|
|
|
|
|
TOTAL |
337.984 |
381.121 |
207.761 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
116.007 |
44.514 |
0.000 |
|
(ii) Intangible Assets |
1.019 |
1.244 |
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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
33.336 |
30.251 |
2.962 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
150.362 |
76.009 |
2.962 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
167.760 |
2.124 |
202.484 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
3.661 |
0.239 |
|
(d) Cash and cash equivalents |
1.266 |
1.091 |
0.210 |
|
(e) Short-term loans and
advances |
14.105 |
1.297 |
1.866 |
|
(f) Other current assets |
4.491 |
296.939 |
0.000 |
|
Total
Current Assets |
187.622 |
305.112 |
204.799 |
|
|
|
|
|
|
TOTAL |
337.984 |
381.121 |
207.761 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
3.540 |
4.015 |
1.874 |
|
|
Other Income |
31.089 |
15.326 |
3.504 |
|
|
TOTAL
(A) |
34.629 |
19.341 |
5.378 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
|
|
|
|
Purchases of Stock-in-Trade |
|
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
272.801 |
60.000 |
9.333 |
|
|
Employees benefits expense |
|
|
|
|
|
Other expenses |
|
|
|
|
|
TOTAL
(B) |
272.801 |
60.000 |
9.333 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(238.172) |
(40.659) |
(3.955) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
0.304 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(238.172) |
(40.963) |
(3.955) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
(63.616) |
(22.653) |
(18.698) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
(301.788) |
(63.616) |
(22.653) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(4.95) |
(1.73) |
(0.69) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(687.78) |
(211.79) |
(73.54) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(6728.02) |
(1012.68) |
(211.05) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(70.47) |
(10.67) |
(1.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.86) |
(0.11) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.14 |
21.82 |
494.68 |
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 |
230.000 |
430.000 |
580.000 |
|
Reserves & Surplus |
(22.653) |
(63.617) |
(301.789) |
|
Net
worth |
207.347 |
366.383 |
278.211 |
|
|
|
|
|
|
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 |
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) |
|
Sales |
1.874 |
4.015 |
3.540 |
|
|
|
114.248 |
(11.831) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1.874 |
4.015 |
3.540 |
|
Profit |
(3.955) |
(40.963) |
(238.172) |
|
|
(211.05%) |
(1020.25%) |
(6728.02%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: 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 |
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 |
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 |
No |
NOTE: Registered office of the company has been shifted from 1st Floor, Maker Bhavan – II, 18, Sir Vithaldas Thakersey Marg, New Marine Lines, Mumbai – 400020, Maharashtra, India to the present address w.e.f. 14.10.2011
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
OPERATIONS:
Income from operations for the financial year was Rs. 3.500 Millions as compared to Rs.4.000 Millions in the previous year. The Company has incurred a loss of Rs. 238.200 Millions in the current year as compared to Rs. 41.000 Millions in the previous year. This was mainly due to scaling up of operations with full launch of retirement advisory services in FY 2012-13.
In the last 12 months the key focus of the Company was to put in place the infrastructure, processes and thought capital across various functions - Premises, Technology, Operations, Recruitment and Training, Marketing, etc. including setting up new business centers in the top 11 Indian cities.
On the premises front, the Company has set up best-in-class infrastructure for their offices at high streets with prominent branding in the 11 identified centers across the country with completely equipped office infrastructure (with new age technology) and connected with 24X7 videoconferencing facilities by early February, 2013 in the 11 centers.
The Retirement Planning Platform is the backbone of Company’s advisory services business. It will be a one-stop -shop for all client, financial plans, updates etc. and online access to specific modules of the application will be made available to employees, planners and customers.
The Company has already installed the core IT infrastructure on an IBM platform to provide for Office Automation on MS Cloud which will provide the planners an ability to work from anywhere / anytime.
The Company’s intranet and HR systems have also been launched.
Keeping in mind the need for quality planners the Company have also put in place stringent criteria and processes for selection, recruitment, regulatory certification and training.
Training of the planners which includes modules in certifications, financial planning and Integrity Selling, is administered through a combination of in-house and external faculty usually on Company’s internet based video-conferencing facilities. A similar program with relevant content has been put in place for the Key Employees.
SEBI enacted the Investment Advisors Regulation in Jan 2013, vindicating their strong belief that the Regulator was moving the asset accumulation business towards fee-based advisory services. Considering that, the Company has received Certificate of Registration as an Investment Adviser.
OUTLOOK :
The Company has appropriately remained measured in its roll-out, in the midst of a rapidly changing regulatory environment that is geared towards motivating advise-based selling, while remaining nimble to swiftly adapt to key initial learnings as well as Investor/Industry reaction to the rapidly changing environment.
The Indian Story especially with the Great Indian Middle Class continues to remain quite attractive despite sluggish GDP growth in last one year. The favourable demographics coupled with double digit per capita growth and other socio-economic factors like high consumption and usage of credit, nuclearization of families etc. makes a strong case for retirement planning.
The challenge will be to educate and demonstrate value of the fee-based advisory services to consumers who are used to buying products from distributors without advice for free. But the regulatory environment in India is steadily shifting towards the fee based financial advisory model from the current commission based agency model and this augurs well for the Company in the long run. With SEBI coming out with regulations on Investment Advisers, their faith in fee-based financial advisory model being future of India stands vindicated. They remain highly optimistic about the Company’s future business prospects.
BACKGROUND
The Company was established as a joint venture between Principal Financial Group (Mauritius) Limited (PFGM), Punjab National Bank and Vijaya Bank for distribution of Mutual fund and other financial products and consultancy services in relation to financial products. In 2010-11 PFGM acquired 100% stake in the Company. PFGM infused additional Capital into the Company, to support company’s expansion and diversification plans of engaging in providing investment advisory solutions including distribution of a wider range of financial products, to meet the long term financial needs of Clients.
The Company has substantial carried forward losses due to significant investments currently being made to develop this new market and to establish itself as a niche player in the market. The financial statements have been prepared on a going concern basis considering the infusion of capital by PFGM.
The Company is required to register under Securities Exchange Board of India (Investment Advisers) Regulations, 2013 (the Regulations) as an investment advisor. The Company is in the process of filing of Registration application and the same shall be filed within the timeline prescribed by the Regulations.
FIXED ASSETS
Tangible assets
· Furniture and fixtures
· Office equipment
· Computer equipments
· Other equipments
· Leasehold improvements
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 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.59.88 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.