MIRA
INFORM REPORT
|
Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
RISHABH SOFTWARE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Gajanan Complex, Old Padra Road, Baroda –
390020, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.01.1997 |
|
|
|
|
Com. Reg. No.: |
04-031450 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 29.995
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200GJ1997PTC031450 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDR00301A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR9028G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Software Development and Engineering Services and also in the business of EPC Contracts. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 370000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating reflects company’s moderate financial risk profile marked
by small scale of operations in the software services business, and increased
in external borrowing of the company over previous year. 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BB- |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
January 07, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
January 07, 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
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Mohammed Sohail |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-265-2681159/ 2680159 91-8511122698 |
|
Date : |
23.05.2014 |
LOCATIONS
|
Registered/ Corporate Office : |
3rd Floor, Gajanan Complex, Old Padra Road, Baroda –
390020, Gujarat, India |
|
Tel. No.: |
91-265-2326267/ 68 |
|
Mobile No.: |
91-8511122698 [Mr. Mohammed Sohail] |
|
Fax No.: |
91-265-2334644 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Vadodara Office : |
Plot 66, Beside Sigil India, Padra Road, Atladra, Vadodara - 390012, Gujarat, India |
|
Tel. No.: |
91-265-2680159/ 2681159 |
|
Fax No.: |
91-265-2681159 |
|
|
|
|
Mumbai Office : |
No. 7, Town Centre, Andheri Kurla Road, Andheri
(East), Mumbai - 400059, |
|
Tel. No.: |
91-22-28591787/ 28591788 |
|
|
|
|
US Office : |
Rishabh Business
Solutions, Inc. 2690 S. White Road, Ste. 245, San Jose, CA 95148 |
|
|
|
|
UK Office : |
Rishabh
InfoServices Unit 8, Brent House, 214 Kenton Road, Harrow, HA3 8BT, U.K. |
|
Tel. No.: |
+44 207 993 8162 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mrs. Swati Rajendra Shah |
|
Designation : |
Managing director |
|
Address : |
20, Shobhana Nagar, Vasna Road, Vadodara – 390015, Gujarat, India |
|
Date of Birth/Age : |
26.06.1958 |
|
Date of Appointment : |
29.03.2012 |
|
DIN No.: |
00257294 |
|
|
|
|
Name : |
Mr. Manoranjan Prabhulal Shah |
|
Designation : |
Director |
|
Address : |
7, Mayuri 91, Shrimad Raj Chandra Marg, Ghatkopar (East), Mumbai –
400077, Maharashtra, India |
|
Date of Birth/Age : |
02.04.1928 |
|
Date of Appointment : |
29.03.2012 |
|
DIN No.: |
05246139 |
KEY EXECUTIVES
|
Name : |
Mr. Mohammed Sohail |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Swati Rajendra Shah |
|
1669990 |
|
Manoranjan Prabhulal Shah |
|
10 |
|
|
|
|
|
Total |
|
1670000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Arpita Vijay Shah |
|
633013 |
|
Rishi Infotech Private Limited, India |
|
243000 |
|
Saumil R. Shah |
|
265950 |
|
Nitin Manoranjan Shah |
|
187513 |
|
|
|
|
|
Total |
|
1329476 |
AS ON 07.02.2014
|
Names of Allottee (Preference Shares) |
|
No. of Shares |
|
Rishi Infotech Private Limited, India |
|
333330 |
|
|
|
|
|
Total |
|
333330 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Software Development and Engineering Services and also in the business of EPC Contracts. |
GENERAL INFORMATION
|
Customers : |
v ABB v Aditya Birla
Group v Alembic v Bayer v Bupa v Dhara v Fisher v Garden v Genera v GHG Corporation v Innovative
Creations v Mole Production v Omnia Consulting v Solid Source v Supreme v Vipana |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Bankers : |
v State Bank of India Jetalpur Road Branch, Vadodara - 390015, Gujarat, India v State Bank of Saurashtra Raopura Branch, Raopura, Vadodara - 390001, Gujarat, India |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mukund and Rohit Chartered Accountants |
|
Address : |
Tower E, 2nd Floor, Aavishkar Complex, Old Padra Road, Baroda –
390007, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFM4355J |
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
|
2,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,670,000 |
Equity Shares |
Rs. 10/- each |
Rs. 16.700
Millions |
|
1,662,806 |
Preference Shares |
Rs. 10/- each |
Rs. 16.628 Millions
|
|
|
|
|
|
|
|
Total |
|
Rs. 33.328 Millions |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
|
2,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,670,000 |
Equity Shares |
Rs. 10/- each |
Rs. 16.700
Millions |
|
1,329,476 |
Preference Shares |
Rs. 10/- each |
Rs. 13.295
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 29.995 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 |
29.995 |
28.120 |
15.000 |
|
(b) Reserves & Surplus |
62.740 |
49.352 |
20.359 |
|
(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) |
92.735 |
77.472 |
35.359 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
43.215 |
18.344 |
3.966 |
|
(b) Deferred tax liabilities (Net) |
1.133 |
1.437 |
1.256 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
44.348 |
19.781 |
5.222 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
77.976 |
69.852 |
63.464 |
|
(b)
Trade payables |
8.581 |
9.076 |
4.081 |
|
(c)
Other current liabilities |
26.799 |
5.849 |
6.258 |
|
(d) Short-term
provisions |
11.174 |
8.993 |
7.392 |
|
Total Current
Liabilities (4) |
124.530 |
93.770 |
81.195 |
|
|
|
|
|
|
TOTAL |
261.613 |
191.023 |
121.776 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
40.056 |
44.193 |
44.045 |
|
(ii)
Intangible Assets |
3.217 |
3.723 |
3.544 |
|
(iii)
Capital work-in-progress |
97.476 |
27.282 |
0.195 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
9.956 |
7.194 |
1.114 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7.576 |
15.552 |
9.205 |
|
(e) Other
Non-current assets |
32.806 |
32.893 |
0.000 |
|
Total Non-Current
Assets |
191.087 |
130.837 |
58.103 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
62.516 |
51.366 |
59.331 |
|
(d) Cash
and cash equivalents |
3.717 |
4.040 |
1.978 |
|
(e)
Short-term loans and advances |
4.149 |
4.759 |
2.364 |
|
(f)
Other current assets |
0.144 |
0.021 |
0.000 |
|
Total
Current Assets |
70.526 |
60.186 |
63.673 |
|
|
|
|
|
|
TOTAL |
261.613 |
191.023 |
121.776 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
|
237.259 |
199.996 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
|
208.495 |
179.186 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
28.764 |
20.810 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
6.952 |
7.471 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
21.812 |
13.339 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
7.560 |
9.198 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
14.252 |
4.141 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
4.615 |
1.387 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
9.637 |
2.754 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
3.21 |
0.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.06 |
1.38 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.24 |
2.65 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.05 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.31 |
1.14 |
1.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.57 |
0.64 |
0.78 |
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 |
15.000 |
28.120 |
29.995 |
|
Reserves & Surplus |
20.359 |
49.352 |
62.740 |
|
Net
worth |
35.359 |
77.472 |
92.735 |
|
|
|
|
|
|
long-term borrowings |
3.966 |
18.344 |
43.215 |
|
Short term borrowings |
63.464 |
69.852 |
77.976 |
|
Total
borrowings |
67.430 |
88.196 |
121.191 |
|
Debt/Equity
ratio |
1.907 |
1.138 |
1.307 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
199.996 |
237.259 |
|
|
|
18.632 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
199.996 |
237.259 |
|
Profit |
2.754 |
9.637 |
|
|
1.38% |
4.06% |
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
two years |
Yes |
|
12] |
Profitability for last
two 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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10310048 |
23/09/2011 |
151,500,000.00 |
STATE BANK OF INDIA |
URMI BRANCH, URMI, VADODARA, GUJARAT - 390005, INDIA |
B22481980 |
|
2 |
10006391 |
16/06/2006 |
7,500,000.00 |
STATE BANK OF SAURASHTRA |
RAOPURA BRANCH, RAOPURA, VADODARA, GUJARAT - 390001, INDIA |
A01740034 |
|
3 |
10006361 |
16/06/2006 |
21,500,000.00 |
STATE BANK OF SAURASHTRA |
RAOPURA BRANCH, RAOPURA, VADODARA, GUJARAT - 390001, INDIA |
A01739770 |
|
4 |
80005666 |
26/09/2011 * |
151,500,000.00 |
STATE BANK OF INDIA |
URMI BRANCH, URMI, VADODARA, GUJARAT - 390005, INDIA |
B22648158 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable
on demand From Directors |
20.412 |
0.000 |
|
Relatives |
12.494 |
10.530 |
|
Others |
6.649 |
10.664 |
|
|
|
|
|
Total |
39.555 |
21.194 |
CORPORATE
INFORMATION
Subject is a Private Limited Company engaged in the business of Software
Development and Engineering Services. Company has also engaged in the business
of EPC Contracts. The Company caters to both domestic and international
markets.
OPERATION IN
RETROSPECT
During the year, the company has earned income of Rs. 237.259 Millions
against Rs. 199.996 Millions for the previous year, whereas earned net profit
after tax Rs. 9.637 Millions as against of Rs. 2.754 Millions of the previous
year.
The Company would be continuing its endeavor to operate on its optimum
capacities with relatively lesser costs, so as to generate still more surpluses
in coming years.
With the systematic, planned and result oriented approach and with the
effective organizational set up to bring all round efficiency, the Board
expects better future performance of the Company in coming years, barring
unforeseen circumstances.
FIXED ASSETS:
v Land
v Building
v Plant and
Machinery
v Furniture and
Fixture
v Vehicle
v Office Equipments
v 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. 58.48 |
|
|
1 |
Rs. 98.67 |
|
Euro |
1 |
Rs. 79.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.