MIRA INFORM REPORT

 

 

Report Date :

22.11.2014

 

IDENTIFICATION DETAILS

 

Name :

NEILSOFT LIMITED (w.e.f. 28.10.1999)

 

 

Formerly Known As :

NEIL AUTOMATION TECHNOLOGY LIMITED (18.06.1992)

 

NEIL AUTOMATION TECHNOLOGY PRIVATE LIMITED

 

 

Registered Office :

Pride Parmar Galaxy, 10/10+A, 8th Floor, Sadhu Vaswani Chowk, Pune – 411001, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014 (Profit and Loss A/c)

 

 

Date of Incorporation :

24.06.1991

 

 

Com. Reg. No.:

11-062192

 

 

Capital Investment / Paid-up Capital :

Rs. 99.547 Millions

 

 

CIN No.:

[Company Identification No.]

U72200PN1991PLC062192

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEN01142B

 

 

PAN No.:

[Permanent Account No.]

AAACN1300P

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Providing Specialist Engineering Services and Solutions also engaged in the business of Selling Software Products.

 

 

No. of Employees :

500 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having fine track.

 

Management has failed to file balance sheet for FY14, Whereas all other documents and financials are duly filed with the statutory authorities.

 

As per available, the ratings reflect the reputed and diversified client base spread across various industries and favorable financial risk profile marked by comfortable capital structure and profitability margins.

 

Directors are reported to be experienced and respectable businessmen.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

In view of experienced promoters and strong engineering talent pool, 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

 

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

 

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

 

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

 

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1st November.

 

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities: A-

Rating Explanation

Adequate degree of safety and low credit risk.

Date

November 4, 2014

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities: A2

Rating Explanation

Strong degree of safety and low credit risk.

Date

November 4, 2014

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Ashish

Designation :

Account Department

Contact No.:

91-20-26053003

Date :

17.11.2014

 

 

LOCATIONS

 

Registered Office :

Pride Parmar Galaxy, 10/10+A, 8th Floor, Sadhu Vaswani Chowk, Pune – 411001, Maharashtra, India

Tel. No.:

91-20-26053003

Fax No.:

91-20-26131755

E-Mail :

rupa.shah@nelisoft.com

info@neilsoft.com

sales.india@neilsoft.com

ravi.waykole@neilsoft.com

Website :

http://www.neilsoft.com

Area :

5000 sq. ft.

Location :

Owned

 

 

US Offices 1 :

800 West Fifth Ave, Suite 211 Naperville, IL 60563, USA

Tel No.:

+1630 357 7430

Fax No.:

+1630 596 5304

 

 

US Offices 2:

10811 Washington Blvd, Suite 300, Culver City, Ca 90232, USA

Tel No.:

+1310 437 6300

Fax No.:

+1419 821 7513

 

 

US Offices 3 :

976 American Drive, Unit 14,Neenah, WI 54956, USA

Tel No.:

+1 920 486 6686 

Fax No.:

+1 920 486 5709

 

 

US Offices 4 :

6830, N. Haggerty Road,Canton MI 48187, USA

Tel No.:

+1 734 459 1100

Fax No.:

+1 734 459 1113

 

 

Europe  Offices 1 :

6-8 AW House, Stuart Street Luton, LU1 2SJ, UK

Tel No.:

+44 1582 455 559

 

 

Europe Offices 2 :

Auf der Krautweide 32,65812 Bad Soden, Germany

Tel No.:

+49 6196 93490

Fax No.:

+49 6196 93490-49

 

 

India Offices 1 :

406, Embassy Centre 11, Crescent Road Kumara Park (E), Bangalore 560001

Tel No.:

+91 80 2226 7786

Fax No.:

+91 80 2237 4189

 

 

India office 2 :

408, Chiranjiv Tower 43, Nehru Place,New Delhi 110019

Tel No.:

91-114108 6157

Fax No.:

91-1141086161

 

 

India office 3:

Room No.4, 5th Floor, Crown Court, No.34, Cathedral Road, Gopalapuram Chennai 600086, India

Tel No.:

91-4428114247

Fax No.:

91-4428114247

 

 

India office 4:

201, Rajhans Annex, Above Rajmal Lakhichand Jewellers, Thane (W), 400602, Maharashtra, India

Tel No.:

91-22-67702737

Fax No.:

91-22-67702736

 

 

India office 5:

A/34, NOBLES Building, 2nd Floor, Ashram Road, Behind, Ashram Petrol Pump, Opposite Nehru Bridge Ahmedabad 380009, Gujarat, India

Tel No.:

91-79-26588335

 

 

DIRECTORS

 

As on 31.03.2013

 

Name :

Mr. Ketan Champaklal Bakshi

Designation :

Managing director

Address :

B-32, Abhimanshree Society, Off Pashan Road, Pune – 411007, Maharashtra, India

Date of Birth/Age :

14.05.1956

Qualification :

BE Electronics, MS in Computer Science

Date of Appointment :

24.06.1991

PAN No.:

AAHPB4240Q

DIN No.:

01997656

 

 

Name :

Mrs. Rupa Harish Shah

Designation :

Director

Address :

4/11, Visava Heights, D.P. Road, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

14.11.1958

Qualification :

CA

Date of Appointment :

24.06.1991

PAN No.:

AAQPS0911A

DIN No.:

00546087

 

 

Name :

Mr. Chirag Champaklal Bakshi

Designation :

Director

Address :

1187, Starling Ridge Court, San Jose, California – 96120

Date of Birth/Age :

29.02.1960

Qualification :

MS in Comp Science, MS in Ele. Engg

Date of Appointment :

01.06.1999

DIN No.:

01997707

 

 

Name :

Mr. Rajan Vasant Vakil

Designation :

Director

Address :

11, Vasant Vilas, Andrews Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

11.08.1956

Qualification :

M.Com

Date of Appointment :

16.09.1995

DIN No.:

02438267

 

 

Name :

Mr. Samu Devarajan

Designation :

Director

Address :

Villa 185, Adarsh Palm, Meadows, Phase I, Whitefield Road, Bangalore - 560066, Karnataka, India  

Date of Birth/Age :

31.10.1954

Qualification :

BE

Date of Appointment :

25.08.2012

DIN No.:

00878956

 

 

Name :

Mr. Rajesh Sawhney

Designation :

Nominee director

Address :

A/402, The IVY Residential Complex, Sushant Lok-Phase-1, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

02.02.1966

Qualification :

BE

Date of Appointment :

26.03.2013

DIN No.:

01519511

 

 

Name :

Mr. Satyen Patel

Designation :

Director

Address :

Lantern House, Knowle Hill, Vigirnia Water GU25 4HZ, UK

Date of Birth/Age :

20.04.1957

Qualification :

MBA

Date of Appointment :

25.01./2011

DIN No.:

00044021

 

 

KEY EXECUTIVES

 

Name :

Mr. Ashish

Designation :

Account Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 28.07.2014

 

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

 

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]

40.19

Directors or relatives of directors

34.14

Other top fifty shareholders

24.67

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Specialist Engineering Services and Solutions also engaged in the business of Selling Software Products.

 

 

Products/ Services :

ITC Code No.

 

Product Descriptions

49119910

Sale software disc and license

49070050

Construction engineering services

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

 

 

Customers :

Not Divulged

 

 

No. of Employees :

500 (Approximately)

 

 

Bankers :

 

Banker Name :

Export Import Bank Of India

Branch Address :

Centre One Bulding, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Facilities :

Not Divulged

Person Name :

Not Divulged

Contact No.:

Not Divulged

Report :

Not Divulged

 

Banker Name :

Central Bank of India

Branch Address :

104/105, 1st Floor, 927 F. C. Road, Shivaji Nagar, Pune-411004, Maharashtra, India

Facilities :

Not Divulged

Person Name :

Not Divulged

Contact No.:

Not Divulged

Report :

Not Divulged

 

Banker Name :

Sicom Limited

Branch Address :

Nirmal 1st Floor, Nirmal Point, Mumbai-400021, Maharashtra, India

Facilities :

Not Divulged

Person Name :

Not Divulged

Contact No.:

Not Divulged

Report :

Not Divulged

 

Banker Name :

Kotak Mahindra Bank Limited

Branch Address :

36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Not Divulged

Person Name :

Not Divulged

Contact No.:

Not Divulged

Report :

Not Divulged

 

 

Facilities :

 

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Other loans and advances

0.081

0.226

SHORT TERM BORROWINGS

 

 

Working capital loans from banks

32.733

32.906

 

 

 

Total

 

32.814

33.132

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

706, 'B' Wing, 7th Floor, ICC Trade Tower, Senapati Bapat Road, Mumbai, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AACFD4815A

 

 

Subsidiary Company :

Neilsoft Inc

 

 

CAPITAL STRUCTURE

 

As on 28.07.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12000000

Equity Shares

Rs. 10/- each

Rs. 120.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9954722

Equity Shares

Rs. 10/- each

Rs. 99.547 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

99.547

99.547

(b) Reserves & Surplus

 

453.419

353.792

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

552.966

453.339

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

0.081

0.226

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

20.718

17.124

(d) long-term provisions

 

0.000

0.000

Total Non-current Liabilities (3)

 

20.799

17.350

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

32.733

32.906

(b) Trade payables

 

79.521

86.341

(c) Other current liabilities

 

21.855

10.441

(d) Short-term provisions

 

9.073

4.802

Total Current Liabilities (4)

 

143.182

134.490

 

 

 

 

TOTAL

 

716.947

605.179

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

38.473

44.481

(ii) Intangible Assets

 

4.534

5.625

(iii) Capital work-in-progress

 

0.000

7.668

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

99.747

99.747

(c) Deferred tax assets (net)

 

33.239

25.814

(d)  Long-term Loan and Advances

 

150.494

158.663

(e) Other Non-current assets

 

0.020

0.000

Total Non-Current Assets

 

326.507

341.998

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

 

(b) Inventories

 

0.026

0.383

(c) Trade receivables

 

208.378

194.250

(d) Cash and cash equivalents

 

140.791

42.674

(e) Short-term loans and advances

 

40.140

24.693

(f) Other current assets

 

1.105

1.181

Total Current Assets

 

390.440

263.181

 

 

 

 

TOTAL

 

716.947

605.179

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from operations

849.593

813.840

777.840

 

 

Other Income

39.757

18.926

23.439

 

 

TOTAL                                     (A)

889.350

832.766

801.279

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

0.000

0.000

136.781

 

 

Purchases of Stock-in-Trade

132.893

134.365

0.000

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(3.004)

0.357

(0.110)

 

 

Employee benefit expense

438.568

415.184

416.563

 

 

Other expenses

158.259

176.899

190.238

 

 

TOTAL                                     (B)

726.716

726.805

743.472

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

162.634

105.961

57.807

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

2.844

3.929

7.965

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

159.790

102.032

49.842

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

11.456

9.166

16.167

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

148.334

92.866

33.675

 

 

 

 

 

Less

TAX                                                                  (H)

49.024

(6.760)

(5.411)

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

99.310

99.626

39.086

 

 

 

 

 

 

Earnings Per Share (Rs.)

9.95

---

----

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

 (PAT/Sales)

(%)

11.69

12.24

5.02

 

 

 

 

 

Operating Profit Margin

(PBITD/Sales)

(%)

19.14

13.02

7.43

 

 

 

 

 

Return on Total Assets

 (PBT/Total Assets}

(%)

N.A

15.90

7.14

 

 

 

 

 

Return on Investment (ROI)

 (PBT/Networth)

 

N.A

0.17

0.07

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

N.A

0.06

0.07

 

 

 

 

 

Current Ratio

 (Current Asset/Current Liability)

 

N.A

2.73

1.96

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

Share Capital

99.547

99.547

Reserves & Surplus

353.792

453.419

Net worth

453.339

552.966

 

 

 

long-term borrowings

0.226

0.081

Short term borrowings

32.906

32.733

Total borrowings

33.132

32.814

Debt/Equity ratio

0.073

0.059

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

777.840

813.840

849.593

 

 

4.628

4.393

 

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

777.840

813.840

849.593

Profit

39.086

99.626

99.310

 

5.02%

12.24%

11.69%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

CURRENT MATURITIES OF LONG TERM DEBT

 

Particulars

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

 

 

 

Current maturities of long-term debt

0.148

0.132

 

 

 

 

 

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

Yes

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

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

Yes

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

 

Note:

The Registered office of the company has been shifted from 1108, Saket Off Ganeshkhind Road, Model Colony, Pune – 411016, Maharashtra, India to the present address w.e.f. 12.07.2007

 

 

INDEX OF CHARGES

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10450592

23/09/2013

20,000,000.00

KOTAK MAHINDRA BANK LIMITED

36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M 
UMBAI, Maharashtra - 400021, INDIA

B85562478

2

10022567

21/02/2014 *

100,000,000.00

CENTRAL BANK OF INDIA

104/105, 1st Floor, 927 F.C.ROAD,, SHIVAJINAGAR,, 
PUNE, Maharashtra - 411004, INDIA

B98825946

 

 

* Date of charge modification

 

 

REVIEW OF OPERATIONS

 

The financial statements have been prepared in compliance with the requirements of The Companies Act, 1956, and Generally Accepted Accounting Principles (GAAP) in India.

 

Their management accepts responsibility for the integrity and objectivity of these financial statements, as well as for the various estimates and judgments used in preparing the financial statements.

 

Deloitte Haskins and Sells, Chartered Accountants, the independent auditors have audited these financial statements.

 

During the financial year 2012-13, your company focused on consolidation, better cost controls and improving quality and business hygiene.

 

The result of this effort is evident in the Financial Highlight of F.Y. 2012-13. The company also continues to invest in the development of Intellectual property in the range of approx. Rs. 30.000 - 40.000 Millions per year.

 

The major reasons for the financial turnaround were:

 

1. Recovery of the Buildings segment in USA;

2. Decent growth from the Manufacturing segment clients;

3. Increasing requirements from the Chemicals & Fibers segment;

4. Rupee devaluation’s impact on the bottom line by 2%; and

5. Cost controls implemented over last 24 months.

 

The Operating Revenue (Consolidated) during the year was Rs. 1139.012 Millions, as against Rs. 1102.833 Millions in the previous year, registering an overall increase of 3.3 %. The Profit after tax was Rs. 96.948 Millions, as against Rs.1.220 Millions in the previous year.

 

FIXED ASSETS:

 

·         Land

·         Furniture and fixtures

·         Vehicles

·         Office equipment

·         Computer equipment

·         Other equipment

·         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, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records 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. 62.85

UK Pound

1

Rs. 97.01

Euro

1

Rs. 77.62

 

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Analysis done by :

SUB

 

 

Report Prepared by :

JYTK

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

54

 

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

 

--

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.