MIRA
INFORM REPORT
|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA CAPITAL FOREX LIMITED |
|
|
|
|
Formerly Known
As : |
T T HOLDINGS AND SERVICES LIMITED |
|
|
|
|
Registered
Office : |
One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai – 400001, |
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|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
07.11.2006 |
|
|
|
|
Com. Reg. No.: |
11-238745 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 104.340 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65921MH2006PLC238745 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The business of Providing Money Changing Related Services. |
|
|
|
|
No. of Employees
: |
136 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a TATA Group Company. It is an established company having good track record. The company has recorded some accumulated losses during 2014. However, the company receives strong operational and financial support
from its group company. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. In view of experienced promoters and strong parental support, the
company can be considered normal 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications:
Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains revenue
guidance. COO Rao says attrition still an area of concern and it would take a
few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AA” |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
22.04.2014 |
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 DENIED BY
|
Name : |
Mr. Andry Koyalo |
|
Designation : |
Accountant Manager |
|
Contact No.: |
91-22-66069400 |
|
Date : |
01.10.2014 |
LOCATIONS
|
Registered Office : |
One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai – 400001, Maharashtra,
India |
|
Tel. No.: |
91-22-66069400 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Praveen P. Kadle |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. G. Sankaranarayanan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Joe Pretto |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Dhan Tata |
|
Designation : |
Manager |
|
|
|
|
Name : |
Mr. Shailesh H. Rajadhyaksha |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Raina Bhansali |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Andry Koyalo |
|
Designation : |
Accountant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Names of Shareholders |
|
No. of Shares |
|
Tata Capital Limited, India |
|
10433969 |
|
|
|
|
|
Total |
|
10433969 |
BUSINESS DETAILS
|
Line of Business : |
The business of Providing Money Changing Related Services. |
GENERAL INFORMATION
|
No. of Employees : |
136 (Approximately) |
||||||||||||||||||
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|
|
||||||||||||||||||
|
Bankers : |
· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India ·
Indusind Bank Limited, 2401 Gen Thimmayya
Road, Contonment, Pune, Maharashtra - 411001, India |
||||||||||||||||||
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|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Holding Company : |
·
Tata Capital Limited |
|
|
|
|
Ultimate Holding
Company : |
·
Tata Sons Limited |
|
|
|
|
Subsidiaries of
Tata Capital Limited (with whom transactions have been entered into during
the current year) : |
· Tata Capital Financial Services Limited · Tata Securities Limited · TC Travel and Services Limited |
|
|
|
|
Subsidiaries of
Tata Sons Limited (with whom transactions have been entered into during the
current year) : |
· Tata AIG General Insurance Company Limited · Tata Consulting Engineers Limited (formerly TCE Consulting Engineers Limited) · Tata Industries Limited · Tata Petrodyne Limited · Tata Consultancy Services Limited · e-Nxt Financials Limited · Drive India Enterprises Solutions Limited · Tata Business Support Services Limited · Tata International Limited · Tata Advance System Limited · Tata Autocomp System Limited · Tata Sky Limited · Tata Tele Services Limited · Infiniti Retail Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10433969 |
Equity Shares |
Rs.10/- each |
Rs. 104.340
Millions |
|
|
|
|
|
Reconciliation of
Number of Shares Outstanding Amount
|
PARTICULARS |
As at March 31, 2014 |
|
Opening Share
Capital |
|
|
Equity Face Value Rs. 10/- Fully Paid Up |
10,433,969 |
|
Adjustments During
the Year |
– |
|
Closing Share
Capital |
|
|
Equity Face Value Rs. 10/- Fully Paid Up |
10,433,969 |
Investment by tata
capital limited (holding company) and its nominees
|
Name of Company |
Particulars of
issue |
No. of shares |
Amount (in `) |
|
Tata Capital Limited (Holding Company) |
Opening Balance as on 01.04.12 |
10,433,969 |
104,339,690 |
|
|
Closing Balance as on 31.03.13 |
10,433,969 |
104,339,690 |
|
|
Closing Balance as on 31.03.14 |
10,433,969 |
104,339,690 |
List of shareholders
holding more than 5% Shares as at
|
Name of Shareholder
|
As at 1st April,
2013 |
As at 31st March,
2014 |
||
|
|
No. of Shares Held |
% of Holding |
No. of Shares Held |
% of Holding |
|
Tata Capital Limited and its Nominees |
10,433,969 |
100% |
10,433,969 |
100% |
|
Name of Shareholder
|
As at 1st April,
2012 |
As at 31st March, 2013 |
||
|
|
No. of Shares held |
% of Holding |
No. of Shares held |
% of Holding |
|
Tata Capital Limited and its Nominees |
10,433,969 |
100% |
10,433,969 |
100% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
104.340 |
104.340 |
|
(b) Reserves & Surplus |
|
(53.655) |
5.945 |
|
(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) |
|
50.685 |
110.285 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
341.971 |
241.616 |
|
(b)
Trade payables |
|
131.979 |
125.857 |
|
(c)
Other current liabilities |
|
17.094 |
13.867 |
|
(d) Short-term
provisions |
|
1.421 |
1.294 |
|
Total Current
Liabilities (4) |
|
492.465 |
382.634 |
|
|
|
|
|
|
TOTAL |
|
543.150 |
492.919 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
9.506 |
11.326 |
|
(ii)
Intangible Assets |
|
0.930 |
0.588 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
20.715 |
19.313 |
|
(e) Other
Non-current assets |
|
1.489 |
1.327 |
|
Total Non-Current
Assets |
|
32.640 |
32.554 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c)
Trade receivables |
|
332.270 |
284.871 |
|
(d) Cash
and cash equivalents |
|
130.402 |
138.776 |
|
(e)
Short-term loans and advances |
|
47.838 |
36.718 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
510.510 |
460.365 |
|
|
|
|
|
|
TOTAL |
|
543.150 |
492.919 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
130.200 |
134.882 |
|
|
|
Other Income |
|
26.396 |
24.861 |
|
|
|
TOTAL (A) |
|
156.596 |
159.743 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
|
72.791 |
63.547 |
|
|
|
Other expenses |
|
115.613 |
68.744 |
|
|
|
TOTAL (B) |
|
188.404 |
132.291 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(31.808) |
27.452 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
24.552 |
29.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(56.360) |
(1.696) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
3.632 |
3.229 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(59.992) |
(4.925) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(0.393) |
1.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
(59.599) |
(6.014) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
5.986 |
12.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(53.613) |
5.986 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
8.918 |
14.470 |
|
|
TOTAL EARNINGS |
|
8.918 |
14.470 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(5.71) |
(0.58) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
PAT / Total Income |
(%) |
|
(38.06) |
(3.76) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(46.08) |
(3.65) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(11.05) |
(1.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(1.18) |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
6.75 |
2.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.04 |
1.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
104.340 |
104.340 |
|
Reserves & Surplus |
5.945 |
(53.655) |
|
Net worth |
110.285 |
50.685 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
241.616 |
341.971 |
|
Total borrowings |
241.616 |
341.971 |
|
Debt/Equity ratio |
2.191 |
6.747 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
134.882 |
130.200 |
|
|
0.000 |
(3.471) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
134.882 |
130.200 |
|
Profit |
(6.014) |
(59.599) |
|
|
(4.46)% |
(45.77)% |
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 |
Yes |
|
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 |
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 |
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 |
No |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks |
24.515 |
23.687 |
|
Bank overdraft as per books |
0.000 |
90.000 |
|
|
|
|
|
Total |
24.515 |
113.687 |
BACKGROUND AND
OPERATIONS
Tata Capital Forex Limited (“TCFL” or “Company”) is a wholly owned subsidiary of Tata Capital Limited (“TCL”). The Company holds a ‘Full Fledged Money Changer’ licence from the Reserve Bank of India (“RBI”) and has a network of 25 licensed locations spread across 15 cities in the country. The principal business of the Company is money changing by way of foreign currency, traveller’s cheques and travel card products. The said license which was valid till April 30, 2014, has been put up for renewal and in the interim, the Company is authorized to carry on operations.
With a view to improving its business potential, the Company, during the year relocated its branches at Coimbatore, Fort in Mumbai and Jaipur. The Company is also in the process of setting up an additional branch in Vashi, Navi Mumbai. As a result of not winning the bid for continuation of its counter at Bengaluru International Airport, the license for this location has been surrendered along with the licenses for three other locations viz. Vadodara, Jodhpur and Pimpri-Pune, where the Company’s business did not pan out as anticipated.
The largest share of the Company’s revenue is from corporate customers. Business activity across industry had been subdued through the year due to depressed economic and political conditions. Coupled with this downturn, the Company continues to have to contend with aggressive pricing from competitors especially from banks that have become active players in the foreign exchange business. While volumes were 9.46% lower at USD 182.03 million (Previous Year: USD 201.07 million), the Company achieved a very marginal growth in revenue. Certain additional cost pressures, arising from employee costs, upgradation of IT platform and certain one-time provisioning arising from pre-acquisition accounting have resulted in the Company having had to suffer a significant loss during the year.
The Company retained its pre-eminent position amongst the country’s highest sellers of American Express Traveller’s cheques and also strengthened its position in selling co-branded Axis Bank travel cards, being amongst the top three sellers of these cards in India. The focus on customer acquisition continued and the Company added a further 513 customers during the year. As of March 2014, the Company was servicing 1,396 corporate customers.
During the year, TCFL has recorded an Income of Rs. 156.600 millions (Previous Year: Rs. 159.700 millions) and reported a Loss of Rs. 59.600 millions (Previous Year: Loss of Rs. 6.000 millions).
OUTLOOK
Economic and business environment is showing trends of recovery and travel spends by Corporates are expected to improve. With the focus on customer acquisition and attention given to cost rationalization, it is expected that the Company should be able to recoup its losses in FY 2015.
BACKGROUND
The Company was incorporated as Private Limited Company on November 07, 2006. The Company was converted into a Public Company pursuant to becoming a wholly owned Subsidiary of Tata Capital Limited w.e.f. August 25, 2010. The Company received the fresh certificate of Incorporation consequent upon change of name on conversion to Public Limited Company from the Registrar of Companies, Tamil Nadu, Chennai, Andaman and Nicobar Islands on November 03, 2010. The Company is in the business of providing money changing related services. The name of the Company has been changed from T T Holdings and Services Limited to Tata Capital Forex Limited w.e.f August 29, 2013.
INDEX OF CHARGES
|
S.No |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10395281 |
08/11/2012 |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B65267494 |
|
2 |
10249328 |
15/04/2011 * |
500,000,000.00 |
INDUSIND BANK IMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
B13634837 |
* Date of charge modification
FIXED ASSETS
· Furniture and Fixtures
· Computer Equipment
· Office Equipment
· Vehicles
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. 61.75 |
|
|
1 |
Rs. 100.07 |
|
Euro |
1 |
Rs. 77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
60 |
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.