MIRA INFORM REPORT
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Report No. : |
315852 |
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Report Date : |
02.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
TIMESOFMONEY PRIVATE LIMITED (w.e.f. 18.03.2015) |
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Formerly Known
As : |
TIMESOFMONEY LIMITED |
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Registered
Office : |
4th Floor, Reliable Tech Park, Thane Belapur Road, Navi Mumbai – 400708, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.05.2000 |
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Com. Reg. No.: |
11-126353 |
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Capital
Investment / Paid-up Capital : |
Rs.137.758 Million |
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CIN No.: [Company Identification
No.] |
U67190MH2000PTC126353 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCC3034A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is a digital payment service provider serving
retail and institutional customers across the globe. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for normal 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.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
Management Non Co-Operative (Tel No.: 91-22-30989600)
LOCATIONS
|
Registered Office : |
4th Floor, Reliable Tech Park, Thane Belapur Road, Navi Mumbai – 400708, Maharashtra, India |
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Tel. No.: |
91-22-30989600 / 30988371 |
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Fax No.: |
91-22-30988347 |
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E-Mail : |
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Website : |
DIRECTORS
As on 09.09.2014
|
Name : |
Mr. Avijit Nanda |
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Designation : |
Whole Time Director |
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Address : |
A-Wing, 223, 23rd Floor Kalpataru Horizon, S.K. Ahire Marg, Worli,
Mumbai - 400018, Maharashtra, India |
|
Date of Appointment : |
23.01.2012 |
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PAN No.: |
AAGPN4916N |
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DIN No.: |
01689644 |
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Name : |
Mr. Bhairav Surendra Trivedi |
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Designation : |
Nominee Director |
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Address : |
Villa No 9, 393 Emirates Hill First, Post Box 4487, Dubai, 4487,
United Arab Emirates |
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Date of Appointment : |
30.10.2012 |
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DIN No.: |
03577490 |
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Name : |
Mr. David Garrett Mountain |
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Designation : |
Nominee Director |
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Address : |
45 Dudley Court, 36 Endell Street, London, WC2H9RF, United Kingdom |
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Date of Appointment : |
24.09.2013 |
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DIN No.: |
06727290 |
KEY EXECUTIVES
|
Name : |
Mrs. Ketki Namendra Belhe |
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Designation : |
Secretary |
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Address : |
302 Ashtavinayak, Dr. Neetu Manake Road, Mumbai - 400088, Maharashtra,
India |
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Date of Appointment : |
06.01.2015 |
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PAN No.: |
AKFPD3794H |
MAJOR SHAREHOLDERS
As on 09.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Samir Jain Jointly Held With Times Internet Limited, India |
|
1000 |
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Gopal Mohan Jointly Held With Times Internet Limited, India |
|
1000 |
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Vineet Jain Jointly Held With Times Internet Limited, India |
|
1000 |
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Monisha Saraf Jointly Held With Times Internet Limited, India |
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1000 |
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Ashok Talwar Jointly Held With Times Internet Limited, India |
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1000 |
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Times Internet Limited, India |
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34434620 |
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Network International Investment Pte. Limited, Singapore |
|
103318860 |
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Total |
|
137758480 |
Equity Share Break up (Percentage of Total Equity)
As on 09.09.2014
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Other top fifty shareholders |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is a digital payment service provider serving
retail and institutional customers across the globe. |
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Products / Services : |
Digital Payment Service |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Tower 3, 27th, 32nd Floor, Indiabulls Finance Centre, Elphinstone Mil Compound, Senapati Bapat, Elphinstone (West), Mumbai, Maharashtra, India |
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PAN No.: |
AACFD4815A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
CIN No.: U74999DL1999PLC135531 |
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Ultimate Holding
Company : |
CIN No.: U22120MH1913PLC000391 |
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Subsidiary Company
: |
CIN No.: U74900MH2007PLC174653
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Others / Group
Company (upto October 29, 2012) : |
CIN No.: U65990MH1983PLC029209
U92100DL2005PLC173555
CIN No.: U32109MH1986PLC168454
CIN No.: U74992MH2006PLC163048
CIN No.: U65990MH2008PLC178673 |
CAPITAL STRUCTURE
As on 09.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.10/- each |
Rs.320.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13775848 |
Equity Shares |
Rs.10/- each |
Rs.137.758 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
137.758 |
137.758 |
183.678 |
|
(b) Reserves & Surplus |
553.218 |
364.081 |
215.811 |
|
(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) |
690.976 |
501.839 |
399.489 |
|
|
|
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(3)
Non-Current Liabilities |
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|
|
|
(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 |
33.179 |
1.517 |
1.215 |
|
(d) long-term
provisions |
11.879 |
9.908 |
4.400 |
|
Total Non-current
Liabilities (3) |
45.058 |
11.425 |
5.615 |
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|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
64.401 |
75.592 |
40.537 |
|
(c) Other current
liabilities |
233.666 |
133.024 |
342.606 |
|
(d) Short-term
provisions |
215.965 |
251.578 |
371.865 |
|
Total Current
Liabilities (4) |
514.032 |
460.194 |
755.008 |
|
|
|
|
|
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TOTAL |
1,250.066 |
973.458 |
1,160.112 |
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|
|
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II.
ASSETS |
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|
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|
(1)
Non-current assets |
|
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
10.943 |
3.334 |
8.117 |
|
(ii)
Intangible Assets |
62.686 |
27.599 |
30.527 |
|
(iii)
Capital work-in-progress |
10.108 |
5.110 |
1.975 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5.080 |
4.241 |
4.241 |
|
(c) Deferred tax assets (net) |
3.025 |
6.421 |
1.457 |
|
(d) Long-term Loan and Advances |
30.415 |
74.816 |
48.336 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
122.257 |
121.521 |
94.653 |
|
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
379.506 |
515.419 |
725.834 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
61.573 |
41.022 |
28.232 |
|
(d) Cash
and cash equivalents |
422.834 |
155.756 |
265.085 |
|
(e)
Short-term loans and advances |
258.012 |
133.263 |
29.213 |
|
(f) Other
current assets |
5.884 |
6.477 |
17.095 |
|
Total
Current Assets |
1,127.809 |
851.937 |
1,065.459 |
|
|
|
|
|
|
TOTAL |
1,250.066 |
973.458 |
1,160.112 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
880.909 |
864.316 |
927.608 |
|
|
|
Other Income |
137.846 |
128.387 |
100.743 |
|
|
|
TOTAL |
1,018.755 |
992.703 |
1,028.351 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expenses |
278.452 |
241.767 |
174.353 |
|
|
|
Other Expenses |
454.758 |
476.452 |
587.839 |
|
|
|
TOTAL |
733.210 |
718.219 |
762.192 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
285.545 |
274.484 |
266.159 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
285.545 |
274.484 |
266.159 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
16.045 |
12.434 |
15.701 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
269.500 |
262.050 |
250.458 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
80.363 |
59.870 |
57.530 |
|
|
|
|
|
|
|
|
|
Add |
PROFIT (LOSS) FROM
DISCONTINUING OPERATIONS BEFORE TAX |
0.000 |
0.000 |
103.067 |
|
|
|
|
|
|
|
|
|
Less |
TAX EXPENSE OF DISCONTINUING
OPERATIONS |
0.000 |
0.000 |
18.454 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
189.137 |
202.180 |
277.541 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
13.73 |
14.05 |
10.50 |
|
|
|
Diluted |
13.73 |
14.05 |
15.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
21.47 |
23.39 |
29.92 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
32.41 |
31.76 |
28.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.88 |
27.36 |
21.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39 |
0.52 |
0.63 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19 |
1.85 |
1.41 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
183.678 |
137.758 |
137.758 |
|
Reserves & Surplus |
215.811 |
364.081 |
553.218 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
399.489 |
501.839 |
690.976 |
|
|
|
|
|
|
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 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
927.608 |
864.316 |
880.909 |
|
|
|
(6.823) |
1.920 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
927.608 |
864.316 |
880.909 |
|
Profit |
277.541 |
202.180 |
189.137 |
|
|
29.92% |
23.39% |
21.47% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
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 |
No |
|
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 |
No |
CORPORATE
INFORMATION:
The Company is a digital payment service provider serving retail and institutional customers across the globe. It was established in 2001, it provides a wide spectrum of offerings including retail online remittances, specialized NRI Services, a managed white-label remittance platform and an online payment gateway. It provides these services through its websites viz. Remit2India, Window2India, Remit2Home, DirecPay and OutRemit.
BUSINESS
HIGHLIGHTS:
Retail Remittance
Year 2013 was one which brought over tremendous challenges to the retail
business, right from regulatory changes to banking arrangement and competition
landscape. Having said that, it was an interesting year with business reaching
out best ever EBITDA margins. The year also marked us adding up of Karnataka
bank as an Indian sponsor bank and agency partner. Karnataka bank played a key
role activating Australia.
Remit2India
Promotions and Engagements:
- Power 30 Benefit of $ 10 on the first 3 transactions for new customers
- FXvoucher Fourth year of selling FX vouchers which has become popular
with customers.
- Anniversary Offer Celebrating Remit2India's 12th anniversary with
benefits to customers
- Add-vantage offer Dollar benefits accrued on transactions and availed
during redemption period.
Remit2India
Initiatives:
MOR Re-marketing Increase reach by re-marketing MOR program
-Custom Audience Target R2I customers registered with Facebook display
ads/offers.
- Google Sponsored Pages Target R2I customers registered with google sponsored
pages.
- Dynamic Exchange Rate Tool showing dynamic exchange rates across all
landing pages.
Due to increase in the competition and changes in regulatory scenario
worldwide, business faced a lot a challenges in the previous year, however
Management is hopeful of mitigating these challenges in the coming financial
year.
Institutional
Remittances:
Furthering the boundaries of its client footprint, the Company
successfully launched remittance services for Diamond Trust Bank in Kenya, one
of the most active financial markets in the African continent and interactions
with the media received wide coverage on African TV and Print.
This is the first partnership in a hitherto untapped geography and is
expected to lead a growing business engagement in the region. The Company has
also undertaken extensive business development efforts in the South and
South-East Asian region and expects to get clients from these geographies in
the years to come. The Company has also embarked on an ambitious product development
roadmap that is expected to create new revenue streams in the coming years with
two new capabilities - Movit, a stored value account platform, and the USSD
gateway from Etisalat that is an integral part of its Managed Services offering
to clients in the GCC.
Brand extensions have been created to further define the various
services within the offering, namely customized remittance platforms, mobile
payments, bill presentment and payment and white-labeled payment aggregation.
PAYMENT
SYSTEMS
DirecPay
The DirecPay website that reflects information for and interaction with merchants scouting for an efficient payment gateway was revamped to be the primary face of the business. DirecPay is now offering more than 150 different pay modes across credit cards/debit cards/Bank accounts/Cash Cards/Mobile Payments. More than 20 payment options added this year. DirecPay processed more than 2,000,000 transactions this year for a throughput of approx. INR 475 crores. DirecPay now powers payments for around 2000 merchants. DirecPay on boarded marquee merchants like McDonald's for powering their online ordering system. DirecPay also made forays into government payments with Goa and Maharashtra municipal tax collections. The PCI-DSS certification was maintained again in 2013. Also, value-added services of DirecPay like on-demand analytics, risk management and store creation were christened under different brands to distinguish the offerings and cross-sell to merchants.
SUPPORT
SERVICES
Marketing & Branding:
Remit2India
In keeping with their endeavor to always provide quality services to NRIs, the Remit2India website was revamped with a new look. They also developed a device agnostic mobile WAP site for Remit2India to cater to the increasing trend of customers going mobile. Continuing their efforts at being top-of-mind, Remit2India has maintained top positions across search mediums. Remit2Home, the remittance service for other expatriates, launched an interface in Tagalog for expat Filipinos to connect with them better. An extensive campaign was also launched for Bangladesh customers who send money home from the UK. This campaign was run simultaneously in Bangladesh and the UK to connect with both, the remitter and beneficiary sides and received positive buzz from customers. The NRI services division has strengthened its position to be one of the preferred channel partners for most NRI focused developers in the country. A total of approx. 20 customized campaigns were executed for top notch developers in the country. Operations & Customer Service the Company has processed over 726,000 Inward Remittances transactions and the thruput was approximately US 1.955 billion. All third party audits conducted by their banking partners were successful.
Additionally, in DirecPay over 1 MM transactions were processed with payments to Merchants aggregating to INR 4490.000 Million
The service team has delivered on all key levers of customer Satisfaction - efficiency, timeliness - TAT for customer queries are now responded to in 50% lesser time; Training and process streamlining has increased the ability of the team to provide appropriate and accurate query resolution which has increased the FCR rates;
The quality team has undertaken various initiatives to contribute to business process re-engineering along with establishment of the formal complaints management cell;
Automation in line with driving efficiencies has been looked at critically and work flow automation projects have been undertaken to help expedite the resolution process;
NO CHARGES EXIST FOR
COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS
KARNATAKA BANK
TIES UP WITH TIMESOFMONEY FOR ONLINE MONEY TRANSFERS INTO INDIA
Karnataka Bank, a leading 'Private Sector' Bank in India has tied up with TimesofMoney, the pioneer in cross border payments to offer a simple and secure internet based online money transfer solution to all NRIs [Non-Resident Indians].
As part of its NRI business strategy, the Bank has partnered with TimesofMoney to offer an online remittance platform for NRIs across 23 countries including Gulf countries, US, UK, Singapore etc., With this partnership, NRIs can use the Karnataka Bank website to transfer money online from 23 countries leveraging TimesofMoney's expertise in cross border remittances. This ensures that NRIs get the state-of-the-art service through Karnataka Bank which is fast, safe & secure besides competitive both in terms of exchange rate & transfer fees.
Speaking on the occasion, Shri P.Jayarama Bhat, Managing Director & CEO, Karnataka Bank said, “India is the top receiver of remittances worldwide. Nevertheless, in the recent past, bulging trade deficit along with significant decline in invisible earnings caused widening of Current Account Deficit [CAD] resulting stress on Balance of Payments [BOP]. In this scenario it is felt appropriate to tap the NRI market and channelise the inflows by tying up for online remittance facilities which is safe, secure and faster. Karnataka Bank enjoys a great confidence among Non-Resident Indians and it is imperative that as a customer-friendly Bank, it is thier endeavour to offer them the very best of services and present tie up with ‘TimesofMoney' for online money transfer will enable NRIs to send money to their family in India in still greater measures".
Commenting on the occasion, Shri Avijit Nanda, CEO - TimesofMoney said “With the significant increase in inward remittances more and more people are shifting to online ways of transferring money. With the comfort of time and place, online money transfer service has clearly come out as a winner. At TimesofMoney we take pride in pioneering this change over a decade back and today we are happy to offer thier expertise to partners like Karnataka Bank."
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
65 |
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.