MIRA INFORM REPORT
|
Report No. : |
335147 |
|
Report Date : |
04.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
YES SECURITIES (INDIA) LIMITED |
|
|
|
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Registered
Office : |
IFC, Tower 2, 19th Floor, Senapati Bapat Marg, Elphinstone
Road, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-33477747 |
|
|
|
|
Country : |
India |
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|
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Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
14.03.2013 |
|
|
|
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Com. Reg. No.: |
11-240971 |
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|
|
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Capital Investment
/ Paid-up Capital : |
Rs.175.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74992MH2013PLC240971 |
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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.] |
Not Available |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in providing stock broking services and
distribution of financial products. |
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|
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|
No. of Employees
: |
Information declined by the management
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of "Yes Bank Limited." It is a newly incorporated company in the year March 2013. It is a securities broker with Securities and Exchange Board of India since 8th July 2013. The company has started its operations from January 2014. The company is running in its first year of performance. In the view of current financials the company possesses moderate track record. Trade relations are improving. Payments terms are slow but correct. In view of recent establishment of operations, the company can be considered for business dealing with some cautions. |
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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Rakesh Gupta |
|
Designation : |
Assistant Vice President |
|
Contact No.: |
91-22-33477747 |
|
Date : |
03.08.2015 |
LOCATIONS
|
Registered Office : |
IFC, Tower 2, 19th Floor, Senapati Bapat Marg, Elphinstone
Road, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-33477747 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 15 .09.2014
|
Name : |
Mr. Kapil Bali |
|
Designation : |
Whole-Time Director |
|
Address : |
Textila CHS Limited, C-1, Flat No 72,, Twin Tower Lane, Off V S Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1971 |
|
Date of Appointment : |
08.04.2013 |
|
DIN No.: |
03343092 |
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|
|
|
Name : |
Mr. Shridhar Narayan Rane |
|
Designation : |
Whole-Time Director |
|
Address : |
K-6 Lane 5, Sector 9, CBD Belapur, Navi Mumbai - 400614, Maharashtra, India |
|
Date of Birth/Age : |
29.08.1965 |
|
Date of Appointment : |
08.04.2013 |
|
DIN No.: |
06540725 |
|
|
|
|
Name : |
Mr. Rana Kapoor |
|
Designation : |
Director |
|
Address : |
427-428, 27th Floor, Pent House, Samudra Mahal, South Wing, Dr A B Road, Worli, Mumbai - 400018, Maharashtra, India |
|
Date of Birth/Age : |
09.09.1957 |
|
Date of Appointment : |
14.03.2013 |
|
DIN No.: |
00320702 |
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|
|
|
Name : |
Mr. Arun Kumar Mago |
|
Designation : |
Director |
|
Address : |
E - 7, Gf, Nizamuddin West, New Delhi - 110013 , India |
|
Date of Birth/Age : |
27.09.1944 |
|
Date of Appointment : |
14.03.2013 |
|
DIN No.: |
01624833 |
|
|
|
|
Name : |
Mr. Rajat Monga |
|
Designation : |
Director |
|
Address : |
3203/4, B Wing, 32nd Floor, Phoenix Towers CHS Limited, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, INDIA |
|
Date of Birth/Age : |
05.04.1973 |
|
Date of Appointment : |
14.03.2013 |
|
DIN No.: |
02931688 |
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|
|
|
Name : |
Mr. Vasant Vitthaldas Gujarathi |
|
Designation : |
Director |
|
Address : |
A-901 Vivarea Building, Sane Guruji Marg, 9th Floor, Saat Rasta, Mahalaxmi, Mumbai - 400011, Maharashtra, India |
|
Date of Birth/Age : |
18.03.1951 |
|
Date of Appointment : |
21.07.2014 |
|
DIN No.: |
06863505 |
KEY EXECUTIVES
|
Name : |
Mr. Shridhar Narayan Rane |
|
Designation : |
Chief Finance Officer |
|
Address : |
K-6 Lane 5, Sector 9, CBD Belapur, Navi Mumbai - 400614,
Maharashtra, India |
|
Date of Birth/Age : |
|
|
Date of Appointment : |
12.01.2015 |
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PAN No: |
ADXPR8545D |
|
|
|
|
Name : |
Mr. Rakesh Ramavatar Gupta |
|
Designation : |
Secretary |
|
Address : |
9-668, OLD M.H.B. Colony, Gorai Road,, Borivali (West),
Mumbai - 400091, Maharashtra, India |
|
Date of Birth/Age : |
28.12.1980 |
|
Date of Appointment : |
30.05.2014 |
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PAN No: |
AEDPG0448M |
|
|
|
|
Name : |
Mr. Rakesh Gupta |
|
Designation : |
Assistant Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15 .09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Yes Bank Limited, India |
|
24999994 |
|
Rajat Monga |
|
1 |
|
Jaideep Siyer |
|
1 |
|
Aditya Singhi |
|
1 |
|
Sanjay Palve |
|
1 |
|
Pralay Mondal |
|
1 |
|
Deodutta Kurane |
|
1 |
|
Total |
|
25000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 15 .09.2014
|
Category |
Percentage |
|
Nationalised or
Other Banks |
100.00 |
|
Total |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Subject is engaged in providing stock broking services and
distribution of financial products. |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 declined by the management
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Bankers : |
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Auditors : |
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Name : |
BSR and Company LLP Chartered Accountant |
|
Address : |
Kpmg, Audit, 5Th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB9852F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company: |
Yes Bank Limited |
CAPITAL STRUCTURE
AFTER 15.09.2015
Authorised Capital : Rs. 500.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 350.000
Million
AS ON 15.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Million |
|
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AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17500000 |
Equity Shares |
Rs.10/- each |
Rs. 175.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
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|
175.000 |
|
(b) Reserves & Surplus |
|
|
(65.213) |
|
(c) Money received against
share warrants |
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|
0.000 |
|
|
|
|
|
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(2) Share Application money
pending allotment |
|
|
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
|
109.787 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.627 |
|
(c) Other long term
liabilities |
|
|
0.475 |
|
(d) long-term provisions |
|
|
0.842 |
|
Total
Non-current Liabilities (3) |
|
|
1.944 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
14.399 |
|
(c) Other current liabilities |
|
|
5.494 |
|
(d) Short-term provisions |
|
|
0.000 |
|
Total
Current Liabilities (4) |
|
|
19.893 |
|
|
|
|
|
|
TOTAL |
|
|
131.624 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
21.967 |
|
(ii) Intangible Assets |
|
|
11.581 |
|
(iii) Capital work-in-progress |
|
|
2.700 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current assets |
|
|
34.026 |
|
Total
Non-Current Assets |
|
|
70.274 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade receivables |
|
|
0.000 |
|
(d) Cash and cash equivalents |
|
|
53.374 |
|
(e) Short-term loans and
advances |
|
|
0.000 |
|
(f) Other current assets |
|
|
7.976 |
|
Total
Current Assets |
|
|
61.350 |
|
|
|
|
|
|
TOTAL |
|
|
131.624 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
3.437 |
|
|
Other Income |
|
|
2.009 |
|
|
TOTAL
(A) |
|
|
5.446 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
|
|
40.487 |
|
|
Other expenses |
|
|
25.778 |
|
|
TOTAL
(B) |
|
|
66.265 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
|
|
(60.819) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(60.819) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
3.767 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
|
|
(64.586) |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.627 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX (G-H) (I) |
|
|
(65.213) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
(5.63) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
|
31.03.2015 |
|
Current Maturities of Long term debt |
|
|
NA |
|
Cash generated from operations |
|
|
NA |
|
Net cash flows from (used in) operations |
|
|
(0.082) |
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2014 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
|
(1897.38) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
|
(1769.54) |
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(50.10) |
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.59) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
3.08 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last one year |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one year |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
REVIEW OF BUSINESS
OPERATIONS AND ECONOMIC OUTLOOK:
The Company has acquired Trading cum Self Clearing membership of Cash, F&O and Currency Derivative segment of National Stock Exchange of India Limited (NSE) and Trading cum Self Clearing membership of Cash and F&O segment of Bombay Stock Exchange Limited (BSE). It also acquired membership of Association of Mutual Funds in India (AMFI) for distribution of mutual fund products. The Company started operations with a soft launch on January 31, 2014.
The election results initiated a surge in the markets leading to new highs on the back of positive sentiments for favorable economic trends. Subject to global macros remaining positive and retail client participation coming in, the outlook for the industry looks poised to gain.
COMPANY PROFILE
Subject was incorporated on 14 March 2013, as a wholly owned subsidiary of Yes Bank Limited (YBL / Holding Company), to provide stock broking services and distribution of financial products. The company was admitted as a member of the equity, futures and options and currency derivatives, segment on 2 May 2013 by the National Stock Exchange (NSE) and the equity segment on 11 June 2013 by the Bombay Stock Exchange (BSE). The Company has received approval from the Securities & Exchange Board of India on 8 July 2013.
FIXED ASSETS
Tangible assets
- Furniture and fixtures
- Vehicles
- Office equipment
- Leasehold improvements
Intangible assets
- Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.63.96 |
|
UK Pound |
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
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.