MIRA
INFORM REPORT
|
Report No. : |
354151 |
|
Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
RM EDUCATION SOLUTIONS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-5, |
|
Tel. No.: |
91-471-2335577/ 2335304 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of Incorporation
: |
04.02.2003 |
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|
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Com. Reg. No.: |
09-015931 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.32.299 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U72200KL2003PTC015931 |
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|
IEC No.: |
Not divulged |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AADBF6889R |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Computer Software and IT Enabled Services. (Registered
Activity) |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 500000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of RM Education Limited, United
Kingdom. It was incorporated I the year 2003 and it provides computer
software and IT enabled services. It has satisfactory track. The company possesses decent operational profile with fair profit
margins recorded during the year 2015. Further, rating also considers company’s sound financial risk profile
supported by debt free capital structure along with adequate networth base. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. In view of strong managerial and financial support from holding
company’s the subject can be considered 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
31-03-2015.
INFORMATION DECLINED
Management non-co-operative (91-471-2335304/ 2335577)
LOCATIONS
|
Registered Office : |
B-5, Gayatri Building Tecnopark Campus, Kariavattom P.O.
Thiruvananthapuram – 695581, Kerala, India |
|
Tel. No.: |
91-471-2335577/ 2335304 |
|
Fax No.: |
91-471-2700953 |
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E-Mail : |
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|
Website : |
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Head Office: |
140 Eastern Avenue, Milton Park, Abingdon, Oxon, OX14 4SB |
|
Tel. No.: |
91-8450-700300 |
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Fax No.: |
91-8450-700400 |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Connell Aloysius Viegas |
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|
Designation : |
Director |
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|
Address : |
G-2, G Street, Jawahar Nagar, Trivandrum - 695041, Kerala, India |
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Date of Birth/Age : |
30.06.1961 |
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Qualification : |
B.Com |
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Experience : |
53 Years |
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Date of Appointment : |
30.06.2003 |
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|
DIN No.: |
00059079 |
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|
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Name : |
Mr. John Paul Ingram |
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|
Designation : |
Director |
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|
Address : |
Treetops, 60, Hill Road, Watlington, Ox495ad, United Kingdom |
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|
Date of Birth/Age : |
26.05.1966 |
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Date of Appointment : |
13.06.2013 |
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DIN No.: |
06612488 |
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Name : |
Mr. Toby Xavier Vernon Black |
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Designation : |
Director |
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Address : |
Combe Wood House, Farnham Road, Ewshot Farnham, Gu105ax, United Kingdom |
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Date of Birth/Age : |
01.03.1974 |
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Date of Appointment : |
11.09.2014 |
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DIN No.: |
06941847 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Names of Shareholders |
|
No. of Shares |
|
RM Education Limited, United Kingdom |
|
322490 |
|
Connel Aloysius Viegas, India |
|
500 |
|
Total |
|
322990 |
Equity Share Break up (Percentage of Total Equity)
As on 11.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.85 |
|
Other top fifty shareholders |
0.15 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Computer Software and IT Enabled Services. (Registered
Activity) |
|
|
|
|
Products : |
· Software Development · Technical Support Services · Business Operations |
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|
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and Others
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No. of Employees : |
Not Divulged |
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Bankers : |
·
State Bank of India, Techno Park,
Thiruvananthapuram - 695581, Kerala, India |
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|
|
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Auditors : |
|
|
Name : |
B S R and Associates LLP Chartered Accountants |
|
Address : |
III Floor, Syama Business Center, NH Bye Pass Road, Vytilla,
Kochi-682019, Kerala, Maharashtra, India |
|
Tel. No.: |
91-484-3027000 |
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Fax No.: |
91-484-3027001 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAIFB7355D |
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E-Mail : |
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Memberships : |
--- |
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Collaborators : |
-- |
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Holding Company: |
·
RM Education Limited, United Kingdom |
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|
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|
Ultimate Holding Company: |
·
RM Plc, United Kingdom |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
325000 |
Equity Shares |
Rs.100/- each |
Rs.32.500 Million |
|
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
322990 |
Equity Shares |
Rs.100/- each |
Rs.32.299
Million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
01.12.2011
to 31.03.2013 (16
Months) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
32.299 |
32.299 |
32.299 |
|
(b) Reserves & Surplus |
141.137 |
164.355 |
150.599 |
|
(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) |
173.436 |
196.654 |
182.898 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(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 |
5.956 |
6.043 |
7.018 |
|
(d) long-term provisions |
10.302 |
10.682 |
9.259 |
|
Total
Non-current Liabilities (3) |
16.258 |
16.725 |
16.277 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.000 |
0.000 |
12.586 |
|
(c) Other current liabilities |
28.269 |
19.337 |
22.151 |
|
(d) Short-term provisions |
0.111 |
0.094 |
0.099 |
|
Total
Current Liabilities (4) |
28.380 |
19.431 |
34.836 |
|
|
|
|
|
|
TOTAL |
218.074 |
232.810 |
234.011 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
37.022 |
45.391 |
59.736 |
|
(ii) Intangible Assets |
0.579 |
0.567 |
1.079 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
12.729 |
9.231 |
9.713 |
|
(d) Long-term Loan and Advances |
15.946 |
17.699 |
32.864 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
66.276 |
72.888 |
103.392 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
112.258 |
116.727 |
103.631 |
|
(d) Cash and cash equivalents |
18.952 |
22.511 |
25.058 |
|
(e) Short-term loans and
advances |
20.570 |
20.113 |
1.916 |
|
(f) Other current assets |
0.018 |
0.571 |
0.014 |
|
Total
Current Assets |
151.798 |
159.922 |
130.619 |
|
|
|
|
|
|
TOTAL |
218.074 |
232.810 |
234.011 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
01.12.2011
to 31.03.2013 (16
Months) |
|
|
SALES |
|
|
|
|
|
Income |
592.403 |
534.225 |
699.782 |
|
|
Other Income |
7.465 |
21.736 |
4.010 |
|
|
TOTAL
|
599.868 |
555.961 |
703.792 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
CSR Expenditure |
0.164 |
0.000 |
0.000 |
|
|
Employees benefits expense |
369.756 |
328.820 |
398.290 |
|
|
Other expenses |
124.773 |
105.469 |
165.875 |
|
|
TOTAL
|
494.693 |
434.289 |
564.165 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
105.175 |
121.672 |
139.627 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
105.175 |
121.672 |
139.627 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
17.784 |
22.537 |
28.575 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
87.391 |
99.135 |
111.052 |
|
|
|
|
|
|
|
Less |
TAX |
27.475 |
32.476 |
35.932 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
59.916 |
66.659 |
75.120 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
592.403 |
534.225 |
699.782 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
3.342 |
3.295 |
6.226 |
|
|
TOTAL
IMPORTS |
3.342 |
3.295 |
6.226 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
185.50 |
206.38 |
232.58 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
01.12.2011
to 31.03.2013 (16
Months) |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
116.515 |
73.879 |
115.822 |
|
Net Cash flows from operating activities |
87.519 |
53.029 |
92.579 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
01.12.2011
to 31.03.2013 (16
Months) |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.11 |
12.48 |
10.73 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
17.75 |
22.78 |
19.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
42.56 |
44.34 |
49.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50 |
0.50 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.35 |
8.23 |
3.75 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
01.12.2011
to 31.03.2013 (16
Months) |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
32.299 |
32.299 |
32.299 |
|
Reserves & Surplus |
150.599 |
164.355 |
141.137 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
182.898 |
196.654 |
173.436 |
|
|
|
|
|
|
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 |
01.12.2011
to 31.03.2013 (16
Months) |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
699.782 |
534.225 |
592.403 |
|
|
|
(23.658) |
10.890 |
NET PROFIT MARGIN
|
Net Profit Margin |
01.12.2011
to 31.03.2013 (16
Months) |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
699.782 |
534.225 |
592.403 |
|
Profit |
75.120 |
66.659 |
59.916 |
|
|
10.73% |
12.48% |
10.11% |
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 |
No |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
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 |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
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
FIXED ASSETS
· Leasehold Improvements
· Computers and Accessories
· Electrical Equipments
· Telecom Equipments
· Furniture and Fixture
· Vehicle
· Computers Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.66.75 |
|
|
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.