MIRA INFORM REPORT

 

 

Report No. :

354825

Report Date :

17.12.2015

 

IDENTIFICATION DETAILS

 

Name :

DIGICABLE NETWORK (INDIA) LIMITED

 

 

Formerly Known as :

DIGICABLE NETWORK (INDIA) PRIVATE LIMITED

 

 

Registered Office :

B – 8, Marol Industrial Area, Next to MIDC Police Station, Andheri (East), Mumbai – 400093, Maharashtra

Tel. No.:

91-22-42888888

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

01.06.2007

 

 

Com. Reg. No.:

11-171246

 

 

Capital Investment / Paid-up Capital :

Rs.61.323 Million

 

 

CIN No.:

[Company Identification No.]

U74999MH2007PLC171246

 

 

IEC No.:

0307041581

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMD15232A

MUMD16435G

 

 

PAN No.:

[Permanent Account No.]

AACCD6110D

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in digitalization of networks and deploying Set Top Boxes (STB’s) to the subscribers. (Registered activity)

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (19)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company incorporated in the year 2007 having moderate track record.

 

Management of the company has not filed its financial after the year 2013 with the government department.

 

As per the available financial of 2013, the company has incurred heavy loss from its operational activities.

 

Mr. Yogesh Shah (Contacted person) denied to disclose any information about the company.

 

As per Registrar of Companies the status of the company is shown as active. Payments are unknown.

 

The company can be considered from business dealings on safe and secured trade terms and conditions in view of non-availability od latest financials.

 

 

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 31-03-2015.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Yogesh Shah

Contact No.:

91-22-42888888

Date :

15.12.2015

 

 

LOCATIONS

 

Registered / Corporate / Head Office :

B – 8, Marol Industrial Area, Next to MIDC Police Station, Andheri (East), Mumbai – 400 093, Maharashtra, India

Tel. No.:

91-22-42888888

Fax No.:

91-22-42888899

E-Mail :

sanjiv.desai@digicable.in

vijay.shah@digicable.in

yas@pacenet-india.com

amruta.balgi@pacenet-india.net 

Website :

http://www.digicable.in/

 

 

Branches :

Located at:

·        Indore

·        Kolkata

·        New Delhi

·        Hyderabad

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. Nikhil Pravinchandra Shah

Designation :

Director

Address :

55/B/601, 6th Floor, Dev Prestige, Azad Nagar, Veera Desai Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

04.11.1967

Date of Appointment :

29.09.2012

DIN No.:

01129644

 

 

Name :

Mr. Shah Anandlal Yogesh

Designation :

Director

Address :

501, Shraddha Suman, Plot – 37, 6th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

14.04.1952

Qualification :

B.Sc.

Date of Appointment :

09.12.2013

DIN No.:

00001965

 

 

Name :

Mr. Mitesh Patel

Designation :

Additional Director

Address :

A/101, Praneel Apartments., New Link Road, Opposite Eeskay Club, Borivali (W), Mumbai - 400103, Maharashtra, India

Date of Appointment :

21.07.2014

DIN No.:

02403615

 

KEY EXECUTIVES

 

Name :

Mr. Vijay Amratlal Shah

Designation :

Secretary

Address :

111, OM Towers, 89, S. V. Road, Behind Bank of Baroda, Kandivali (West), Mumbai – 400 067, Maharashtra, India

Date of Birth/Age :

14.01.1951

Date of Appointment :

22.01.2008

PAN No.:

AAHPS6317F

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 09.12.2013

 

Names of Shareholders (Equity Shareholders)

No. of Shares

 

 

Broadband Pacenet (India) Private Limited, India

1176370

Broadband Pacenet (India) Private Limited, India Jointly With Jagjit Singh Kohli

100

 

 

TOTAL

 1176470

 

As on 09.12.2013

 

Names of Shareholders (Preference Shareholders)

No. of Shares

 

 

Stellar Interactive Media Private Limited, India

250000

TOTAL

250000

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 09.12.2013

 

Category

Percentage

Bodies corporate

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in digitalization of networks and deploying Set Top Boxes (STB’s) to the subscribers. (Registered activity)

 

 

Products :
  • Digitalization of networks a
  • Deploying Set Top Boxes (STB’s) to the subscribers

 

ITC Code No

product or service

99846320

Home Programme Distribution Service, Basic Programming package

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

Axis Bank Limited

Branch

Credit Manageament Center at Unit No.6, Corporate Park, Sion Trombay Road, Chembur, Mumbai - 400071, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2013

(Rs. In Million)

31.03.2012

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Rupee term loans from bank 

277.019

681.948

 

 

 

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

400.000

400.000

 

 

 

Total

677.019

1081.948

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Indiabulls Finance, Center, Elphinstone Mills Compound,, Senapati Bapat, Marg, Elphinstone (West), Mumbai - 400013, Maharashtra, India

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

AABFD7919A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:

·        Broadband Pacenet India Private Limited, India.

 

 

Ultimate Holding Company:

·        Stellar Interactive Media Private Limited, India.

 

 

Fellow Subsidiaries:

·        Pacenet Meghbala Broadband Private Limited, India (formally known as Sublime Technologies Private Limited, India)

 

 

Subsidiary Companies:

·        Central India Digital Network Private Limited*, India

·        Digi ACN Network Private Limited, India [CIN No.: U64200MH2008PTC180208]

·        Digi Anand Network Private Limited, India [CIN No.: U64200MH2008PTC180209]

·        Digi Baraut Network Private Limited, India [CIN No.: U72900MH2008PTC180256]

·        Digi Cablecomm Services Private Limited, India [CIN No.: U64204WB2003PTC096420]

·        Digi Cat Network Private Limited, India [CIN No.: U64202MH2007PTC176394]

·        Digi City Network Private Limited, India [CIN No.: U64202MH2007PTC176391]

·        Digi Core Optical Network Private Limited, India(up to June 29, 2010)

·        Digi Corporate Services Private Limited*, India

·        Digi East Delhi Network Private Limited, India [CIN No.: U64202MH2007PTC176392]

·        Digi Friends Network Private Limited, India [CIN No.: U72900MH2008PTC177664]

·        Digi Guntur Network Private Limited, India [CIN No.: U64200MH2008PTC177663]

·        Digi Hanamkonda Network Private Limited, India [CIN No.: U64200MH2008PTC180257]

·        Digi Home Cable Entertainment India Private Limited, India(from August 20, 2009) [CIN No.: U92100MH2005PTC152083]

·        Digi Jodhpur Network Private Limited, India [CIN No.: U72900MH2008PTC177675]

·        Digi JPR Network Private Limited, India [CIN No.: U64202MH2006PTC162583]

·        Digi Konkan Network Private Limited, India  [CIN No.: U64202MH2007PTC176396 ]

·        Digi Maharaja Network Private Limited*, India [CIN No.: U72900MH2008PTC180190

·        Digi Multinational Network Private Limited*, India

·        Digi Neon News Network Private Limited, India [CIN No.: U64200MH2008PTC180210]

·        Grand Entertainment and Events Private Limited, India [CIN No.: U45200CT2007PTC020218]

·        CBSL Cable Network Limited, India (Subsidiary of Digi Western Network Private Limited, India)

·        Digi New Era Network Private Limited, India [CIN No.: U64203MH2008PTC177629]

·        Digi Om Network Private Limited, India [CIN No.: U72900MH2008PTC180259]

·        Digi Raigadh Network Private Limited*, India

·        Digi Ruby City Network Private Limited*, India

·        Digi Samlakha Network Private Limited, India [CIN No.: U72900MH2008PTC178178]

·        Digi Shimoga Network Private Limited, India [CIN No.: U64202MH2007PTC176390]

·        Digi Silverline Network Private Limited, India [CIN No.: U64202MH2007PTC176364]

·        Digi Space Network Private Limited, India [CIN No.: U64203MH2008PTC186558]

·        Digi SSC Network Private Limited, India [CIN No.: U72900MH2008PTC180260]

·        Digi Vistaar Network Private Limited, India(from April 28, 2009) [CIN No.: U72900MH2008PTC186832 ]

·        Digicable Central (India) Cable Network Private Limited*, India

·        Digi Maharaja Cable Network Private Limited, India(from November 10, 2010)

·        Digi Navi Mumbai Network Private Limited, India (from December 14, 2010) [CIN No.: U64203MH2008PTC186560]

·        Digi Vishal Kanpur Network Private Limited, India (formally known as Digi Kanpur Network Private Limited, India) (from December 28, 2009) [CIN No.: U72900MH2008PTC180258]

·        Digi Western Network Private Limited, India (from March 30, 2010) [CIN No.: U64202MH2007PTC176395]

·        Lifestyle Communications Private Limited*, India

·        Mega Reach Novex Communications Private Limited, India [CIN No.: U92130MH2007PTC175003]

·        Digi Next Generation Network Private Limited, India

·        Sree Devi Master Media Systems Private Limited, India [CIN No.: U74999AP2008PTC060826]

·        Digi Hind Cable Network Private Limited, India(from June 30, 2010) [CIN No.: U64203MH2008PTC186522]

·        CBSL City Network India Private Limited, India (Subsidiary of CBSL Cable Network Limited, India)

 

Note: * amalgamated with the company                                                           

 

 

CAPITAL STRUCTURE

 

As on 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

23699000

Equity Shares

Rs.10/- each

Rs.236.990 Million

80001000

Preference Shares

Rs.10/- each

Rs.800.010 Million

 

 

 

 

 

Total

 

Rs.1037.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1176470

Equity Shares

Rs.10/- each

Rs.11.765 Million

250000

Preference Shares

Rs.10/- each

Rs.2.500 Million

1426470

 

 

 

 

Total

 

Rs.14.265 Million

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

14.265

13.821

12.500

(b) Reserves & Surplus

2532.288

2997.243

(1457.492)

(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)

2546.553

3011.064

(1444.992)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

3436.212

1727.691

7145.014

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

26.407

20.681

19.808

Total Non-current Liabilities (3)

3462.619

1748.372

7164.822

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

400.254

468.535

277.366

(b) Trade payables

858.791

820.244

609.762

(c) Other current liabilities

1082.749

810.571

353.883

(d) Short-term provisions

2.864

2.209

1.735

Total Current Liabilities (4)

2344.658

2101.559

1242.746

 

 

 

 

TOTAL

8353.830

6860.995

6962.576

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3304.332

2148.751

2170.552

(ii) Intangible Assets

877.253

1054.354

1064.542

(iii) Capital work-in-progress

22.618

148.923

1.140

(iv) Intangible assets under development

0.000

72.500

118.501

(b) Non-current Investments

832.624

692.647

765.522

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1849.037

1213.912

1759.683

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

6885.864

5331.087

5879.940

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.056

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

490.008

372.516

294.899

(d) Cash and cash equivalents

311.833

345.198

287.352

(e) Short-term loans and advances

543.319

719.819

500.237

(f) Other current assets

122.806

92.375

0.092

Total Current Assets

1467.966

1529.908

1082.636

 

 

 

 

TOTAL

8353.830

6860.995

6962.576

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Gross Income

3097.000

2863.700

2368.400

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

343.700

1565.100

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

NA

NA

NA

 

 

 

 

 

Less

TAX                                                                 

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

1254.000

2230.300

1776.100

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

CIF Value of Imports

381.822

NA

NA

 

TOTAL IMPORTS

381.822

NA

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

879.09

1563.51

1245.10

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

312.851

269.552

59.368

Cash generated from operations

NA

NA

NA

Net cash flow from operating activity

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Net Profit Margin

(PAT / Gross Income)

(%)

40.49

77.88

49.66

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.63

0.82

-5.18

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.63

0.73

0.87

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

12.500

13.821

14.265

Reserves & Surplus

(1457.492)

2997.243

2532.288

Net worth

(1444.992)

3011.064

2546.553

 

 

 

 

long-term borrowings

7145.014

1727.691

3436.212

Short term borrowings

277.366

468.535

400.254

Current Maturities Of Long-Term Debts

59.368

269.552

312.851

Total borrowings

7481.748

2465.778

4149.317

Debt/Equity ratio

(5.178)

0.819

1.629

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2368.400

2863.700

3097.000

 

 

20.913

8.147

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2368.400

2863.700

3097.000

Profit

1176.100

2230.300

1254.000

 

49.66%

77.88%

40.49%

 

 

 

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

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

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

No

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

 

LITIGATION DETAILS

Bench:- Bombay

Presentation Date:- 10.09.2015

Lodging No:-

CPL/876/2015

Failing Date:-

10.09.2015

 

 

Petitioner:-

GRANT THORNTON INDIA LLP

Respondent:-

DIGICABLE NETWORK (INDIA PRIVATE LIMITED )

Petn.Adv:-

S M JAIN AND ASSOCIATED (I4561)

 

District:-

MUMBAI

Bench:-

SINGLE

Category:

COMPANY PETITION U/SEC

433,434,439 COMPANIES ACT

Status:-

Pre-Admission

Stage:-

Last Date:-

25.09.2015

Last Coram:-

REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER

Act:-

Companies Act and Rules 1956

Under Section:

433(E), 434 and 439

 

 

 

 

 

 

BUSINESS ACTIVITIES

 

The Government of India has mandated compulsory digitalization in Company’s area of operations from 31st October, 2012. Consequently the company is engaged in digitalization of networks and deploying Set Top Boxes (STB’s) to the subscribers. Sourcing and seeding STB’s has been a big challenge and the company has taken effective steps for the same.

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10579746

02/07/2015

400,000,000.00

Axis Bank Limited

12-Mittal Tower, First Floor, A-Wing,, Nariman Po 
int,, Mumbai, Maharashtra - 400021, INDIA

C58799610

2

10547277

30/10/2014

260,000,000.00

RELIANCE CAPITAL LTD

"H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge C ity, Koparkhairne, Navi Mumbai, Maharashtra - 4007 
10, INDIA

C42579565

3

10177541

01/07/2014 *

250,000,000.00

Axis Bank Limited

Ground Floor, Bombay Dyeing Mills Compound, P.B., 
Marg, Worli, Mumbai, Maharashtra - 400025, INDIA

C14342497

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2013

31.03.2012

Guarantees

30.000

132.718

Other money for which company is contingently liable

117.763

105.039

 

FIXED ASSETS

 

  • Plant and Equipment
  • Furniture and Fixtures
  • Vehicles
  • Office Equipment
  • Computer Equipments
  • Leasehold Improvements

 

 

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.66.84

UK Pound

1

Rs.100.57

Euro

1

Rs.73.15

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SUJ

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILITY

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

5

--CREDIT LINES

1~10

--

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

19

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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

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