MIRA INFORM REPORT
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Report No. : |
301277 |
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Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
FLIPKART INDIA PRIVATE LIMITED |
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Registered
Office : |
Vaishnavi Summit, Ground Floor, 7th Main, 80 Feet, Road, 3rd
Block, Koramangala Industrial Layout, Bangalore - 560034, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.09.2011 |
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Com. Reg. No.: |
08-060489 |
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Capital Investment
/ Paid-up Capital : |
Rs. 2.434 Million |
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CIN No.: [Company Identification
No.] |
U51909KA2011PTC060489 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRF02280F |
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PAN No.: [Permanent Account No.] |
AABCF8078M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in wholesale distribution of books, mobiles,
media, computers, gaming consoles, home appliances, electronics, other
related accessories and apparels. Till December 31, 2012, the Company was
also engaged in the business of information technology solutions and support
services. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 16000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “FLIPKART PRIVATE LIMITED”, SINGAPORE. It is
an established company having satisfactory track record. The company has incurred losses from its operational activities. However, the rating reflects company’s established brand name in
online shopping segment supported by diversified business profile and decent
customer base of the company. Further rating also takes into consideration company’s healthy
operating efficiency marked by strong liquidity position and financial as
well as marginal supported that company receives from its parent company. Trade relation are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong parent company support, the company 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 DECLINED
Management non co-operative (91-80-66498080)
LOCATIONS
|
Registered Office : |
Vaishnavi Summit, Ground Floor, 7th Main, 80 Feet, Road, 3rd
Block, Koramangala Industrial Layout, Bangalore - 560034, Karnataka, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Mekin Maheshwari |
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Designation : |
Additional Director |
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Address : |
NO 215, Block C, Raheja Residency Koramangala, Bangalore - 560034,
Karnataka, India |
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Date of Birth/Age : |
21.08.1980 |
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PAN No.: |
AFYPM3367F |
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Date of Appointment : |
27.11.2012 |
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Din No.: |
03621431 |
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Name : |
Mr. Vaibhav Gupta |
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Designation : |
Director |
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Address : |
C-97 Sangam
Apartments, Sector 9, Rohini, New Delhi -
110085, Delhi, India |
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Date of Birth/Age : |
08.09.1980 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
05132272 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Flipkart Private Limited, Singapore |
|
4271190 |
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Flipkart Marketplace Private Limited,
Singapore |
|
1 |
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Total |
|
4271191 |
As on 01.12.2014
|
Names of Allottee |
|
No. of Shares |
|
Flipkart Private Limited,
Singapore |
|
467768 |
|
Total |
|
467768 |
As on 11.09.2014
|
Names of Allottee |
|
No. of Shares |
|
Flipkart Private Limited, Singapore |
|
1275917 |
|
Total |
|
1275917 |
As on 12.05.2014
|
Names of Allottee |
|
No. of Shares |
|
Flipkart Private Limited, Singapore |
|
160161 |
|
Total |
|
160161 |
Equity Share Break up (Percentage of Total Equity)
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged
in wholesale distribution of books, mobiles, media, computers, gaming
consoles, home appliances, electronics, other related accessories and
apparels. Till December 31, 2012, the Company was also engaged in the
business of information technology solutions and support services. |
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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 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Auditors : |
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Name : |
S.V. Ghatalia and Associates LLP Chartered Accountant |
|
Address : |
12th and 13th Floor, Canberra Block, UB City, No. 24, Vittal Mallya Road, Bangalore - 560001, Karnataka, India
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PAN No.: |
ACHFS9181P |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
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Fellow Subsidiaries : |
CIN
No.: U51109KA2012PTC066107
CIN
No.: U74999KA2011PTC061609
CIN
No.: U72900DL2010PTC210181 ·
Flipkart Online Services Private Limited CIN
No.: U72200KA2008PTC048012 |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.1/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
4271919 |
Equity Shares |
Rs.1/- each |
Rs. 4.272
Millions |
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As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.1/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2433817 |
Equity Shares |
Rs.1/- each |
Rs. 2.434
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
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|
(a) Share Capital |
2.434 |
1.584 |
0.963 |
|
(b) Reserves & Surplus |
5614.531 |
3672.595 |
2142.677 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
750.372 |
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5616.965 |
3674.179 |
2894.012 |
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(3)
Non-Current Liabilities |
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|
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|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
2.444 |
4.554 |
1.412 |
|
(c) Other long term
liabilities |
14.072 |
10.348 |
10.334 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
16.516 |
14.902 |
11.746 |
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(4)
Current Liabilities |
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|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
5901.659 |
1029.532 |
358.008 |
|
(c) Other
current liabilities |
47.189 |
124.390 |
8.194 |
|
(d) Short-term
provisions |
36.824 |
30.173 |
32.221 |
|
Total Current
Liabilities (4) |
5985.672 |
1184.095 |
398.423 |
|
|
|
|
|
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TOTAL |
11619.153 |
4873.176 |
3304.181 |
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II.
ASSETS |
|
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|
(1)
Non-current assets |
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|
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|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
705.384 |
198.652 |
134.858 |
|
(ii) Intangible
Assets |
24.772 |
20.224 |
79.822 |
|
(iii)
Capital work-in-progress |
6.539 |
262.333 |
12.109 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
124.155 |
121.427 |
168.970 |
|
(e) Other
Non-current assets |
0.082 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
860.932 |
602.636 |
395.759 |
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
140.796 |
332.892 |
0.000 |
|
(b)
Inventories |
4235.230 |
1052.578 |
267.429 |
|
(c) Trade
receivables |
1091.858 |
473.894 |
155.087 |
|
(d) Cash
and cash equivalents |
4272.508 |
1329.209 |
2359.815 |
|
(e)
Short-term loans and advances |
916.659 |
1033.243 |
113.839 |
|
(f) Other
current assets |
101.170 |
48.724 |
12.252 |
|
Total
Current Assets |
10758.221 |
4270.540 |
2908.422 |
|
|
|
|
|
|
TOTAL |
11619.153 |
4873.176 |
3304.181 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
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|
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TOTAL INCOME |
28461.279 |
11800.660 |
2048.167 |
|
|
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|
EXPENSES |
32282.767 |
13662.707 |
2656.793 |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(3821.488) |
(1862.047) |
(608.626) |
|
|
|
|
|
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|
|
DEPRECIATION/
AMORTISATION |
179.688 |
60.652 |
4.885 |
|
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|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(4001.176) |
(1922.699) |
(613.511) |
|
|
|
|
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|
|
|
TAX |
0.000 |
0.000 |
0.000 |
|
|
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|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(4003.616) |
(1924.948) |
(613.511) |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.640 |
NA |
0.008 |
|
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|
|
|
|
|
|
Earnings Per Share
(Rs.) |
(937.35) |
(450.68) |
(143.64) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(34.46) |
(41.70) |
(18.64) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.71) |
(0.52) |
(0.21) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80 |
3.61 |
7.30 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.963 |
1.584 |
2.434 |
|
Reserves & Surplus |
2142.677 |
3672.595 |
5614.531 |
|
Net
worth |
2143.640 |
3674.179 |
5616.965 |
|
|
|
|
|
|
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 Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2048.167 |
11800.660 |
28461.279 |
|
|
|
476.157 |
141.184 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2048.167 |
11800.660 |
28461.279 |
|
Profit |
(613.511) |
(1924.948) |
(4003.616) |
|
|
(29.95)% |
(16.31)% |
(14.07)% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
Yes |
|
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 |
NOTE:
The Registered office of the company has been
shifted from No. 447/C, 1st Floor, 1st A Cross, 12th
Main, 4th Block, Koramangala, Bangalore -560034, Karnataka India to
the present address w.e.f 06.08.2012
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Plant and
Equipment
- Furniture and
Fixtures
- Vehicles
- Office
Equipment
- Computer
Equipments
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.63.28 |
|
|
1 |
Rs.98.38 |
|
Euro |
1 |
Rs.76.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.