MIRA INFORM REPORT
|
Report No. : |
315420 |
|
Report Date : |
31.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
OTTER CONTROLS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
S. No.2/1/7, Florina Apartment, 6th Floor, Palande Courier Lane,
Erandwana Pune – 411004, Maharashtra |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
27.02.2012 |
|
|
|
|
Com. Reg. No.: |
11-142373 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999PN2012PTC142373 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEO02603G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCO6091M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing and Assembling of Brush Cards and Brush Plates. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
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 : |
Slow and delayed |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a subsidiary of Otter Controls (Asia) Limited. The company has recorded accumulated losses which has eroded its net
worth. Borrowings are huge. However, business is active. Payments are reported to be slow and
delayed. The company can be considered for business dealings on fully safe and
secured 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Gurunath |
|
Designation : |
Accountant |
|
Contact No.: |
91-2135-613200 |
|
Date : |
30.03.2015 |
LOCATIONS
|
Registered Office : |
S. No.2/1/7, Florina Apartment, 6th Floor, Palande Courier
Lane, Erandwana, Pune – 411004, Maharashtra, India |
|
Tel. No.: |
91-21-35613200 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory : |
Gat No.301, Kharabwadi Chakan, Shed No. 6, U-Turn Industrial Hub, Pune
– 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-613200 |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. (Dr. )David Andrew Stanley Smith |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
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|
Address : |
32, Ploughmans Way, Tytherington Macclesfield Cheshire SK102UN, United
Kingdom |
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Date of Birth/Age : |
19.09.1964 |
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Date of Appointment : |
27.02.2012 |
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DIN No.: |
05167041 |
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|
Name : |
Mr. Ulhas Krishna Joshi |
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|
Designation : |
Director |
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|
Address : |
15, Samarpan Anandbaug Society, Navi Peth, Pune – 411030, Maharashtra,
India |
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Date of Birth/Age : |
18.05.1961 |
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Date of Appointment : |
27.02.2012 |
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DIN No.: |
00450379 |
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Other Directorship :
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Name : |
Mr. William Ross George William Jolliffe |
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|
Designation : |
Director |
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|
Address : |
4/F Wen Po Mansion, 60 Homantin Street, Homantin Kowloon |
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Date of Birth/Age : |
27.06.1965 |
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Date of Appointment : |
27.02.2012 |
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DIN No.: |
05167043 |
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|
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|
Name : |
Gayatri Ulhas Joshi |
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|
Designation : |
Alternate Director |
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|
Address : |
15, Samarpan Anandbaug Society, Navi Peth, Pune – 411030, Maharashtra,
India |
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Date of Birth/Age : |
14.03.1964 |
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Date of Appointment : |
26.09.2014 |
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DIN No.: |
00450299 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mr. Gurunath |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Otter Controls (Asia) Limited, Hong Kong |
75000 |
75.00 |
|
Ulhas Krishna Joshi |
25000 |
25.00 |
|
Total |
100000 |
100.00 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings (Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
75.00 |
|
Directors or relatives of Directors |
25.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Assembling of Brush Cards and Brush Plates. |
|
|
|
|
Products : |
· Brush Cards ·
Brush Plates |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Brush Cards |
|
Countries : |
· France · UK |
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Imports : |
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|
Products : |
Raw Material and Machinery |
|
Countries : |
· UK · Germany · Japan · Hong Kong |
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|
|
Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
706, B Wing, ICC Trade Tower, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
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Tel. No. : |
91-20-66244600 |
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Fax No. : |
91-20-66244605 |
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Income-tax
PAN of auditor or auditor's firm : |
AABFD7919A |
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Memberships : |
-- |
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Collaborators : |
-- |
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|
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Holding Company : |
Otter Controls (Asia) Limited, Hong Kong |
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Ultimate Holding
Company : |
Otter Controls Limited, UK |
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Fellow Subsidiary : |
Otter Controls (Shenzhen) Limited |
|
|
|
|
Other related
parties with whom the company had transactions during the year Company in
which KMP/ Relatives of KMP can exercise significant influence : |
Auro Controls Private Limited |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
1.000 |
1.000 |
|
(b) Reserves & Surplus |
|
(48.322) |
(15.394) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
(47.322) |
(14.394) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
83.583 |
39.296 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.448 |
0.294 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
84.031 |
39.590 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
12.988 |
2.259 |
|
(c) Other
current liabilities |
|
17.288 |
13.335 |
|
(d) Short-term
provisions |
|
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
|
30.276 |
15.594 |
|
|
|
|
|
|
TOTAL |
|
66.985 |
40.790 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
36.867 |
24.854 |
|
(ii)
Intangible Assets |
|
0.231 |
0.375 |
|
(iii)
Capital work-in-progress |
|
0.020 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4.449 |
1.775 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
41.567 |
27.004 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
5.678 |
0.325 |
|
(c) Trade
receivables |
|
4.143 |
0.039 |
|
(d) Cash
and cash equivalents |
|
5.639 |
8.654 |
|
(e) Short-term
loans and advances |
|
9.958 |
4.768 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
25.418 |
13.786 |
|
|
|
|
|
|
TOTAL |
|
66.985 |
40.790 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
|
6.482 |
0.152 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
34.048 |
14.081 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(27.566) |
(13.929) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
5.361 |
1.465 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
(32.927) |
(15.394) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
(32.927) |
(15.394) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
|
3.660 |
0.000 |
|
|
TOTAL EARNINGS |
|
3.660 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of Raw Material |
|
7.950 |
0.181 |
|
|
|
Purchase of Fixed Assets |
|
4.787 |
12.405 |
|
|
TOTAL IMPORTS |
|
12.737 |
12.586 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(10.69) |
(13.54) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(49.17) |
(37.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.70 |
1.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
(1.77) |
(2.73) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.84 |
0.88 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1.000 |
1.000 |
|
Reserves & Surplus |
(15.394) |
(48.322) |
|
Net
worth |
(14.394) |
(47.322) |
|
|
|
|
|
long-term borrowings |
39.296 |
83.583 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
39.296 |
83.583 |
|
Debt/Equity
ratio |
(2.730) |
(1.766) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.152 |
6.482 |
|
|
|
4,164.474 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.152 |
6.482 |
|
Profit |
(15.394) |
(32.927) |
|
|
(10127.63%) |
(507.98%) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loan External Commercial Borrowing from Holding Company |
43.271 |
14.763 |
|
Total |
43.271 |
14.763 |
CORPORATE
INFORMATION
The company, headquartered in Pune, Maharashtra, India carries on business of manufacturing and assembling of brush cards and brush plates for AC and DC motors used in automotive Vehicles, motors, control switches, etc.
The company is a subsidiary of Otter Controls (Asia) Private Limited. The company was incorporated on February 27, 2012. The company has set up a manufacturing facility at Chakan, Pune and started its commercial operations undertaking processes in June 2012. The commercial production of its products started in November 2013.
FINANCIAL REPORT
The company has earned Rs. 6.482 Millions by way of manufacturing and assembling of brush cards and brush plates during the period ended March 31, 2014 (Previous year Rs. 0.152 Million). The loss before depreciation and provision for taxation as on March 31, 2014 is Rs. (27.566) Millions (Previous Year Rs. (13.929) Millions).
FUTURE PLANS
The company is proud to enter its Third year of operations with a good team of dedicated employees. The company plans to substantially increase the scope and depth of various activities. Main areas are as below.
a. focus on export market.
b. Development of new product and new business segment.
c. Development and creation of new customers with specific and critical product mix.
The company is also working on the preparation of vision statement for next five years, which will be released in the forthcoming year.
FIXED ASSETS
Tangible Assets
· Leasehold Improvement
· Plant and Equipments
· Furniture and Fixtures
· Office Equipments
· Computers
Intangible Assets
· Acquired Goodwill
· 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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.63 |
|
|
1 |
Rs.92.94 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
13 |
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.