MIRA INFORM REPORT
|
Report No. : |
342742 |
|
Report Date : |
02.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALLIANZ CORNHILL INFORMATION SERVICES PRIVATE LIMITED |
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Registered
Office : |
Door No. 2F, Bhavani, Technopark Campus, Trivandrum – 695581, Kerala |
|
Tel. No.: |
91-471-2335550 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.01.2003 |
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|
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Com. Reg. No.: |
09-015907 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 160.113 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U72200KL2003PTC015907 |
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IEC No.: |
5303000052 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAECA1104C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in application development and maintenance services which includes application development, application maintenance, quality assurance, process consultancy, testing and validation, packaged application, and data migration services. |
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|
|
|
No. of Employees
: |
Information Declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated on 24th January, 2003. It has fine
track record. Management has reported a significant improvement in its revenue base
and profit during FY2014. Further, the rating also takes into consideration
its decent networth, zero debt and fair liquidity. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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
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. Rahul |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-471-6613555 |
|
Date : |
30.09.2015 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Door No. 2F, Bhavani, Technopark Campus, Trivandrum – 695581, Kerala,
India |
|
Tel. No.: |
91-471-2335550 |
|
Fax No.: |
91-471-2700967 |
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E-Mail : |
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|
Website : |
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Branch Office 1: |
3rd Floor, Thejaswini Building, Technopark, Campus,
Trivandrum– 695581, Kerala, India |
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Tel. No.: |
91-471-2335550 |
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|
|
|
Branch Office 2: |
3rd Floor, Chandragiri Building, Technopark Campus,
Trivandrum– 695581, Kerala, India |
|
Tel. No.: |
91-471-2335550 |
|
|
|
|
Branch Office 3: |
3rd and 4th
Floor, Leela Infopark Building, Technopark Campus, Trivandrum- 695581
Kerala, India |
|
Tel. No.: |
91-471-2335550 |
DIRECTORS
AS ON: 03.09.2014
|
Name : |
Mr. David John Knowles |
|
Designation : |
Director |
|
Address : |
High Gables, Red Copse Lane, Boars Hill, Oxford-000000, United Kingdom |
|
Date of Birth/Age : |
16.01.1953 |
|
Date of Appointment : |
13.04.2010 |
|
DIN No.: |
00379835 |
|
|
|
|
Name : |
Mr. Rakesh Kumar Gupta |
|
Designation : |
Managing Director |
|
Address : |
1-A Marigold Apartments, Opposite All India Radio, Thycaud - Po, Trivandrum- 695014, Kerala, India |
|
Date of Birth/Age : |
24.11.1959 |
|
Date of Appointment : |
31.08.2011 |
|
DIN No.: |
02026160 |
|
|
|
|
Name : |
Mr. Jison John |
|
Designation : |
Whole-Time Director |
|
Address : |
1773, Kaduvathil Bethel-1, Thuruthummoola, Vattiyoorkavu, Thiruvananthapuram-695005, Kerala, India |
|
Date of Birth/Age : |
15.01.1973 |
|
Date of Appointment : |
13.04.2010 |
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DIN No.: |
02033833 |
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|
|
|
Name : |
Mr. Amit Passi |
|
Designation : |
Whole-Time Director |
|
Address : |
17b, Artech Lakeview, Apts Bypass Toll Booth, Aakulam Bridge, Anayara P.O, Aakulam, Trivandrum-695029, Kerala, India |
|
Date of Birth/Age : |
08.03.1973 |
|
Date of Appointment : |
13.04.2010 |
|
DIN No.: |
02044478 |
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|
|
|
Name : |
Mr. Mark John Churchlow |
|
Designation : |
Director |
|
Address : |
4, Pineridge Close, Weybridge, Kt13 9sp, Surrey-000000, United Kingdom |
|
Date of Birth/Age : |
11.03.1959 |
|
Date of Appointment : |
06.05.2011 |
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DIN No.: |
03632538 |
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|
|
|
Name : |
Mr. Jonathan Mark Dye |
|
Designation : |
Director |
|
Address : |
Walnut Lodge, 9 St Omer Road, Guildford, Surrey, Gu1 2da, England, Na, United Kingdom |
|
Date of Appointment : |
03.09.2014 |
|
DIN No.: |
06647446 |
KEY EXECUTIVES
|
Name : |
Krishna Ramachandran |
|
Designation : |
Secretary |
|
Address : |
14 A, Winter Mist- Seasons, Kuruvankonam, Kowdiar, Trivandrum-695003, Kerala, India |
|
Date of Birth/Age : |
24.02.1971 |
|
PAN No.: |
ACEPR5598N |
|
Date of Appointment : |
06.10.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 03.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Allianz Holdings PLC, United Kingdom |
|
16006312 |
|
Churchlow John Mark |
|
4999 |
|
David John Knowles |
|
1 |
|
Total |
|
16011312 |
Equity Share Break up (Percentage of Total Equity)
As on: 03.09.2014
|
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 |
99.97 |
|
Directors or relatives of Directors |
0.03 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in application development and maintenance services which includes application development, application maintenance, quality assurance, process consultancy, testing and validation, packaged application, and data migration services. |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management |
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Bankers : |
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Auditors : |
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|
Name : |
B S R and Associates Chartered Accountants |
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Address : |
3rd Floor,Syama Business Center, NH Byepass Road, Vytilla, Kochi -682019, Kerala, India |
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PAN No: |
AAIFB7355D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
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Ultimate
Holding Company: |
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Other related parties with whom
transactions have taken place during the period: |
· Allianz Worldwide Care Limited, Ireland · Allianz Deutschland AG, Germany · Allianz Managed Operations and Services GmbH, Germany · Allianz Managed Operations and Services, Singapore · Euler Hermes Societe Anonyme, France ·
Allianz Management Services Limited, UK |
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Fellow subsidiaries and entities under
common control: |
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CAPITAL STRUCTURE
As On : 03.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16011312 |
Equity Shares |
Rs.10/- each |
Rs. 160.113 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
160.113 |
160.113 |
160.113 |
|
(b) Reserves & Surplus |
717.525 |
1015.076 |
747.134 |
|
(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) |
877.638 |
1175.189 |
907.247 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
42.418 |
34.084 |
15.306 |
|
Total Non-current
Liabilities (3) |
42.418 |
34.084 |
15.306 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
24.578 |
38.371 |
20.786 |
|
(c) Other current
liabilities |
1534.675 |
1036.990 |
565.862 |
|
(d) Short-term
provisions |
4.639 |
0.281 |
0.310 |
|
Total Current
Liabilities (4) |
1563.892 |
1075.642 |
586.958 |
|
|
|
|
|
|
TOTAL |
2483.948 |
2284.915 |
1509.511 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
151.637 |
153.246 |
0.000 |
|
(ii)
Intangible Assets |
1.963 |
8.893 |
117.229 |
|
(iii)
Capital work-in-progress |
0.000 |
50.653 |
7.199 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
17.637 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
114.349 |
48.877 |
37.321 |
|
(d) Long-term Loan and Advances |
44.098 |
44.781 |
59.201 |
|
(e) Other Non-current
assets |
5.097 |
51.010 |
2.511 |
|
Total Non-Current
Assets |
317.144 |
357.460 |
241.098 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
94.874 |
253.870 |
81.447 |
|
(d) Cash
and cash equivalents |
1963.911 |
1531.252 |
1116.127 |
|
(e)
Short-term loans and advances |
41.237 |
64.139 |
34.512 |
|
(f) Other
current assets |
66.782 |
78.194 |
36.327 |
|
Total
Current Assets |
2166.804 |
1927.455 |
1268.413 |
|
|
|
|
|
|
TOTAL |
2483.948 |
2284.915 |
1509.511 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2333.937 |
1871.880 |
1131.819 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
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|
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|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
412.408 |
267.942 |
197.788 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1988.143 |
1760.530 |
1131.819 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
124.17 |
109.96 |
70.69 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
1270.356 |
702.861 |
759.848 |
|
Net cash flows from (used in) operating
activities |
1038.356 |
565.666 |
695.516 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 |
|
Net Profit Margin |
(%) |
17.67 |
14.31 |
17.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.79 |
2.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
160.113 |
160.113 |
160.113 |
|
Reserves & Surplus |
747.134 |
1015.076 |
717.525 |
|
Net
worth |
907.247 |
1175.189 |
877.638 |
|
|
|
|
|
|
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 |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Income |
1131.819 |
1871.880 |
2333.937 |
|
|
|
65.387 |
24.684 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Income |
1131.819 |
1871.880 |
2333.937 |
|
Profit |
197.788 |
267.942 |
412.408 |
|
|
17.48% |
14.31% |
17.67% |
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 |
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 |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three financial
years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three financial
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE:
The registered office of the company has been
shifted from Door No 3F, Chandragiri Tecnopark Campus, Kariavattom P O,
Trivandrum – 695581, Kerala India to the
present address w .e. f. 13.04.2010.
PRIMARY SEGMENT INFORMATION
The primary segments of the Company are its
business segments which are as follows:
(i) IT - The Company engages in the software development and software support services.
(ii) IT enabled services (ITES) - The Company renders claim processing and first level of IT support services.
(iii) Infrastructure Support Service (ISS) Represents infrastructure support service provided by the Company to AMOS India Branch.
INDEX OF CHARGES:
No Charges Exist for Company
FIXED ASSETS
Tangible Assets
· Plant and Equipments
· Furniture and Fixtures
· Vehicles
· Leasehold Improvements
Intangible Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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. 65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
HRS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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.