MIRA INFORM REPORT
|
Report No. : |
345037 |
|
Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
NETMAGIC SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Lighthall 'C' Wing, Hiranandani Business Park, Saki Vihar Road,
Chandivali, Mumbai – 400072, Maharashtra |
|
Tel. No.: |
91-22-40099099 / 67139199 |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.07.1998 |
|
|
|
|
Com. Reg. No.: |
11-116053 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.240.560 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U73900MH1998PTC116053 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10111D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCN1254B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Providing Internet Services. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated on 30th July, 1998. It is an
established company having satisfactory track record. Sales turnover of the company has drastically declined during FY2014
and it is continuously incurring a loss from its operations. However, the
company possesses a decent profile marked by adequate networth bases along
with fair liquidity. There is favorable gap between trade receivables and
trade payables. Trade relations are fair. Business is active. Payment are reported to
be slow but correct. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ (Withdrawn) |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk |
|
Date |
21.02.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2 (Withdrawn) |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk |
|
Date |
21.02.2014 |
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. Viral Shah |
|
Designation : |
General Manager in Finance |
|
Contact No.: |
91-22-40099100 |
|
Date : |
12.10.2015 |
LOCATIONS
|
Registered Office : |
Lighthall 'C' Wing, Hiranandani Business Park, Saki Vihar Road,
Chandivali, Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-40099099 / 67139199 |
|
Fax No.: |
91-22-40099101 / 67139101 |
|
E-Mail : |
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|
Website : |
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|
Branches : |
Located At:
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DIRECTORS
As on 31.07.2014
|
Name : |
Mr. Sharad Shyam Sanghi |
|
Designation : |
Managing Director |
|
Address : |
23, Seagull, Carmichael Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
28.10.1966 |
|
Date of Appointment : |
30.07.1998 |
|
DIN No.: |
00265977 |
|
|
|
|
Name : |
Varghese Thomas |
|
Designation : |
Director |
|
Address : |
Apartment No. 7/A, Neptune Apartment, Juhu Tara Road, Juhu, Mumbai -
400049, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1977 |
|
Date of Appointment : |
29.08.2012 |
|
DIN No.: |
05259148 |
|
|
|
|
Name : |
Hideki Kurihara |
|
Designation : |
Director |
|
Address : |
3-10-21-101, Kamikitazawa, Setagaya, Tokyo, 1560057, Japan |
|
Date of Birth/Age : |
14.06.1965 |
|
Date of Appointment : |
29.08.2012 |
|
DIN No.: |
05276363 |
|
|
|
|
Name : |
Mr. Sunil Gupta |
|
Designation : |
Director |
|
Address : |
148 Hope Apartment, Sec. 15 Part- II, Gurgaon - 122001, Haryana, India |
|
Date of Birth/Age : |
17.01.1972 |
|
Date of Appointment : |
29.08.2012 |
|
DIN No.: |
06361812 |
|
|
|
|
Name : |
Shigeki Hayashi |
|
Designation : |
Director |
|
Address : |
131, 3-11-1, Naka, Kunitachi-Shi, Tokyo, 1860004 Japan |
|
Date of Birth/Age : |
22.06.1967 |
|
Date of Appointment : |
12.09.2013 |
|
DIN No.: |
06672452 |
|
|
|
|
Name : |
Masakazu Kobayashi |
|
Designation : |
Director |
|
Address : |
B2-201, Parsvnath Exotica,, Golf Course Road, Sector-53, Gurgaon, 122002, Haryana, India |
|
Date of Appointment : |
01.12.2014 |
|
DIN No.: |
06363094 |
|
|
|
|
Name : |
Mr. Harvinderjit Singh Bhatia |
|
Designation : |
Director |
|
Address : |
603, Sudhama Niwas, 16th Road, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Date of Appointment : |
01.12.2014 |
|
DIN No.: |
01681292 |
KEY EXECUTIVES
|
Name : |
Mr. Samir Shashikant Kamat |
|
Designation : |
Secretary |
|
Address : |
C-7, Swati, Ramdas Sutrale Marg, Borivali (West), Mumbai - 400092,
Maharashtra, India |
|
Date of Birth/Age : |
21.02.1969 |
|
Date of Appointment : |
24.01.2008 |
|
PAN No.: |
AATPK2504Q |
MAJOR SHAREHOLDERS
As on 31.07.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Sharad Shyam Sanghi |
6254559 |
26.00 |
|
NTT Communications Corporation, Japan |
17801436 |
74.00 |
|
Total |
24055995 |
100.00 |
As on 08.10.2014
|
Names of Allottee |
No. of Shares Allotted |
|
NTT Communications Corporation, Japan |
10000000 |
|
Total |
10000000 |
Equity Share Break up (Percentage of Total Equity)
As on 31.07.2014
|
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 |
74.00 |
|
Directors or relatives of Directors |
26.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Internet 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 : |
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Selling : |
Not Divulged |
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Purchasing : |
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 denied by management |
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Bankers : |
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Facilities : |
Notes: Details of security
for the secured short-term borrowings: Primary: First charge by way of hypothecation of Company's entire current assets including stock and receivables both present and future. Collateral: Second charge by way of hypothecation of entire movable and immovable fixed assets (excluding vehicles) of the company both present and future. Exclusive
Collateral: Common collateral for working capital and term loan: Lien on fixed deposits aggregating Rs.31.580 Million
standing in the name of company. |
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshimi, Mumbai - 400011, Maharashtra, India |
|
PAN No.: |
AAIFB7375B |
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Holding
Company : |
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Subsidiaries : |
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Fellow
Subsidiaries : |
CIN No.: U72900MH2004PTC144725
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Others : |
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CAPITAL STRUCTURE
As on 31.07.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Million |
|
10000000 |
0.001% Cumulative Convertible Preference Shares |
Rs.10/- each |
Rs.100.000 Million |
|
|
Total |
|
Rs.400.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24055995 |
Equity Shares |
Rs.10/- each |
Rs.240.560 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
240.560 |
240.560 |
246.660 |
|
(b) Reserves & Surplus |
1329.800 |
1352.710 |
1263.500 |
|
(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) |
1570.360 |
1593.270 |
1510.160 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
176.180 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
26.890 |
34.840 |
7.010 |
|
(d) long-term
provisions |
17.350 |
16.040 |
35.950 |
|
Total Non-current
Liabilities (3) |
44.240 |
50.880 |
219.140 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
23.730 |
34.480 |
79.520 |
|
(b) Trade
payables |
68.360 |
124.880 |
262.310 |
|
(c) Other
current liabilities |
41.850 |
51.220 |
105.510 |
|
(d) Short-term
provisions |
2.180 |
1.790 |
6.600 |
|
Total Current
Liabilities (4) |
136.120 |
212.370 |
453.940 |
|
|
|
|
|
|
TOTAL |
1750.720 |
1856.520 |
2183.240 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
126.740 |
172.810 |
1,040.870 |
|
(ii)
Intangible Assets |
0.980 |
1.770 |
13.350 |
|
(iii)
Capital work-in-progress |
0.850 |
1.750 |
101.100 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
693.230 |
693.230 |
20.250 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
660.930 |
673.040 |
422.700 |
|
(e) Other
Non-current assets |
0.800 |
1.580 |
0.000 |
|
Total Non-Current
Assets |
1483.530 |
1544.180 |
1598.270 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
43.830 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
205.330 |
214.740 |
237.510 |
|
(d) Cash and
cash equivalents |
35.990 |
37.480 |
211.070 |
|
(e)
Short-term loans and advances |
25.200 |
59.410 |
92.260 |
|
(f) Other
current assets |
0.670 |
0.710 |
0.300 |
|
Total
Current Assets |
267.190 |
312.340 |
584.970 |
|
|
|
|
|
|
TOTAL |
1750.720 |
1856.520 |
2183.240 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
471.360 |
824.700 |
1,437.100 |
|
|
Other Income |
14.310 |
104.910 |
65.370 |
|
|
TOTAL |
485.670 |
929.610 |
1,502.470 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Service costs and expenses |
364.240 |
619.700 |
904.450 |
|
|
Selling, General and Administration expenses |
81.880 |
166.890 |
341.450 |
|
|
TOTAL |
446.120 |
786.590 |
1,245.900 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
39.550 |
143.020 |
256.570 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.450 |
13.750 |
21.320 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
38.100 |
129.270 |
235.250 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
61.010 |
130.400 |
246.710 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(22.910) |
(1.130) |
(11.460) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
1.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(22.910) |
(2.130) |
(11.460) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
132.340 |
134.470 |
145.930 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
109.430 |
132.340 |
134.470 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
46.210 |
92.660 |
1018.200 |
|
|
TOTAL EARNINGS |
46.210 |
92.660 |
1018.200 |
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.95) |
(0.09) |
NA |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
19.330 |
(103.320) |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(4.86) |
(0.26) |
(0.80) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.39 |
17.34 |
17.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
868.56 |
1005.62 |
1476.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
0.00 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02 |
0.02 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96 |
1.47 |
1.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
246.660 |
240.560 |
240.560 |
|
Reserves & Surplus |
1263.500 |
1352.710 |
1329.800 |
|
Net
worth |
1510.160 |
1593.270 |
1570.360 |
|
|
|
|
|
|
Long Term borrowings |
176.180 |
0.000 |
0.000 |
|
Short Term borrowings |
79.520 |
34.480 |
23.730 |
|
Total
borrowings |
255.700 |
34.480 |
23.730 |
|
Debt/Equity
ratio |
0.169 |
0.022 |
0.015 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
1437.100 |
824.700 |
471.360 |
|
|
|
(42.614) |
(42.845) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
1437.100 |
824.700 |
471.360 |
|
Profit |
(11.460) |
(2.130) |
(22.910) |
|
|
(0.80%) |
(0.26%) |
(4.86%) |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
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 |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY
OVERVIEW:
The Company was incorporated on July 30, 1998 under the Companies Act, 1956. The Company is a subsidiary of NTT Communications Corporation, Japan. The Company holds a Class "A" Internet Service Provider (ISP) license for providing internet services. It is into business of providing Internet Bandwidth to its customers
BUSINESS OPERATIONS AND THE YEAR
The Company is now a part of the NTT Communications Group of Japan. Pursuant to Share Purchase Agreement including the requisite regulatory approvals from Indian Regulatory Authorities, NTT Communications Corporation has acquired 74% direct equity stake in the Company with effect from August 29, 2012. This transaction has enabled the Company to leverage NTT Communications Corporations existing infrastructure and network capability and accelerate enhancement of the Company’s global cloud services for the provision of high-quality ICT services.
The Company is ISO 27001, ISO 9001:2008 and ISO 20000-1 certified and its processes are designed as per the ITIL framework. With a decade's worth of experience and expertise the customers can rely on the Company’s services for ensuring high availability, seamless performance, and reliable security for mission critical applications.
Considering the business exigencies, the Company as part of an internal group restructuring has transferred its Data Center business (includes managed information technology services, specializing in internet data center and managed hosting, infrastructure management, managed security, cloud computing, application hosting, messaging and collaboration, disaster recovery and availability and professional services but excludes bandwidth services), to its 100% subsidiary Netmagic IT Services Private Limited with effect from July 1, 2012. Bandwidth services have been retained by the Company which are being provided by the Company to its customers in terms of the Class A ISP License which it holds.
The Company achieved a Turnover of Rs.421.360 Million during the F.Y. 2013-14 which is a decrease of 43% over previous years Turnover of Rs.824.700 Million. Substantial investment into business infrastructure led to a Net Loss before Tax of Rs.22.910 Million as against Net Loss before Tax of Rs.1.13 Million in the previous year. The decrease in revenue and operations in the F.Y. 2013-14 is due to the impact of transfer of the Data Center business to its 100% subsidiary Netmagic IT Services Private Limited with effect from July 1, 2012.
The Company’s business improved substantially due to better recognition and acceptance in IT Services market. The Company added key customers during the year and most of the existing customers renewed their services for further terms. Considering the overall business prospects, your Company is confident of continued growth in its top line in the next year.
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10088972 |
14/06/2013 * |
60,000,000.00 |
AXIS BANK LIMITED |
GROUND FLOOR, AXIS
HOUSE, C-2, WADIA INDUSTRIAL CENTRE, P. B. MARG, WORLI, MUMBAI - |
B77955763 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.65.02 |
|
|
1 |
Rs.99.88 |
|
Euro |
1 |
Rs.73.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
43 |
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.