MIRA INFORM REPORT

 

 

Report No. :

344745

Report Date :

14.10.2015

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL HOSPITAL LIMITED

 

 

Registered Office :

Fortis Memorial Research Institute, Sector – 44, Gurgaon – 122002, Haryana

Tel. No.:

91-120-2400222

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

08.03.1994

 

 

Com. Reg. No.:

05-048225

 

 

Capital Investment / Paid-up Capital :

Rs.1545.366 Million

 

 

CIN No.:

[Company Identification No.]

U74999HR1994PLC048225

 

 

IEC No.:

0503061972

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RTKI01087C

 

 

PAN No.:

[Permanent Account No.]

AABCI7260G

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is primarily involved in setting up and running of hospitals.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 210000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1994. It has satisfactory track.

 

During the year ended March 31, 2013, group companies namely Kanishka Healthcare Limited, Escorts Hospital and Research Centre Limited & Escorts Heart & Super Speciality Institute Limited amalgamated into International Hospital Limited.

 

Further, it is a subsidiary of Fortis Global Healthcare Infrastructure Pte. Limited, Singapore. (52.53%)

 

However, the company has incurred continuous losses from its operations since 2012. Further accumulation of the same has resulted in partially erosion of networth base.

 

Moreover, the company has taken huge external borrowings i.e. Rs.19530.000 Million against the networth of Rs.72.000 million in FY14.

 

Which is leading to leveraged capital structure.

 

However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealings with some caution.

 

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

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON CO-OPERATIVE (91-120-2400222)

 

 

LOCATIONS

 

Registered Office :

Fortis Memorial Research Institute, Sector – 44, Gurgaon – 122002, Haryana, India

Tel. No.:

91-120-2400222

Fax No.:

Not Available

E-Mail :

sunil.singla@religarehealthtrust.com

 

 

DIRECTORS

 

AS ON 24.09.2014

 

Name :

Mr. Mohammad Faizal Imtiaz

Designation :

Whole-time director

Address :

121, Imtiaz Cottage Baghmufti, Kabeetpura Shahjahanabad, Bhopal - 462001, Madhya Pradesh, India

Date of Birth/Age :

15.09.1979

Date of Appointment :

01.11.2012

DIN No.:

05316327

 

 

Name :

Mr. Virender Kumar Sobti

Designation :

Director

Address :

I-81, Naraina Vihar, New Delhi - 110028, India

Date of Birth/Age :

01.02.1962

Date of Appointment :

24.01.2013

DIN No.:

05287975

 

 

Name :

Shalini Tyagi

Designation :

Director

Address :

B1A/76C Janak Puri, New Delhi - 110058, India

Date of Birth/Age :

26.09.1975

Date of Appointment :

02.06.2014

DIN No.:

06859572

 

 

Name :

Aarti Singh Kamalbir

Designation :

Director

Address :

N-5, Green Park Main, Delhi - 110016, India

Date of Appointment :

04.05.2015

DIN No.:

07173663

 

 

Name :

Mr. Arun Kumar Tripathy

Designation :

Director

Address :

Flat No. 401, Mariners Home, Plot-36D, Sector 56, Near Lion Apartments,, Gurgaon - 122001, Haryana, India

Date of Appointment :

04.05.2015

DIN No.:

07173671

 

 

KEY EXECUTIVES

 

Name :

Mr. Sunil Kumar Singla

Designation :

Secretary

Address :

11705, 3rd Floor, Sat Nagar, New Delhi - 110005, India

Date of Birth/Age :

16.07.1982

Date of Appointment :

28.01.2011

PAN No:

BGFPS6489H

 

 

Name :

Mr. Naveen Kumar Bhatia

Designation :

Chief Finance Officer

Address :

House No. 1753, Sector-9, Urban Estate, Karnal - 132001, Haryana, India

Date of Birth/Age :

11.07.1973

Date of Appointment :

02.06.2014

PAN No:

ABXPB5920C

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 24.09.2014

 

Names of Shareholders

 

No. of Shares

Fortis Global Healthcare infrastructure Pte Limited, India

 

8117833

Fortis Health Management Limited, India

 

2910703

Fortis Health Management Limited, India

 

4425117

Naveen Kumar Bhatia

 

1

Virender Kumar Sobti

 

1

Mohammad Faizal Imtiaz

 

1

Manish Agarwal

 

1

Sunil Agarwal

 

1

Dilip Agarwal

 

1

Total

 

15453659

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 24.09.2014

 

Category

Percentage

Bodies corporate

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is primarily involved in setting up and running of hospitals.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Axis Bank Limited, Statesman House, 148, Barakhamba Road, New Delhi - 110001, India

 

Banker Name

Yes Bank Limited

Branch Address

9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Banking Relations :

 

 

 

Financial Institute:

GE Capital Services India, Aifcs Building,Ist Floor, 1,Rafi Marg, New Delhi - 110001, Delhi, India

 

 

Auditors :

 

Name :

S. R. Batliboi and Company LLP

Chartered Accountants

Address :

Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon-122002, Haryana, India

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

ACHFS9180N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Ultimate Holding Company:
  • RHC Holding Private Limited ((holding company of Fortis Healthcare Holdings Private Limited (till October 19, 2012)
  • Religare Health Trust (a SGX Listed Business Trust) (from October 19, 2012)

 

 

Holding Company:
  • Fortis Health Management Limited, India  (From October 19 2012 to December 31, 2012)* [U85110DL2008PLC176412]
  • Fortis Healthcare Limited (holding company of Fortis Health Management Limited) (till October 19, 2012)
  • Fortis Global Healthcare Infrastructure Pte. Limited. (from October 19, 2012)
  • Fortis Healthcare Holdings Private Limited (holding company of Fortis Healthcare Limited (FHL)(till October 19, 2012)

 

 

Subsidiaries:
  • Escorts Heart and Super Speciality Hospital Limited, India  ('EHSSHL') [U85110DL2003PLC120016]
  • Escorts Hospital and Research Centre Limited, India  (EHRCL) (till December 31, 2012)* [U85110HR1997PLC048256]
  • Fortis Hospotel Limited, India  (FHTL) [U74899DL1990PLC141133]
  • Escorts Heart Institute and Research Centre Limited, India ('EHIRCL') (till October 19, 2012) [U85110CH2000PLC023744]
  • Fortis Health Management Limited (From January 1, 2013)*
  • Fortis Hospitals Limited (till October 19, 2012)

 

 

Fellow Subsidiaries (parties with whom transactions have

taken place):
  • Fortis Health Management (North) Limited, India ('FHM(N)L') (till October 19, 2012) (now merged with Fortis Hospitals Limited) [U85110DL2011PLC217187]
  • SRL Limited, India  (till October 19, 2012) [U74899DL1995PLC070603]
  • Fortis Health Management (South) Limited (till October 19, 2012)
  • Hospitalia Eastern Private Limited, India [U45202DL1988PTC033270]
  • Lalitha Healthcare Private Limited, India (till October 19, 2012) [U85110KA2005PTC035863]
  • Fortis Emergency Services Limited, India [U93000DL2009PLC189866]
  • Kanishka Healthcare Limited, India [U85100HR1988PLC048080]

 

 

Enterprises over which any person mentioned at (e) have

significant influence:
  • Fortis Health Management (North) Limited ('FHM(N)L')(from October 19,
  • 2012) (Now merged with Fortis Hospitals Limited)
  • Fortis Hospitals Limited, India  (from October 19, 2012) [U93000DL2009PLC222166]
  • Fortis Healthcare International Limited(from October 19, 2012)

 

 

 

Note:

 

*During the year ended March 31, 2013, the board of directors of group companies approved a scheme of amalgamation of Kanishka Healthcare Limited, Escorts Hospital and Research Centre Limited and Escorts Heart and Super Speciality Institute Limited into International Hospital Limited. The scheme was approved by the Hon'ble High Court of Punjab and Haryana via order dated December 13, 2013. The appointed date of the amalgamation as per the scheme is January 01, 2013 with effect from January 1, 2013, EHRCL, KHL and EHSSIL have been amalgamated into IHL. Further Fortis Health Management Limited ceased to be the holding company of International Hospital Limited w.e.f December 31, 2012 and Fortis Global Healthcare Infrastructure Pte. Limited. is the new holding company of International Hospital Limited.

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15620000

Equity Shares

Rs.100/- each

Rs. 1562.000 Million

10000000

Preference Shares

Rs.10/- each

Rs. 100.000 Million

 

 

 

 

 

Total

 

Rs. 1662.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15453659

Equity Shares

Rs.100/- each

Rs. 1545.366 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

1545.366

442.512

442.512

(b) Reserves & Surplus

(1472.560)

(84.330)

(23.396)

(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)

72.806

358.182

419.116

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

19538.000

3771.000

39.539

(b) Deferred tax liabilities (Net)

56.192

0.000

0.000

(c) Other long term liabilities

2.040

0.000

0.000

(d) long-term provisions

3.403

0.912

0.215

Total Non-current Liabilities (3)

19599.635

3771.912

39.754

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

2.021

3524.498

(b) Trade payables

195.033

36.113

25.815

(c) Other current liabilities

2460.757

403.246

524.434

(d) Short-term provisions

2.921

0.786

0.192

Total Current Liabilities (4)

2658.711

442.166

4074.939

 

 

 

 

TOTAL

22331.152

4572.260

4533.809

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

9583.483

2765.847

1438.146

(ii) Intangible Assets

15.311

11.752

0.000

(iii) Capital work-in-progress

18.284

31.652

4.996

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

7489.118

1278.893

1278.893

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

588.938

131.065

157.524

(e) Other Non-current assets

739.209

1.164

1.251

Total Non-Current Assets

18434.343

4220.373

2880.810

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

3158.863

169.400

0.000

(b) Inventories

2.542

0.000

0.000

(c) Trade receivables

524.828

143.808

23.850

(d) Cash and cash equivalents

31.016

15.989

43.988

(e) Short-term loans and advances

145.044

14.522

1473.154

(f) Other current assets

34.516

8.168

112.007

Total Current Assets

3896.809

351.887

1652.999

 

 

 

 

TOTAL

22331.152

4572.260

4533.809

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

2414.953

658.483

414.819

 

Other Income

973.210

12.339

133.889

 

TOTAL (A)

3388.163

670.822

548.708

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Purchases of Stock-in-Trade

57.627

17.152

72.668

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(0.205)

0.000

(5.328)

 

Employees benefits expense

71.721

13.446

33.141

 

Other expenses

685.683

181.618

205.600

 

Exceptional items

0.000

0.000

347.374

 

TOTAL (B)

814.826

212.216

653.455

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

2573.337

458.606

(104.747)

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

2688.319

575.010

418.938

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

(114.982)

(116.404)

(523.685)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

380.348

82.723

31.841

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

(495.330)

(199.127)

(555.526)

 

 

 

 

 

Less

TAX (H)

35.848

0.000

(70.032)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

(531.178)

(199.127)

(485.494)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(34.37)

(45.00)

(112.61)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.000

0.000

11.257

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

1646.573

341.314

245.621

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(22.00)

(30.24)

(117.04)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

106.56

69.65

(25.25)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(3.34)

(6.10)

(17.09)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(6.80)

(0.56)

(1.33)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

268.36

10.53

8.53

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.47

0.80

0.41

 

 

 

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

442.512

442.512

1545.366

Reserves & Surplus

(23.396)

(84.330)

(1472.560)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

419.116

358.182

72.806

 

 

 

 

long-term borrowings

39.539

3771.000

19538.000

Short term borrowings

3524.498

2.021

0.000

Current maturities of long-term debts

11.257

0.000

0.000

Total borrowings

3575.294

3773.021

19538.000

Debt/Equity ratio

8.531

10.534

268.357

 

 

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

414.819

658.483

2414.953

 

 

58.740

266.745

 

 

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

414.819

658.483

2414.953

Profit

(485.494)

(199.127)

(531.178)

 

(117.04%)

(30.24%)

(22.00%)

 

 

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

No

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

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

No

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

 

 

NOTE: Registered office of the company has been shifted from Escorts Heart Institute and Research Centre, Okhla Road, New Delhi – 110025, India to the present address w.e.f. 01.12.2012

 

OPERATIONS

 

During the year, the Company recorded a total income of Rs. 3388.162 Million as against Rs. 670.822 Million in the previous year.

 

MERGER / AMALGAMATION

 

A scheme of Amalgamation of Kanishka Healthcare Limited, Escorts Hospital and Research Centre Limited, Escorts Heart and Super Speciality Institute Limited with your Company was sanctioned by Hon?ble High Court of Punjab and Haryana on 13 th December, 2013. The order of Hon?ble High Court was filed with ROC, NCT of Delhi and Haryana on 17th January, 2014 i.e. the effective date. As a result of amalgamation your Company has achieved synergy in its operations coupled with more financial leverage.

 

In terms of scheme of amalgamation 2,910,703 (Twenty Nine Lakhs Ten Thousand Seven Hundred Three Only) Equity Shares of Rs. 100/- and 8,117,833 (Eighty One Lakhs Seventeen Thousand Eight Hundred Thirty Three Only) Equity Shares of Rs. 100/- each have been allotted to Fortis Health Management Limited and Fortis Global Healthcare Pte. Limited respectively. No equity share have been allotted to the shareholders of Escorts Hospital and Research Centre Limited.

 

NATURE OF OPERATIONS

 

Subject was incorporated in the year 1994 and is primarily involved in setting up and running of hospitals. The company is a subsidiary of Religare Health Trust (RHT), which is listed in Singapore and is engaged in the business of providing clinical establishment services (certain OPD and radio diagnostic services) and running hospital in Bangalore. The Company has entered into a Hospital and Medical Services Agreement (HMSA) with Fortis Healthcare Limited (FHL) and shall provide FHL on an exclusive principal to principal basis, hospital services including clinical establishment services, OPD services and radio diagnostic services and shall receive service fee in respect thereof.

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Fully convertible debentures others

10609.000

3771.000

Partly convertible debentures others

8929.000

0.000

SHORT TERM BORROWING

 

 

Loans repayable on demand from others

0.000

2.021

Total

19538.000

3773.021

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10593424

15/07/2015

71,100,000.00

SREI EQUIPMENT FINANCE LIMITED

'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BE
NGAL - 700046, INDIA

C65386872

2

10572901

29/04/2015

1,700,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,
, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARAS
HTRA - 400025, INDIA

C55448518

 

FIXED ASSETS

 

Tangible assets

 

 

Intangible assets

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records 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

UK Pound

1

Rs.99.89

Euro

1

Rs.73.92

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

2

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

29

 

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

 

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

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

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

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

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