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|
|
MIRA INFORM REPORT
|
Report No. : |
501819 |
|
Report Date : |
05.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
FUKOKU INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. G-4/1, Chakan Industrial Area, Phase-III, Chakan, Taluka-Khed, District Pune – 410501, Maharashtra |
|
Tel. No.: |
Not Available |
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Country : |
India |
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Financials (as
on) : |
31.12.2016 |
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Date of
Incorporation : |
14.10.2010 |
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|
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Com. Reg. No.: |
11-137535 |
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Capital Investment
/ Paid-up Capital : |
INR 355.000 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U25190PN2010FTC137535 |
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|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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|
|
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GSTN : [Goods & Service Tax
Registration No.] |
27AABCF6113D1Z4 |
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TIN No: |
27115230370 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AABCF6113D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the manufacture of damper pulleys
and rubber products (brake parts) for supply to automotive. Further, the
Company also earns commission income from its holding company and group
companies on sale of wiper blades, brake seals and other products as
determined between the respective parties. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 460000 |
|
|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
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Comments : |
Subject is a subsidiary of “Fukoku Company Limited” based in Japan and it was incorporated in the year 2010. As per financials of December 2016, the company has registered a growth of 20.38% in its revenue as compared to its previous year’s revenue and has reported average profit margin of 1.75%. Rating takes into consideration the company’s satisfactory track record of business operations marked by sound capital base along with low solvency indicators and decent liquidity position. Rating also takes into account the strong financial and managerial support received from its holding entity. However, rating strength is partially offset by negative reserves level of the company. Payments terms seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 05.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office / Factory: |
Plot No. G-4/1, Chakan Industrial Area, Phase-III, Chakan, Taluka-Khed, District Pune – 410501, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 31.12.2016
|
Name : |
Mr. Kenji Chousei Watanabe |
|
Designation : |
Managing Director |
|
Address : |
2-6-3, Komagata, Gyouda-Shi, Saitama, 3610055, Japan |
|
Date of Birth/Age : |
11.11.1957 |
|
Date of Appointment : |
14.11.2013 |
|
DIN No. : |
06702030 |
|
PAN No.: |
ADBPW7681H |
|
|
|
|
Name : |
Mr. Prashant Balasaheb Joshi |
|
Designation : |
Managing Director |
|
Address : |
Flat No.8, Building-F, S. No.138, Shriramnagar, Aundh, Pune – 411 007, Maharashtra, India |
|
Date of Birth/Age : |
19.11.1959 |
|
Date of Appointment : |
05.06.2015 |
|
DIN No. : |
03119518 |
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PAN No.: |
AAVPJ0934F |
|
|
|
|
Name : |
Mr. Atsushi Hiroshi Suzuki |
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Designation : |
Director |
|
Address : |
Hills Chuo B-201, 3-33-1, Chuo Kitamoto-Shi, Saitama, Japan, 3640031 |
|
Date of Birth/Age : |
31.05.1973 |
|
Date of Appointment : |
12.12.2011 |
|
DIN No. : |
03617668 |
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PAN No.: |
DQTPS5383A |
|
|
|
|
Name : |
Tokushi Takanori Tsujimoto |
|
Designation : |
Director |
|
Address : |
Kano 17-3, Okegawa, Saitama, 3630001, Japan |
|
Date of Birth/Age : |
11.07.1967 |
|
Date of Appointment : |
01.02.2013 |
|
DIN No. : |
06485535 |
KEY EXECUTIVES
|
Name : |
Mr. Harshal Wate |
|
Designation : |
Company Secretary |
|
Address : |
Off No.3, 2nd Floor, Landmark Complex, Above IOB, Anand Nagar
– Paud Road, Kothrud, Pune – 411038, Managrashtra, India |
|
Tel. no: |
91-22-41200716 |
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Mob. No: |
91-9371320009 |
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Email: |
|
|
|
|
|
Name : |
Mr. Vivek Dnyaneshwar Patil |
|
Designation : |
Company Secretary |
|
Address : |
131/2A, Rajyog Society, Near Ganesh Mandir, Warje, Pune-411058, Maharashtra, India |
|
Date of Birth/Age : |
12.01.1989 |
|
Date of Appointment : |
02.12.2014 |
|
PAN No. : |
CNLPP9802M |
MAJOR SHAREHOLDERS
As on: 31.12.2016
|
Names of Shareholders |
|
No. of Shares |
|
Fukoku Company Limited, Japan |
|
3549999 |
|
Siam Fukoku Company Limited, Thailand |
|
1 |
|
Total |
|
3550000 |
Equity Share Break up (Percentage of Total Equity)
As on: 10.06.2016
|
Category |
Percentage |
|
Promoters - Body corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged in the manufacture of damper pulleys
and rubber products (brake parts) for supply to automotive. Further, the Company
also earns commission income from its holding company and group companies on
sale of wiper blades, brake seals and other products as determined between
the respective parties. [Registered
Activity] |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India ·
The Bank of Tokyo-Mitsubishi UFJ Limited |
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Auditors : |
|
|
Name : |
SRBC and Company LLP Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchashil Tech
Park, Yerwada (Near Don Bosco School) Pune – 411 006, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9117R |
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
Holding Company |
Fukoku Company Limited, Japan |
|
|
|
|
Fellow Subsidiary
company |
|
CAPITAL STRUCTURE
As on: 31.12.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3550000 |
Equity Shares |
INR 100/- each |
INR 355.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3550000 |
Equity Shares |
INR 100/- each |
INR 355.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
355.000 |
355.000 |
355.000 |
|
(b) Reserves and Surplus |
(194.488) |
(204.217) |
(177.578) |
|
(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) |
160.512 |
150.783 |
177.422 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
207.605 |
260.013 |
282.536 |
|
(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 |
1.489 |
1.241 |
0.856 |
|
Total Non-current
Liabilities (3) |
209.094 |
261.254 |
283.392 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
81.494 |
110.621 |
86.293 |
|
(c) Other
current liabilities |
72.301 |
50.501 |
28.464 |
|
(d) Short-term
provisions |
1.384 |
0.823 |
0.623 |
|
Total Current
Liabilities (4) |
155.179 |
161.945 |
115.380 |
|
|
|
|
|
|
TOTAL |
524.785 |
573.982 |
576.194 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
246.257 |
268.133 |
325.522 |
|
(ii)
Intangible Assets |
0.709 |
0.340 |
0.410 |
|
(iii) Tangible assets
capital work-in-progress |
21.823 |
25.044 |
6.722 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
1.753 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
6.014 |
7.932 |
36.244 |
|
(e) Other
Non-current assets |
0.000 |
0.333 |
0.480 |
|
Total Non-Current
Assets |
276.556 |
301.782 |
369.378 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
58.973 |
65.664 |
53.719 |
|
(c) Trade
receivables |
53.407 |
52.708 |
35.874 |
|
(d) Cash and
bank balances |
121.142 |
125.742 |
110.204 |
|
(e)
Short-term loans and advances |
12.463 |
25.707 |
4.319 |
|
(f) Other
current assets |
2.244 |
2.379 |
2.700 |
|
Total
Current Assets |
248.229 |
272.200 |
206.816 |
|
|
|
|
|
|
TOTAL |
524.785 |
573.982 |
576.194 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
556.256 |
462.087 |
191.578 |
|
|
Other Income |
6.538 |
11.028 |
7.779 |
|
|
TOTAL |
562.794 |
473.115 |
199.357 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
299.546 |
243.893 |
92.341 |
|
|
Purchases of
Stock-in-Trade |
6.228 |
5.630 |
21.321 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2.016 |
3.524 |
(22.617) |
|
|
Employee benefit expense |
63.539 |
52.205 |
40.108 |
|
|
Other expenses |
106.031 |
93.502 |
51.597 |
|
|
TOTAL |
477.360 |
398.754 |
182.750 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
85.434 |
74.361 |
16.607 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
11.100 |
17.957 |
15.521 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
74.334 |
56.404 |
1.086 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
66.357 |
83.043 |
52.987 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
7.977 |
(26.639) |
(51.901) |
|
|
|
|
|
|
|
Less |
TAX |
(1.753) |
0.000 |
0.114 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
9.730 |
(26.639) |
(52.015) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
24.632 |
9.206 |
17.175 |
|
|
TOTAL EARNINGS |
24.632 |
9.206 |
17.175 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
165.020 |
160.730 |
56.501 |
|
|
Components and spare
parts |
4.057 |
5.595 |
9.061 |
|
|
Capital Goods |
13.491 |
27.277 |
15.383 |
|
|
TOTAL IMPORTS |
182.567 |
193.602 |
80.944 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2.741 |
(7.50) |
(14.65) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Maturities of Long term debt |
58.336 |
36.905 |
17.559 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
75.998 |
85.329 |
12.482 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
69.323 |
74.759 |
10.924 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
35.04 |
41.63 |
68.35 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
10.42 |
8.77 |
5.34 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors / Purchases
* 365] |
|
97.28 |
161.82 |
277.11 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
1.45 |
1.13 |
0.31 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.32 |
0.25 |
0.05 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.80 |
0.80 |
0.72 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
1.66 |
1.97 |
1.69 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
0.97 |
1.07 |
0.65 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
1.67 |
1.95 |
1.87 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
7.70 |
4.14 |
1.07 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
1.75 |
(5.76) |
(27.15) |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
1.85 |
(4.64) |
(9.03) |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
6.06 |
(17.67) |
(29.32) |
SOLVENCY RATIO
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
1.60 |
1.68 |
1.79 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
1.22 |
1.28 |
1.33 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.31 |
0.26 |
0.31 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
0.75 |
0.84 |
0.85 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current Assets
/ Total Current Liabilities] |
|
1.60 |
1.68 |
1.79 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
355.000 |
355.000 |
355.000 |
|
Reserves & Surplus |
(177.578) |
(204.217) |
(194.488) |
|
Net
worth |
177.422 |
150.783 |
160.512 |
|
|
|
|
|
|
Long-term borrowings |
282.536 |
260.013 |
207.605 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
17.559 |
36.905 |
58.336 |
|
Total
borrowings |
300.095 |
296.918 |
265.941 |
|
Debt/Equity
ratio |
1.691 |
1.969 |
1.657 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
191.578 |
462.087 |
556.256 |
|
|
|
141.200 |
20.379 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
191.578 |
462.087 |
556.256 |
|
Profit/ (Loss) |
(52.015) |
(26.639) |
9.730 |
|
|
(27.15
%) |
(5.76
%) |
1.75
% |
LEGALS
FILE
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 |
Yes |
|
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 |
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 two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATING REVIEW:
The Company should acquire additional business from existing customers. This has substantially increase the revenue in this year. Also, the Company has controlled its cost and have achieve operating cash profit for the first time from the year of establishment.
As at the end of the Financial Year, Company has an accumulated loss of INR 9.730 million and the management is of the view that these losses are largely due to the early stage of its operations. In view of such newly commenced operations and the expected future growth in the business, the management is confident to meet its future commercial obligations.
The Company has started repayment of principal amount for the 1st and 2nd ECB loan to FUKOKU Japan on scheduled dates and the Directors are confident that the it will continue to fulfill its financial obligation in time without any default.
CORPORATE INFORMATION
The Company is a private limited company domiciled in India and incorporated on October 14, 2010 as a 100% subsidiary of Fukoku Company Limited, Japan, and is engaged in the manufacture of damper pulleys and rubber products (brake parts) for supply to automotive companies from its manufacturing facility in Chakan, Pune. Further, the Company also earns commission income from its holding company and group companies on sale of wiper blades, brake seals and other products as determined between the respective parties. The CIN number of the Company is U25190PN2010FTC137535.
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
UNSECURED LOAN
|
PARTICULARS |
31.12.2016 (INR
in Million) |
31.12.2015 (INR
in Million) |
|
Long Term
Borrowings |
|
|
|
Other
external commercial borrowings |
207.605 |
260.013 |
|
Total |
207.605 |
260.013 |
FIXED ASSETS:
Tangible Assets
·
Factory Building
·
Plant and Machinery
·
Furniture and Fittings
·
Computers
·
Office Equipment
·
Vehicle
·
Moulds
·
Electrical Installations
·
Leasehold Land
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 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
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 79.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.