|
|
|
MIRA INFORM REPORT
|
Report No. : |
501992 |
|
Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
BELAIRE HOTELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No.5AB, 5th Floor, Rushabh Chambers, Marol Makwana Road, Andheri
(East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-61450200 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
14.05.2007 |
|
|
|
|
Com. Reg. No.: |
11-170789 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 637.048 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH2007PTC170789 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCB1851C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Room
or unit accommodation services for visitors, with daily housekeeping services. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Belaire Holding Limited, Mauritius” and was incorporated in the year 2007. For the financial year 2017, the company has achieved decent growth in its revenue as compared to its previous year but has incurred losses during the year. The company possesses stretched financial profile as the hotel is under gestation period and is yet to generate adequate cash flows to meet its debt repayment obligation. Rating further gets constrained on account of its small scale of its operation with concentration on a single property in Pune along with intense competition from other established hotels, exposure to foreign exchange fluctuations on account of funding through external borrowing and eroded net worth position. However, these erosion gets partially compensated by equity infusion by its promoters along with established experience in hospitality industry. Payment seems to be slow. In view of aforesaid, the company can be considered for business dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating= BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
04.08.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating= A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
04.08.2017 |
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 07.04.2018
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.
INFORMATION DENIED
Management Non-Cooperative (91-22-61450200)
LOCATIONS
|
Registered Office : |
Office No.5AB, 5th Floor, Rushabh Chambers, Marol Makwana Road,
Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-61450200 |
|
Fax No.: |
91-22-61450299 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Rajat Roy |
|
Designation : |
Director |
|
Address : |
1403, Atlantis Raheja Acropolis 1, Deonar Pada Road,
Deonar Village, Opposite Dutta Guru Society, Chembur, Mumbai – 400088, Maharashtra,
India |
|
Date of Appointment : |
15.02.2016 |
|
DIN No.: |
03232378 |
|
|
|
|
Name : |
Mr. Peter Robert Charles Olden |
|
Designation : |
Director |
|
Address : |
Cherry Cottage, Otford Lane Halstead, Seven Oaks, Kent
London TN147EE GB, United Kingdom |
|
Date of Appointment : |
29.09.2015 |
|
DIN No.: |
03279943 |
|
|
|
|
Name : |
Mr. Rajib Dattaray |
|
Designation : |
Director |
|
Address : |
B-701, Iraisa, Next to RBK School, Beverly Park, Mira Road
(East), Thane – 401107, Maharashtra, India |
|
Date of Appointment : |
28.10.2014 |
|
DIN No.: |
06704770 |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
Belaire Holdings Limited, Mauritius |
47141580 |
|
AAPC India Hotel Management Private Limited, India |
16563258 |
|
|
|
|
Total |
63704838 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.07.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Room
or unit accommodation services for visitors, with daily housekeeping services. [Registered Activity] |
||||
|
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|
||||
|
Products / Services
: |
|
||||
|
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|
||||
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Brand Names : |
Not Available |
||||
|
|
|
||||
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Agencies Held : |
Not Available |
||||
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|
||||
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Exports : |
Not Divulged |
||||
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|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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||||||||||||||||||||||
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No. of Employees : |
Information denied by the management |
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Bankers : |
|
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||||||||||||||||||||||
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
·
Belaire Holding Limited, Mauritius |
|
|
|
|
Fellow
Subsidiary Company : |
· Seapearl Hotels Private Limited ·
Blue Ridge Hotels Private Limited |
|
|
|
|
Others : |
·
AAPC India Hotel Management Private Limited |
CAPITAL STRUCTURE
AFTER 26.07.2017
Authorised Capital : INR
910.000 Million
Issued, Subscribed & Paid-up Capital : INR 897.048 Million
AS ON 26.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
INR 10/- each |
INR 700.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63704838 |
Equity Shares |
INR 10/- each |
INR 637.048 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
637.048 |
412.048 |
262.048 |
|
(b) Reserves & Surplus |
(656.822) |
(507.969) |
(350.525) |
|
(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) |
(19.774) |
(95.921) |
(88.477) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2899.358 |
3139.625 |
3216.286 |
|
(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 |
2.819 |
3.104 |
2.459 |
|
Total Non-current
Liabilities (3) |
2902.177 |
3142.729 |
3218.745 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
46.455 |
31.156 |
24.632 |
|
(c) Other
current liabilities |
229.757 |
198.930 |
169.046 |
|
(d) Short-term
provisions |
0.512 |
0.385 |
1.272 |
|
Total Current
Liabilities (4) |
276.724 |
230.471 |
194.950 |
|
|
|
|
|
|
TOTAL |
3159.127 |
3277.279 |
3325.218 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3027.859 |
3160.538 |
3163.201 |
|
(ii)
Intangible Assets |
0.423 |
3.393 |
7.657 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
22.809 |
27.983 |
22.570 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.418 |
|
Total Non-Current
Assets |
3051.091 |
3191.914 |
3193.846 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4.749 |
4.980 |
4.324 |
|
(c) Trade
receivables |
20.498 |
18.564 |
12.467 |
|
(d) Cash
and cash equivalents |
68.791 |
47.978 |
101.288 |
|
(e)
Short-term loans and advances |
9.284 |
9.868 |
8.358 |
|
(f) Other
current assets |
4.714 |
3.975 |
4.935 |
|
Total
Current Assets |
108.036 |
85.365 |
131.372 |
|
|
|
|
|
|
TOTAL |
3159.127 |
3277.279 |
3325.218 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
391.115 |
360.146 |
271.614 |
|
|
Other Income |
9.012 |
6.514 |
5.356 |
|
|
TOTAL |
400.127 |
366.660 |
276.970 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
36.785 |
34.303 |
29.660 |
|
|
Employee benefit expense |
102.234 |
90.253 |
82.761 |
|
|
Other expenses |
200.556 |
186.624 |
164.091 |
|
|
TOTAL |
339.575 |
311.180 |
276.512 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
60.552 |
55.480 |
0.458 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
106.838 |
101.284 |
97.106 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(46.286) |
(45.804) |
(96.648) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
102.567 |
111.917 |
111.412 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(148.853) |
(157.721) |
(208.060) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(0.276) |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(148.853) |
(157.445) |
(208.060) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
0.000 |
28.155 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
28.155 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(2.81) |
(4.88) |
(17.00) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
203.774 |
177.008 |
127.521 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
73.981 |
53.611 |
(7.624) |
|
Net cash flows from (used in) operating activities |
81.777 |
47.463 |
(8.335) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
19.13 |
18.81 |
16.75 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
19.08 |
19.40 |
21.79 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
460.95 |
331.51 |
303.12 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
12.75 |
11.14 |
0.11 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.02 |
0.02 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.07 |
1.08 |
1.06 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(156.93) |
(34.58) |
(37.79) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(13.99) |
(2.40) |
(2.20) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(153.14) |
(32.98) |
(35.84) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.57 |
0.55 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(38.06) |
(43.72) |
(76.60) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(4.71) |
(4.80) |
(6.26) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
752.77 |
164.14 |
235.16 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.39 |
0.37 |
0.67 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.37 |
0.35 |
0.65 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.01) |
(0.03) |
(0.03) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.87 |
8.05 |
12.76 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.39 |
0.37 |
0.67 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
262.048 |
412.048 |
637.048 |
|
Reserves & Surplus |
(350.525) |
(507.969) |
(656.822) |
|
Net
worth |
(88.477) |
(95.921) |
(19.774) |
|
|
|
|
|
|
Long-term borrowings |
3216.286 |
3139.625 |
2899.358 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
127.521 |
177.008 |
203.774 |
|
Total
borrowings |
3343.807 |
3316.633 |
3103.132 |
|
Debt/Equity
ratio |
(37.793) |
(34.577) |
(156.930) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
271.614 |
360.146 |
391.115 |
|
|
|
32.595 |
8.599 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
271.614 |
360.146 |
391.115 |
|
Profit/ (Loss) |
(208.060) |
(157.445) |
(148.853) |
|
|
(76.60
%) |
(43.72
%) |
(38.06
%) |
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 |
Yes |
|
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 |
STATE OF COMPANY'S AFFAIRS:
The management of the Company continued with the core business activities of the Company. There is no change in the nature of business of the Company.
The Directors wish to present the details of Business operations with regard to operations of Novotel Hotel, Pune, during the year as follows:
Production and
Profitability
I) - Being in the fourth year of operations, the hotel is now well established in the market as well as the competitive set of hotels. Hotel has maintained its fair share of market.
II) - Financially hotel was able to meet its operation cost and generate operational profit.
Sales
- With regards to corporate market, hotel has retained existing clients and have added new clients to the portfolio. They are maintaining their fair share with GDS/RFP as well as with local clients.
- MICE pace is maintained with contribution from corporate and social segment. Additionally hotel is leveraging OAOS channel to source MICE business from across the country.
- With the global sales team in place, the sales team will leverage this structure to source business across hotel's key markets in India other than Pune.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Fully convertible debentures others |
845.036 |
845.036 |
|
Loans and advances from others |
575.500 |
575.500 |
|
|
|
|
|
Total |
1420.536 |
1420.536 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B30856322 |
10332646 |
Axis Bank Limited |
27/01/2012 |
- |
- |
2086000000.0 |
Corporate Banking branchaxis House, Gr. Flr, C-2, Wadia International Cent Mumbai MH400025IN |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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 65.06 |
|
|
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
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 |
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.