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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

502784

Report Date :

07.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AXALTA COATING SYSTEMS INDIA PRIVATE LIMITED ( w.e.f. 04.05.2013)

 

 

Formerly Known As :

DUPONT PERFORMANCE COATINGS INDIA PRIVATE LIMITED (w.e.f. 10.07.2012)

 

DUPONT PERFORMANCE CHEMICALS INDIA PRIVATE LIMITED

 

 

Registered Office :

A-220, Defence Colony, New Delhi - 110024

Tel. No.:

91-11-41551824/25/0586

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

13.03.2012

 

 

Com. Reg. No.:

55-232798

 

 

Capital Investment / Paid-up Capital :

INR 49.977 Million

 

 

CIN No.:

[Company Identification No.]

U24200DL2012PTC232798

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAECD2713N

 

 

GSTN :

[Goods & Service Tax Registration No.]

07AAECD2713N1ZM

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :
  • The Company is engaged in processing and sale of refinishing paints and coatings.

 

  • Manufacturing, mixing, blending, making, importing, exporting, buying, selling, trading, distributing or otherwise dealing in all kinds of chemicals, chemical compounds, chemical products, specialty chemicals, fluoro chemicals, heavy chemicals, acids, alkalis of all kinds, oils and lubricants.

 

(Registered Activity)

 

 

No. of Employees :

Information declined by the management

 

 

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 2900000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject acts as a wholly owned subsidiary of “Axalta Coating Systems Singapore Holding Pte Limited” and it was incorporated in the year 2012 having satisfactory track record.

 

The subject is engaged into manufacturing, mixing, blending, importing, exporting, distributing and dealing in all kinds of chemicals, chemical compounds, chemical products, specialty chemicals, fluoro chemicals, heavy chemicals, acid, alkalis, oils and lubricants.

 

As per the financial record of March 2017, the company has achieved decent growth of 15.04% in its revenue as compared to its previous year but has incurred loss during the year.

 

Rating takes into consideration, the healthy financial risk profile marked by improved and healthy net worth base due to equity infusion by its holding entity along with strong debt protection metrics and comfortable cash accruals.

 

Rating continue to derive strength from its established track record of its business operation backed by its well-experienced management team.

 

However, these rating strengths gets partially offset by continuous operational losses due to its exposure in highly competitive chemical industry and vulnerability of its operating margins to volatility in raw material prices and working capital intensive operations.

 

Payment seems to be usually correct.

 

In view of aforesaid, the company can be considered for business dealing at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

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 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 (Tel. No.: 91-11-41551824/ 91-21-22-61894100)

 

 

LOCATIONS

 

Registered / Corporate Office :

A-220, Defence Colony, New Delhi – 110024, India

Tel. No. :

91-11-41551824/25/0586

Mobile No.:

91-9898508586 (Mr. Kalpesh Suthar)

Fax No. :

91-11-43520001

E-Mail :

arora.sharad@axaltacs.com

Website :

www.axaltacs.com

 

 

Factory:

Plot No. KV-1/2, GIDC Savli, Village Alindra, Vadodara – 391775, Gujarat, India

Tel. No. :

91-2667-666032

 

 

Branch Office 1 :

16th Floor, A-1601, Lotus Corporate park Gram Path, Jay Coach Junction, Off Western Express Highway, Jogeshwari (East), Mumbai – 400063, India

Tel. No. :

91- 22-61894100

Fax No. :

91- 22-61894147

 

 

Branch Office 2 :

16th Floor, Building No. 5, Tower C, DLF Cyber City, DIF Phase, Gurugram – 122002, Haryana, India

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Vinay Digambar Rajadhyaksha

Designation :

Managing Director

Address :

7, Meghdoot, 162 – BHA Gat Road, Near Starcity Cinema, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

21.07.1961

Date of Appointment :

18.07.2016

PAN No.:

ACRPR9477K

DIN No. :

05334966

 

 

Name :

Mr. Sharad Arora

Designation :

Whole-time Director

Address :                      

Flat No. 1002, Tower – 14, The Close North Nirvana, South City – II, Gurgaon - 122018, Haryana, India

Date of Birth/Age :

15.11.1972

Date of Appointment :

28.09.2015

PAN No.:

AAKPA3466C

DIN No. :

06427372

 

 

Name :

Mr. Sandeep Vijay Batwe

Designation :

Whole-time Director

Address :

A/44, Yoginagar Township, Phase – II, Near Rama Kaka Mandir, Chhani Road, Vadodara-390002, Gujarat, India

Date of Appointment :

28.09.2015

PAN No.:

AFDPB5888H

DIN No. :

06783005

 

 

Name :

Mr. Lokender Singh Pal

Designation :

Whole-time Director

Address :                      

Tower 11, Flat No. 1402 Vipul Green, Sohna Road, Gurgaon – 122002, Haryana, India 

Date of Birth/Age :

29.09.1973

PAN No.:

AJXPS0661H

Date of Appointment :

28.09.2015

DIN No. :

06813391

 

 

Name :

Mr. Ashish Behari Lal Mathur

Designation :

Whole-time Director

Address :                      

1001, Urvashi -2, Amrapali Royal 2 B, Vaibhav Khand, Indirapuram, Shipra Sun City, Ghaziabad – 201014, Uttar Pradesh, India

Date of Appointment :

04.08.2017

DIN No. :

03172415

 

 

Name :

Mr. Amiya Vikram

Designation :

Whole-time Director

Address :                      

C6/706 Haridaydeep Apartment, PWO Housing Complex Huda City Central, Sector 43, Sushant LOKI, Gurgaon – 122002, Haryana, India

Date of Appointment :

07.02.2018

DIN No. :

08050853

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2017

 

Names of Shareholders

 

No. of Shares

Axalta Coating Systems Singapore Holding Pte. Limited, Singapore

 

4997719

Lokender Singh Pal (Nominee Shareholder of Axalta Coating Systems Singapore Holding Pte. Limited, Singapore)

 

1

Total

 

4997720

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 25.09.2017

 

Category

Percentage

Promoters (Individual/Hindu Undivided Family-Indian)

0.00002001

Promoters (Body corporate)

99.99997999

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :
  • The Company is engaged in processing and sale of refinishing paints and coatings.

 

  • Manufacturing, mixing, blending, making, importing, exporting, buying, selling, trading, distributing or otherwise dealing in all kinds of chemicals, chemical compounds, chemical products, specialty chemicals, fluoro chemicals, heavy chemicals, acids, alkalis of all kinds, oils and lubricants.

 

(Registered Activity)

 

 

Products/ Services :

Item Code No.

Product/ Services Description

99532693

Manufacturing facilities of basic chemicals, compounds and pharmaceuticals

 

 

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 :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

Not Divulged

Branch

Not Divulged

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Fully convertible debentures banks

352.010

1488.510

 

 

 

Total

352.010

1488.510

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai, India

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

AAHFP0187A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

Axalta Coating Systems Singapore Holding Pte Limited

 

 

Fellow Subsidiary company :
  • Axalta Coating Systems (Shanghai) Co. Limited
  • Axalta Coating Systems Australia Pty Limited
  • Axalta Coating Systems Godo Kaisha
  • Axalta Coating Systems Korea Inc
  • Axalta Coating Systems (Thailand) Limited
  • Axalta Coating Systems Dutch Holding BBV
  • Axalta Coating Systems Brazil Ltda
  • Axalta Coating Systems Germany GmbH
  • Axalta Coating Systems Austria GmbH
  • Axalta Coating Systems Belgium BVBA
  • Axalta Coating Systems, LLC
  • Axalta Coating Systems Mexico, S. de R.L. de C.V.
  • Axalta Polymer Powders Switzerland Sàrl
  • Axalta Coating Systems (Changchun) Co.
  • Axalta Powder Coating Systems (Malaysia) Sdn Bhd
  • Axalta France SAS
  • Axalta Coating Systems USA Inc.
  • Axalta Coating Systems UK Limited
  • Axalta Fze – Axalta Coating Systems
  • High Performance Coating Sdn Bhd
  • Axalta Powder Coating Systems

 

 

 

 

 

 

 

 

 

CAPITAL STRUCTURE

 

As on 25.09.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6250000

Equity Shares

INR 10/- each

INR 62.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4997720

Equity Shares

INR 10/- each

INR 49.977 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

49.977

10.100

10.100

(b) Reserves and Surplus

964.185

(72.310)

8.700

(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)

1014.162

(62.210)

18.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1672.689

1488.510

1488.510

(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

11.993

7.130

6.192

Total Non-current Liabilities (3)

1684.682

1495.640

1494.702

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

0.000

0.000

0.000

(b) Trade payables

743.841

1527.899

1000.846

(c) Other current liabilities

226.121

86.288

68.634

(d) Short-term provisions

5.735

3.715

6.339

Total Current Liabilities (4)

975.697

1617.902

1075.819

 

 

 

 

TOTAL

3674.541

3051.332

2589.321

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

584.886

438.034

480.878

(ii) Intangible Assets

10.660

36.243

61.826

(iii) Tangible assets capital work-in-progress

95.386

9.763

0.851

(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 loans and advances

601.210

444.854

466.524

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1292.142

928.894

1010.079

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

791.223

756.602

476.880

(c) Trade receivables

701.612

584.711

542.988

(d) Cash and bank balances

108.119

157.497

86.355

(e) Short-term loans and advances

720.323

613.451

452.408

(f) Other current assets

61.122

10.177

20.611

Total Current Assets

2382.399

2122.438

1579.242

 

 

 

 

TOTAL

3674.541

3051.332

2589.321

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Total Revenue from operations

3635.697

3160.357

2767.176

 

Other Income

5.842

3.537

5.199

 

TOTAL

3641.539

3163.894

2772.375

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1205.580

1115.617

927.121

 

Purchases of Stock-in-Trade

952.459

970.506

647.626

 

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

38.252

(207.193)

(50.368)

 

Employee benefit expense

374.452

317.242

288.706

 

Other expenses

834.166

760.317

726.184

 

TOTAL

3404.909

2956.489

2539.269

 

 

 

 

 

 

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

236.630

207.405

233.106

 

 

 

 

 

Less

FINANCIAL EXPENSES

191.296

193.507

193.513

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

45.334

13.898

39.593

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

105.462

94.908

111.461

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(60.128)

(81.010)

(71.868)

 

 

 

 

 

Less

TAX

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(60.128)

(81.010)

(71.868)

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

(12.03)

(80.21)

--

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

(710.185)

453.980

252.561

Net cash flow from operating activity

(975.029)

251.386

255.164

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

70.44

67.53

71.62

 

 

 

 

Account Receivables Turnover

( Income / Sundry Debtors)

5.18

5.40

5.10

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

125.81

267.33

231.98

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.30

0.27

0.49

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.34

0.43

0.43

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.72

1.02

0.99

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.65

(23.93)

79.18

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.96

(26.01)

57.22

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.68

(7.78)

28.91

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

1.24

1.07

1.20

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

[(PAT / Sales) * 100]

%

(1.65)

(2.56)

(2.60)

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

(1.64)

(2.65)

(2.78)

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

(5.93)

130.22

(382.28)

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

2.44

1.31

1.47

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.63

0.84

1.02

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.28

(0.02)

0.01

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

33.47

147.38

147.38

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

2.44

1.31

1.47

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

10.100

10.100

49.977

Reserves & Surplus

8.700

(72.310)

964.185

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

18.800

(62.210)

1014.162

 

 

 

 

Long-term borrowings

1488.508

1488.510

1672.688

Short term borrowings

0.000

0.000

0.000

Total borrowings

1488.508

1488.510

1672.688

Debt/Equity ratio

79.176

(23.927)

1.649

 

 

 

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

2767.176

3160.357

3635.697

 

 

14.209

15.041

 

 

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

2767.176

3160.357

3635.697

Profit/ (Loss)

(71.868)

(81.010)

(60.128)

 

(2.60 %)

(2.56 %)

(1.65 %)

 

 

 

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

No

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

 

 

GENERAL INFORMATION

 

The Company) is a wholly owned subsidiary of Axalta Coating Systems Singapore Holding Pte Limited, Singapore and the ultimate holding entity is The Carlyle Group, USA.

 

The Company is engaged in processing and sale of refinishing paints and coatings. The Company has manufacturing plant in Savli, District Vadodara in Gujarat and sells throughout India and Asia.

 

SUMMARY OF OPERATIONS

 

During the year, the net revenue from operations of the Company increased by 15.04% from INR 3160.357 Million to INR 3635.697 Million. For financial year ended on 31st March, 2017, the Company’s loss after tax stood at INR 60.128 Million vis-à-vis a loss of INR 81.010 Million in the previous year.

 

BUSINESS REVIEW/STATE OF THE COMPANY’S AFFAIRS

 

During the year , the Company undertook the regular business activities of Manufacturing, mixing, blending, making, importing, exporting, buying, selling, trading, distributing or otherwise dealing in all kinds of chemicals, chemical compounds, chemical products, specialty chemicals, fluoro chemicals, heavy chemicals, acids, alkalis of all kinds, oils and lubricants.

 

Further, the business of the company looks positive and it is poised for growth in the future years.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Borrowing from foreign companies

1320.679

0.000

 

 

 

Total

1320.679

0.000

 

 

INDEX OF CHARGES

 

No Charges Exists for Company

 

 

FIXED ASSETS

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer equipments
  • Leasehold improvements

 

Intangible assets

 

  • Goodwill

 

 

 

 

 

 

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

INR

US Dollar

1

INR 64.98

UK Pound

1

INR 90.95

Euro

1

INR 79.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

NRG

 

 

Report Prepared by :

SUD

 

 

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)

 

 

 

 

 

 

 

 

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.