|
|
|
MIRA INFORM REPORT
|
Report No. : |
502162 |
|
Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
THE MOBILE WALLET PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Tower - 3, 3rd Floor, Equinox Business Park Office, Bandra Kurla Complex, L.B.S. Marg, Kurla (West), Mumbai – 400070, Maharashtra |
|
Tel. No.: |
91-22-42630292 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
30.07.2015 |
|
|
|
|
Com. Reg. No.: |
11-267015 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 190.789 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67190MH2015PTC267015 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAFCT4241G1ZF |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCT4241G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is in the business of issuing and operating prepaid payment instrument (Wallet Payment System) which allows it to Issue wallets to users and providing payment solution to E-commerce customers and merchants using Ratnakar Bank Limited license. (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 : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a subsidiary of “Asia Special Opportunities Fund Pte
Limited”, Singapore. The company was incorporated in the year 2015. It is engaged in providing Web Designing, Web Application Solutions,
Software Development Services and Development services. For the financial year 2017, the company has achieved a massive growth
in its revenue as compared to previous year but has incurred operational
loss. The moderate financial profile of the company is reflected by negative
networth base. However, rating weakness is partially offset by equity infused by its
promoters and strong debt coverage indicators due to debt free balance sheet
profile. Rating takes into consideration strong financial and managerial support
that the company receives from its holding entity backed by its well
experienced management team. Payment seems 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.
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
Customer Care Number: 7507375073
LOCATIONS
|
Registered Office : |
Tower - 3, 3rd Floor, Equinox Business Park Office, Bandra Kurla Complex, L.B.S. Marg, Kurla (West), Mumbai – 400070, Maharashtra, India |
|
Tel. No.: |
91-22-42630292 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Vinay Vijay Kalantri |
|
Designation : |
Managing Director |
|
Address : |
2, Wahedna Apartment, 75, Hill Road, Bandra, Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
09.05.1981 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
30.07.2015 |
|
PAN No.: |
ADHPK1554D |
|
DIN No.: |
00194477 |
|
|
|
|
Name : |
Mr. Alok Gupta |
|
Designation : |
Director |
|
Address : |
2003, Floor 20th, 1, Imperial Tower South, B B Nakashe Marg, M P Mill Compound, Tar Deo, Mumbai – 400034, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1966 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
16.11.2015 |
|
PAN No.: |
AGHPG9371P |
|
DIN No.: |
02330045 |
|
|
|
|
Name : |
Mr. Sujay Rajababu Sheth |
|
Designation : |
Director |
|
Address : |
C-42 Darshan Apartments, Mount Pleasant Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
28.11.1970 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
07.03.2017 |
|
PAN No.: |
AFLPS7366B |
|
DIN No.: |
03329107 |
KEY EXECUTIVES
|
Name : |
Mr. Brijendra Kumar Gupta |
|
Designation : |
Chief Finance Officer |
|
Address : |
Flat No 402, Fairfield B, Lodha Luxuria, Lodha Com
Majiwada, Thane West, Mumbai - 400601, Maharashtra, India |
|
Date of Birth/Age : |
02.03.1966 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
09.08.2016 |
|
PAN No.: |
AAMPG0304H |
|
|
|
|
Name : |
Mrs. Anjali Bharatkumar Sampat |
|
Designation : |
Company Secretary |
|
Address : |
54 Flat No, 5th Floor, Anuradha Building, Manekna Chandaverkar Road, Borivali West, Mumbai - 400092, Maharashtra, India |
|
Date of Appointment : |
28.03.2018 |
|
PAN No.: |
BHNPS3859Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Equity Shareholders |
|
No. of Shares |
|
Vinay Vijay Kalantri |
|
1300000 |
|
Asia special opportuniftuiensd pte ltd |
|
3700000 |
|
Total |
|
5000000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Imperial Consultants and Securities Limited, India |
|
14078908 |
|
Total |
|
14078908
|
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
26.00 |
|
Promoter - Bodies
corporate |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business of issuing and operating prepaid payment instrument (Wallet Payment System) which allows it to Issue wallets to users and providing payment solution to E-commerce customers and merchants using Ratnakar Bank Limited license. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
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Auditors : |
|
|
Name : |
Walker Chandiok and CO LLP Chartered Accountants |
|
Address : |
16th Floor, Tower II, Indiabulls Finance Centre,S B Marg, Elphinstone, Mumbai, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFW4298E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
|
|
|
|
|
Holding company : |
|
|
|
|
|
Ultimate Holding
company : |
U65993TN1993PLC024724 |
|
|
|
|
Fellow Subsidiary company: |
U51900MH2006PLC160647
U74120MH2015PTC268000 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
U64120MH2012PTC232038
U74999MH2016PTC288679 |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
INR 10/- each |
INR 50.000 Million |
|
20000000 |
Preference Shares |
INR 10/- each |
INR 200.000 Million |
|
|
Total |
|
INR 250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
INR 10/- each |
INR 50.000 Million |
|
14078908 |
Preference Shares |
INR 10/- each |
INR 140.789 Million |
|
|
Total |
|
INR 190.789
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
190.789 |
50.000 |
|
(b) Reserves and Surplus |
|
(191.822) |
(53.785) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(1.033) |
(3.785) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.515 |
0.138 |
|
Total Non-current
Liabilities (3) |
|
0.515 |
0.138 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
34.929 |
8.325 |
|
(c) Other
current liabilities |
|
218.396 |
30.157 |
|
(d) Short-term
provisions |
|
0.004 |
0.002 |
|
Total Current
Liabilities (4) |
|
253.329 |
38.484 |
|
|
|
|
|
|
TOTAL |
|
252.811 |
34.837 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
4.202 |
2.658 |
|
(ii) Intangible
Assets |
|
50.463 |
0.091 |
|
(iii) Tangible assets
capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
26.289 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
0.645 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
55.310 |
29.038 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
11.898 |
0.000 |
|
(c) Trade
receivables |
|
3.223 |
0.000 |
|
(d) Cash and
bank balances |
|
153.738 |
2.600 |
|
(e)
Short-term loans and advances |
|
13.360 |
3.199 |
|
(f) Other
current assets |
|
15.282 |
0.000 |
|
Total
Current Assets |
|
197.501 |
5.799 |
|
|
|
|
|
|
TOTAL |
|
252.811 |
34.837 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
|
12.182 |
0.110 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
TOTAL |
|
12.182 |
0.110 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
|
18.332 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(11.898) |
0.000 |
|
|
Employee benefit expense |
|
79.255 |
29.417 |
|
|
Other expenses |
|
56.101 |
24.155 |
|
|
TOTAL |
|
141.790 |
53.572 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
(129.608) |
(53.462) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
0.315 |
0.075 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(129.923) |
(53.537) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
8.114 |
0.248 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(138.037) |
(53.785) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(138.037) |
(53.785) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(7.23) |
(10.76) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Net cash flows from (used in) operations |
|
47.489 |
(24.847) |
|
Net cash flows from (used in) operating activities |
|
47.477 |
(24.850) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
|
96.57 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
|
3.78 |
0.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
|
695.46 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
|
(10.89) |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
|
(2.37) |
(1.84) |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
|
1.00 |
1.10 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
|
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
|
(245.24) |
(10.17) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
|
(52.92) |
(7.67) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
|
(411.45) |
(712.83) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
|
(1133.12) |
(48895.45) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
|
(54.60) |
(154.39) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
|
13362.73 |
1421.00 |
SOLVENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current Assets / Current Liabilities) |
|
0.78 |
0.15 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
|
0.73 |
0.15 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
|
0.00 |
(0.11) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
|
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
|
0.78 |
0.15 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Share Capital |
50.000 |
190.789 |
|
Reserves & Surplus |
(53.785) |
(191.822) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
|
Net
worth |
(3.785) |
(1.033) |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Sales
|
0.110 |
12.182 |
|
|
|
10,974.545 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Sales
|
0.110 |
12.182 |
|
Profit |
(53.785) |
(138.037) |
|
|
(48895.45%) |
(1133.12%) |
LEGAL
CASES
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two 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 |
BACKGROUND
The MobileWallet Private Limited (‘Company’) was incorporated on 30 July 2015. The Company commenced its business activity in August, 2015.
The Company is in the business of issuing and operating prepaid payment instrument (Wallet Payment System) which allows it to Issue wallets to users and providing payment solution to E-commerce customers and merchants using Ratnakar Bank Limited license. The users use their MobileWallet for transferring money, for paying for their monthly utility bills (prepaid recharge, post-paid mobile, landline, electricity, TV, etc.) and for shopping online on e-commerce websites. The Company's registered office is situated in Mumbai.
The Company is a subsidiary of Asia Special Opportunities Fund Pte Limited (Holding Company).
FINANCIAL PERFORMANCE
Pilot work on Mobile Wallet Application was successfully completed in May 2016. The company propose to capitalise expenses incurred on technology, entire expenses relating to IT function and proportionate salaries of other functions like HR, Customer Support and Operations which are directly attributable to IT / development of technology for April and May 2016. Similar expenses incurred till 31st March 2016 on Mobile Wallet Application were capitalised as per Financial Statement for FY 2015-16.
The company successfully launched Pre-paid Card and Load Card in Jan 2017. Pre-paid Card is cobranded with RBL Bank Limited and powered by Master Card. Work on Prepaid Card and Load Card project was started in June 2016 and completed in Dec 2016. The company propose to capitalise expenses incurred on Card technology i.e.Salaries and other expenses relating to IT function.
These expenses are reported as “Intangible assets” in financial statements.
As on 31st March 2017, gross intangible assets stood at INR 57.023 Million.
They propose to amortiseIntangible Assets over the period of five years. Accordingly the same is reflecting in financial statements for FY 2016-17.
State of Affairs of
the Company
Government of India announced demonetisation of high value old currency notes of INR 500 and INR 1000 on 9th November 2016thereby giving major push to digital payment modes like wallets and cards. Payment industry witnessed growth of 173% in transactions value since
demonetisation.
Despite Government initiatives, market condition for Mobile Wallets remained hyper competitive during the financial year with cash backs and freebies on offer for customers for new acquisition and transactions by major wallet players.
The company decided to put more focus on sale of pre-paid cards and acquire customers. The company successfully launched following new products during the financial year–
a. TMW RBL Bank Pre-paid Card powered by Master Card - This is the first Chip and PIN Card under Pre-paid segment in India.
b. Load Card in various denominations - Physical load card to convert cash into digital money – first in India.
During the Financial year, the Company has continued its efforts to expand distribution width with launch of Pre-paid Cards in 13 cities across India, building strong use cases, formulating policies and strengthening processes considering the scalability requirements and functionality of its product.
INDEX
OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Office equipment
- Computer equipments
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 64.98 |
|
|
1 |
INR 90.95 |
|
Euro |
1 |
INR 79.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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.