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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

506025

Report Date :

30.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

MAN TRUCKS INDIA PRIVATE LIMITED (w.e.f. 30.03.2012)

 

 

Formerly Known As :

MAN FORCE TRUCKS PRIVATE LIMITED

 

 

Registered Office :

201-216, Pride Silicon Plaza, Beside Chatusrungi Temple, Senapati Bapat Road, Pune-411016, Maharashtra

Tel. No.:

91-20-66452828/ 66452878

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

08.03.2006

 

 

Com. Reg. No.:

11-022147

 

 

Capital Investment / Paid-up Capital :

INR 1353.940 Million

 

 

CIN No.:

[Company Identification No.]

U34102PN2006PTC022147

 

 

TIN No.:

27210557049V

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAECM6932E

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAECM6932E1ZH

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturing of Heavy Commercial Vehicles with technical support received from MAN group companies and suppliers of plant and machinery. (Registered activity)

 

 

No. of Employees :

698 (Approximately)

 

 

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+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

 

Comments :

Subject is a wholly owned subsidiary of “Man Truck and Bus AG”, Germany. The company was incorporated in the year 2006.


It is a manufacturer of Motor Vehicles, Trailer, Semi-Trailer and Transport Vehicles Parts.


For the financial year 2017, the revenue of the company has increased by 15.13% along with decent profit margin of 7.49%.


The sound financial profile of the company is marked by healthy networth base and debt free balance sheet profile along with favourable gap between trade payables and trade receivables.


Rating takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team.


Business is active. Payment seems to be regular.


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 30.04.2018

 

 

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 BY

 

Name :

Ms. Deepali

Designation :

Admin Department

Contact No.:

91-20-66452828

Date :

26.04.2018

 

 

LOCATIONS

 

Registered Office :

201-216, Pride Silicon Plaza, Beside Chatusrungi Temple, Senapati Bapat Road, Pune-411016, Maharashtra, India

Tel. No.:

91-20-66452828/ 66452878

Fax No.:

91-20-66452878

E-Mail :

vinit.maheshwari@in.man.eu

Lionel_Jordan@in.man.eu 

Website :

www.mantrucksindia.com

Location :

Leased

Locality :

Commercial

 

 

Factory :

Plot No. 3B-1, 2A & 2C, Sector-1, Pithampur Industrial Estate, Pithampur, Dhar – 454775, Madhya Pradesh, India

Tel. No.:

91-7292-668444

Fax No.:

91-7292-668350

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Jan Henrik Lafrentz

Designation :

Director

Address :

Zuccalistr. 33 Munich 80639, Denmark

Date of Appointment :

01.10.2016

DIN No.:

07625621

 

 

Name :

Mr. Joerg Mommertz

Designation :

Managing Director

Address :

Hanebergstr. 28 Munich 80637, Denmark

Date of Birth/ Age :

28.09.1958

Qualification :

ME

Date of Appointment :

01.10.2016

PAN No.:

DGDPM4699P

DIN No.:

07627365

 

 

Name :

Holger Von Der Heide

Designation :

Additional Director

Address :

Rohrsangerpl. 2A Munich 81249 Denmark

Date of Appointment :

30.10.2017

DIN No.:

07959088

 

 

Name :

Alexander Richard Kessel

Designation :

Additional Director

Address :

Seerosenweg 9 Karlsfeld 85757 Denmark

Date of Appointment :

30.10.2017

DIN No.:

07965563

 

 

KEY EXECUTIVES

 

Name :

Sayali Sanjay Nazirkar

Designation :

Company Secretary

Address :

A/6, Tulsi Corner, Plot No. 115/A, Rajeshivajinagar, Sector -16, Pcntda, ChInchwad Pune 411019, Maharashtra, India

Date of Appointment :

24.08.2017

PAN No.:

AVFPN2656R

 

 

Name :

Ms. Deepali

Designation :

Admin Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2017

 

Names of Shareholders

 

No. of Shares

Man Truck and Bus AG, Germany

 

135394200

Man Verwaltungs GmbH, Germany

 

1

Force Motors Limited, India

 

1

 

 

 

Total

 

135394202

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2017

 

Category

Percentage

Promoter - Bodies corporate

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Heavy Commercial Vehicles with technical support received from MAN group companies and suppliers of plant and machinery. (Registered activity)

 

 

Products :

Item Code No.

Product Description

3731, 3732

Manufacturing of heavy commercial vehicles

3738

Spare Parts

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

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 :

698 (Approximately)

 

 

Bankers :

Bank Name

State Bank of India

Branch

Corporate Accounts Group, Voltas House, Ballard Estate, Mumbai - 400001. Mumbai – 400001, Maharashtra, India

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)

--

 

Auditors :

 

Name :

Price Waterhouse and Company Bangalore LLP

Chartered Accountants

Address :

7th Floor, Tower A-Wing 1, Business Bay, Airport Road, Yerwada, Pune - 411006, Maharashtra, India

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

AADFP9359C

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :

MAN Truck and Bus AG, Germany

 

 

Fellow Subsidiary companies :
  • Volkswagen India Private Limited, india

U70102PN2007FTC133117

 

  • Man Bus Sp. Z.O.O., Germany
  • Volkswagen Procurement Services, Germany

 

  • Volkswagen Finance Private Limited

U65999MH2009FTC189640

 

  • Man Trucks And Bus Asia Pacific Company Limited
  • Man Trucks and Bus Production Rus LLC
  • Man Truck and Bus Rus LLC
  • Man Trucks and Bus Mexico S A De C V, Germany

 

  • Volkswagen Group Sales India Private Limited, India

U50401MH2007FTC168439

 

  • Man Turbomachinery India Private Limited (formerly known as Max Watt Turbines Private Limited)

U02813MH2002PTC284701

 

  • Man Truck and Bus (S.A.) (Pty) Limited
  • Man Truck and Bus Vertrieb Österreich GmbH

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

135800000

Equity Shares

INR 10/- each

INR 1358.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

135394202

Equity Shares

INR 10/- each

INR 1353.942 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

01.04.2016

to

31.03.2017

01.01.2015

to

31.03.2016

01.01.2014

to

31.12.2014

 

(12 Months)

(15 Months)

(12 Months)

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1353.940

1353.940

1353.942

(b) Reserves & Surplus

4983.010

4301.960

4408.973

(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)

6336.950

5655.900

5762.915

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(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

210.190

183.880

431.400

Total Non-current Liabilities (3)

210.190

183.880

431.400

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

1290.420

1155.520

1420.872

(c) Other current liabilities

271.050

161.140

641.581

(d) Short-term provisions

54.570

47.670

31.572

Total Current Liabilities (4)

1616.040

1364.330

2094.025

 

 

 

 

TOTAL

8163.180

7204.110

8288.340

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1446.470

1403.660

1549.206

(ii) Intangible Assets

0.000

0.000

30.116

(iii) Capital work-in-progress

65.860

42.310

84.026

(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)

445.770

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

690.745

(e) Other Non-current assets

674.920

718.030

0.000

Total Non-Current Assets

2633.020

2164.000

2354.093

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1391.450

1554.590

1730.551

(c) Trade receivables

1022.690

563.180

870.656

(d) Cash and cash equivalents

858.180

872.440

2448.922

(e) Short-term loans and advances

0.000

0.000

881.118

(f) Other current assets

2257.840

2049.900

3.000

Total Current Assets

5530.160

5040.110

5934.247

 

 

 

 

TOTAL

8163.180

7204.110

8288.340

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

01.04.2016

to

31.03.2017

01.01.2015

to

31.03.2016

01.01.2014

to

31.12.2014

 

 

(12 Months)

(15 Months)

(12 Months)

 

SALES

 

 

 

 

Income

9092.230

7897.080

6659.104

 

Other Income

330.780

400.360

426.718

 

TOTAL

9423.010

8297.440

7085.822

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

6592.430

5946.330

4721.339

 

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

(72.810)

(87.480)

313.921

 

Employees benefits expense

777.460

795.020

651.920

 

Exceptional items

0.000

(184.570)

(737.854)

 

Other expenses

1723.320

1701.230

833.296

 

TOTAL

9020.400

8170.530

5782.622

 

 

 

 

 

 

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

402.610

126.910

1303.200

 

 

 

 

 

Less

FINANCIAL EXPENSES

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

402.610

126.910

1303.200

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

166.560

262.320

207.494

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

236.050

(135.410)

1095.706

 

 

 

 

 

Less

TAX

(445.500)

(1.220)

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

681.550

(134.190)

1095.706

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

5.03

(0.99)

8.09

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

01.04.2016

to

31.03.2017

01.01.2015

to

31.03.2016

01.01.2014

to

31.12.2014

 

(12 Months)

(15 Months)

(12 Months)

Current Maturities of Long term debt

NA

NA

NA

Net cash flows from (used in) operations

311.290

172.410

312.121

Net cash flows from (used in) operating activities

297.150

162.070

315.460

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

01.04.2016

to

31.03.2017

01.01.2015

to

31.03.2016

01.01.2014

to

31.12.2014

 

(12 Months)

(15 Months)

(12 Months)

Average Collection Days

(Sundry Debtors / Income * 365 Days)

41.06

26.03

47.72

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

8.89

14.02

7.65

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

71.45

70.93

109.85

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.29

0.08

0.75

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.27

0.09

0.78

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

01.04.2016

to

31.03.2017

01.01.2015

to

31.03.2016

01.01.2014

to

31.12.2014

 

(12 Months)

(15 Months)

(12 Months)

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.20

0.19

0.25

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.00

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.26

0.24

0.36

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.24

0.26

0.29

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

0.00

0.00

0.00

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

01.04.2016

to

31.03.2017

01.01.2015

to

31.03.2016

01.01.2014

to

31.12.2014

 

 

(12 Months)

(15 Months)

(12 Months)

Net Profit Margin

((PAT / Sales) * 100)

%

7.50

(1.70)

16.45

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

8.35

(1.86)

13.22

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

10.76

(2.37)

19.01

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

01.04.2016

to

31.03.2017

01.01.2015

to

31.03.2016

01.01.2014

to

31.12.2014

 

(12 Months)

(15 Months)

(12 Months)

Current Ratio

(Current Assets / Current Liabilities)

3.42

3.69

2.83

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

2.56

2.55

2.01

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.78

0.79

0.70

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.00

0.00

0.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

3.42

3.69

2.83

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

31.12.2014

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

1353.942

1353.940

1353.940

Reserves & Surplus

4408.973

4301.960

4983.010

Net worth

5762.915

5655.900

6336.950

 

 

 

 

Long Term borrowings

0.000

0.000

0.000

Short Term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2014

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

6659.104

7897.080

9092.230

 

 

18.591

15.134

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2014

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

6659.104

7897.080

9092.230

Profit / (Loss)

1095.706

(134.190)

681.550

 

16.45%

(1.70%)

7.50%

 

 

LEGAL CASE

 

http://54.234.29.250/ferretops/mirascreenshots/5ae0208fd4e3764aba0000e55ae022e2d4e37607ea031b9d.jpg

 

http://54.234.29.250/ferretops/mirascreenshots/5ae0208fd4e3764aba0000e55ae022e2d4e37607ea031b9e.jpg

 

http://54.234.29.250/ferretops/mirascreenshots/5ae0208fd4e3764aba0000e55ae022e3d4e37607ea031ba0.jpg

 

http://54.234.29.250/ferretops/mirascreenshots/5ae0208fd4e3764aba0000e55ae022e5d4e37607ea031bbc.jpg

 

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

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 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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

OPERATIONS AND OUTLOOK

 

Despite the challenges posed in global and domestic markets, your Company could sustain its operations and improve its performance as compared to the last financial year. During the period under review, your Company sold 2993 units of Heavy Commercial Vehicles as against 2616 units in the previous reporting period of 15 months. Further, the spare parts sale during the period amounted to INR 8740.000 million as against INR 941.570 million in the previous reporting period of 15 months.

 

The Government of India has taken some important steps, in line with its commitment to bring about significant economic reforms in India. Some of the steps in this direction have been the enhancement of budgetary allocation for infrastructure & rural sector, introduction of the BSIV emission norms for vehicles and the introduction of a unified tax system across the states i.e. Goods and Services Tax (GST) India.

 

Further, the government plans to implement the Vehicle Scrappage Program and stricter regulatory norms especially related to vehicle length for certain applications and overloading norms. All these measures in totality would accelerate the pace of economic development in the country paving way for potential growth of HCV industry in the Country.

 

Further, the Company has already initiated measures for improving its presence at a Pan-India level by adding new dealer locations into its network and strengthening the existing dealership network and service touch points.

 

The Company has also taken multiple steps for availing group synergies and reducing the overall cost of the product and also introducing new products.

 

The Company expects to further improve its performance in the current financial year by enhanced sales in the domestic and export markets.

 

 

INDEX OF CHARGES:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

B80505134

10045855

STATE BANK OF INDIA

30/03/2007

-

26/07/2013

900000000.0

Corporate Accounts Group, Voltas House, Ballard Estate, Mumbai - 400001. Mumbai – 400001, Maharashtra, India

2

B78051844

10303242

CANARA BANK

01/07/2011

-

17/06/2013

55000000.0

Pimpri Branchstation Road, Pimpri, Pune – 411018, Maharashtra, India

3

B44373355

10025251

STATE BANK OF INDIA

24/11/2006

28/06/2007

30/06/2012

2170000000.0

Corporate Accounts Group, Voltas House, Ballard Estate, Mumbai – 400001, Mumbai – 400001, Maharashtra, India

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer

 

 

 

 

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 66.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

 

 

INFORMATION DETAILS

 

Information Gathered by :

PON

 

 

Analysis Done by :

VAR

 

 

Report Prepared by :

KJL

 

 

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.