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|
MIRA INFORM REPORT
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Report No. : |
489490 |
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Report Date : |
03.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TVS TWG WARRANTY SOLUTIONS LIMITED (04.06.2014) |
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Formerly Known
As : |
SNS
WARRANTY SOLUTIONS LIMITED (28.02.2014) SNS
WARRANTY SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
“TVS Building" 7B, West Veli Street, Madurai-625001, Tamilnadu |
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Tel. No.: |
91-452-2356400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of Incorporation
: |
26.12.2013 |
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Com. Reg. No.: |
18-094323 |
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Capital
Investment / Paid-up Capital : |
INR 3.541 Million |
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CIN No.: [Company Identification
No.] |
U74900TN2013PLC094323 |
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IEC No.: |
Not Available |
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GSTIN : |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAUCS1067N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company is engaged in the business of providing extended warranty
management services to OEMs dealers and other parties. [Registered Activity] |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “TVS Automobile Solutions Private Limited”.
The company was incorporated in the year 2013. 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 along with negligible debt level. However, rating weakness is partially offset by strong financial and
managerial support that company receives from its holding entity backed by
its well experienced management team. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business
dealings with some caution. Note: As a Networth of the company is negative, we are unable
to recommend any credit limit for the subject. |
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
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
31-03-2016.
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 03.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office : |
“TVS Building" 7B, West Veli Street, Madurai-625001, Tamilnadu,
India |
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Tel. No.: |
91-452-2356400 |
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Fax No.: |
Not Available |
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E-Mail : |
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Correspondence Office : |
No.13, Bharathi Nagar, 1st Street, Chennai-600017,
Tamilnadu, India |
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Branch Office 1 : |
Level 7, Prestige Meridian 1, M G Road, Bangalore-560001, Karnataka, India |
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Branch Office 2 : |
No.211, South Veli Street, Madurai-625001, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Vivek Burman |
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Designation : |
Director |
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Address : |
12, Mehr Dad, 64, Cuffe Parade, Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
31.08.1975 |
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Date of Appointment : |
01.12.2015 |
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DIN No.: |
02246613 |
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Other Directorship:
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Name : |
Mr. Manfred Hans Schmoelz |
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Designation : |
Director |
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Address : |
125 West Coast Grove Singapore 126901, SG |
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Date of Appointment : |
30.06.2015 |
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DIN No.: |
07167837 |
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Other Directorship:
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Name : |
Mr. Ramachandhran Dinesh |
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Designation : |
Additional Director |
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Address : |
No.16, Jawahar Road, Chokkikulam PO, Madurai-625002, Maharashtra, India |
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Date of Appointment : |
29.12.2017 |
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DIN No.: |
00363300 |
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Other Directorship:
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MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
TVS Automobile Solutions Private Limited, India |
|
180601 |
|
S Santhanagopalan |
|
1 |
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M K Rama Krishna |
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1 |
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The Warranty Group B.V., Netherlands |
|
173518 |
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TWG Warranty Services Inc. USA |
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1 |
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The Warranty Group Inc. USA |
|
1 |
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Consumer Program Administrators Inc. USA |
|
1 |
|
G Srinivasa Raghavan |
|
1 |
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Total |
|
354125 |
AS ON 21.09.2017
|
Equity Share
Break up |
Percentage |
|
Category |
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|
Promoters - Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of providing extended warranty
management services to OEMs dealers and other parties. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Auditors : |
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Name : |
S R Batliboi and Associates LLP Chartered Accountants |
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Address : |
6th and 7th Floor, "A" Block, Module 601, 701 and 702, Tidel
Park, No- 4, Rajiv Gandhi Salai, Taramani, Chennai-600113, Tamilnadu, India |
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Tel. No.: |
91-44-66548100 |
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Fax No.: |
91-44-22540120 |
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E-Mail : |
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PAN No.: |
ACHFS9118A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
TVS Automobile Solutions Private Limited, India CIN No.: U34100TN2009PTC071439 |
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Ultimate Holding Company : |
T.V. Sundaram Iyengar and Sons Private Limited |
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Fellow Subsidiaries : |
TVS Auto Assist (India) Limited Myers Tyre Supply (India) Limited |
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Party Having Significant Influence : |
The Warranty Group B.V., Netherlands |
CAPITAL STRUCTURE
AS ON 21.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
INR 10/- each |
INR 50.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
354125 |
Equity Shares |
INR 10/- each |
INR 3.541 Million |
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FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
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|
I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3.541 |
3.541 |
3.541 |
|
(b) Reserves &
Surplus |
(206.481) |
(105.739) |
(17.737) |
|
(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) |
(202.940) |
(102.198) |
(14.196) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
123.855 |
123.855 |
123.855 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1216.221 |
443.207 |
198.567 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.431 |
|
Total Non-current
Liabilities (3) |
1340.076 |
567.062 |
322.853 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
283.952 |
195.040 |
63.840 |
|
(c) Other current
liabilities |
264.812 |
123.520 |
48.297 |
|
(d) Short-term provisions |
1.737 |
0.308 |
0.012 |
|
Total Current Liabilities
(4) |
550.501 |
318.868 |
112.149 |
|
|
|
|
|
|
TOTAL |
1687.637 |
783.732 |
420.806 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2.275 |
0.290 |
0.333 |
|
(ii) Intangible Assets |
24.299 |
80.288 |
142.011 |
|
(iii) Capital work-in-progress |
0.000 |
0.653 |
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 |
1072.166 |
369.749 |
146.790 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1098.740 |
450.980 |
289.134 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
252.630 |
128.709 |
30.265 |
|
(d) Cash and cash
equivalents |
138.750 |
123.305 |
48.785 |
|
(e) Short-term loans and
advances |
196.275 |
79.951 |
27.939 |
|
(f) Other current assets |
1.242 |
0.787 |
24.683 |
|
Total Current Assets |
588.897 |
332.752 |
131.672 |
|
|
|
|
|
|
TOTAL |
1687.637 |
783.732 |
420.806 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
119.389 |
46.395 |
29.784 |
|
|
Other Income |
4.233 |
8.807 |
0.000 |
|
|
TOTAL |
123.622 |
55.202 |
29.784 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of services |
93.100 |
30.384 |
17.504 |
|
|
Employees benefits
expense |
21.172 |
12.939 |
9.887 |
|
|
Other expenses |
38.552 |
24.846 |
18.227 |
|
|
TOTAL |
152.824 |
68.169 |
45.618 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(29.202) |
(12.967) |
(15.834) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
13.076 |
13.261 |
9.956 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(42.278) |
(26.228) |
(25.790) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
58.464 |
61.774 |
61.614 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(100.742) |
(88.002) |
(87.404) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(100.742) |
(88.002) |
(87.404) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(185.268) |
(97.266) |
(9.862) |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
(286.010) |
(185.268) |
(97.266) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
(284.48) |
(248.51) |
(266.15) |
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 |
33.092 |
88.542 |
(52.065) |
|
Net cash flow from operating activities |
28.067 |
84.018 |
(53.217) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365) |
772.35 |
1012.58 |
370.89 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
0.47 |
0.36 |
0.98 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
1113.24 |
2343.00 |
1331.22 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(1.10) |
(0.16) |
(0.11) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.40 |
0.56 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(0.61) |
(1.21) |
(8.72) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(2.71) |
(3.12) |
(7.90) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(0.13) |
(0.79) |
(10.03) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(2.23) |
(0.98) |
(1.59) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT
/ Sales) * 100] |
% |
(84.38) |
(189.68) |
(293.46) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(5.97) |
(11.23) |
(20.77) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
49.64 |
86.11 |
615.69 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.07 |
1.04 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.07 |
1.04 |
1.17 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.12) |
(0.13) |
(0.03) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
34.98 |
34.98 |
34.98 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.07 |
1.04 |
1.17 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
3.541 |
3.541 |
3.541 |
|
Reserves & Surplus |
(17.737) |
(105.739) |
(206.481) |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
(14.196) |
(102.198) |
(202.940) |
|
|
|
|
|
|
long-term borrowings |
123.855 |
123.855 |
123.855 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
123.855 |
123.855 |
123.855 |
|
Debt/Equity ratio |
(8.725) |
(1.212) |
(0.610) |
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 |
29.784 |
46.395 |
119.389 |
|
|
|
55.772 |
157.332 |
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 |
29.784 |
46.395 |
119.389 |
|
Profit / (Loss) |
(87.404) |
(88.002) |
(100.742) |
|
|
(293.46%) |
(189.68%) |
(84.38%) |
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 |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION
The company was incorporated on December 26, 2013. The company is
engaged in the business of providing extended warranty management services to
OEMs dealers and other parties. The company is a subsidiary of TVS Automobiles
Solutions Private Limited.
STATE OF COMPANY'S
AFFAIRS AND FUTURE OUTLOOK
ln FY 16-17 the Company achieved a total revenue of INR 119.389 million (previous year INR 46.395 million) and incurred a loss of INR 100.742 million (previous year loss INR 88.002 million) after charging amortization of goodwill.
UNSECURED LOANS:
|
PARTICULAR |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Long-term
Borrowings |
|
|
|
465188 (March 31, 2016: 456188) Compulsorily convertible debentures of
INR 271.50 each) |
123.855 |
123.855 |
|
Total |
123.855 |
123.855 |
Note:
The company has issued 456188 numbers of Compulsorily Convertible
Debentures (CCDs) to TVS Automobile Solutions Private Limited and The Warranty Group
B.V., Netherland at a face value of INR 271.50 each in the year 2014. The CCDs
have been issued for a period of 15 years from the date of issue. On the 15th
year from the date of allotment, theses CCDs shall be convertible into equity
shares in the ratio of one share per CCD. The CCD carries an interest rate of
1.00% over SBI Base Rate, presently 9.30% p.a.
INDEX OF CHARGE: NO
CHARGES EXISTS FOR COMPANY
FIXED ASSETS:
Tangible Asset:
- Computer
- Office
equipment
Intangible Asset:
- Customer contract
- Goodwill
- Software
PRESS RELEASE
WARRANTY GROUP
INCREASES STAKE IN TVS TWG WARRANTY SOLUTIONS TO 90%
Date: December 12,
2017
The Warranty Group (TWG), a warranty solutions and after-sales services company, will be acquiring a majority stake in its joint venture company with TVS Automobile Solutions Private Limited (TVS ASPL), TVS-TWG Warranty Solutions Limited.. In line with TWG's strategy to expand its footprint in the auto and non-auto segments in India, the company will become a 90 per cent shareholder in the joint venture (JV). TVS ASL will retain a 10 per cent shareholding said the company while declining to share any financial detials. The JV offers extended warranties and related services and solutions in the auto sector throughout India.
Inked in 2014, the JV currently works with some of the top global and local automotive brands in the region. "Acquiring a majority stake in the JV is a major +milestone in The Warranty Group's corporate journey in India," said Manfred Schmoelz, Executive Vice President for The Warranty Group in APAC. "This expands our footprint in the region, and strengthens our offering to our global auto clients with local expertise," he said.
R Dinesh, Director, TVS Automobile Solutions, "The TVS-TWG partnership focused on the auto sector and achieved market leadership position in the Warranty space in India. With TWG taking over the management and operations of the company, it will facilitate the faster growth of the entity to meet its vision. TVS will continue to work together with TWG and add value in the auto segment.""
We are confident to build on the many successes already delivered by the JV," said Vivek Burman, South Asia Director for The Warranty Group. "We will continue to work together with TVS in adding value to the auto segment, and establish The Warranty Group as the market leader in the after-sales service space in India."
The JV will continue to operate under the same team, headed by current COO Srikanth Srinivasan.
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 records 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 64.08 |
|
|
1 |
INR 91.34 |
|
Euro |
1 |
INR 80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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.