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|
|
%20PRIVATE%20LIMITED%20-%20493892_MIRA%2023-Feb-2018_files/image002.jpg){kind=small}
%20PRIVATE%20LIMITED%20-%20493892_MIRA%2023-Feb-2018_files/image004.jpg)
%20PRIVATE%20LIMITED%20-%20493892_MIRA%2023-Feb-2018_files/image006.gif)
MIRA INFORM REPORT
|
Report No. : |
493892 |
|
Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
QLOGIC (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Tower C, Tech Park One, Survey No. 191, Yerwada, Pune – 411006, Maharashtra |
|
Tel. No.: |
91-20-66462222 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
07.11.2007 |
|
|
|
|
Com. Reg. No.: |
11-130972 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 0.211 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31900PN2007PTC130972 |
|
|
|
|
IEC No.: [Import-Export
Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACQ1664K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
(Registered Activity) |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “NetXen Inc., United States”
and was incorporated in the year 2007. It is engaged in providing information
technology services.
|
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
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 23.02.2018
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.
INFORMATION DENIED BY
|
Name : |
Not Divulged |
|
Designation : |
Office Executive |
|
Contact No.: |
91-20-66462222 |
|
Date : |
23.02.2018 |
LOCATIONS
|
Registered Office : |
1st Floor, Tower C, Tech Park One, Survey No. 191, Yerwada, Pune – 411006, Maharashtra, India |
|
Tel. No.: |
91-20-66462222 |
|
Fax No.: |
91-20-66462244 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office: |
C/o. Regus Business Center, 1st and 2nd Floor, IBIS Hotel, 26/1 Hosur Road, Bommanhalli, Bangalore – 560068, Karnataka, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Charudatta Yashwant Ambekar |
|
Designation : |
Director |
|
Address : |
16/7, A2, Yogiraj Co-Operative Housing Society,
Erandavana, Karve Road, Pune - 411004, Maharashtra, India |
|
Date of Birth/Age : |
24.11.1966 |
|
Date of Appointment : |
08.08.2014 |
|
DIN No.: |
06939374 |
|
|
|
|
Name : |
Mr. Sunil Gajanan Nanal |
|
Designation : |
Director |
|
Address : |
Flat No 8, Priyanjali Apartment, Plot No 114, S 26
Dhanukar Coly, Pune- 411029, Maharashtra, India |
|
Date of Appointment : |
12.10.2016 |
|
DIN No.: |
00003955 |
|
|
|
|
Name : |
Sohail Amer Siddiqui |
|
Designation : |
Director |
|
Address : |
507 Zenith Ridge Drive, Danville California 94506 United
States |
|
Date of Appointment : |
29.09.2017 |
|
DIN No.: |
07852531 |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Netxen Inc, USA |
|
11108 |
|
Qlogic Corporation, USA |
|
1 |
|
Qlogic International Holdings Inc, USA |
|
10001 |
|
Total |
|
21110 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2017
|
Category |
Percentage |
|
Promoters- Body corporate |
100.00 |
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20493892_MIRA%2023-Feb-2018_files/image008.gif)
BUSINESS DETAILS
|
Line of Business
: |
(Registered Activity) |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
BSR and Company LLP Chartered Accountants |
|
Address : |
7th
and 8th floor, Business Plaza, Westin Hotel Campus, 36/3-8, Korggaon Park
Annex, Mundhwa Road, Ghorpadi, Pune -411001,India, Maharashtra, India |
|
Tel. No.: |
91-20-67477300 |
|
Fax No.: |
91-20-67477310 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB9852F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
|
|
|
|
|
Intermediate holding company (Subsidiary
of ultimate holding company- Cavium Inc, effective 16 August 2016) |
|
|
|
|
|
Fellow subsidiary: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550000 |
Equity Shares |
INR 10/- each |
INR 5.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21110 |
Equity Shares |
INR 10/- each |
INR 0.211 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
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 |
0.211 |
0.211 |
0.211 |
|
(b) Reserves &
Surplus |
610.284 |
523.001 |
431.830 |
|
(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) |
610.495 |
523.212 |
432.041 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
8.043 |
12.180 |
28.024 |
|
(c) Other long term
liabilities |
19.997 |
33.328 |
47.969 |
|
(d) long-term provisions |
27.246 |
1.878 |
0.000 |
|
Total Non-current
Liabilities (3) |
55.286 |
47.386 |
75.993 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
58.976 |
66.546 |
53.586 |
|
(c) Other current
liabilities |
91.554 |
87.348 |
123.686 |
|
(d) Short-term provisions |
15.785 |
51.784 |
41.513 |
|
Total Current Liabilities
(4) |
166.315 |
205.678 |
218.785 |
|
|
|
|
|
|
TOTAL |
832.096 |
776.276 |
726.819 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
315.647 |
319.803 |
371.973 |
|
(ii) Intangible Assets |
0.389 |
0.728 |
1.152 |
|
(iii) Capital
work-in-progress |
0.395 |
4.748 |
27.530 |
|
(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 |
109.241 |
104.070 |
94.198 |
|
(e) Other Non-current
assets |
0.000 |
1.958 |
0.198 |
|
Total Non-Current Assets |
425.672 |
431.307 |
495.051 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
322.038 |
216.798 |
32.153 |
|
(d) Cash and cash
equivalents |
72.176 |
109.617 |
119.125 |
|
(e) Short-term loans and
advances |
9.186 |
15.450 |
76.826 |
|
(f) Other current assets |
3.024 |
3.104 |
3.664 |
|
Total Current Assets |
406.424 |
344.969 |
231.768 |
|
|
|
|
|
|
TOTAL |
832.096 |
776.276 |
726.819 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
815.150 |
886.568 |
985.843 |
|
|
Other Income |
15.239 |
0.133 |
0.505 |
|
|
TOTAL |
830.389 |
886.701 |
986.348 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits
expense |
320.312 |
278.392 |
385.233 |
|
|
Other expenses |
156.043 |
186.406 |
196.723 |
|
|
TOTAL |
476.355 |
464.798 |
581.956 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
354.034 |
421.903 |
404.392 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.932 |
3.418 |
1.682 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
353.102 |
418.485 |
402.710 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
217.122 |
272.226 |
266.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
135.980 |
146.259 |
135.910 |
|
|
|
|
|
|
|
Less |
TAX |
45.698 |
55.087 |
43.626 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
90.282 |
91.172 |
92.284 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Software services |
812.150 |
886.568 |
974.093 |
|
|
TOTAL EARNINGS |
812.150 |
886.568 |
974.093 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
21.222 |
165.206 |
147.029 |
|
|
TOTAL IMPORTS |
21.222 |
165.206 |
147.029 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
4135.00 |
4319.00 |
4371.58 |
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 |
253.526 |
296.095 |
334.372 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
178.719 |
232.110 |
293.569 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
144.20 |
89.26 |
11.90 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.53 |
4.09 |
30.66 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.12 |
1.30 |
1.01 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.20 |
0.26 |
0.30 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.27 |
0.39 |
0.51 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.52 |
0.62 |
0.93 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
379.86 |
123.44 |
240.42 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
11.08 |
10.28 |
9.36 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.85 |
11.74 |
12.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
14.79 |
17.43 |
21.36 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.44 |
1.68 |
1.06 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.44 |
1.68 |
1.06 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.73 |
0.67 |
0.59 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.44 |
1.68 |
1.06 |
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 |
0.211 |
0.211 |
0.211 |
|
Reserves & Surplus |
431.830 |
523.001 |
610.284 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
432.041 |
523.212 |
610.495 |
|
|
|
|
|
|
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 |
%20PRIVATE%20LIMITED%20-%20493892_MIRA%2023-Feb-2018_files/image010.gif)
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
|
985.843 |
886.568 |
815.150 |
|
|
|
(10.070) |
(8.056) |
%20PRIVATE%20LIMITED%20-%20493892_MIRA%2023-Feb-2018_files/image012.gif)
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
|
985.843 |
886.568 |
815.150 |
|
Profit |
92.284 |
91.172 |
90.282 |
|
|
9.36% |
10.28% |
11.08% |
%20PRIVATE%20LIMITED%20-%20493892_MIRA%2023-Feb-2018_files/image014.gif)
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 |
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 |
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 |
INDEX OF CHARGE: No Charges Exists for Company
COMPANY OVERVIEW
Subject was incorporated on 7 November, 2007. The company has been formed for carrying out research and development activities for its ultimate holding company.
The ultimate holding company during the financial year is Cavium Inc, USA (formerly QLogic Corporation, USA which was acquired by Cavium Inc. with effed from 16 August 2016)
Netxen Inc. is the holding company of QLogic (India) Private Limited. Netxen Inc. is a wholly owned subsidiary of the company QLogic Corporation.
The company has facilities located at Pune, Maharashtra and Bengaluru, Karnataka.
THE STATE OF
THE COMPANY AFFAIRS:
During the year under report the Company earned a total income of INR 827.389 Million as compared to the total income of INR 886.701 Million during the previous year 2015-16.
After charging all expenses and taxes the Company has earned a Profit of INR 64.501 Million during the financial year 2016-17 as compared to profit of INR 91.172 Million in during the previous year 2015-16.
CONTINGENT LIABILITIES
(INR IN
Million)
|
Particulars |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
Income tax matters |
0.000 |
3.093 |
|
Service tax matters |
11.109 |
11.109 |
|
Note: During the previous years, the Company had received the draft assessment income tax order u/s 144c, in which Income Tax Department has proposed to recover the income tax dues of INR 10.653 Million, 873 (estimated tax effect excluding interest) for assessment year 2010-11 based on transfer pricing order received u/s 92CA(3) ('TP Order'). The Company had approached to Dispute Resolution Panel against the draft assessment Order. In the current year the Company has received a favorable order from DRP- However, Income tax officer has issued the final assessment order which has resulted in tax demand of INR 3.093 Million. Rectification application is filed with Assessing Officer to rectify the mistake apparent from record Rectified order as per the application from AO is awaited. The company has also filed an appeal before ITAT on 3 March 2015. The Company has filed an appeal with the Tax Appellate Tribunal against the assessment order. An order dated June 21, 2017 has been passed by the ITAT in favour of the Company, restoring the returned position adopted by the Company. An application to give effect to the order of the ITAT is awaited. No demand payable / refund receivable for the year. During the previous year, the Company had received favorable order from Tax Appellate Tribunal against the draft assessment order received in the previous year in respect of assessment year 2009-10. The Company had received a notice u/s 147 from Deputy Commissioner of income Tax, in which income Tax Department has reasons to believe that the income aggregating to INR 136,420,153 has escaped the assessment on account of excess deduction claimed u/s 10A. The Company has submitted the responses towards the said notice. The effed of the same is not considered by the Company as a part of contingent liabilities. On January 29, 2016, the Company received an Order from the tax office stating that the AO would proceed with the reassessment and disregard the Company's ar8uments. In February 2016, the Company engaged BMR Associates to file a Writ Petition before the High Court in Bombay to quash the reopening of the assessment for this year due to the Iapsed statute of limitations. In April 2015, the Bombay High Court acceded to the grounds and admitted the writ petition and directed the tax authorities not to pass any order with regards to reassessment proceedings pending further hearings During the financial year 2075-2016, the Company has received an order for rejection of service tax claim of INR 11.109 Million in respect of refund claim filed for April to June 2014 under the provision of Rule 5 of Cenvat Credit Rules. 2004 read with notification No. 222012-C.E. (N.T) dated 18.06.2012. The Management is confident of obtaining the refund and has gone into further appeal and has thereby, not provided for. |
||
|
Guarantees given by bankers on behalf of the Company commitments |
1.600 |
1.780 |
|
Estimated amounts of contracts remaining to be executed on capital accounts and not provided for |
38.150 |
23.853 |
FIXED ASSETS:
- Computers
- Office Equipment
- Leasehold Improvements
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.05 |
|
|
1 |
INR 90.41 |
|
Euro |
1 |
INR 79.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
KVT |
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.