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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

493980

Report Date :

26.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

CITRUS PAYMENT SOLUTIONS PRIVATE LIMITED

 

 

Registered Office :

713 Sahar Plaza, Building No. 1, Near Kohinoor Hotel, Near J B Nagar, Andheri Kurla Road, Andheri (East), Mumbai City, Mumbai – 400059, Maharashtra

Tel. No.:

91-22-42864286

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

28.04.2011

 

 

Com. Reg. No.:

11-216800

 

 

Capital Investment / Paid-up Capital :

INR 16.617 Million

 

 

CIN No.:

[Company Identification No.]

U74900MH2011PTC216800

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAECC4204H

 

 

GSTIN :

[Goods & Service Tax Registration No.]

27AAECC4204H1Z0

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

The Company is engaged in the business of Payment Processing for Credit Cards, Debit Cards, Bill Payment, Prepaid Instruments and all other kinds of Payment Instruments along with other solutions (online or offline) for payments in India or elsewhere in the world. (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 :

Clear

 

 

Comments :

Subject is a subsidiary of “Citrus Payment Solutions Pte. Limited (Singapore)” incorporated in the year 2011. It is a involved in providing payment solution through its own payment gateway application known as “PayU” which was earlier known as “Citrus Payment Gateway”.

 

For the FY 2017, the company has achieved decent growth in its revenue as compared to its previous year but has incurred heavy losses during the year.

 

The company possesses moderate financial risk profile marked by cramped net worth base due to its continuous heavy losses and unfavorable gap between trade payables and trade receivables. 

 

However, this rating weakness gets partially offset by its experienced management team along with strong financial and funding support from its holding entity. 

 

Payments seems to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealings with some conditions.

 

 

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 31-03-2016.

 

 

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 26.02.2018

 

 

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

 

MANAGEMENT NON-COOPERATIVE (TEL. NO.: 91-22-42864286 / 40469100)

 

 

LOCATIONS

 

Registered Office :

713 Sahar Plaza, Building No. 1, Near Kohinoor Hotel, Near J B Nagar, Andheri Kurla Road, Andheri (East), Mumbai City, Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-42864286 / 67314141

Fax No.:

Not Available

E-Mail :

secretarial@payu.in

jitengupta@gmail.com

contacts@citruspay.com

 

Corporate Office 1 / Branch Office 1 :

Office No-31-32, 3rd Floor, 124, Viraj Premises, Above HDFC Bank, SV Road, Khar (West), Mumbai – 400052, Maharashtra, India

 

 

Corporate Office 2 :

Bestech Business Tower, 9th Floor Sohna Road, Sector 48, Gurugram – 122004, Haryana, India

Tel. No.:

91-124-6624800

 

Branch Office 2 :

5th Floor, Icon Tower, Opposite KFC Restaurant, Baner Road, Baner, Pune – 411045, Maharashtra, India

 

 

Branch Office 3 :

2nd Floor, No. 947, 12th Main, Hal 2nd Stage, Indira Nagar, Ward No. 72, Bangalore – 560038, Karnataka, India

 

 

Branch Office 4 :

35, Hartron Complex, Electronic City, Sector 18, Gurugram – 122001, Haryana, India

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Bairavarasu Amrish Rau

Designation :

Director

Address :

A/13, Sagar- Darshan, 308, Carter Road, Khar, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

07.10.1973

Qualification :

Engineer

Date of Appointment :

30.09.2014

PAN No.:

AEFPR1892C

DIN No. :

02008811

 

 

Name :

Mr. Jitendra Bajrang Lal Gupta

Designation :

Director

Address :

801 Casblanca, 28th Road, Stomach Restaurant off Waterfield Road, Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

03.08.1981

Qualification :

CA

Date of Appointment :

28.04.2011

PAN No.:

AHQPG0251J

DIN No. :

03341028

 

 

Name :

Mr. Maneesh Goel

Designation :

H-015, Ridgewood Estate, DLF Phase-4, Gurugram – 122002, Haryana, India

Address :

Director

Date of Birth/Age :

08.06.1973

Date of Appointment :

29.05.2017

DIN No.:

07636513

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2017

 

Names of Shareholders

 

No. of Shares

Citrus Payment Solutions Pte. Limited, Singapore

 

1504899

PayU Payments Private Limited

 

724295

 

 

 

Total

 

2229194

 

 

Names of Preference Shareholders

 

No. of Shares

Citrus Payment Solutions Pte. Limited, Singapore (A Class of Preference Shares)

 

37500

PayU Payments Private Limited (A Class of Preference Shares)

 

1964515

Citrus Payment Solutions Pte. Limited, Singapore (B Class of Preference Shares)

 

1337993

Citrus Payment Solutions Pte. Limited, Singapore (C Class of Preference Shares)

 

4311737

 

 

 

Total

 

7651745

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 25.09.2017

 

Category

Percentage

Promoter - Bodies corporate

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is engaged in the business of Payment Processing for Credit Cards, Debit Cards, Bill Payment, Prepaid Instruments and all other kinds of Payment Instruments along with other solutions (online or offline) for payments in India or elsewhere in the world. (Registered activity)

 

 

Products :

Item Code No.

Product Description

99831591

Commission Fees, License Fees income, Hosting and Bandwidth Income, Customer Service and Settlement Income, Integration Fees

 

NIC Code No.

Product Description

631-63119

Data Processing, Hosting and related activities

 

Activities auxiliary to financial services activities (n.e.c.)

661-66190

This class includes activities of investment advisers, mortgage advisers and brokers, financial transaction processing and settlement activities, trustee, fiduciary and custody services on a fee or contract basis.

 

 

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 :

Information declined by the management

 

 

Bankers :

Bank Name

Kotak Mahindra Bank Limited

Branch

27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, 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 LLP

Chartered Accountants

Address :

Building no 8, 7th & 8th floor, Tower B, DLF Cyber City, Gurugram, India

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

AAFFP3698A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :
  • Citrus Singapore Pte Limited, Singapore

 

  • Citrus Payment Solutions Pte. Limited

 

  • PayU Payments Private Limited, India

U72400MH2006PTC293037

 

 

Fellow subsidiaries :
  • MIH India (Mauritius) Limited, Mauritius

 

 

Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :
  • City Markets Online Services Private Limited (City NU), India
  • U52100MH2013PTC241534

 

  • Cube Consumer Services Private Limited, India
  • U72900MH2016PTC272326

 

  • Starfish Advisors LLP (formerly known as Starfish Advisors Private Limited) (upto October 31, 2016)
  • Whitepay LLP (formerly known as Whitepay Private Limited) & Cube Consumer Services Private Limited (upto October 31, 2016)

 

 

CAPITAL STRUCTURE

 

After 25.09.2017

 

Authorised Capital : INR 367.049 Million

 

Issued, Subscribed & Paid-up Capital : INR 17.022 Million

 

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

352087006

Equity Shares

INR 1/- each

INR 352.087 Million

2152000

Preference Shares (0.001% Series A Cumulative Compulsory Convertible)

INR 3/- each

INR 6.456 Million

1398000

Preference Shares (0.001% Series B Cumulative Compulsory Convertible)

INR 3/- each

INR 4.194 Million

4311737

Preference Shares (0.001% Series C Cumulative Compulsory Convertible)

INR 1/- each

INR 4.312 Million

 

 

 

 

 

Total

 

INR 367.049 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2285597

Equity Shares

INR 1/- each

INR 2.286 Million

2002015

Preference Shares (0.001% Series A Cumulative Compulsory Convertible)

INR 3/- each

INR 6.006 Million

1337993

Preference Shares (0.001% Series B Cumulative Compulsory Convertible)

INR 3/- each

INR 4.014 Million

4311737

Preference Shares (0.001% Series C Cumulative Compulsory Convertible)

INR 1/- each

INR 4.311 Million

 

 

 

 

 

Total

 

INR 16.617 Million

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

16.617

15.997

15.427

(b) Reserves & Surplus

78.272

454.617

105.397

(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)

94.889

470.614

120.824

 

 

 

 

(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

3.883

2.921

1.594

(d) long-term provisions

6.891

3.182

1.773

Total Non-current Liabilities (3)

10.774

6.103

3.367

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

65.386

(b) Trade payables

172.842

114.812

79.942

(c) Other current liabilities

46.761

753.734

536.155

(d) Short-term provisions

7.745

10.160

0.094

Total Current Liabilities (4)

227.348

878.706

681.577

 

 

 

 

TOTAL

333.011

1355.423

805.768

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

21.861

27.603

11.282

(ii) Intangible Assets

3.553

8.844

22.226

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

5.702

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

80.403

77.516

28.134

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

105.817

119.665

61.642

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

327.094

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

105.790

40.671

40.657

(d) Cash and cash equivalents

52.452

486.556

291.998

(e) Short-term loans and advances

60.603

35.037

9.263

(f) Other current assets

8.349

346.400

402.208

Total Current Assets

227.194

1235.758

744.126

 

 

 

 

TOTAL

333.011

1355.423

805.768

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

1076.017

854.984

355.394

 

Other Income

103.007

23.225

22.332

 

TOTAL

1179.024

878.209

377.726

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

952.739

743.130

 0.000

 

Commission Expenses

 0.000

 0.000

300.191

 

Employees benefits expense

786.353

308.902

112.854

 

Exceptional items before tax

0.000

12.68

 0.000

 

Other expenses

342.650

391.872

101.282

 

TOTAL

2081.742

1456.584

514.327

 

 

 

 

 

 

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

(902.718)

(578.375)

(136.601)

 

 

 

 

 

Less

FINANCIAL EXPENSES

1.455

2.362

0.871

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(904.173)

(580.737)

(137.472)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

21.552

24.464

14.898

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(925.725)

(605.201)

(152.370)

 

 

 

 

 

Less

TAX

0.000

0.000

0.000

Less

Tax expense of discontinuing operations

0.000

74.794

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(925.725)

(679.995)

(152.370)

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

(501.49)

(408.37)

(91.02)

 

 

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

Net cash flows from (used in) operations

(1397.811)

(270.893)

(68.185)

Net cash flows from (used in) operating activities

(1400.279)

(386.321)

(88.261)

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

35.89

17.36

41.76

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

10.17

21.02

8.74

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

66.22

56.39

0.00

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.00

0.00

0.00

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

-35.52

-13.72

-4.08

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.68

0.65

0.85

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.00

0.00

0.54

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

2.40

1.87

5.64

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.27

0.09

0.28

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

(620.42)

(244.87)

(156.83)

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

(86.03)

(79.53)

(42.87)

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

(277.99)

(50.17)

(18.91)

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

(975.59)

(144.49)

(126.11)

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.00

1.41

1.09

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.00

1.41

1.09

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.28

0.35

0.15

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.00

0.00

4.24

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.00

1.41

1.09

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

15.427

15.997

16.617

Reserves & Surplus

105.397

454.617

78.272

Net worth

120.824

470.614

94.889

 

 

 

 

Long Term borrowings

0.000

0.000

0.000

Short Term borrowings

65.386

0.000

0.000

Total borrowings

65.386

0.000

0.000

Debt/Equity ratio

0.541

0.000

0.000

 

 

 

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

355.394

854.984

1076.017

 

 

140.574

25.852

 

 

 

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

355.394

854.984

1076.017

Profit / (Loss)

(152.370)

(679.995)

(925.725)

 

(42.87%)

(79.53%)

(86.03%)

 

 

 

 

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

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

NOTE: Registered office of the company has been shifted from H-203, Building no. 1, Greenwoods, German Remedies, A.K. Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India to the present address w.e.f. 30.11.2017

 

CORPORATE INFORMATION

 

The Company is a Private Limited Company incorporated on 28th April, 2011 under the erstwhile provisions of the Companies Act, 1956. The Company is engaged in the business of payment processing for credit cards, debit cards, bill payment, prepaid instruments and all other kinds of payment instruments along with other solutions (online or offline) for payments in India or elsewhere in the world.

 

 

BRIEF DESCRIPTION OF THE COMPANY’S WORKING DURING THE YEAR/STATE OF COMPANY’S AFFAIR

 

There has been increase in the revenues of the company by more than 15% in comparison to last financial year however the company incurred losses of INR 925.725 Million during the current financial year.

 

 

INDEX OF CHARGES:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

C04770368

10495714

KOTAK MAHINDRA BANK LIMITED

31/03/2014

-

-

291965.95

27 BKC, C 27, G Block Bandra Kurla Complex, Bandra (E), Mumbai – 400051, Maharashtra, India

 

 

FIXED ASSETS

 

  • Computer
  • Furniture and Fixture
  • Office Equipments

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

INR

US Dollar

1

INR 64.82

UK Pound

1

INR 90.40

Euro

1

INR 79.76

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

NSG

 

 

Report Prepared by :

KJL

 

 

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)

 

 

 

 

 

 

 

 

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.