MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

483646

Report Date :

01.01.2018

 

IDENTIFICATION DETAILS

 

Name :

BFG INTERNATIONAL PRIVATE LIMITED (w.e.f. 16.09.2008)

 

 

Formerly Known As :

MODERN COMPOSITE DESIGNS AND PRODUCTS PRIVATE LIMITED

 

 

Registered Office :

Road No.1, Sri City Sez, Mallvari Palyam Village, Irugulam Post, Sathyavedu

Mandal, Chittoor District – 517588, Andhra Pradesh 

Tel. No.:

91-8576-252691

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

31.01.2008

 

 

Com. Reg. No.:

01-079893

 

 

Capital Investment / Paid-up Capital :

INR 93.946 Million

 

 

CIN No.:

[Company Identification No.]

U28113AP2008PTC079893

 

 

IEC No.:

Not Divulged

 

 

GSTIN:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAFCM4696N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture of Fibre Reinforced Products (FRP) and Glass Reinforced Products (GRP). (Registered Activity)

 

 

No. of Employees :

Not Divulged

 

 

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

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 280000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “BFG International WLL, Bahrain. It is an established company incorporated in the year 2008 having satisfactory track record.

 

For the financial year ended 2017, the company has witnessed a growth in its revenue but reported heavy loss from its operational activities.

 

However, the company possesses an acceptable financial profile marked by decent net worth base along with fair debt level of the company.

 

The company also derives strength from its strong holding entity and its experienced management team.

 

Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct.

 

In view of the aforesaid, the company can be considered normal 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

(30.06.2017)

Current Rating

(30.09.2017)

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 31-03-2016.

 

 

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 01.01.2018

 

 

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

 

91-8576-306877/ 306864 (Wrong Number)

 

91-8576-252781 (Not Exists)

 

91-9677087700 (Not Reachable)

 

91-8576-252691 (Management non cooperative)

 

 

LOCATIONS

 

Registered Office/ Factory :

Road No.1, Sri City SEZ, Mallvari Palyam Village, Irugulam Post, Sathyavedu, Mandal, Chittoor District – 517588, Andhra Pradesh, India  

Tel. No.:

91-8576-252691

Fax No.:

91-8576-252691

E-Mail :

jeetender@bfginternational.com

mahesh.petluru@bfgindia.com

Website :

http://www.bfginternational.com

 

 

Overseas Office:

Located At:

 

Middle East

  • Bahrain

 

Europe

  • France
  • Spain

 

North America / South America

  • USA
  • Brazil

 

Asia

  • Philippines
  • China

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Samer Majed Jawad Aljeshi

Designation :

Director

Address :

Villa, 1 Gate 59, AL-Qadisiya Avenue BU, Ashirah, 332, Manama, Bahrain – 26197

Date of Birth/Age :

01.01.1964

Date of Appointment :

16.08.2008

DIN No:

02179868

 

 

Name :

Mr. Venugopal Rao Ambatti

Designation :

Director

Address :

B-13, Kudumbini Cooperative Housing Society, Mamurdi-Shitale Nagar, Dehu Road, Pune-412101, Maharashtra, India

Date of Birth/Age :

02.03.1974

Date of Appointment :

02.03.2017

DIN No:

07617036

 

 

Name :

Mr. Premamoorthy

Designation :

Director

Address :

Anugraham, Flat 3-B, New No 45, Old No.85 West Block , 1st Street, Anna Nagar, Chennai – 600040, Tamilnadu, India

Date of Appointment :

18.08.2017

DIN No:

07852357

 

 

KEY EXECUTIVES

 

Name :

Mr. Mahesh Petluru

Designation :

Company Secretary

Address :

House No 20/24, Soundarajan Street, CCC Towers, Block B ,F-5 ,T. Nagar, Chennai-600017, Tamilnadu, India

Date of Appointment :

21.09.2017

PAN No.:

AMLPP8132B

 

 

Name :

CR and Associates

Designation :

Company Secretary

Address :

“SRINIDHI”, G4-RMC Flats, No.1, Venkatesapuram Colony, Vadapalani, Chennai – 600026, Tamilnadu, India

Email:

Fcs.rms@gmail.com

csrms@hotmail.com

 

 

 

MAJOR SHAREHOLDERS

 

As on 31.03.2017

 

Names of Shareholders

 

No. of Shares

BFG International WLL, Bahrain

 

9394452

Composite Design and Technologies Limited INC, Philippines (Registered holder for BFG International WLL, Bahrain)

 

100

Total

 

9394552

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 30.09.2017

 

Category

Percentage

Promoters (Body corporate)

100.00

Total 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture of Fibre Reinforced Products (FRP) and Glass Reinforced Products (GRP). (Registered Activity)

 

 

Products / Services :

Item Code No.

Products/Services Description

86079990

FRP Panels

85030090

Wind Energy Products

22209

Customized Plastic Product (FRP Goods)

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

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 :

Not Divulged

 

 

Bankers :

Banker Name :

Axis Bank Limited

Branch :

Door No.4 -165, Sai Nagar, Sullurpeta, Nellore District – 524121, Andhra Pradesh, India

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

  • Oriental Bank of Commerce, No.634, GF-2, Karumuthu Centre, Anna Salai, Chennai-600035, Tamilnadu, India

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Rupee term loans from Banks (Oriental Bank of Commerce)

14.482

24.367

Short-term Borrowings

 

 

Rupee term loans from Banks

98.005

50.268

Total

112.487

74.635

 

 

 

 

  • Loan Disbursement is completed. The said loan is repayable in 60 monthly installments with effect from Sep 2014

 

  • Secured by Hypothecation of proposed Construction of building and purchase of Machinaries along with existing Plant and Machinery. The loan is further secured by Corporate Guarantee of M/s BFG International WLL Bahrain, the holding company.

 

  • Loan Disbursement yet to be completed. The said loan is repayable in 60 monthly installments with effect from April 2016

 

  • Secured by Hypothecation of proposed Construction of building and purchase of Machinaries along with existing Plant and Machinery. The loan is further secured by Corporate Guarantee of M/s BFG International WLL Bahrain, the holding company.

 

  • Repayable in 60 equated monthly installments starting from July 2014 (b) Secured by way of Hypothecation of Innova Car bearing Regn. No. TN 02 AZ 6953

 

 

Finance Institutions:

Tata Motors Finance Limited, C/O. Tata Motors Limited, 3rd Floor, Nanavati Mahalaya, 18, Homi Mody Street, Mumbai-400001, Maharashtra, India

 

 

Auditors :

 

Name :

Shanmugam and Muthu

Chartered Accountants

Address :

No.15 R.H. Road, Thiru-VI-KA, 3rd Street, Mylapore, Chennai - 600 004, Tamilnadu, India

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

AAEPM0554B

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:

  • BFG International WLL, Bahrain
  • Ilium Composites, Bahrain

 

 

CAPITAL STRUCTURE

 

AS ON: 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

INR 10/- each

INR 100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9394552

Equity Shares

INR 10/- each

INR 93.945 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

93.946

82.145

74.409

(b) Reserves and Surplus

5.040

32.464

16.982

(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)

98.986

114.609

91.391

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

14.482

24.367

15.565

(b) Deferred tax liabilities (Net)

10.359

9.785

8.447

(c) Other long-term liabilities

36.606

36.095

42.485

(d) long-term provisions

2.597

0.272

0.822

Total Non-current Liabilities (3)

64.044

70.519

67.319

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

98.005

50.268

45.005

(b) Trade payables

165.344

117.371

47.439

(c) Other current liabilities

34.919

18.295

7.619

(d) Short-term provisions

4.298

6.596

3.717

Total Current Liabilities (4)

302.566

192.530

103.780

 

 

 

 

TOTAL

465.596

377.658

262.490

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

160.354

137.438

126.073

(ii) Intangible Assets

1.452

0.910

0.000

(iii) Tangible assets capital work-in-progress

0.000

0.000

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 loans and advances

11.870

9.098

7.065

(e) Other Non-current assets

0.589

0.394

0.435

Total Non-Current Assets

174.265

147.840

133.573

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

127.273

99.142

46.472

(c) Trade receivables

143.920

104.012

72.314

(d) Cash and bank balances

11.518

5.212

6.644

(e) Short-term loans and advances

8.401

21.273

3.358

(f) Other current assets

0.219

0.179

0.129

Total Current Assets

291.331

229.818

128.917

 

 

 

 

TOTAL

465.596

377.658

262.490

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Total Revenue from operations

518.221

371.164

246.416

 

Other Income

0.356

0.444

(1.089)

 

TOTAL

518.577

371.608

245.327

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

297.331

166.368

112.033

 

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

(6.377)

(3.462)

(1.790)

 

Employee benefit expense

35.531

25.064

20.067

 

Other expenses

207.322

151.882

90.375

 

TOTAL

533.807

339.852

220.685

 

 

 

 

 

 

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

(15.230)

31.756

24.642

 

 

 

 

 

Less

FINANCIAL EXPENSES

11.893

11.535

5.126

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(27.123)

20.221

19.516

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

10.984

8.817

11.252

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(38.107)

11.404

8.264

 

 

 

 

 

Less

TAX

0.574

1.338

(3.263)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(38.681)

10.066

11.527

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

(4.19)

1.33

1.55

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

10.811

8.061

4.043

 

 

 

 

Net cash flows from (used in) operations

(8.227)

0.355

12.599

 

 

 

 

Net cash flows from (used in) operating activities

(8.227)

0.355

12.599

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

[Sundry Debtors / Income * 365]

 

101.37

102.28

107.11

 

 

 

 

 

Account Receivables Turnover

[Income / Sunday Debtors]

 

3.60

3.57

3.41

 

 

 

 

 

Average Payment Days [Sundry Creditors / Purchases * 365]

 

202.98

257.50

154.55

 

 

 

 

 

Inventory Turnover [Operating Income / Inventories]

 

(0.12)

0.32

0.53

 

 

 

 

 

Asset Turnover [Operating Income / Net Fixed Assets]

 

(0.09)

0.23

0.20

 

LEVERAGE RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]

 

0.70

0.60

0.47

 

 

 

 

 

Debt Equity Ratio (Borrowings / NetWorth)

 

1.25

0.72

0.71

 

 

 

 

 

Current Liabilities to Networth (Current Liabilities / NetWorth)

 

3.06

1.68

1.14

 

 

 

 

 

Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)

 

1.63

1.21

1.38

 

 

 

 

 

Interest Coverage Ratio [PBIT / Financial Charges]

 

(1.28)

2.75

4.81

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin [(PAT / Sales) * 100]

(%)

(7.46)

2.71

4.68

 

 

 

 

 

Return on Total Assets [(PAT / Total Assets) * 100]

(%)

(8.31)

2.67

4.39

 

 

 

 

 

Return on Investment (ROI) [(PAT / NetWorth) * 100]

(%)

(39.08)

8.78

12.61

 

 

SOLVENCY RATIO

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio [Current Assets / Current Liabilities]

 

0.96

1.19

1.24

 

 

 

 

 

Quick Ratio [(Current Assets - Inventories) / Current Liabilities]

 

0.54

0.68

0.79

 

 

 

 

 

G-Score Ratio Financial [NetWorth / Total Assets]

 

0.21

0.30

0.35

 

 

 

 

 

G-Score Ratio Debt [Debts / Equity Capital]

 

1.31

1.01

0.87

 

 

 

 

 

G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]

 

0.96

1.19

1.24

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

FINANCIAL ANALYSIS

[all figures are in 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

74.409

82.145

93.946

Reserves & Surplus

16.982

32.464

5.041

Net worth

91.391

114.609

98.987

 

 

 

 

Long-term borrowings

15.565

24.367

14.482

Short term borrowings

45.005

50.268

98.005

Current maturities of long-term debts

4.043

8.061

10.811

Total borrowings

64.613

82.696

123.298

Debt/Equity ratio

0.707

0.722

1.246

 

 

 

 

 

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

246.416

371.164

518.221

 

 

50.625

39.620

 

 

 

 

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

246.416

371.164

518.221

Profit/ (Loss)

11.527

10.066

(38.681)

 

4.68 %

2.71 %

(7.46 %)

 

 

 

 

 

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

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last two/ three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

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

 

 

STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK

 

The Company had registered a turnover of INR 518.221 million as against INR 371.164 million for the previous year. The Company incurred a loss of INR 38.107 million as against an EBT (Earnings before Taxation) INR 11.404 million for the previous year. The Company incurred a loss of INR 38.681 million for the financial year 2016-17.

 

 

CORPORATE INFORMATION

 

Subject the company (referred as BFG India) was established on 31st January 2008, vide Company Registration no. U28113AP2008PTC079893. It is carrying on the business of Manufacture of Fibre Reinforced Products (FRP) and Glass Reinforced Products (GRP). BFG India is the subsidiary of BFG International WLL, Bahrain.

 

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G48239669

100109193

Axis Bank Limited

29/06/2017

-

-

210700000.0

DOOR NO4 -165, SAI NAGAR, SULLURPETA, NELLORE DISTRICT - 524121  ANDHRA PRADESH, INDIA

2

G46196762

10599483

ORIENTAL BANK OF COMMERCE

01/10/2015

-

12/06/2017

17500000.0

NO.634, GF 2, KARUMUTHU CENTRE, ANNA SALAI, CHENNAI-600035, TAMILNADU, INDIA

3

G46195459

10174247

ORIENTAL BANK OF COMMERCE

02/04/2009

27/07/2016

12/06/2017

130000000.0

No.769, SPENCER PLAZA GROUND FLOOR, MOUNT ROAD, CHENNAI-600002, TAMILNADU, INDIA

4

G45107091

10511695

ORIENTAL BANK OF COMMERCE

04/06/2014

-

04/05/2017

1153000.0

NO.634, GF 2, KARUMUTHU CENTRE, ANNA SALAI, CHENNAI-600035, TAMILNADU, INDIA

5

C14133797

10240300

ORIENTAL BANK OF COMMERCE

25/08/2010

-

31/07/2014

1000000.0

NO.634, GF 2, KARUMUTHU CENTRE, ANNA SALAI, CHENNAI-600035, TAMILNADU, INDIA

6

B88423405

10242019

TATA MOTORS FINANCE LIMITED

02/08/2010

-

10/10/2013

800000.0

C/O. TATA MOTORS LIMITED, 3RD FLOOR, NANAVATI MAHALAYA, 18, HOMI MODY STREET, MUMBAI-400001, MAHARASHTRA, INDIA

 

 

FIXED ASSETS

  • Land
  • Building
  • Furniture and Fixture
  • Computer
  • Plant and Machinery
  • Vehicle
  • Office equipment
  • Computer Accessories
  • Computer Software 

 

 

 

 

 

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 63.93

UK Pound

1

INR 86.07

Euro

1

INR 76.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MTN

 

 

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.