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MIRA INFORM REPORT
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Report No. : |
484514 |
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Report Date : |
08.01.2018 |
IDENTIFICATION DETAILS
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Name : |
WADHWANI FOUNDATION |
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Registered Office
: |
Subramanya Tech Park, EOIZ Industrial Area, Whitefield, Bengaluru
- 560066, Karnataka |
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Tel. No.: |
91-80-33071000 |
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Country : |
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Financials (as
on) : |
Not Divulged |
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Year of
Establishment : |
2000 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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IEC No.: |
Not Divulged |
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TIN No.: |
Not Available |
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GSTIN/UIN : |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
Trust |
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Line of Business
: |
Aims at
enabling creation and growth of sustainable and competitive enterprises
through innovative research, outreach and pilot initiatives. (From Indirect
Sources) |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Wadhwani Foundation was launched in the year 2000 by Dr. Romesh Wadhwani. The Foundation comprises of Wadhwani Charitable Foundation and Wadhwani Operating Foundation that works with the primary mission of accelerating economic development in emerging economies through large-scale job creation with the presence in Asia, Africa and Latin America operating in association with governments, corporates, mentors, investors and educational institutes. Both the Foundations are focused on the same goal and mission, the Wadhwani Charitable Foundation focuses on grant making, while the Wadhwani Operating Foundation focuses on direct programs. The National Entrepreneurship Network (NEN), opened in 2003, is now the largest entrepreneurship community in India with over 500 academic institutes, 70,000 students, 1000 faculty members, and about 200,000 registered online members. The Foundation has since scaled up its activities to replicate its success with the NEN, in four additional focus areas: Innovation and Research, Career and Skill Education, Educated Disabled, and Indo-US Policy. Its four Initiatives - National Entrepreneurship Network (NEN), Global Innovation Network (GIN), Global Skills Network (GSN) and Policy Research Network (PRN) are driving job creation through entrepreneurship, skills development and innovation. Payments are reported to be regular. In view of aforesaid, Wadhwani Foundation can be considered for business dealings at usual trade terms and condition. |
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 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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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 07.01.2018
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 BY
Management non cooperative (91-80-33071000)
LOCATIONS
|
Registered Office : |
Subramanya Tech Park, EOIZ Industrial Area, Whitefield, Bengaluru
- 560066, Karnataka, India |
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Tel. No.: |
91-80-33071000 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
MANAGEMENT
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Name : |
Dr. Romesh Wadhwani |
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Designation : |
Chairman and Founder |
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Name : |
Dr. Ajay Kela |
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Designation : |
Chief Executive Officer |
BUSINESS DETAILS
|
Line of Business
: |
Aims at
enabling creation and growth of sustainable and competitive enterprises through
innovative research, outreach and pilot initiatives. (From Indirect Sources) |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Auditors : |
Not Divulged |
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Collaborators : |
Not Available |
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Membership : |
Not Available |
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Sister Concern : |
-- |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
INR Million]
NOT DIVULGED
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
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2 |
Constitution of the entity –Legal form |
Yes |
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3 |
Locality of the entity |
Yes |
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4 |
Premises details |
No |
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5 |
Buyer visit details |
-- |
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6 |
Contact numbers |
Yes |
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7 |
Name of the person contacted |
No |
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8 |
Designation of contact person |
No |
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9 |
Promoter’s background |
No |
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10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
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12 |
Voter Id Card No. of Proprietor / Partners |
No |
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13 |
Type of business |
Yes |
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14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
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16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
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23 |
Financials, if provided |
No |
|
24 |
Capital in the business |
No |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
No |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
No |
|
30 |
Major shareholders, if available |
No |
|
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 |
WADHWANI FOUNDATION
The Wadhwani
Foundation is a philanthropic organisation founded
by Dr. Romesh Wadhwani, whose mission it is to "accelerate economic
development in India and other emerging economies."[1] The Wadhwani Foundation principally
works through partnerships with like-minded individuals, organisations,
corporations, and governments.
Conceptualised in 2000, the
Foundation launched its first initiatives in Entrepreneurship development.
The National Entrepreneurship Network (NEN), opened in 2003, is now the largest entrepreneurship community in India with over 500 academic institutes,
70,000 students, 1000 faculty members, and about 200,000 registered online
members.[2] The Foundation has since scaled up its
activities to replicate its success with the NEN, in four additional focus
areas: Innovation and Research, Career and Skill Education, Educated Disabled,
and Indo-US Policy.
WADHWANI CENTRE FOR ENTREPRENEURSHIP DEVELOPMENT
One of the Foundation’s
initiatives in this sector was establishing and funding the Wadhwani Centre for
Entrepreneurship Development (WCED) at the Indian School of Business in 2001.[3] WCED
is concerns entrepreneurship as transformational for the broad-based growth of
India and other developing economies. It aims at enabling creation and growth
of sustainable and competitive enterprises, through innovative research,
outreach and pilot initiatives.
NATIONAL ENTREPRENEURSHIP NETWORK (NEN)
The Foundation established National Entrepreneurship Network (NEN)
in 2003 with the aim of building impactful entrepreneurship programs at leading
institutions of higher learning.[4] Today,[when?] over 500 of
the top 1,000 colleges in the country support the Foundation’s entrepreneurship
development programs,[2] and
over 50,000 students graduate out of these programs each year. In addition, NEN
200,000 registered online members.[2]
NEN has also initiated a program
to nurture educators in entrepreneurship. As part of this initiative, NEN has
trained 1,200 teachers and has established itself as a platform for networking
and support. It has angel investors, venture capital firms and
a research bureau to help students start and grow their companies. In 2011,
about 230 companies Romeshre formed by students who enrolled for the course.
Out of half a million students who take this course,[clarification needed (yearly? total
ever?)] 20% enroll join entrepreneurship clubs for the next level of
training.
NEN also runs the annual
Entrepreneurship Week India (E Week India), an annual advocacy campaign "to
improve ecosystem and engage people in entrepreneurship. Entrepreneurship Week
India is India’s largest awareness campaign to build public support for
entrepreneurship. Every year, more than 65,000 NEN student members come
together to focus national attention on the country’s biggest opportunities and
challenges. NEN E Week India 2014 saw more than 5,000 events held over a week –
from rallies and business plan competitions to expositions and start-up fairs –
involving more than 700,000 participants in 30 cities. The campaign ended with
awards night at 4 four regional finale venues, recognizing and rewarding
students for innovation, creativity and reach.[5]
SHANTA WADHWANI CENTER FOR CARDIAC AND NEURAL RESEARCH
In January 2012, with a grant of
USD 1.5 million, the Foundation funded the Shanta Wadhwani Center for Cardiac
and Neural Research to promote research in regenerative biology. The Center is
located at inStem, the Department of Biotechnology-aided
Institute of Stem Cell Biology and Regenerative Medicine.[6] InStem,
in close association with the National Centre for Biological
Sciences (NCBS) and Tata Institute of Fundamental
Research (TIFR), Bangalore, conducts research in cardiac and
neural repair and regeneration.[7]
The Centre also aims to bring in
world leaders in stem cell biology and cardiac research,
to study the mechanisms underlying stem-cell directed differentiation (cellular) and
cardio-myopathies.
The idea is to develop treatment strategies and purchase instruments that are
not covered by conventional grants.
WADHWANI RESEARCH CENTER IN BIOSCIENCES AND BIOTECHNOLOGY
In 2009, the Foundation also
contributed USD 5 million towards setting up the Wadhwani Research Center in
Biosciences and Biotechnology at IIT Bombay.[8] The
grant was to fund and equip "a worldclass research centre in bioscience
and biotech."[8] Wadhwani
is an alumnus of IIT Bombay.[8]
CAREER AND SKILL EDUCATION
The Wadhwani Foundation aims at
training the youth and honing their skills, making them employment-ready for the
growing economy. Inherently, career and skill education is a faster, cheaper
and market-driven alternative to mainstream education.
The Foundation has engaged with
governing entities to set up community colleges and other schemes to enhance
vocational education.
NATIONAL VOCATIONAL EDUCATIONAL QUALIFICATION FRAMEWORK
(NVEQF)
In September 2012, the Wadhwani
Foundation tied up with the Haryana State Department of School Education to
implement the new National Vocational Educational Qualification Framework
(NVEQF) scheme for mainstreaming employability education. This program will be
implemented in 40 schools and reach around 5,000 students.[9][10]
EDUCATION FOR THE DISABLED
The Wadhwani Foundation –
Opportunity Network for the Disabled (WF-OND) program has trained and placed
more than 7,000 persons with a disability (PwD) in sustainable, high-quality
corporate jobs by partnering with notable organisations, such as
IL&FS, American India Foundation, and NASSCOM.
The WF-OND was launched to train
and place over 100,000 of the country’s specially-abled people in sustainable,
high quality corporate jobs by partnering with training organisations.[11] The
objective of the initiative is to influence the employability quotient of
people with disabilities and put them in mainstream jobs. Through this
initiative, Wadhwani Foundation also aims at helping companies recognise the
business value of hiring motivated, dedicated and educated people with
disabilities, thus reducing attrition.
The Wadhwani Foundation
collaborated with the NASSCOM Foundation on 1 December 2011. With a substaitial
investment, Wadhwani Foundation collaborated with IT-BPO companies to ensure
that the maximum numbers of people with disabilities were recruited in
high-quality jobs.[12] This
dual focus is helping the industry adopt an equal-opportunity practice.
A similar partnership was formed
with the American India Foundation (AIF) to train
and place people with disabilities, through AIF’s Market-Aligned Skills
Training Program.[13] This
3–6-month training program opens up demand-driven career and skill education
opportunities for people with disabilities between the ages of 18–30.
ADVISORY PANEL
·
Dr. Isher Judge Ahluwalia: Chairman of ICRIER and
Chairman of the Committee on Urban Infrastructure, India. Padma Bhushan Awardee
in 2009.
·
Ms. Laura Parkin:
Executive Director of the Wadhwani Foundation
·
Mr. K. V. Kamath:
Chairman of Infosys and ICICI. Named as Forbes Asia's
'Businessman of the Year 2007'.
·
Ms. Kiran Mazumdar-Shaw: Chairman of Biocon.
Featured in TIME's list of 100 Most Influential People
and Forbes's
list of 100 Most Powerful Women.
·
Mr. S. Ramadorai: Vice-Chairman of Tata Consultancy Services. Former CEO
of TCS. Cabinet Rank Advisor to the Prime Minister of India on National Skill
Development. Selected as Business India's
'Businessman of the Year 2004.'
WADHWANI FOUNDATION
FLOATS ACCELERATOR PROGRAMME
05 January, 2018: National Entrepreneurship Network (NEN), an initiative of Wadhwani Foundation, has launched an accelerator programme for growth-stage startups. The three-month programme, christened WF Venture ScaleUp, will be conducted in Pune and Hyderabad.
The zero-equity, ‘no-fee’ programme is aimed at startups that apply Ash Maurya’s Scaling Lean approach, NEN said in a statement.
US-based Ash Maurya will interact with the startup founders and provide insights on the Scaling Lean approach.
Maurya is the author of ‘Running Lean: How to Iterate from Plan A to a Plan that Works’ and the creator of the one-page business modeling tool ‘Lean Canvas’.
During the programme, NEN’s domain experts and mentors will work with entrepreneurs to help achieve growth with a focus on the right ‘traction metrics’.
“With over a million youth turning 18 every month, India needs thousands of accelerators that drive job creation. The country today has only 140 accelerators,” said Ajay Kela, president and CEO of Wadhwani Foundation.
“Their goal is to create models for scalable and sustainable high-quality accelerators and build an online platform for entrepreneur connect,” Kela said.
Wadhwani Foundation recently launched WF Venture Fastrack, an accelerator programme which also applies Maurya’s Scaling Lean approach to help transform validated ideas into ventures. Twelve startups are currently part of the WF Venture Fastrack programme.
Wadhwani Foundation, which was founded in 2000 by Romesh Wadhwani, is present in India, Indonesia, Malaysia, Philippines, East Africa and Latin America. It operates in association with governments, corporates, mentors, investors and educational institutes.
NEN is aimed at educating and supporting student entrepreneurs, startups and SMEs for creating jobs.
A number of accelerator programmes have been launched in India recently. In November 2017, Gurgaon-based mentorship-driven incubator India Accelerator made seed investment worth around $150,000 in six startups operating across sectors such as fin-tech, artificial intelligence, transport and e-commerce.
In October 2017, oil and energy major Royal Dutch Shell Plc’s Indian arm launched its pan-India accelerator programme for energy startups.
WADHWANI FOUNDATION LAUNCHES INDIA’S FIRST GLOBAL NETWORK FOR
ENTREPRENEURS
November 29, 2017: Hyderabad: Wadhwani Foundation’s flagship initiative, the National Entrepreneurship Network (NEN) today announced the launch of India’s first-ever Global Network for Entrepreneurs at the Global Entrepreneurship Summit, GES 2017 in Hyderabad International Convention Centre. Dr. Ajay Kela, President & CEO, Wadhwani Foundation made the announcement.
Entrepreneurs are not born and paths to success in entrepreneurship are not necessarily akin. What makes a critical difference in the entrepreneurial journey is the expert guidance, support, and inspiration to avoid pitfalls and enable the elusive quantum leap. With an aim to accelerate the entrepreneurial journey, the ‘Wadhwani Global Network for Entrepreneurs’ is unique in a two-fold manner. Firstly, its support mechanism covers the different stages of entrepreneurship from early growth to growth stage entrepreneurs to SMEs and secondly, it has customized offerings for various levels of the entrepreneurial journey.
The ‘Wadhwani Global Network for Entrepreneurs’ is supporting aspiring entrepreneurs, early and growth stage entrepreneurs, and SMEs with Accelerator & Scalerator programs curated mentors, advisors & consultants, trusted service providers and investors through the mobile apps and a dedicated site www.wfnen.org.
Wadhwani Foundation has nurtured entrepreneurship in colleges in India for 14 years through student courses and launched hundreds of entrepreneurship clubs in campuses. This program inspires students and student outliers by providing facilitated learning through www.wfnen.org and LearnWISE platform. From short videos, blogs to events, webinars, boot camps and case studies, there’s plenty of student entrepreneurs keen on arming themselves with formidable skills required for business success.
Says Dr. Ajay Kela, President & CEO, Wadhwani Foundation, “They are very excited to roll-out the Wadhwani Global Network for Entrepreneurs. This is a one-stop shop for the entrepreneur looking to grow locally and/or globally – providing all necessary resources, guidance, facilitated technology-led learning and networking opportunities for aspiring entrepreneurs and startups to succeed, where the failure rates are abnormally high. This is a first-in-world initiative with global operations in Asia, Africa, and Latin America. I foresee this as playing a major role in fulfilling the Wadhwani Foundation’s efforts towards high-value job creation, globally.”
The long-term goal of the Wadhwani Foundation is to help establish vibrant entrepreneur ecosystems in 100 cities around the world to alleviate the global youth unemployment problem. The ‘Wadhwani Global Network for Entrepreneurs’ will not only act as a fulcrum to inculcate a culture of entrepreneurship at a time when the best and the brightest are avidly looking at entrepreneurship as their first and preferred career choice, but will also provide the necessary knowledge and networking resources to the startup ecosystem – so dearly required.
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 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVT |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
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|
Report Prepared
by : |
MTN |
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 |
NO |
|
--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.