|
|
|
MIRA INFORM REPORT
|
Report No. : |
484838 |
|
Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
TOYO INK ARETS INDIA PRIVATE LIMITED (w.e.f. 11.06.2015) |
|
|
|
|
Formerly Known
As : |
ARETS
GRAPHICS (INDIA) PRIVATE LIMITED |
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|
Registered
Office : |
Flat No. 308 and 309, Prakash Deep, 7, Tolstoy Marg, New Delhi – 110001 |
|
Tel. No.: |
91-11-43522548 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as on)
: |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
13.06.2006 |
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|
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|
Com. Reg. No.: |
55-149690 |
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Capital
Investment / Paid-up Capital : |
INR 1.000 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U93030DL2006PTC149690 |
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|
IEC No.: |
0507057601 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AAFCA8167L |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Wholesalers and Trader of Printing Ink, UV
Varnish. [Registered
Activity] |
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|
|
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 |
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|
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|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 2006. It is a subsidiary of Toyo
Ink Arets N.V., Belgium. As per the Registrar of Companies date of balance sheet (i.e.
financial filed) is shown as 31.03.2016 but documents related to the
financial for the year 31.03.2016 are not available from any sources. Management has not filed its financial record with government
department for the year 2017 and same are not available from any other
sources. As per the available financial of 2015, the company has achieved a
decent growth in its revenue as compared to the previous year and has gained
favorable net profit margin of 11.73%. The company possesses satisfactory financial position marked by
adequate net worth base along with negligible debt level and fair liquidity
position. Rating takes into consideration the strength that the company derives
from its holding company and its experienced management team. However, rating is constrained on account of absence of latest
financial records. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business
dealings with some caution. |
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 09.01.2018
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
|
Name : |
Mr. Swati |
|
Designation : |
Accountant |
|
Contact No.: |
91-11-43522548 |
|
Date : |
08.01.2018 |
LOCATIONS
|
Registered Office : |
Flat No. 308 and 309, Prakash Deep, 7, Tolstoy Marg, New Delhi – 110001, India |
|
Tel. No.: |
91-11-43522548 |
|
Fax No.: |
91-11-43522558 |
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E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Prashant Atre |
||||||||
|
Designation : |
Wholetime Director |
||||||||
|
Address : |
19-A Tilak Bridge Railway Colony, New Delhi – 110001,
India |
||||||||
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Date of Birth/Age : |
16.01.1968 |
||||||||
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Date of Appointment : |
13.06.2006 |
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DIN No.: |
01558613 |
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Other Directorship:
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||||||||
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Name : |
Mr. Avik Chatterjee |
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|
Designation : |
Director |
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Address : |
A-404 Apex Apartments Sector 45 Gurugram – 122002,
Haryana, India |
||||||||
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Date of Birth/Age : |
10.09.1968 |
||||||||
|
Date of Appointment : |
13.06.2006 |
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DIN No.: |
01563386 |
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KEY EXECUTIVES
|
Name : |
Mr. Swati |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
Prashant Atre |
|
100 |
|
Avik Chatterjee |
|
100 |
|
Toyo Ink Arets N.V., Belgium |
|
800 |
|
|
|
|
|
Total |
|
1000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2016
|
Category |
Percentage |
|
Promoters - Individual/Hindu Undivided Family – Indian |
20.00 |
|
Public/Other than promoters – Others |
80.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Wholesalers and Trader of Printing Ink, UV
Varnish. [Registered
Activity] |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Raj Rajini and Associates Chartered Accountants |
|
Address : |
C-2/75, Sector 36, Noida – 201301, Uttar Pradesh, India |
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Tel No.: |
91-120-4068424 |
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Mobile No.: |
9212362407 / 9654933990 |
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Email.: |
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Income-tax
PAN of auditor or auditor's firm : |
AAGFR4173H |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Toyo Ink Arets N.V., Belgium |
CAPITAL STRUCTURE
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
INR 1000/- each |
INR 1.000 Million |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
INR 1000/- each |
INR 1.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
1.000 |
1.000 |
1.000 |
|
(b) Reserves &
Surplus |
70.577 |
24.014 |
11.145 |
|
(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) |
71.577 |
25.014 |
12.145 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
4.722 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
4.722 |
0.000 |
0.000 |
|
|
|
|
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|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
54.640 |
74.651 |
18.517 |
|
(c) Other current liabilities |
6.200 |
7.023 |
1.571 |
|
(d) Short-term provisions |
20.324 |
4.756 |
1.347 |
|
Total Current Liabilities
(4) |
81.164 |
86.430 |
21.435 |
|
|
|
|
|
|
TOTAL |
157.463 |
111.444 |
33.580 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5.415 |
5.707 |
4.387 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) 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 Loan and Advances |
0.831 |
1.196 |
1.609 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6.246 |
6.903 |
5.996 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
22.386 |
29.004 |
3.534 |
|
(c) Trade receivables |
80.621 |
55.955 |
20.220 |
|
(d) Cash and cash
equivalents |
40.822 |
15.429 |
2.587 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
7.388 |
4.153 |
1.243 |
|
Total Current Assets |
151.217 |
104.541 |
27.584 |
|
|
|
|
|
|
TOTAL |
157.463 |
111.444 |
33.580 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
396.865 |
166.623 |
58.254 |
|
|
Other Income |
54.534 |
26.432 |
0.282 |
|
|
TOTAL |
451.399 |
193.055 |
58.536 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
338.268 |
172.526 |
34.678 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
6.617 |
(25.470) |
(3.533) |
|
|
Employees benefits
expense |
19.528 |
17.358 |
13.350 |
|
|
Other expenses |
18.954 |
12.304 |
8.658 |
|
|
TOTAL |
383.367 |
176.718 |
53.153 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
68.032 |
16.337 |
5.383 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
68.032 |
16.337 |
5.383 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
0.669 |
0.570 |
0.277 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
67.363 |
15.767 |
5.106 |
|
|
|
|
|
|
|
Less |
TAX |
20.800 |
4.804 |
1.347 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
46.563 |
10.963 |
3.759 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
456563.00 |
10963.00 |
3759.00 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
74.15 |
122.57 |
126.69 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
4.92 |
2.98 |
2.88 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
58.96 |
157.93 |
194.90 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
3.04 |
0.56 |
1.52 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
12.56 |
2.86 |
1.23 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
0.55 |
0.78 |
0.64 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.07 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.13 |
3.46 |
1.76 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.08 |
0.23 |
0.36 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
11.73 |
6.58 |
6.45 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
29.57 |
9.84 |
11.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
65.05 |
43.83 |
30.95 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.86 |
1.21 |
1.29 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
1.59 |
0.87 |
1.12 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.45 |
0.22 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.72 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.86 |
1.21 |
1.29 |
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 |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
1.000 |
1.000 |
1.000 |
|
Reserves & Surplus |
11.145 |
24.014 |
70.577 |
|
Net worth |
12.145 |
25.014 |
71.577 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
4.722 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
4.722 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.066 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
58.254 |
166.623 |
396.865 |
|
|
|
186.028 |
138.181 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
58.254 |
166.623 |
396.865 |
|
Profit |
3.759 |
10.963 |
46.563 |
|
|
6.45% |
6.58% |
11.73% |
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 |
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 |
No |
|
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 307, Prakash Deep Building, 7 Tolstoy Marg,
New Delhi - 110001, India to the present address.
INDEX
OF CHARGES
NO CHARGES EXISTS FOR
COMPANY
FIXED ASSETS
·
Computer
·
Furniture
·
Office Equipment
·
Motor Car
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.39 |
|
|
1 |
INR 85.89 |
|
Euro |
1 |
INR 76.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PUJ |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
KJL |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.