|
|
|
MIRA INFORM REPORT
|
Report No. : |
486354 |
|
Report Date : |
15.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
L&T MUTUAL FUND TRUSTEE LIMITED (w.e.f. 11.02.2010) |
|
|
|
|
Formerly Known
As : |
DBS CHOLAMANDALAM TRUSTEES LIMITED |
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Registered
Office : |
L&T House, N.M. Marg, Ballard Estate, P.O. Box 278, Mumbai –
400001, Maharashtra |
|
Tel. No.: |
91-22-66554000 |
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2016 |
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|
Date of
Incorporation : |
30.04.1996 |
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|
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|
Com. Reg. No.: |
11-211198 |
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|
|
Capital
Investment / Paid-up Capital : |
INR 1.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65993MH1996PLC211198 |
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|
IEC No.: |
Not Divulged |
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|
GSTIN/UIN : |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCC9718P |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged into providing Trusteeship Services to L&T Mutual Fund. [Registered Activity] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
L&T Mutual Fund Trustee Limited is Trustee Company of L&T Mutual Fund, with ultimate holding company as “Larsen and Toubro Limited”. It is a part of “L&T” group it is an Indian multinational conglomerate which has business interests in engineering, construction, manufacturing goods, information technology, and financial services, and also has an office in the Middle East and other parts of Asia. As per the available financial year 2016, there has been minimal increase in its revenue by 0.956% and has reported fair profit margin of 16.92%. The satisfactory financial profile of the company is marked by comfortable net worth base along with strong debt coverage indicators due to debt free balance sheet profile. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. Rating also takes into consideration strong support in form of financial, managerial and technical from its ultimate holding company, as well as knowledgeable, respected and well-experience management team. Business is active. Payments are reported to be regular. In view of aforesaid, the subject can be considered good for normal business dealings at usual trade terms and conditions. Note 1: The net worth of the company has increased from INR 0.552 million as on March 31 2014 to INR 15.429 million as on March 31 2015, due to amalgamation of L&T Trustee Services Private Limited., the wholly owned subsidiary with the company. In Director Report March 31, 2015 the gross income of the company for the financial year ended 2014-15 Is INR 0.5 million which is wrongly printed. The correct amount which we get from the profit and loss account is INR 1.569 million. Note 2: As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 15.01.2018
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
Management Non-Cooperative (91-22-66554000)
LOCATIONS
|
Registered Office : |
L&T House, N. M. Marg, Ballard Estate, P.O. Box 278, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-66554000 |
|
Fax No.: |
91-22-66554002 |
|
E-Mail : |
|
|
|
|
|
Head / Corporate
Office: |
6th Floor, Brindavan, Plot No. 177, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India |
|
Tel. No.: |
91-22-66554000 |
|
Fax No.: |
91-22-66554002 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Shailesh Vishnubhai Haribhakti |
|
Designation : |
Director |
|
Address : |
10 and 11, Sahil Apartment, S K Barodawala Road, 14
Altamount Road, Cumballa Hill, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
15.06.2017 |
|
DIN No.: |
00007347 |
|
|
|
|
Name : |
Mr. Venkatachalam Natarajan |
|
Designation : |
Director |
|
Address : |
Flat No. 6, " Priya Mahal", No.12, Deivasigamani Road, Royapettah, Chennai – 600014, Tamilnadu, India |
|
Date of Appointment : |
27.05.1998 |
|
DIN No.: |
00049409 |
|
|
|
|
Name : |
Mr. Hemant Yeshwant Joshi |
|
Designation : |
Director |
|
Address : |
603, Akruti Atria- A Wing, N.S. Phadke Marg, Sai Wadi, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Date of Birth/Age : |
20.05.1951 |
|
Date of Appointment : |
15.12.2011 |
|
DIN No.: |
01519739 |
|
|
|
|
Name : |
Mr. Rajesh Narain Gupta |
|
Designation : |
Additional Director |
|
Address : |
2201-B, 22nd Floor, Phoenix Towers, B-Wing, S B
Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
Date of Appointment : |
10.11.2017 |
|
DIN No.: |
00229040 |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
L&T Finance Holdings Limited |
|
149993 |
|
Shankar Raman Ramamurthi |
|
1 |
|
Vipin Jyotindra Shukla |
|
1 |
|
Narayanswamy Swamy S N Hariharan |
|
1 |
|
Subhodh Ravindranath Shetty |
|
1 |
|
Dinanath Mohandas Dubhashi |
|
1 |
|
Raju Francis Dodti |
|
2 |
|
|
|
|
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Total |
|
150000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 21.08.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into providing Trusteeship Services to L&T Mutual Fund. [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
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Y-14, Block EP, Sector V, Salt Lake, Kolkata –
700091, West Bengal, India |
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PAN No.: |
AAEFP3641G |
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|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company [As
on 2017] : |
· L&T Finance Holdings Limited [L67120MH2008PLC181833] |
|
|
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|
Ultimate Holding
company [As on 2016] : |
·
Larsen and Toubro Limited
[L99999MH1946PLC004768] |
|
|
|
|
Fellow Associate
[As on 2016] : |
· L&T Investment Management Limited [U65991MH1996PLC229572] |
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|
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Trusteeship [As on
2016] : |
· L&T Mutual Fund |
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Subsidiary
Company [As on 2016] : |
· L&T Trustee Services Private Limited (till 04-Spetember-2014) |
CAPITAL STRUCTURE
AS ON 21.08.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
INR 10/- each |
INR 2.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
INR 10/- each |
INR 1.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1.500 |
1.500 |
1.500 |
|
(b) Reserves & Surplus |
14.197 |
13.929 |
(0.948) |
|
(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) |
15.697 |
15.429 |
0.552 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
0.289 |
0.170 |
0.120 |
|
(c) Other
current liabilities |
0.029 |
0.006 |
0.016 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
0.318 |
0.176 |
0.136 |
|
|
|
|
|
|
TOTAL |
16.015 |
15.605 |
0.688 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
0.000 |
0.000 |
0.000 |
|
(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 |
2.101 |
2.186 |
0.168 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2.101 |
2.186 |
0.168 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
13.400 |
13.000 |
0.100 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
0.131 |
0.128 |
0.126 |
|
(d) Cash
and cash equivalents |
0.313 |
0.221 |
0.251 |
|
(e)
Short-term loans and advances |
0.070 |
0.070 |
0.043 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
13.914 |
13.419 |
0.520 |
|
|
|
|
|
|
TOTAL |
16.015 |
15.605 |
0.688 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.500 |
0.500 |
0.500 |
|
|
|
Other Income |
1.084 |
1.069 |
0.035 |
|
|
|
TOTAL |
1.584 |
1.569 |
0.535 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
1.197 |
3.072 |
0.654 |
|
|
|
TOTAL |
1.197 |
3.072 |
0.654 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
0.387 |
(1.503) |
(0.119) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.387 |
(1.503) |
(0.119) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
0.387 |
(1.503) |
(0.119) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.119 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
0.268 |
(1.503) |
(0.119) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (INR) |
1.79 |
(10.02) |
(0.95) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(0.578) |
(3.161) |
(1.387) |
|
Net cash flows from (used in) operating activities |
(0.577) |
(3.101) |
(1.328) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
95.63 |
93.44 |
91.98 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.82 |
3.91 |
3.97 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.00 |
0.00 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.02 |
0.01 |
0.20 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.02 |
0.01 |
0.25 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.00 |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
53.60 |
(300.60) |
(23.80) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.67 |
(9.63) |
(17.30) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.71 |
(9.74) |
(21.56) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
43.75 |
76.24 |
3.82 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
43.75 |
76.24 |
3.82 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.98 |
0.99 |
0.80 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
43.75 |
76.24 |
3.82 |
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 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1.500 |
1.500 |
1.500 |
|
Reserves & Surplus |
(0.948) |
13.929 |
14.197 |
|
Net
worth |
0.552 |
15.429 |
15.697 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Total
Income |
0.535 |
1.569 |
1.584 |
|
|
|
193.271 |
0.956 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Total
Income |
0.535 |
1.569 |
1.584 |
|
Profit/(Loss) |
(0.119) |
(1.503) |
0.268 |
|
|
(22.24%) |
(95.79%) |
16.92% |
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 |
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 |
INDEX OF CHARGES: NO CHARGES
EXISTS FOR COMPANY
STATE OF COMPANY AFFAIRS [AS ON 2016]:
The gross income of the Company (in form of Trustee fees) for the financial year 2015-2016 was INR 0.500 million. The profit from continuing operations including extraordinary and exceptional items was INR 0.268 million as against loss of INR 1.503 million for the previous financial year.
The net worth of the Company has increased from INR 15.429 million as at March 31, 2015 to INR 15.697 million as at March 31, 2016.
INDEX OF CHARGE: NO
CHARGES EXIST FOR THE COMPANY
PRESS RELEASE:
L&T MUTUAL FUND
LOOKS TO SELL 49% STAKE TO FINANCE EXPANSION PLANS
Jan 08,
2016
MUMBAI:
L&T Mutual Fund, ranked 14 by assets, is looking to sell a 49% stake to a
strategic partner to raise capital to expand its distribution reach across
smaller towns and cities and gain market share, said two people with direct
knowledge of the development. The stake sale could fetch an estimated INR
6000.000-6250.000 million.
"The fund
is exploring various options, which include a joint venture with an established
mutual fund, looking for a merger with an existing one or selling stake to a
foreign player," said one of the persons. An L&T Finance spokesperson
did not respond to emailed questions.
"The value of a mutual fund is calculated at 5% of the total assets under management," said an investment banker aware of the development who cannot be named as he's not authorised to speak to the media.
L&T Mutual Fund, which manages INR 250500.000 million, could be valued at 5% of its assets, going by previous such exercises, experts said. "Expanding their distribution base and onboarding of new clients is the major challenge for the mutual fund industry," said Manoj Nagpal, CEO, Outlook Asia Capital. "The number of active distributors has dwindled from 35,000 in 2008 to less than 10,000 now.”
Fund houses
should get three things right to be successful, said Dhirendra Kumar, founder
and chief executive, Value Research. They need to "manage money well, have
a long-term focus and (have) a good distribution network", he said. Fund
houses that don't get the mix right will look to exit, yielding opportunities
for consolidation in the space.
Margins for many funds have eroded,
forcing them to seek a way out of the business. L&T Mutual Fund has a 2%
market share among 43 asset management companies that handle a total INR 13.46
lakh crore. Its assets expanded by 2% to INR 250590.000 million from INR
213360.000 million in FY15. The Indian mutual fund industry has seen
consolidation in recent years.
In 2015, DWS Asset Management sold its business to DHFL Pramerica. Between 2013 and 2015, several overseas funds such as Morgan Stanley, ING Mutual Fund, Goldman Sachs and Pinebridge sold their mutual fund businesses to Indian companies, while Religare sold its stake to foreign partner Invesco. Experts said the local mutual fund industry is at a nascent stage but has strong growth potential.
Assets under management
(AUM) are at 5-6% of GDP, significantly lower than other emerging economies
such as Brazil at 40% and around 33% for South Africa, said a KPMG report.
Assets managed by the top eight companies account for 70-75% of the total
industry AUM.
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 63.53 |
|
|
1 |
INR 86.05 |
|
Euro |
1 |
INR 76.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.