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MIRA INFORM REPORT
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Report No. : |
486901 |
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Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
SAURER TEXTILE SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
Unit 1002, 10th Floor, Peninsula Tower 1, Peninsula
Corporate Park, Ganpatrao Kadam Marg, Lower Parel (West), Mumbai – 400013,
Maharashtra |
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Tel. No.: |
91-22-24819501 / 61764938 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
18.04.2013 |
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Com. Reg. No.: |
11-242042 |
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Capital
Investment / Paid-up Capital : |
INR 1092.500 Million |
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CIN No.: [Company Identification
No.] |
U29253MH2013PTC242042 |
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IEC No.: |
0313013136 |
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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.] |
AASCS9498M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged inter-alia in the business of trading, marketing, servicing and manufacture of parts, machines and accessories for textile machinery and overseas contract for project/ machinery installation and Importer of textile machines spare parts. [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 : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Saurer AG, Switzerland” and was
incorporated in the year 2013. It is a manufacturer of textile fibres,
spinning machines, machines for preparing textile yarn, weaving etc. For the financial year 2017, the company has achieved massive revenue
growth as compared to the previous year but has incurred operational loss. The moderate financial risk profile of the company is marked by
declining networth base due to continuous loss. Rating takes into consideration the subject’s negligible debt balance
sheet profile due to unsecured debt recorded in the books. Rating also derives strength from the strong financial and managerial
support that the company receives from its holding entity backed by its well
experienced management team. 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.
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 18.01.2018
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 : |
Ms. Nisha |
|
Designation : |
Office Executive |
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Contact No.: |
91-22-61764900 |
|
Date : |
18.01.2018 |
Given
Number i.e. 91-22-24819501 does not belongs to Subject Company.
LOCATIONS
|
Registered Office : |
Unit 1002, 10th Floor, Peninsula Tower 1, Peninsula
Corporate Park, Ganpatrao Kadam Marg, Lower Parel (West), Mumbai – 400013,
Maharashtra, India |
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Tel. No.: |
91-22-24819595/ 24819501/ 66527900 |
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Fax No.: |
91-22-24819596/ 66527901 |
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E-Mail : |
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Website : |
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Head Office : |
103, Garnet Bay, Survey Nos. 28/423 197/3, Pune-Nagar Road, Pune –
411014, Maharashtra, India |
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Factory : |
R S No 119,132-139,164 Block No 100/B,100/B/P2, Vadava,
Gujarat, India |
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|
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Factory : |
Also located at: Karjan, Vadodara, Gujarat, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Vineet Goel |
|
Designation : |
Whole-time Director |
|
Address : |
Flat
No.34, Arcade, Plot No.60, Sector 17, Vashi, Navi Mumbai – 400703,
Maharashtra, India |
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Date of Birth/Age : |
17.10.1970 |
|
Qualification : |
MBA,
CWA, B.Com (Hons) |
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Date of Appointment : |
26.08.2013 |
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DIN No.: |
01993939 |
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PAN No.: |
ACNPG0135H |
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|
|
|
Name : |
Zhengping Zeng |
|
Designation : |
Director |
|
Address : |
RM. 1206, Building 107, No.2000 Gu Dai
Road, Shanghai, 201101, China |
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Date of Birth/Age : |
25.07.1962 |
|
Date of Appointment : |
05.07.2013 |
|
DIN No.: |
06646679 |
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|
Name : |
Jan Markus Rottgering |
|
Designation : |
Director |
|
Address : |
Wegberg Waldweg 42 De, Germany |
|
Date of Appointment : |
01.03.2017 |
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DIN No.: |
01984847 |
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|
|
|
Name : |
Clement Hin Yong Woon |
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Designation : |
Director |
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Address : |
17, Loostrasse, Heerbrugg 9435, Switzerland |
|
Date of Appointment : |
19.12.2016 |
|
DIN No.: |
02944038 |
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|
|
|
Name : |
Martin Matthias Kueppers |
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Designation : |
Director |
|
Address : |
Rolkenstrabe 41, Ubach Palenberg 52531, Germany |
|
Date of Appointment : |
01.03.2017 |
|
DIN No.: |
07746769 |
KEY EXECUTIVES
|
Name : |
Mrs. Simantini Ashok Deochake |
|
Designation : |
Company Secretary |
|
Address : |
H 6, Samarth Nagar, Mumbai Bangalore Highway, Wadgaon, Pune – 411041, Maharashtra, India |
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Date of Birth/Age : |
15.02.1983 |
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Date of Appointment : |
22.07.2013 |
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PAN No.: |
AICPD3308A |
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|
Name : |
Ms. Seema |
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Designation : |
Accounts and Finance Manager |
MAJOR SHAREHOLDERS
AS ON 25.09.2017
|
Names of Shareholders |
|
No. of Shares |
|
Saurer AG, Switzerland |
|
109249897 |
|
Saurer Netherlands Machinery Company BV |
|
103 |
|
Total |
|
109250000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 25.09.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged inter-alia in the business of trading, marketing, servicing and manufacture of parts, machines and accessories for textile machinery and overseas contract for project/ machinery installation and Importer of textile machines spare parts. [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 : |
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|
Name : |
V Sankar Aiyar and Company Chartered Accountants |
|
Address : |
2C, Court Chambers, 35 New Marine Lines, Mumbai – 400020, Maharashtra, India |
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PAN No.: |
AAAFV0781D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
· Saurer AG, Switzerland |
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Holding company of
holding company : |
· Saurer Hong Kong Machinery Company Limited |
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Ultimate holding
company : |
· Saurer Intelligent Machinery Co., Limited |
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Group Companies : |
· Schlafhorst Machines LLP · Zinser Textile Machine LLP · Saurer Components Pte. Limited · Saurer Germany GmbH & Co KG · Saurer Components GmbH · Saurer (Jiangsu) Textile Machinery Company Limited · Saurer CZECH S.R.O. · Saurer Tex. Machinery Co Limited · Saurer Premier Technologies Private Limited · Saurer Intelligent Machinery Co. Limited · Zinser Textile Systems Private Limited |
CAPITAL STRUCTURE
AS ON 25.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110550000 |
Equity Shares |
INR 10/- each |
INR 1105.500 Million |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109250000 |
Equity Shares |
INR 10/- each |
INR 1092.500 Million |
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|
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 |
1092.500 |
1092.500 |
956.000 |
|
(b) Reserves & Surplus |
6.562 |
112.318 |
69.592 |
|
(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) |
1099.062 |
1204.818 |
1025.592 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1006.349 |
715.674 |
205.260 |
|
(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 |
50.034 |
33.761 |
29.632 |
|
Total Non-current
Liabilities (3) |
1056.383 |
749.435 |
234.892 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
79.001 |
0.050 |
0.000 |
|
(b) Trade
payables |
676.121 |
752.736 |
284.170 |
|
(c) Other
current liabilities |
208.034 |
180.005 |
182.301 |
|
(d) Short-term
provisions |
23.668 |
4.984 |
4.948 |
|
Total Current
Liabilities (4) |
986.824 |
937.775 |
471.419 |
|
|
|
|
|
|
TOTAL |
3142.269 |
2892.028 |
1731.903 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1338.931 |
1381.130 |
694.649 |
|
(ii)
Intangible Assets |
0.352 |
0.031 |
0.015 |
|
(iii)
Capital work-in-progress |
13.900 |
1.089 |
65.344 |
|
(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) |
95.739 |
27.889 |
5.365 |
|
(d)
Long-term Loan and Advances |
44.730 |
22.509 |
108.784 |
|
(e) Other
Non-current assets |
0.100 |
0.100 |
0.200 |
|
Total Non-Current
Assets |
1493.752 |
1432.748 |
874.357 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.050 |
73.093 |
|
(b)
Inventories |
677.623 |
924.405 |
262.214 |
|
(c) Trade
receivables |
679.663 |
44.897 |
119.224 |
|
(d) Cash
and cash equivalents |
23.717 |
236.819 |
223.047 |
|
(e)
Short-term loans and advances |
267.378 |
251.758 |
179.659 |
|
(f) Other
current assets |
0.136 |
1.351 |
0.309 |
|
Total
Current Assets |
1648.517 |
1459.280 |
857.546 |
|
|
|
|
|
|
TOTAL |
3142.269 |
2892.028 |
1731.903 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2734.409 |
1365.936 |
1045.389 |
|
|
Other Income |
31.511 |
27.237 |
12.352 |
|
|
TOTAL |
2765.920 |
1393.173 |
1057.741 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1961.605 |
776.832 |
499.962 |
|
|
Purchases of
Stock-in-Trade |
149.204 |
177.015 |
97.226 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
38.156 |
(133.484) |
12.439 |
|
|
Employee benefit expense |
320.622 |
239.585 |
188.447 |
|
|
CSR expenditure |
0.294 |
1.987 |
0.136 |
|
|
Other expenses |
363.342 |
306.780 |
193.657 |
|
|
TOTAL |
2833.223 |
1368.715 |
991.867 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(67.303) |
24.458 |
65.874 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
46.150 |
16.811 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(113.453) |
7.647 |
65.874 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
98.872 |
72.903 |
18.336 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(212.325) |
(65.256) |
47.538 |
|
|
|
|
|
|
|
Less |
TAX |
(67.065) |
(29.463) |
17.823 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(145.260) |
(35.793) |
29.715 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(1.33) |
(0.35) |
0.39 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
63.544 |
34.954 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(518.901) |
(221.928) |
135.114 |
|
Net cash flows from (used in) operating activities |
(526.715) |
(223.388) |
88.755 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
90.72 |
12.00 |
41.63 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.02 |
30.42 |
8.77 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
116.91 |
288.04 |
173.68 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.10) |
0.03 |
0.25 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.05) |
0.02 |
0.09 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.65 |
0.58 |
0.39 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.05 |
0.62 |
0.20 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.90 |
0.78 |
0.46 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.23 |
1.15 |
0.74 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(1.46) |
1.45 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(5.31) |
(2.62) |
2.84 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(4.62) |
(1.24) |
1.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(13.22) |
(2.97) |
2.90 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.67 |
1.56 |
1.82 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.98 |
0.57 |
1.26 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.35 |
0.42 |
0.59 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.05 |
0.69 |
0.21 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.67 |
1.56 |
1.82 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
956.000 |
1092.500 |
1092.500 |
|
Reserves & Surplus |
69.592 |
112.318 |
6.562 |
|
Net
worth |
1025.592 |
1204.818 |
1099.062 |
|
|
|
|
|
|
Long-term borrowings |
205.260 |
715.674 |
1006.349 |
|
Short term borrowings |
0.000 |
0.050 |
79.001 |
|
Current maturities of
long-term debts |
0.000 |
34.954 |
63.544 |
|
Total
borrowings |
205.260 |
750.678 |
1148.894 |
|
Debt/Equity
ratio |
0.200 |
0.623 |
1.045 |
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 |
1045.389 |
1365.936 |
2734.409 |
|
|
|
30.663 |
100.186 |
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 |
1045.389 |
1365.936 |
2734.409 |
|
Profit/ (Loss) |
29.715 |
(35.793) |
(145.260) |
|
|
2.84
% |
(2.62
%) |
(5.31
%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND
The company, is Subsidiary of Saurer AG. The Company was incorporated on 18 April 2013. The company is engaged inter-alia in the business of manufacturing of machines and parts, trading, marketing, servicing for textile machinery for Indian and overseas markets.
OPERATIONS:
The period ending on 31st March, 2017 is the Fourth Financial year of the Company. During the year, the Company’s turnover has almost been doubled and Company has achieved some major milestones. The details of which are given below:
Spinning (Manufacturing):
Now, they have fully operational integrated plant which is having ring spinning, roving and components manufactured at the same location. This will give economies of scale faster turnaround of customer orders. They are using the facility for sales within India and for customers across the world. Their products are well established in markets and they are in the process of ramping up their capacities. They are enhancing their capacity for some of the product lines to take care of increasing market demands.
Shifting Halol and Ahmedabad Factory to Karjan, Vadodara:
The Company closed down its manufacturing operations of Roving Business Unit at Halol, Ahmedabad and completed shifting of the said facility to Karjan, Vadodara.
Spinning (Sales and Service)
Saurer Group products continue to have high market share in various business segments. Recently, some of the latest machines have been introduced in Indian market for which service installation has been provided by the Company.
Embroidery:
During the year, the sales and support for the embroidery business in India grew significantly. The business is concentrated in North zone and west zone which is catered from Mohali.
AMALGAMATION:
The order for amalgamation has been passed by Bombay High Court on 27th October, 2016, sanctioning scheme of amalgamation of Zinser Textile Solutions Private Limited (ZTS) into the Company effective from 29th November, 2016. In the view of said merger order becoming effective, the Company has issued and alloted 13,650,000 shares of INR 10 each to shareholders of ZTS viz. Saurer AG and Saurer Netherlands Machinery Company B.V. on 19th December, 2016, in the ratio 3:1 (i.e. issue of 3 fully paid equity shares of INR 10 each of this Company for every 1 fully paid equity share of INR 10 each of ZTS) being the exchange ratio as approved under the scheme. However, the accounting effect of increase in share capital has been considered in previous financial year in view of appointed date of the scheme being 1st October, 2015.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
1006.349 |
715.674 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
79.001 |
0.050 |
|
|
|
|
|
Total |
1085.350 |
715.724 |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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 63.98 |
|
|
1 |
INR 88.13 |
|
Euro |
1 |
INR 78.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
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.