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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

496917

Report Date :

15.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

TORRENT PRIVATE LIMITED

 

 

Registered Office :

Torrent House, Off Ashram Road, Ahmedabad – 380009, Gujarat

Tel. No.:

91-79-26585090/ 26583060

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

17.01.1985

 

 

Com. Reg. No.:

04-007573

 

 

Capital Investment / Paid-up Capital :

INR 6.368 Million

 

 

CIN No.:

[Company Identification No.]

U67120GJ1985PTC007573

 

 

IEC No.:

[Import-Export Code No.]

Not Available

 

 

GSTIN :

[Goods & Service Tax Registration No.]

24AAACT5459R1ZP

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACT5459R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing Financial and Related Services. (Registered Activity)

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 28100000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

 

Comments :

Subject is a part of Torrent Group and it was incorporated in the year 1985. It is engaged into managing various investment profiles for torrent group.

 

As per financials of March 2017, the company has registered a healthy operating revenue and has reported sound profit margin.

 

Rating takes into consideration the company’s long established track record of business operations marked by healthy financial risk profile along with low solvency indicators and good liquidity position.

 

Further, the company has reported a healthy earnings per share of INR 1625.07 against its face value of INR 10.

 

Payments seems to be regular.

 

In view of aforesaid, the company can be considered for good business dealings at normal trade terms and conditions.

 

NOTES : Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

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 15.03.2018

 

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 DECLINED

 

Name :

Mr. Vatsal

Designation :

Not Divulged

Contact No.:

91-79-26583060

Date :

08.03.2018

 

 

LOCATIONS

 

Registered Office :

Torrent House, Off Ashram Road, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-26585090/ 26583060

Mobile No.:

Not Available

Fax No.:

91-79-26589581

E-Mail :

vvrmurthy@torrentlimited.com

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Sudhir Uttamlal Mehta

Designation :

Director

Address :

Akalpya, Sarkhej Gandhinagar Highway, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

10.04.1954

Date of Appointment :

17.01.1985

DIN No :

00061871

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

L31200GJ2004PLC044068

TORRENT POWER LIMITED

05/04/2014

-

L24230GJ1972PLC002126

TORRENT PHARMACEUTICALS LTD

01/08/2010

-

U85100GJ2015NPL082291

TORNASCENT CARE INSTITUTE

16/02/2015

-

U85110GJ2015NPL083340

UNM FOUNDATION

27/05/2015

-

 

 

Name :

Mr. Samir Uttamlal Mehta

Designation :

Director

Address :

Akalpya, Sarkhej Gandhinagar Highway, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

18.09.1963

Date of Appointment :

17.01.1985

DIN No :

00061903

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

L31200GJ2004PLC044068

TORRENT POWER LIMITED

05/04/2014

-

L17119GJ1931PLC000093

ARVIND LIMITED

30/07/2014

-

L24230GJ1972PLC002126

TORRENT PHARMACEUTICALS LTD

01/08/2010

-

U85100GJ2015NPL082291

TORNASCENT CARE INSTITUTE

16/02/2015

-

U85110GJ2015NPL083340

UNM FOUNDATION

27/05/2015

-

 

 

Name :

Mrs. Jinal Sudhirbhai Mehta

Designation :

Director

Address :

Akalpya, Sarkhej Gandhinagar Highway, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

11.03.1983

Date of Appointment :

11.06.2009

DIN No :

02685284

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

L31200GJ2004PLC044068

TORRENT POWER LIMITED

05/04/2014

-

U40104GJ2005PLC046660

TORRENT POWER GRID LIMITED

08/05/2014

-

U40102GJ2008PLC052898

TORRENT ENERGY LIMITED

31/03/2014

-

 

 

KEY EXECUTIVES

 

Name :

Rajesh Parekh and Company

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS

 

As on 31.03.2017

 

Names of Shareholders

No. of Shares

%age holding

Sudhir Uttamlal Mehta

152407

23.93

Mehta Uttamlal Sudhir (HUF)

42322

6.65

Mehta Sudhir Anita

60000

9.42

Mehta Sudhir Jinal

31840

5.00

Mehta Sudhir Varun

31840

5.00

Samir Uttamlal Mehta

194729

30.58

Mehta Samir Sapna

60000

9.42

Mehta Samir Aman

31840

5.00

Mehta Samir Shaan

31840

5.00

Total

636818

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 29.09.2017

 

Category

Percentage

Promoters (Individual/Hindu Undivided Family – Indian)

100.00

Total 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Financial and Related Services. (Registered Activity)

 

 

Products / Services :

Item Code No.

Products/Services Description

99711400

Other financial service activities, except insurance and pension funding activities

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Banker Name :

HDFC Bank Limited

Branch :

--

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

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

--

Account Operation :

--

Remark :

--

 

 

 

 

 

Auditors :

 

Name :

C. C. Chokshi and Company

Chartered Accountants

Address :

Heritage, 3rd Floor, Off Ashram Road, Ahmedabad – 380014, Gujarat, India

Tel. No.:

91-79-66827300

Fax No.:

91-79-66827400

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

AACFC2938D

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies / Enterprises

controlled by Subsidiary Companies
  • Torrent Power Limited
  • Torrent Pharmaceuticals Limited
  • Torrent Power Services Private Limited
  • Puro Wellness Private Limited
  • Torrent Solargen Limited
  • Torrent Power Grid Limited
  • Torrent Pipavav Generation Limited
  • AEC Cements and Constructions Limited (Under Liquidation)
  • Torrent Do Brasil Limited, Brazil
  • Zao Torrent Pharma, Russia
  • Torrent Pharma Inc, USA
  • Torrent Pharma Philippines Inc, Philippines
  • Torrent Australasia Pty Limited, Australia
  • Laboratorios Torrent SA de CV, Mexico
  • Torrent Pharma GMBH, Germany
  • Torrent Pharma (Thailand) Co. Limited, Thailand
  • Torrent Pharma (UK) Limited, UK
  • Torrent Pharma SRL, Romania
  • Laboratories Torrent Pharma (Malaysia) Sdn. Bhd, Malaysia
  • Heumann Pharma GMBH & Co, Generica KG. Germany
  • Norispharm GmbH, Germany
  • Heunet Pharma GmbH, Germany
  • Torrent Pharma, France S.A.S,
  • Aptil Pharma Limited ,UK

 

 

Associates Company :
  • Gujarat Lease Financing Limited
  • GLFL Housing Finance Limited
  • GLFL International Limited
  • GLFL Securities Limited
  • Tornascent Care Institute
  • UNM Foundation

 

 

Joint Venture :
  • Tidong Hydro Power Limited

 

 

Other enterprises controlled by the

Company
  • Torrent Private Limited Gratuity Trust
  • TIPL Superannuation Fund

 

 

CAPITAL STRUCTURE

 

After 29.09.2017

 

Authorised Capital : INR 1410.000 Million

 

Issued, Subscribed & Paid-up Capital : INR 6.368 Million

 

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1300000

Equity Shares

INR 10/- each

INR 13.000 Million

13970000

Preference Share

INR 100/- each

INR 1397.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

636818

Equity Shares

INR 10/- each

INR 6.368 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET [STANDALONE]

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

6.368

6.368

6.368

(b) Reserves & Surplus

9829.385

8794.511

8713.876

(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

9835.753

8800.879

8720.244

 

 

 

 

(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

0.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

46196.078

0.000

0.000

(b) Trade payables

0.484

0.418

0.209

(c) Other current liabilities

118.543

118.332

119.775

(d) Short-term provisions

28.565

0.184

4.106

Total Current Liabilities

46343.670

118.934

124.090

 

 

 

 

TOTAL

56179.423

8919.813

8844.334

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

8.466

9.979

12.144

(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

53361.955

4628.777

4578.623

(c) Deferred tax assets (net)

0.861

1.508

1.455

(d)  Long-term Loan and Advances

15.770

10.706

6.445

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

53387.052

4650.970

4598.667

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

2600.428

3139.645

3092.128

(b) Inventories

0.000

0.000

55.611

(c) Trade receivables

0.000

0.000

0.000

(d) Cash and cash equivalents

72.882

1080.377

1047.064

(e) Short-term loans and advances

118.135

0.319

0.300

(f) Other current assets

0.926

48.502

50.564

Total Current Assets

2792.371

4268.843

4245.667

 

 

 

 

TOTAL

56179.423

8919.813

8844.334

 

 

PROFIT & LOSS ACCOUNT [STANDALONE]

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

1088.115

5195.840

1096.060

 

Other Income

6.567

7.697

1.326

 

TOTAL

1094.682

5203.537

1097.386

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Employees benefits expense

0.000

0.000

11.250

 

Other expenses

7.493

3.888

2.802

 

Provision for diminution in value of investments

0.000

4.495

0.000

 

TOTAL

7.493

8.383

14.052

 

 

 

 

 

 

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

1087.189

5195.154

1083.334

 

 

 

 

 

Less

FINANCIAL EXPENSES

0.000

0.000

0.023

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

1087.189

5195.154

1083.311

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

1.513

2.166

1.549

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1085.676

5192.988

1081.762

 

 

 

 

 

Less

TAX

50.802

17.809

15.177

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1034.874

5175.179

1066.585

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

1625.07

8126.62

1674.87

 

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

16660.761

5149.434

888.022

Net cash flows from (used in) operations

1633.947

5126.895

876.078

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

0.00

0.00

0.00

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

0.00

0.00

0.00

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

0.00

0.00

0.00

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.00

0.00

19.48

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

128.42

520.61

89.21

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.82

0.01

0.01

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

4.70

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

4.71

0.01

0.01

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.00

0.00

0.00

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

0.00

0.00

47101.48

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

95.11

99.60

97.31

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

1.84

58.02

12.06

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

10.52

58.80

12.23

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

0.06

35.89

34.21

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.06

35.89

33.77

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.18

0.99

0.99

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

7254.41

0.00

0.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.06

35.89

34.21

 

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

6.368

6.368

6.368

Reserves & Surplus

8713.876

8794.511

9829.385

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

8720.244

8800.879

9835.753

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

46196.078

Total borrowings

0.000

0.000

46196.078

Debt/Equity ratio

0.000

0.000

4.697

 

 

 

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

1096.060

5195.840

1088.115

 

 

374.047

(79.058)

 

 

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

1096.060

5195.840

1088.115

Profit

1066.585

5175.179

1034.874

 

97.31%

99.60%

95.11%

 

 

 

LEGAL CASE

 

HIGH COURT

 

COMMISSIONER OF INCOME MR NITIN K MEHTA 1 TAXIV VS TORRENT PRIVATE LIMITED

high court-Gujarat

Case no:TAXAP/1143/2008

Case status:Pending

Judge:HONOURABLE MR.JUSTICE M.R. SHAH AND HONOURABLE MR.JUSTICE B.N. KARIA

Date:2016-12-05

 

HIGH COURT

 

COMMISSIONER OF INCOME MR NITIN K MEHTA 1 TAXIV VS TORRENT PRIVATE LIMITED

high court-Gujarat

Case no: TAXAP/1144/2008

Case status: Pending

Judge: HONOURABLE MR.JUSTICE M.R. SHAH AND HONOURABLE MR.JUSTICE B.N. KARIA

Date: 2016-12-05

 

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

Yes

5]

Buyer visit details

--

6]

Contact numbers

Yes

7]

Name of the person contacted

Yes

8]

Designation of contact person

No

9]

Promoter’s background

Yes

10]

Date of Birth of Proprietor / Partners / Directors

Yes

11]

Pan Card No. of Proprietor / Partners

No

12]

Voter Id Card No. of Proprietor / Partners

No

13]

Type of business

Yes

14]

Line of Business

Yes

15]

Export/import details (if applicable)

No

16]

No. of employees

No

17]

Details of sister concerns

Yes

18]

Major suppliers

No

19]

Major customers

No

20]

Banking Details

Yes

21]

Banking facility details

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

Yes

33]

Market information

--

34]

Payments terms

No

35]

Negative Reporting by Auditors in the Annual Report

No

 

 

OPERATIONS:

 

The Company earns gross revenue consisting of mainly dividend income, interest from bank deposits of INR 1094.682 Million during the year as against INR 5203.537 Million in previous year.

 

UNSECURED LOAN

 

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Short-term borrowings

 

 

Loans and advance from shareholder

46196.078

0.000

Total

46196.078

0.000

 

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Satisfaction

Amount

Address

1

Y10502162

90374284

BANK OF INDIA

13/02/1987

-

6900000.0

AHMEDABAD BRANCHBHADRAAHMEDABADGJIN

2

Y10502147

90374269

BANK OF INDIA

07/03/1986

-

4400000.0

AHMEDABAD BRANCHBHADRAAHMEDABADGJIN

3

Y10506649

90378766

PUNJAB NATIONAL BANK

26/08/1980

-

100000.0

COMMERCIAL STREETBANGALOREKAIN

4

Y10502149

90374271

NUTAN NAGARIK SAHAKARI BANK LTD.

13/03/1986

20/09/1988

1498000.0

DHAN LAXMI CHAMBERSASHRAM ROADAHMEDABADGJ380009IN

5

Y10502142

90374264

CANARA BANK

20/11/1985

12/02/1987

2500000.0

BHADRAAHMEDABADGJ380001IN

6

Y10502134

90374256

NUTAN NAGARIK SAHAKARI BANK LTD.

12/07/1985

15/03/1986

1200000.0

ASHRAM ROAD BRANCHAHMEDABADGJ380009IN

7

Y10502099

90374221

NUTAN NAGARIK SAHAKARI BANK LTD.

08/10/1985

15/03/1986

1200000.0

ASHRAM ROAD BRANCHAHMEDABADGJ380009IN

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Disputed Income tax

81.953

122.579

 

 

FIXED ASSETS

  • Land
  • Building
  • Office Equipment
  • Electrical Installation
  • Vehicles

 

 

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 64.98

UK Pound

1

INR 90.82

Euro

1

INR 80.58

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TRUP

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.