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MIRA
INFORM REPORT
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Report No. : |
498940 |
|
Report Date : |
21.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
TRUE NORTH MANAGERS LLP [w.e.f.10.01.2007] |
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Formerly known
as: |
INDIA VALUE FUND MANAGERS LLP |
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Registered
Office : |
Suite F-9C, Grand Hyatt Plaza Santacruz (East), Mumbai - 400055,
Maharashtra |
|
Tel. No. : |
91-22-66824888 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
28.06.2010 |
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Total Obligation
of Contribution : |
INR 0.040 Million |
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|
LLPIN : |
AAA-1685 |
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GST No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
Limited Liability Partnership |
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Line of Business
: |
Providing Financial Services, Advice and Facilities of Every
Description. [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 : |
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 : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Limited Liability Partnership firm established in the year
2010. As per the financial records of 2017, the subject has reported a
decline in its revenue as compared to the previous year’s revenue but has
reported a favourable profitability margin of 18.59%. The subject possesses healthy financial position marked by above average
net worth base along with debt free balance sheet profile. Business is active. Payment seems to be usually correct. In view of aforesaid, the subject can be considered for business dealings at usual 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.
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 21.08.2018.
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
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-22-66824888]
LOCATIONS
|
Registered Office : |
Suite F9C, Grand Hyatt Plaza Santacruz (East), Mumbai - 400055,
Maharashtra, India |
|
Tel. No. : |
91-22-66824888 |
|
Fax No. : |
91-22-66954777 |
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E-Mail : |
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|
Website: |
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Bangalore Office: |
Rocklines House, Ground Floor, 9/2, Museum Road, Bangalore - 560001 Karnataka, India |
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Tel. No. : |
91-80-46328200 |
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Fax No. : |
91-80-25590800 |
PARTNERS
AS ON 31.03.2017
|
Name : |
Mr. Vishal Gangadhar Nevatia |
|
Designation : |
Designated Partner |
|
Address : |
2702, B-Wing, 27th Floor, Oberoi Sky Heights Lokhandwala, Back Road, Andheri (W), Mumbai - 400053, Maharashtra, India |
|
Date of Appointment : |
09.08.2016 |
|
DIN No.: |
01307857 |
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PAN No.: |
AABPN1547L |
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|
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|
Name : |
Mr. Pramod Kabra |
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Designation : |
Designated Partner |
|
Address : |
Planet Godrej, Tower 4, Floor 21, Simplex Mills Compound, Nr Jacobs Circle, Mahalaxmi, Mumbai - 400011, Maharashtra, India |
|
Date of Appointment : |
04.08.2017 |
|
DIN No.: |
02252403 |
|
|
|
|
Name : |
Mr. Gaurav Dalmia |
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Designation : |
Partner |
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Address: |
Dalmia House, 20f, Prithvi Raj Road, New Delhi-110011, India |
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Date of Appointment: |
28.06.2010 |
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PAN No.: |
ADYPD0151A |
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|
|
|
Name : |
Mr. Ashok Murlidhar Wadhwa |
|
Designation : |
Partner |
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Address: |
101 Maker Tower 'A', Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment: |
28.06.2010 |
|
PAN No.: |
AAAPW2741E |
CONTRIBUTION DETAILS
|
Names of Persons |
Monetary value
of contribution (INR In Million) |
|
Gaurav Dalmia |
0.008 |
|
Ashok Murlidhar Wadhwa |
0.008 |
|
Vikram Nirula |
0.012 |
|
Vishal Gangadhar Nevatia |
0.012 |
|
|
|
|
Total |
0.040 |
BUSINESS DETAILS
|
Line of Business : |
Providing Financial Services, Advice and Facilities of Every
Description. [Registered Activity] |
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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 : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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Name: |
Deloitte Haskins and Sells LLP Chartered Accountants |
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Address: |
Indiabulls Finance Centre, Tower 3, 27th-32nd
Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400013,
Maharashtra, India |
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Tel No.: |
91-22-61854000 |
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Fax No.: |
91-22-61854001 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
|
Particular |
INR in Million |
|
|
|
|
Total Obligation of
Contribution: |
INR 0.040 Million |
|
|
|
INANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Contribution Received |
0.040 |
0.088 |
0.088 |
|
|
2] Reserves & Surplus |
306.202 |
230.809 |
297.044 |
|
|
NETWORTH |
306.242 |
230.897 |
297.132 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
20.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
20.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
306.242 |
230.897 |
317.132 |
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APPLICATION OF
FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
25.558 |
22.004 |
6.854 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
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INVESTMENT |
60.283 |
120.272 |
0.001 |
|
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
0.000 |
0.000 |
0.000 |
|
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Sundry Debtors |
44.686 |
4.420 |
0.000 |
|
|
Cash & Bank Balances |
6.008 |
19.924 |
6.981 |
|
|
Other Current Assets |
107.542 |
64.991 |
65.004 |
|
|
Loans & Advances |
293.806 |
360.636 |
370.100 |
|
Total
Current Assets |
452.042
|
449.971
|
442.085
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
173.071 |
285.934 |
112.219 |
|
|
Other Current Liabilities |
43.114 |
44.977 |
1.309 |
|
|
Provisions |
15.456 |
30.439 |
18.280 |
|
Total
Current Liabilities |
231.641
|
361.350
|
131.808
|
|
|
Net Current Assets |
220.401
|
88.621
|
310.277
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
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|
|
|
|
TOTAL |
306.242 |
230.897 |
317.132 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1178.476 |
1185.103 |
394.540 |
|
|
|
Other Income |
48.687 |
44.493 |
64.380 |
|
|
|
TOTAL |
1227.163 |
1229.596 |
458.920 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Power and Fuel |
1.727 |
1.845 |
1.236 |
|
|
|
Personnel expenses (Including partners remuneration) |
474.433 |
405.004 |
224.257 |
|
|
|
Administrative expenses |
396.511 |
269.678 |
151.304 |
|
|
|
Payment to auditors |
1.000 |
1.000 |
1.050 |
|
|
|
Insurance expenses |
1.022 |
1.095 |
1.319 |
|
|
|
TOTAL |
874.693 |
678.622 |
379.166 |
|
|
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|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
352.470 |
550.974 |
79.754 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.078 |
5.328 |
4.536 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
352.392 |
545.646 |
75.218 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9.355 |
8.190 |
8.907 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
343.037 |
537.456 |
66.311 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
123.924 |
195.523 |
21.396 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
219.113 |
341.933 |
44.915 |
|
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
13.84 |
1.36 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
26.37 |
268.12 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
13.79 |
25.04 |
11.64 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.43 |
0.61 |
0.34 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.07 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.76 |
1.56 |
0.51 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.08 |
0.10 |
0.02 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
4518.85 |
103.41 |
17.58 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
18.59 |
28.85 |
11.38 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
40.74 |
57.73 |
10.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
71.55 |
148.09 |
15.12 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.21 |
1.58 |
2.91 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.21 |
1.58 |
2.91 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.57 |
0.39 |
0.66 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
227.27 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.21 |
1.58 |
2.91 |
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 |
|
Contribution Received |
0.088 |
0.088 |
0.040 |
|
Reserves & Surplus |
297.044 |
230.809 |
306.202 |
|
Net
worth |
297.132 |
230.897 |
306.242 |
|
|
|
|
|
|
Secured Loans |
0.000 |
0.000 |
0.000 |
|
Unsecured Loans |
20.000 |
0.000 |
0.000 |
|
Total
borrowings |
20.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.067 |
0.000 |
0.000 |
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 |
394.540 |
1185.103 |
1178.476 |
|
|
|
200.376 |
(0.559) |
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 |
394.540 |
1185.103 |
1178.476 |
|
Profit |
44.915 |
341.933 |
219.113 |
|
|
11.38% |
28.85% |
18.59% |
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 |
No |
|
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 |
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 |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
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 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 65.20 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.