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MIRA INFORM REPORT
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Report No. : |
499045 |
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Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
PHOOLCHAND BHAGATSINGH |
|
|
|
|
Registered
Office : |
2nd Floor, R Swadeshi Market, Room "P" Kalbadevi Road,
Mumbai – 400002, Maharashtra |
|
Tel. No.: |
91-22-61120500 |
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|
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|
Country : |
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|
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Financials (as
on) : |
31.03.2017 |
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|
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Year of
Establishment : |
1957 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 305.111 Million |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388064501 |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
24AAAFP1146J1ZJ (Gujarat) 27AAAFP1146J1ZD (Mumbai) |
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|
|
|
TIN / CST No.: |
33971181406 27660004241 06821217048 |
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PAN No.: [Permanent Account No.] |
AAAFP1146J |
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|
Legal Form : |
Partnership Concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Trader
and importer of ferro alloys and non-ferrous metals. [Confirmed by
management] |
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|
|
|
No. of Employees
: |
45 (Approximately) |
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 : |
Satisfactory |
|
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|
|
Payment Behaviour : |
Slow but correct |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a Partnership firm established in the year 1957. It is a trader and importer of ferro alloys and non-ferrous metals. As per the financial records of 2017, the firm has achieved 18.41% growth in its revenue as compared to the previous year along with average profit margin of 1.21%. Rating takes into consideration the sound financial position of the firm along with sufficient capital base and average debt coverage indicators. Rating also takes into consideration long established track record of the firm. However, rating strengths are partially offset by increase in the borrowings compared to the previous year. Business is active. Payment seems to be slow but correct. In view of aforesaid, the firm can be considered for business dealings at usual 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term = BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
12.04.2017 |
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 22.03.2018
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 PARTED BY
|
Name : |
Mr. Priyank Vyas |
|
Designation : |
Finance Department |
|
Contact No.: |
91-9820882024 |
|
Date : |
21.03.2018 |
LOCATIONS
|
Registered Office/ Head Office : |
2nd Floor, R Swadeshi Market, Room "P" Kalbadevi Road,
Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-61120500 / 15 / 16 |
|
Fax No.: |
91-22-61120545 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq. ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Branch Address : |
Located at : ·
Ahmedabad ·
Delhi ·
Chennai ·
Punjab |
PARTNERS
|
Name : |
Mr. Rajiv Bhagatsingh Khandelwal |
|
Designation : |
Partner |
|
Address: |
B/703 7th Floor, Jolly Apartments, 76, Saraswati Road, Santacruz (West), Mumbai - 400054, Maharashtra, India |
|
|
|
|
Name : |
Mr. Sanjiv Bhagatsingh Khandelwal |
|
Designation : |
Partner |
|
Address: |
1201, 12th Floor, Bhoomi Tower, Jain Temple Road, Santa
Cruz (East), |
|
PAN No.: |
AACPK3946M |
|
|
|
|
Name : |
Mr. Bhagat Singh Phoolchand Khandelwal |
|
Designation : |
Partner |
|
Address: |
1201, 12th Floor, Bhoomi Tower, Jain Temple Road, Santa
Cruz (East), |
KEY EXECUTIVES
|
Name : |
Mr. Priyank Vyas |
|
Designation : |
Finance Department |
BUSINESS DETAILS
|
Line of Business : |
Trader
and importer of ferro alloys and non-ferrous metals. [Confirmed by
management] |
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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 Available |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Cheque and Others (RTGS) |
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Purchasing : |
Cash, Cheque and Others (RTGS) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, End Users
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No. of Employees : |
45 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Mahendra Jain and Associates Chartered Accountants |
|
Address : |
706, Cotton Exchange Building, Kalabadevi Road, Mumbai – 400002,
Maharashtra, India |
|
Membership No.: |
107056 |
|
|
|
|
Collaborators : |
Not Available |
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Membership : |
Not Available |
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|
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
AS ON 31.03.2017
|
Capital Investment : |
|
|
Owned : |
INR 305.111 Million |
|
Borrowed : |
|
|
Total : |
INR 305.111 Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner’s Capital |
305.111 |
294.326 |
290.785 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
305.111 |
294.326 |
290.785 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
695.042 |
401.022 |
437.998 |
|
|
2] Unsecured Loans |
216.043 |
136.974 |
120.694 |
|
|
TOTAL
BORROWING |
911.085 |
537.996 |
558.692 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1216.196 |
832.322 |
849.477 |
|
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|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
20.120 |
21.600 |
23.475 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
327.519 |
166.358 |
203.007 |
|
|
Sundry Debtors |
717.176 |
526.903 |
580.034 |
|
|
Cash & Bank Balances |
11.250 |
7.371 |
15.973 |
|
|
Other Current Assets |
155.463 |
102.276 |
36.208 |
|
|
Loans, Advances & Deposits |
71.342 |
71.755 |
61.512 |
|
Total Current Assets |
1282.750 |
874.663 |
896.734 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
51.485 |
44.733 |
56.301 |
|
|
Other Current Liabilities & Provisions |
35.189 |
19.208 |
14.431 |
|
Total Current Liabilities |
86.674 |
63.941 |
70.732 |
|
|
Net Current
Assets |
1196.076 |
810.722 |
826.002 |
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1216.196 |
832.322 |
849.477 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total Sales and Branch
Transfer |
4793.757 |
4048.303 |
4050.246 |
|
|
Commission from Sale of
Consignment |
2.050 |
2.411 |
2.707 |
|
|
Other Income |
6.722 |
7.931 |
3.148 |
|
|
TOTAL |
4802.529 |
4058.645 |
4056.101 |
|
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|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
Cost of goods sold |
4500.365 |
3899.363 |
3878.203 |
|
|
|
|
|
|
|
|
Direct Expenses |
43.071 |
32.737 |
30.330 |
|
|
Payment to Employees |
29.673 |
15.079 |
13.533 |
|
|
Office and Administration
Expenses |
30.233 |
9.635 |
9.862 |
|
|
Selling and Distribution
Expenses |
14.838 |
8.537 |
11.507 |
|
|
Interest to Partners |
31.454 |
9.165 |
10.896 |
|
|
Remuneration to Partners |
4.200 |
4.200 |
4.200 |
|
|
Bad Debts |
10.386 |
0.000 |
2.170 |
|
|
Payment to Auditors |
0.229 |
0.229 |
0.217 |
|
|
TOTAL |
4664.449 |
3978.945 |
3960.918 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
138.080 |
79.700 |
95.183 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
77.953 |
66.787 |
82.448 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
60.127 |
12.913 |
12.735 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1.947 |
2.086 |
2.278 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FOR THE
YEAR |
58.180 |
10.827 |
10.457 |
Expected Sales (2017-2018): INR 4800.000 Million
The above information has been parted by Mr. Priyank Vyas (Finance
Department)
Note: Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or Registry
Records.
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
54.61 |
47.51 |
52.27 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.68 |
7.68 |
6.98 |
|
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|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
4.18 |
4.19 |
5.30 |
|
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|
Inventory Turnover (Operating Income / Inventories) |
0.42 |
0.48 |
0.47 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
6.86 |
3.69 |
4.05 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.77 |
0.67 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.99 |
1.83 |
1.92 |
|
|
|
|
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|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.99 |
0.68 |
0.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.07 |
0.07 |
0.08 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.77 |
1.19 |
1.15 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
1.21 |
0.27 |
0.26 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.47 |
1.21 |
1.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
19.07 |
3.68 |
3.60 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
4.24 |
4.35 |
4.68 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
3.16 |
3.53 |
3.62 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.23 |
0.33 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.99 |
1.83 |
1.92 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
4.24 |
4.35 |
4.68 |
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 |
|
Partner’s Capital |
290.785 |
294.326 |
305.111 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net
worth |
290.785 |
294.326 |
305.111 |
|
|
|
|
|
|
Secured Loans |
437.998 |
401.022 |
695.042 |
|
Unsecured Loans |
120.694 |
136.974 |
216.043 |
|
Total
borrowings |
558.692 |
537.996 |
911.085 |
|
Debt/Equity
ratio |
1.921 |
1.828 |
2.986 |
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 |
|
Total Sales and Branch
Transfer |
4050.246 |
4048.303 |
4793.757 |
|
|
|
(0.048) |
18.414 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Total Sales and Branch
Transfer |
4050.246 |
4048.303 |
4793.757 |
|
Profit/(Loss) |
10.457 |
10.827 |
58.180 |
|
|
0.26% |
0.27% |
1.21% |
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 |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS:
|
Particulars |
|
31.03.2017 INR In Million |
|
|
|
|
|
Loans under bond |
|
88.280 |
|
Loans from others
|
|
128.138 |
COMPUTATION OF TOTAL INCOME
(Financial Year 2016-2017)
[INR in
Million]
|
Particulars |
Amount |
Amount |
Amount |
|
PROFITS AND GAINS
FROM BUSINESS AND PROFESSION |
|
|
58.890 |
|
Profit Before Tax As Per Profit And Loss Account |
|
58.180 |
|
|
ADD: |
|
|
|
|
Donation |
0.710 |
|
|
|
Depreciation Disallowed |
1.947 |
|
|
|
Disallowed Partners' Remuneration |
4.200 |
|
|
|
Disallowed Partners' Interest |
31.454 |
38.311 |
|
|
|
|
96.491 |
|
|
Less : Allowed Depreciation |
|
(1.946) |
|
|
|
|
94.545 |
|
|
Less: |
|
|
|
|
Allowed Interest |
31.454 |
|
|
|
Allowed Remuneration U/S 40b [As Per Calculation] |
4.200 |
35.654 |
|
|
|
|
58.890 |
|
|
GROSS TOTAL
INCOME |
|
|
58.890 |
|
Less: Deductions under chapter-Via |
|
(0.355) |
|
|
80G Donation (Other) |
|
|
0.355 |
|
TOTAL INCOME |
|
|
58.535 |
FIXED ASSETS
· Air conditioner
· Bench Scale
· Car
· Computer
· Furniture and Fixture
· Godown
· Hand Pallet
· Inverter
· Motorcycle
· Office Equipment
· Office Premises
· Computer/ Printer
· Refrigerator
· Scooter
· Shearing Machine
· Bag Sewing Machine
· Telephone and Fax Machine
· Jet Diesel Engine Gen
· Weighing and Machine
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 65.22 |
|
|
1 |
INR 91.33 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Information Gathered
by : |
SHW |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
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.