MIRA INFORM REPORT

 

 

Report No. :

509282

Report Date :

23.05.2018

 

 

IDENTIFICATION DETAILS

 

Name :

JAIN CORD INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

953/1, 38th Milestone, Delhi-Jaipur Highway, Behrampur Road, Village Khandsa, Bherampur Road, Gurugram – 122001, Haryana

Tel. No.:

91-124-4036351

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

16.02.2012

 

 

Com. Reg. No.:

05-045155

 

 

Capital Investment / Paid-up Capital :

INR 99.999 Million

 

 

CIN No.:

[Company Identification No.]

U17299HR2012PTC045155

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

GSTN :

[Goods & Service Tax Registration No.]

06AACCJ7735J1ZC

 

 

TIN No:

06821940862

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCJ7735J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading in fabrics. [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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2012 and it is having satisfactory track records.

 

For the financial year 2017, the company has increased its revenue from operations as compared to previous year and maintained decent profit margin of 5.75%.

 

Rating takes into consideration sound financial profile of the company marked by adequate networth base and average debt balance sheet.

 

Further, rating also derives strength from its extensive experience of promoters in the textile industry and improvement in the revenue as well as profitability during the year.

 

However, rating strength is partially offset by large working capital requirement and susceptibility of operating margin to volatility in raw material prices.

 

Trade relations are fair. Payment terms are reported to be usually correct.

 

In view of aforesaid, the company can be considered for normal 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.

 

 

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

CRISIL

Rating

Long term Rating (BB)

Rating Explanation

Moderate risk of default.

Date

22.11.2017

 

 

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 31-03-2018.

 

 

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 23.05.2018

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DENIED

 

Management non-cooperative (Tel No.: 91-124-4036351)

 

LOCATIONS

 

Registered Office :

953/1, 38th Milestone, Delhi-Jaipur Highway, Behrampur Road, Village Khandsa, Bherampur Road, Gurugram – 122001, Haryana, India

Tel. No.:

91-124-4036351 / 52 / 53

Fax No.:

91-124-2215355

E-Mail :

chawlajay@gmail.com

cavarunkohli@gmail.com

preet8289@gmail.com

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Amit Jain

Designation :

Director

Address :

House No. 697/698 Sector-15, Part-2, Gurugram – 122001, Haryana, India

Date of Birth/Age :

12.05.1976

Date of Appointment :

16.02.2012

Qualification

Textile Engineer

DIN No.:

00387346

PAN No.:

ACDPJ1041P

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U17219PB1985PTC006245

H.B. VELVETS PRIVATE LIMITED

13/06/2001

-

 

 

Name :

Mr. Sunil Kumar Jain

Designation :

Director

Address :

House No. 90, Sector 15, Part - 1, Gurugram – 122001, Haryana, India

Date of Birth/Age :

01.01.1956

Qualification

Graduate

PAN No.:

AAVPJ9924B

Date of Appointment :

12.08.2015

DIN No.:

00387451

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U17219PB1985PTC006245

H.B. VELVETS PRIVATE LIMITED

28/08/1985

-

L25199DL1980PLC010173

COSCO (INDIA) LIMITED

30/03/2003

-

U65993DL1995PLC070033

VIJAY VALLABH SECURITIES LIMITED

30/06/2014

-

 

 

Name :

Mr. Rajinder Kumar Jain

Designation :

Director

Address :

House No. 697/698 Sector-15, Part-2, Gurugram – 122001, Haryana, India

Date of Birth/Age :

12.01.1947

Qualification

GRADUATE

PAN No.:

AAVPJ9922H

Date of Appointment :

19.01.2013

DIN No.:

00387466

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U17219PB1985PTC006245

H.B. VELVETS PRIVATE LIMITED

24/04/1985

-

U74899DL1994PTC063215

WILHELM TEXTILES INDIA PRIVATE LIMITED

06/12/1994

-

 

 

Name :

Mr. Anil Jain

Designation :

Director

Address :

House No.4, Sector 17, Gurugram – 122022, Haryana, India

Date of Birth/Age :

17.07.1962

Qualification

Textile Engineer

Date of Appointment :

19.01.2013

DIN No.:

00484920

PAN No.:

ABCPJ7386B

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U18204HR2010PTC040265

R C VELVET PRIVATE LIMITED

19/03/2010

-

U17121HR2006PTC036455

ALOHA APPARELS PRIVATE LIMITED

16/11/2006

-

 

 

Name :

Mr. Arun Jain

Designation :

Director

Address :

House No.4, Sector 17, Gurugram – 122022, Haryana, India

Date of Birth/Age :

14.11.1959

Qualification

Textile Engineer

PAN No.:

ABCPJ7385C

Date of Appointment :

16.02.2012

DIN No.:

00484934

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U18204HR2010PTC040265

R C VELVET PRIVATE LIMITED

19/03/2010

-

U17121HR2006PTC036455

ALOHA APPARELS PRIVATE LIMITED

16/11/2006

-

 

 

Name :

Mr. Aditya Jain

Designation :

Director

Address :

H. No. 4, Sector – 17, Gurugram – 122001, Haryana, India

Date of Appointment :

25.03.2015

Date of Birth/Age :

08.02.1989

Qualification

BBA

DIN No.:

02873367

PAN No.:

AICPJ1889J

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U18204HR2010PTC040265

R C VELVET PRIVATE LIMITED

19/03/2010

-

 

 

Name :

Mr. Akhil Jain

Designation :

Director

Address :

H. No. 4, Sector – 17, Gurugram – 122001, Haryana, India

Date of Birth/Age :

01.11.1990

Qualification

MBA

PAN No.:

ALVPJ5057G

Date of Appointment :

25.03.2015

DIN No.:

07139482

PAN No.:

ALVPJ5057G

 

 

Name :

Mr. Ankush Jain

Designation :

Director

Address :

H. No. 90 Sector- 15, Part-I, Gurugram – 122001, Haryana, India

Date of Birth/Age :

05.12.1987

Qualification

BBA

PAN No.:

AGWPJ7708E

Date of Appointment :

12.08.2015

DIN No.:

07268756

 

KEY EXECUTIVES

 

Name :

Ms. Preeti Pandey

Designation :

Company Secretary

Address :

B-103, Street No.1, Behind Maruti Apartment, Mandawali, Delhi – 110092, India

Date of Birth/Age :

05.06.1989

Date of Appointment :

01.06.2016

PAN No.:

COSPP6419N

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2017

 

Names of Shareholders

 

No. of Shares

Arun Jain

 

1955300

Amit Jain

 

1670000

Anil Jain

 

1835300

Aditya Jain

 

880000

Akhil Jain

 

880000

Mamta Jain

 

40000

Simmi Jain

 

40000

Swarn Kanta Jain

 

40000

Rajinder Jain

 

680000

Rinku Jain

 

10000

Sudha Jain

 

640000

RC Jain HUF (Arun Jain Karta)

 

329350

Sunil Jain

 

500000

Ankush Jain

 

500000

Total

 

9999950

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2017

 

Category

Percentage

Promoters [Individual/Hindu Undivided Family (Indian)]

100.00

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trading in fabrics. [Registered Activity]

 

 

Products / Services :

Name and Description of main products / services

ITC Code

Fabrics

99611319

 

 

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 :

Kotak Mahindra Bank Limited

Branch :

Unit No-8, Vatika Business Park, Sohan Road, Gurugram – 122001, Haryana, India

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 :

--

 

·         Indian Overseas Bank, Yadav Bhawan, Old Railway Road, Gurugram – 122001, Haryana, India

 

 

Facilities :

SECURED LOANS

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG TERM BORROWINGS

 

 

Rupee term loans from banks

20.906

18.969

 

 

 

Total

20.906

18.969

 

Financial Institutions:

 

 

 

Auditors :

 

Name :

V. Khohli and Associates

Chartered Accountants

Address :

2501/8, Guru Chambers, Beadon Pura, Karol Bagh, New Delhi – 110005, India

Tel. No.:

91-11-28753700

E-Mail :

cavarunkohli@gmail.com

PAN No.:

AADPK5512G

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :

Cotton works

Transknits

RC Apparels

Flock Fabs (India)

 

 

 

CAPITAL STRUCTURE

 

AS ON: 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

INR 10/- each

INR 100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9999950

Equity Shares

INR 10/- each

INR 99.999 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are 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

99.999

99.999

15.000

(b) Reserves & Surplus

80.524

16.647

2.536

(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)

180.523

116.646

17.536

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

252.837

172.082

63.202

(b) Deferred tax liabilities (Net)

0.404

0.533

0.918

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

253.241

172.615

64.120

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

135.306

150.117

21.223

(b) Trade payables

171.009

196.775

99.685

(c) Other current liabilities

24.137

48.194

2.214

(d) Short-term provisions

31.998

7.851

0.448

Total Current Liabilities (4)

362.450

402.937

123.570

 

 

 

 

TOTAL

796.214

692.198

205.226

 

 

 

 

II.    ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

90.359

93.117

30.718

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

13.794

2.937

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

104.153

96.054

30.718

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

270.704

352.442

72.633

(c) Trade receivables

266.888

192.577

88.790

(d) Cash and cash equivalents

8.983

11.356

5.385

(e) Short-term loans and advances

143.105

37.707

5.902

(f) Other current assets

2.381

2.062

1.798

Total Current Assets

692.061

596.144

174.508

 

 

 

 

TOTAL

796.214

692.198

205.226

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

1109.965

1039.164

218.290

 

Other Income

80.939

0.485

0.545

 

TOTAL

1190.904

1039.649

218.835

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

708.362

737.804

187.625

 

Purchases of Stock-in-Trade

70.903

76.756

0.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

3.954

(125.666)

(27.360)

 

Employees benefits expense

39.163

31.902

5.931

 

Other expenses

219.648

251.725

37.312

 

TOTAL

1042.030

972.521

203.508

 

 

 

 

 

 

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

148.874

67.128

15.327

 

 

 

 

 

Less

FINANCIAL EXPENSES

40.027

37.577

8.424

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

108.847

29.551

6.903

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

13.294

8.423

4.021

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

95.553

21.128

2.882

 

 

 

 

 

Less

TAX

31.677

7.016

0.115

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

63.876

14.112

2.767

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

6.39

1.41

1.85

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

0.000

27.789

NA

Cash generated from operations

13.383

(201.746

2.882

Net cash flows from (used in) operating activity

(10.101)

(208.762)

2.882

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

87.76

67.64

148.46

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

4.16

5.40

2.46

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

80.10

88.17

193.92

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.55

0.19

0.21

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

1.65

0.72

0.50

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.77

0.87

0.91

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

2.15

3.00

4.81

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

2.01

3.45

7.05

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.50

0.80

1.75

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

3.72

1.79

1.82

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

5.75

1.36

1.27

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

8.02

2.04

1.35

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

35.38

12.10

15.78

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.91

1.48

1.41

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.16

0.60

0.82

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.23

0.17

0.09

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

3.88

3.50

5.63

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.91

1.48

1.41

 

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

15.000

99.999

99.999

Reserves & Surplus

2.536

16.647

80.524

Net worth

17.536

116.646

180.523

 

 

 

 

long-term borrowings

63.202

172.082

252.837

Short term borrowings

21.223

150.117

135.306

Total borrowings

84.425

349.988

388.143

Debt/Equity ratio

4.814

3.000

2.150

 

 

 

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

218.290

1039.164

1109.965

 

 

376.047

6.813

 

 

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

218.290

1039.164

1109.965

Profit /(Loss)

2.767

14.112

63.876

 

1.27%

1.36%

5.75%

 

 

 

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

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

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

Yes

26

Turnover of firm for last two/ 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

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

 

 

REVIEW OF BUSINESS OPERATIONS

 

During the year, the net revenue from operations of the Company has shown a marginal growth by approximately 106.76% i.e. from INR 1039.649 million (turnover of the F.Y. 2015-16), we have stood up to INR 1109.965 million (turnover of the F.Y. 2016-17). The Company’s profit after tax stood at INR 63.876 million in the current year vis-à-vis a profit of INR 14.112 million in the previous year, registering marvellous growth by more than 400% due to other income.

 

 

 

UNSECURED LOANS:

 

PARTICULARS

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG TERM BORROWINGS

 

 

Loans and advances from related parties

229.131

153.113

Loans repayable on demand

2.800

0.000

SHORT TERM BORROWINGS

 

 

Working capital loans from banks

135.306

150.117

Total

367.237

303.230

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G49197734

10626499

KOTAK MAHINDRA BANK LIMITED

14/07/2015

12/07/2017

-

464600000.0

27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN

2

G14319081

10448923

Indian Overseas Bank

20/08/2013

-

05/10/2016

97900000.0

YADAV BHAWANOLD RAILWAY ROADGURGAONHR122001IN

 

 

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, 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 67.96

UK Pound

1

INR 91.88

Euro

1

INR 80.28

 

 

INFORMATION DETAILS

 

Information Gathered by :

ARCH

 

 

Analysis Done by :

PSD

 

 

Report Prepared by :

MTN

 

 

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

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.