|
|
|
MIRA INFORM REPORT
|
Report No. : |
511575 |
|
Report Date : |
29.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
CURTIS INSTRUMENTS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
271/8, Ingawale Patil Estate, Pune-Paud Road, Bhugaon, Tal Mulshi,
Pune – 412115, Maharashtra |
|
Tel. No.: |
91-20-67920800 / 67920807 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
12.09.2000 |
|
|
|
|
Com. Reg. No.: |
11-015306 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 1.347 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909PN2000PTC015306 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCC4476G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
(Registered activity) |
|
|
|
|
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2000. For the financial year 2017, the company has achieved revenue growth
of 8.52% as compared to the previous year along with a decent profit margin
of 12.38%. The satisfactory financial profile is marked by sufficient net worth
base along with debt free balance sheet profile. Rating takes into consideration the subject’s healthy Earnings per
Share of INR 283 against the Face Value of INR 10. Payment seems to be usually correct. In view of aforesaid, the company 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 |
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
31-03-2018.
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 29.05.2018
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 BY
|
Name : |
Mr. Sumit |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-20-67920800 |
|
Date : |
26.05.2018 |
|
Name : |
Mr. Anuj |
|
Designation : |
Customer Support Manager |
|
Contact No.: |
91-20-67920807 |
|
Date : |
26.05.2018 |
Tel. No.:91-20-67920811 – Ringing
LOCATIONS
|
Registered Office and Works : |
271/8, Ingawale Patil Estate, Pune-Paud Road, Bhugaon, Tal Mulshi,
Pune – 412115, Maharashtra, India |
|
Tel. No.: |
91-20-67920800 / 67920807 / 67920819 |
|
Fax No.: |
91-20-67920830 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 2018
|
Name : |
Mr. David Michael Matthews |
|
Designation : |
Director |
|
Address : |
56 Brushy Hill Road, Newtown Ct 06470 Newtown 006470 US |
|
Date of Birth/Age : |
01.10.1960 |
|
Date of Appointment : |
12.09.2000 |
|
DIN No.: |
00088049 |
|
|
|
|
Name : |
Stuart Evan Marwell |
|
Designation : |
Director |
|
Address : |
128 Mustato Road, Katonah, New York, Katonah - 010536 US |
|
Date of Birth/Age : |
25.01.1948 |
|
Date of Appointment : |
12.09.2000 |
|
DIN No.: |
00088072 |
|
|
|
|
Name : |
Mr. Vidyadhar Sadashiv Humnabadkar |
|
Designation : |
Managing Director |
|
Address : |
43/15, Navsahyadri Housing Society, Karve Nagar, Pune –
411052, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1965 |
|
Date of Appointment : |
12.09.2000 |
|
DIN No.: |
00088118 |
KEY EXECUTIVES
|
Name : |
Mr. Sumit |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Anuj |
|
Designation : |
Customer Support Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Curtis Instruments Inc |
|
134671 |
|
Curtis Instruments UK Limited |
|
1 |
|
Total |
|
134672 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
(Registered activity) |
||||||
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|
Products : |
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||||||
|
Brand Names : |
Not Divulged |
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|
||||||
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Agencies Held : |
Not Divulged |
||||||
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||||||
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Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Customers : |
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||||||||||||||||||||||
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||||||||||||||||||||||
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No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
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|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Co Bangalore LLP Chartered Accountants |
|
Address : |
7th Floor, Tower – A, Wing1, Business Bay, Airport Road,
Yerwada, Pune – 411006, Maharashtra, India |
|
Tel. No.: |
91-20-41004444 |
|
Fax No.: |
91-20-41006161 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AADFP9359C |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
Curtis Instruments Inc, USA |
|
|
|
|
Fellow
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
INR 10/- each |
INR 5.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
134672 |
Equity Shares |
INR 10/- each |
INR 1.347
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1.347 |
1.347 |
1.347 |
|
(b) Reserves & Surplus |
137.371 |
108.946 |
91.456 |
|
(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) |
138.718 |
110.293 |
92.803 |
|
|
|
|
|
|
(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 |
2.025 |
1.604 |
1.326 |
|
Total
Non-current Liabilities (3) |
2.025 |
1.604 |
1.326 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
24.583 |
24.313 |
27.824 |
|
(c) Other current liabilities |
6.697 |
5.297 |
4.194 |
|
(d) Short-term provisions |
0.417 |
8.437 |
7.527 |
|
Total
Current Liabilities (4) |
31.697 |
38.047 |
39.545 |
|
|
|
|
|
|
TOTAL |
172.440 |
149.944 |
133.674 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10.901 |
6.925 |
2.592 |
|
(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) |
1.799 |
1.539 |
1.548 |
|
(d) Long-term Loan and Advances |
6.293 |
3.569 |
4.788 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
18.993 |
12.033 |
8.928 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
54.631 |
36.440 |
45.124 |
|
(c) Trade receivables |
60.028 |
50.396 |
46.180 |
|
(d) Cash and cash equivalents |
38.003 |
50.219 |
31.854 |
|
(e) Short-term loans and
advances |
0.727 |
0.711 |
1.454 |
|
(f) Other current assets |
0.058 |
0.145 |
0.134 |
|
Total
Current Assets |
153.447 |
137.911 |
124.746 |
|
|
|
|
|
|
TOTAL |
172.440 |
149.944 |
133.674 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
308.222 |
284.021 |
225.469 |
|
|
Other Income |
9.595 |
5.624 |
7.720 |
|
|
TOTAL
|
317.817 |
289.645 |
233.189 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
218.018 |
199.087 |
153.956 |
|
|
Employees benefits expense |
18.174 |
16.359 |
17.663 |
|
|
Other expenses |
20.673 |
20.571 |
17.738 |
|
|
TOTAL |
256.865 |
236.017 |
189.357 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
60.952 |
53.628 |
43.832 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.281 |
0.588 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
60.671 |
53.040 |
43.832 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
3.249 |
2.469 |
1.734 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
57.422 |
50.571 |
42.098 |
|
|
|
|
|
|
|
Less |
TAX |
19.271 |
16.872 |
13.382 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
38.151 |
33.699 |
28.716 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
81.624 |
67.504 |
57.771 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
3.815 |
3.370 |
2.872 |
|
|
Proposed Dividend on equity
shares for the year |
0.000 |
2.693 |
2.693 |
|
|
Interim Dividend |
8.080 |
10.774 |
10.773 |
|
|
Dividend distributor tax |
1.645 |
2.742 |
2.645 |
|
|
Total
(M) |
13.540 |
19.579 |
18.983 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
106.235 |
81.624 |
67.504 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
25.245 |
24.568 |
14.560 |
|
|
Commission |
4.823 |
2.476 |
4.587 |
|
|
TOTAL
EARNINGS |
30.068 |
27.044 |
19.147 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and Traded Goods |
191.737 |
152.723 |
137.535 |
|
|
TOTAL
IMPORTS |
191.737 |
152.723 |
137.535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
283.00 |
250.00 |
213.00 |
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 |
NA |
NA |
NA |
|
Net cash flow from operating activity |
NA |
NA |
NA |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
71.09 |
64.76 |
74.76 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.13 |
5.64 |
4.88 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
41.16 |
44.57 |
65.97 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.12 |
1.47 |
0.97 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
5.59 |
7.74 |
16.91 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.18 |
0.25 |
0.30 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.23 |
0.34 |
0.43 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.08 |
0.06 |
0.03 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
216.91 |
91.20 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
12.38 |
11.86 |
12.74 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
22.12 |
22.47 |
21.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
27.50 |
30.55 |
30.94 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
4.84 |
3.62 |
3.15 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
3.12 |
2.67 |
2.01 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.80 |
0.74 |
0.69 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
4.84 |
3.62 |
3.15 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
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 |
1.347 |
1.347 |
1.347 |
|
Reserves & Surplus |
91.456 |
108.946 |
137.371 |
|
Net
worth |
92.803 |
110.293 |
138.718 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
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
|
225.469 |
284.021 |
308.222 |
|
|
|
25.969 |
8.521 |
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
|
225.469 |
284.021 |
308.222 |
|
Profit |
28.716 |
33.699 |
38.151 |
|
|
12.74% |
11.86% |
12.38% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
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 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 |
CORPORATE
INFORMATION:
Subject is a private company domiciled in India and incorporated under the provision of the Companies Act, 1956 of India. Curtis India is a wholly owned subsidiary of Curtis Instruments Inc. The company’s primary markets include Material Handling Equipment such as Forklift trucks and other warehousing, vehicles, construction and earth moving machinery, light on-road electric/hybrid electric vehicles. The company also caters to applications such as floor cleaning machines (sweepers/scrubbers) and various purpose built battery operation vehicles.
THE STATE OF COMPANY
AFFAIRS:
During the year, the Company earned a total income of INR 317.817 Million as compared to the total income of INR 289.645 Million earned during the previous year.
After charging all expenses and taxes, the Company earned a profit of INR 38.151 Million during the year as compared to the profit of INR 33.699 Million.
PERFORMANCE IN
2016-17 AND OUTLOOK FOR 2017-18:
Performance:
During the year Curtis India sales revenue increased by 10%, which is above industry growth rate. We maintained healthy gross margin levels.
Our key market segment MHE, is growing, however nearly a third of the needs are fulfilled by imported equipment. Indian MHE OEMs are facing challenges from global players in pricing and technology fronts. We continue to work closely with our customers providing them with optimum solutions to face such challenges. Curtis India maintained its dominant market share in battery operated MHE segment.
On Road EV market continues to evolve and almost every automotive OEM is developing electric vehicle platforms. During the year Curtis India entered into sales/distribution agreement with Ashwoods UK for PMAC motor offering. We also entered into a sales/distribution arrangement with Delta Q Technologies for HF Chargers. We believe these added offerings will enable us to develop additional business in coming years.
During the year we further expanded our facilities and now have two adjacent well equipped units.
Outlook:
GST reform is round the corner though the real effect will be seen from 2018 onwards. In the meanwhile, positive sentiment should help growth in sales as we are aiming at another year of 10% + growth. Margins will continue to face challenges as customers do not easily accept any price increase requests even if they are wrt exchange rate effect. Intercompany export sale is expected to be affected as Curtis Inc plans to introduce replacement product as a substitute for India made product.
On Road automotive EV applications are expected to grow due to government initiatives to support zero emission transportation. Curtis well positioned in the market, however real success will depend on our ability to adapt/offer products to meet Indian market requirements &offering highest level technical support
INDEX
OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Office Equipment
- Computer
- Furniture and Fixture
- Plant and machinery
- Vehicles
- Electrical Installations
- Leasehold Improvement
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 68.26 |
|
|
1 |
INR 91.21 |
|
Euro |
1 |
INR 79.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SLK |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
SUJ |
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.