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|
MIRA INFORM REPORT
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Report No. : |
511389 |
|
Report Date : |
29.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
MYNTRA JABONG INDIA PRIVATE LIMITED (w.e.f 31.03.2017) |
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|
Formerly Known
As : |
QUICKROUTES INTERNET PRIVATE LIMITED |
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Registered
Office : |
6/B, Vaishnavi Summit, Ground Floor, 7th Main, 80 Feet
Road, 3rd Block, Koramangala Industrial Layout, Bangalore – 560034, Karnataka
|
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Tel. No.: |
91-80-67302000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
20.03.2015 |
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Com. Reg. No.: |
08- 079383 |
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Capital
Investment / Paid-up Capital : |
INR 0.100 Million |
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CIN No.: [Company Identification
No.] |
U74900KA2015FTC079383 |
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IEC No.: [Import-Export
Code No.] |
Not Available |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACQ3774A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is
engaged in the business of e-commerce, m-commerce and/or any other means to
carry on the business of web shipping and to act as a platform consultant,
agent and service provider and in the business of courier and allied
services. [Registered
Activity] |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of “Quickroutes International Private Limited”, Singapore. The company was incorporated in the year 2015. It is a part of Flipkart group which carries out selling of fashion goods on wholesale cash and carry basis. The company is engaged in the business of E- Commerce, M- Commerce and any other means to carry on the business of Web Shipping and to act as a platform Consultant, Agent and service provider and in the business of Courier and Allied Services. As per the financial records of 2017, the company has achieved 54.65% growth in its revenue as compared to the previous year revenue but has incurred operational loss. The moderate financial profile of the company is reflected by negative networth base along with comfortable debt coverage indicators. However, rating weakness is partially offset by strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. Payment seems to be slow. In view of aforesaid, the company can be considered for business dealings with some caution. |
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 |
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.
LOCATIONS
|
Registered Office : |
6/B, Vaishnavi Summit, Ground Floor, 7th Main, 80 Feet
Road, 3rd Block, Koramangala Industrial Layout, Bangalore – 560034, Karnataka,
India |
|
Tel. No.: |
91-80-67302000 |
|
Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Kulasekaran Nithyanandan |
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|
Designation : |
Director |
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Address : |
No 203, Indu Arcade, 4th Main, Maithri Layout Extension,
Hopefarm Circle, Whitefield, Bangalore- 560066, Karnataka, India |
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Date of Appointment : |
11.09.2017 |
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DIN No.: |
07820471 |
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Other Directorship:
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||||||||||||||||||||||||||||
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Name : |
Mr. Vipin Garg |
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Designation : |
Additional Director |
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Address : |
B-11, Aspen, Tata Sherwood Apartment, Basavanagar Main
Road Bangalore -560037, Karnataka, India |
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Date of Appointment : |
30.10.2017 |
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DIN No.: |
07825190 |
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Other Directorship:
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||||||||||||||||||||||||||||
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Name : |
Mr. Samrat Dogra |
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Designation : |
Additional Director |
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Address : |
House No 3558, Sector 38-D, Chandigarh -160014, India |
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Date of Appointment : |
16.11.2017 |
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DIN No.: |
07993713 |
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Other Directorship:
|
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MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Quickroutes International Private Limited, Singapore |
|
99999 |
|
Sakait Chaudhary |
|
1 |
|
Total |
|
100000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 11.09.2017
|
Category |
Percentage |
|
Promoters- Individual/Hindu Undivided Family- Indian |
0.001 |
|
Promoters- Body corporate |
99.999 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of e-commerce, m-commerce and/or any other means to carry
on the business of web shipping and to act as a platform consultant, agent
and service provider and in the business of courier and allied services. [Registered Activity] |
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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 : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Auditors : |
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Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
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Address : |
Golf View Corporate Tower B, Sector-42, Sector Road, Gurugram – 122002, Haryana, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
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Fellow
subsidiaries: |
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CAPITAL STRUCTURE
AFTER 11.09.2017
Authorised Capital : INR 100.000 Million
Issued, Subscribed & Paid-up Capital : INR 1.317 Million
AS ON 11.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
INR 1/- each |
INR 100.000 Million |
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|
|
|
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Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600,000 |
Equity Shares |
INR 1/- each |
INR 0.600 Million |
|
|
|
|
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Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
INR 1/- each |
INR 0.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
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I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
|
0.100 |
0.100 |
|
(b) Reserves &
Surplus |
|
(24.684) |
(20.815) |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
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|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
|
(24.584) |
(20.715) |
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|
|
|
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
|
0.000 |
0.000 |
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(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.000 |
0.000 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
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|
(a) Short term borrowings |
|
24.800 |
21.300 |
|
(b) Trade payables |
|
0.105 |
1.800 |
|
(c) Other current
liabilities |
|
3.337 |
0.333 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
|
28.242 |
23.433 |
|
|
|
|
|
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TOTAL |
|
3.658 |
2.718 |
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
0.000 |
0.000 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
3.463 |
1.102 |
|
(d) Cash and cash
equivalents |
|
0.000 |
0.000 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
0.195 |
1.616 |
|
Total Current Assets |
|
3.658 |
2.718 |
|
|
|
|
|
|
TOTAL |
|
3.658 |
2.718 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
1.879 |
1.215 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
TOTAL |
|
1.879 |
1.215 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
0.000 |
0.000 |
|
|
Other expenses |
|
2.664 |
21.321 |
|
|
TOTAL |
|
2.664 |
21.321 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
(0.785) |
(20.106) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
3.084 |
0.709 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(3.869) |
(20.815) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.000 |
0.000 |
|
|
|
|
|
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|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(3.869) |
(20.815) |
|
|
|
|
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|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(3.869) |
(20.815) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(38.69) |
(208.15) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
|
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
|
(1.077) |
(19.840) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
|
(1.139) |
(19.840) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
|
672.70 |
331.05 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
|
0.54 |
1.10 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
|
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
|
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
|
0.00 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
|
7.72 |
8.62 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
|
(1.01) |
(1.03) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
|
(1.15) |
(1.13) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
|
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
|
(0.25) |
(28.36) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
|
(205.91) |
(1713.17) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
|
(105.77) |
(765.82) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
|
15.74 |
100.48 |
SOLVENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
|
0.13 |
0.12 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
|
0.13 |
0.12 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
|
(6.72) |
(7.62) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
|
248.00 |
213.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
|
0.13 |
0.12 |
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 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Share Capital |
0.100 |
0.100 |
|
Reserves & Surplus |
(20.815) |
(24.684) |
|
Share Application money pending allotment |
0.000 |
0.000 |
|
Net
worth |
(20.715) |
(24.584) |
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
|
Short Term borrowings |
21.300 |
24.800 |
|
Total
borrowings |
21.300 |
24.800 |
|
Debt/Equity
ratio |
(1.028) |
(1.009) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Sales
|
1.215 |
1.879 |
|
|
|
54.650 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Sales
|
1.215 |
1.879 |
|
Profit |
(20.815) |
(3.869) |
|
|
(1713.17%) |
(205.91%) |
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 |
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 years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
Litigations that the firm/promoter
involved in |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
BUSINESS OPERATIONS OF THE COMPANY
The Company is engaged in business of e-commerce, m-commerce and/or any other means to carry on the business of web shipping and to act as a platform consultant, agent and service provider and in the business of courier and allied services.
During the year the Company changed its object clause by adding a new line of business, viz. wholesale cash and carry and B2B Trading amongst other things. It plans to be a “Business 2 Business” seller of fashion and fashion related merchandise and related goods to cater to major e-commerce marketplace companies. Subsequent to the close of the financial year the Company has started pursuing these new lines of businesses.
CORPORATE INFORMATION:
Subject was incorporated on March 20, 2015 as a Private Limited Company under the Companies Act, 2013. Subsequently on March 31, 2017, it changed it's name to Myntra Jabong India Private Limited ("the Company"). The registered office of the Company is located at Vaishnavi Summit, Ground Floor, 7th Main, 80 Feet Road, 3rd Block, Koramangala Industrial Layout, Bangalore, India. The immediate holding company is Quickroutes International Private Limited, Singapore and ultimate holding company is Flipkart Limited, Singapore. The Company is engaged in the business of e-commerce, m-commerce and/or any other means to carry on the business of web shipping and to act as a platform consultant, agent and service provider and in the business of courier and allied services.
From March 9, 2017, Company has changed its object clause in the Memorandum of Association, to be in the business of selling or carrying on wholesale cash and carry / B2B trading in all kinds of clothing and apparel.
The financial statements were authorised for issue in accordance with a resolution of the directors on April 26, 2017.
UNSECURED LOANS:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
24.800 |
21.300 |
|
Total |
24.800 |
21.300 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
G77787992 |
100127787 |
KOTAK MAHINDRA
BANK LIMITED |
03/10/2017 |
22/02/2018 |
1000000000.0 |
KOTAK AEROCITY, IBIS
COMMERCIAL BLOCKASSET AREA 9, HOSPITALITY DIST, DELHI AEROCITYNEW
DELHIDL110037IN |
|
2 |
G70060538 |
100116912 |
YES BANK LIMITED |
17/07/2017 |
12/12/2017 |
3000000000.0 |
GROUND FLOOR,
PRESTIGE OBELISTICKASTURBA ROAD,BENGALURUKA560001IN |
PRESS RELEASE
WALMART SEEKS CCI NOD
FOR FLIPKART ACQUISITION
MAY 19 2018
Walmart said the pecking order of the broader retail market in India remains unaffected by the proposed deal Bengaluru: Walmart Inc. has sought the approval of India’s anti-trust regulator for its $16-billion acquisition of Flipkart, according to a regulatory filing.
In a filing sent to the Competition Commission of India that was sourced by paper.vc, Walmart said its proposed buyout of Flipkart did not create any competition concerns and that the pecking order of the broader retail market in India remains unaffected by the deal.
Walmart is the world’s largest retailer but in India, the company only has a wholesale cash-and-carry business. Last week, Walmart India chief executive Krish Iyer said the company plans to open 50 new stores within the next five years, up from 21 stores now. Because of regulations banning FDI in direct online retail, Flipkart has adopted a complicated structure which comprises partially of a B2B entity and a B2C entity.
“The proposed transaction does not give rise to competition concerns, and therefore, the precise scope of the relevant market may be left open. Without prejudice to the above, for the sake of completeness and with a view to assist the Hon’ble Commission, it is submitted that the relevant market for the purposes of the Proposed Transaction is the pan-India market for B2B sales,” Walmart said in the filing on Friday.
Last week, Walmart agreed to pay $16 billion to buy a 77% stake in Flipkart, valuing the online retailer at about $21 billion in what is the biggest global e-commerce buyout in history. As part of the deal, Walmart has agreed to invest $2 billion directly into Flipkart and buy the rest of its stake from most of Flipkart’s investors including SoftBank Group, Accel Partners, Naspers and eBay Inc. Walmart is also in talks to bring along new strategic investors such as Google.
According to legal experts, Walmart’s proposed buyout of Flipkart should go through since it does not create an entity that has a monopoly-like position in either the offline or online retail business in India.
“Walmart only has a B2B operation in India and as such, the acquisition of Flipkart only affects the B2B market when Walmart sales are combined with Flipkart group B2B sales,” said Avimukt Dar, partner at Induslaw, a law firm. “The pecking order of the B2C e-commerce market doesn’t change with this deal. With Amazon operating in India, there will always be strong competition for Flipkart, so the Walmart deal is likely to be approved by the CCI.”
Prior to this, Walmart has not had a particularly smooth ride in India. In 2007, Walmart had set up a joint venture with Bharti Enterprises Limited for wholesale stores. Bharti exited the joint venture six years later.
Walmart’s Flipkart deal marked the culmination of several months of negotiations between the two companies across two continents. During the last few months before the deal was closed, Amazon, Flipkart’s biggest rival in India, had also entered the fray to buy out the latter, as Mint reported first on 4 April. In the end, most of Flipkart’s largest investors ended up favouring Walmart due to fears of an Amazon-Flipkart merger potentially violating anti-trust laws.
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 67.44 |
|
|
1 |
INR 89.89 |
|
Euro |
1 |
INR 79.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KVT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.