Comprehensive Information on Indian companies
Company Secretary using Probe42 to increase efficiency
From RoC Search Reports to Company Valuations: How Company Secretaries Can Leverage Probe42

“Why does it take so much time to prepare an RoC search report?”

“Is there an easy way to monitor companies where I provide Secretarial services?”

“Can I access and evaluate a company’s detailed legal history at a glance?”

As a Company secretary, these are some questions that might arise on a daily basis. If these resonate with you, discover how Probe42 can increase process efficiency, and reduce turnaround time.


Key Tasks

One of the most time-consuming tasks for company secretaries is preparing an RoC search report. With Probe42, this can be done at the click of a button, reducing the time and cost required to do a search report.

Key tasks such as Valuation, transfer pricing, NCLT & high court cases, business development, insolvency, and monitoring & consulting, are all possible on a single platform.

Valuation is made easier with peer comparison, securities allotment, and financials on unlisted companies. Transfer pricing is streamlined with instant access to the financials of all private companies and standardized formats that are widely used by banks and acknowledged by the RBI.

Improve Business development with lead generation from newly incorporated companies and LLPs, identifying companies due for auditor rotation, and tracking auditor details, their clients, and remuneration.

Access the detailed legal history of a company with a detailed summary of  NCLT & high court cases, including arbitration matters, corporate disputes, civil cases, criminal appeals, enforcement of orders, and taxation matters.


Insolvency proceedings of corporates can be overseen, cases filed by/against corporates can be explored, and preferential transaction audits can be conducted with Probe42.

Lastly, monitoring companies where you provide compliance services, assessing the compliance and financial risk of key customers & client suppliers, and 3rd party validation of information provided can all be done with Probe42.


About Probe42

  • Probe42 is an independent information services company that specializes in offering financial information on unlisted Indian companies.
  • Our platform has been widely utilized by banks and corporations to aid key processes like business development, credit analysis, KYC and competitor analysis.
  • Access over 28 Lakh companies, with 500+ Data points on each company, curated from 746 verified data sources on the Probe42 platform.

Probe42 Explainer – The MCA V3 Rollout

There has been a lot of conversation around the V2 to V3 migration by the Ministry of Corporate Affairs (MCA). We have created a brief explainer for you that provides an overview of the changes, as well as an associated timeline. We’ve also compiled a list of documents that are currently available on the V3.

The Ministry of Corporate Affairs is an Indian Government Ministry that is primarily responsible for enforcing the Companies Act 2013 and the erstwhile Companies Act 1956, the Limited Liability Partnership Act, 2008, and the Insolvency and Bankruptcy Code, 2016. It is in charge of regulating Indian enterprises in the industrial and service sectors.

What exactly are V2 and V3?

Companies in India file e-forms with the MCA for a variety of reasons, including Company Incorporation, Charge Creation/Modification, Directors/KMP’s Appointment/Resignation, address change, and so on. These e-forms were previously available as defined PDF forms that could be downloaded from the MCA website until Version 2 (V2). Users were required to download, fill out, and upload the appropriate e-forms to the MCA website.

In Version 3 (V3), webforms have replaced PDF-based e-forms. Users can choose their webforms and fill out the fields directly online, with added convenience, such as the ability to save a partially completed form and file it later.

While in V2, a “My Workspace” section with a list of notices from the MCA and circulars issued by them was available; in V3, there is a personalised “My Application” section which allows users to view all the forms filed by them, as well as the status of these forms such as – ‘Pending for DSC upload’,  ‘Approved’, ‘Under Processing’, etc.

Also, login in the V3 is possible via email ID than just a user ID. This allows for an OTP to be sent to the user’s mobile and e-mail address for increased authenticity.

Current Status

  • All LLP forms and the 65 company forms listed above have been moved to the V3 system, and will be available as web forms.
  • Migration of filled-in forms from V2 to V3: The MCA announced that all documents from V2 will eventually move to V3, and V3 to VPD. 

The View Public Documents (VPD) service

The MCA allows you to view the public documents of all registered companies/ LLPs through its View Public Documents (VPD) service. Users can view the public documents of a company/ LLP on payment of a fee.

  • The documents filed in V2, are all available in the VPD.
  • However, none of the filed V3 documents are currently available for viewing in the VPD.


46 company forms made available in V3

Additional Resources

5 Key Ratios for Commercial Loan Underwriting

Over time, financial ratios have been used to quickly evaluate the financial and operational health of a company. Ratios are precise, yet elaborate enough in their own way.

Most of these ratios can be calculated through financial statements and then compared with industry benchmarks to get a broader understanding. For bankers, the interpretation of the ratio is far more critical than the computation. Validation of solvency and performance are the two essential characteristics of such financial ratios.

Selection of critical ratios is essential for bankers to access asset management, capital management, liquidity, risk, and profitability.

To make it easier we have listed five key financial ratios required for commercial loan underwriting:

5 Key Financial Ratios to Commercial Loans Undertaking - A detailed InfographicProfit Margin Ratio: This is a widely used profitability ratio, and it indicates the amount of profit generated over sales. This ratio measures the company’s ability to earn enough profit to sustain its business. Profit margins often vary from industry to industry, so, a prudent banker should always compare it with close competition and with the average industry standard.

Debt Ratio: This is a solvency ratio, which indicates the debt level of the borrower as a percentage of total assets. A lower debt ratio suggests more stable business and the higher is reverse. A ratio of 0.5 or less is considered as healthy, as this means the company has two times the assets as compared to liabilities. Anything more than 0.5 should be carefully examined before consideration.

Loan to Value (LTV) Ratio: This is a risk assessment coverage ratio that is very critical for mortgage underwriting. The LTV ratio ensures that the collateral is worth higher than the size of the loan. Higher the LTV ratio, more the risk involved.

Debt Service Coverage Ratio (DSCR): This is a liquidity ratio, which indicates the amount of cash generated by the business to service its debts (principal, interest, and leases). DSCR validates the borrower’s capacity to pay back the debt and keep running the business. DSCR between 1.25-1.5 is a relatively safe number to consider. However, it differs from business to business and depends on the risk aversion policies of the bank.

Net Worth to Loan Size Ratio: This ratio is used to compare the borrower’s net worth to the size of the requested loan. A high net worth indicates stable financial health, ultimately ensuring the repayment of the loan.

Ratio analysis is a proven technique to carry out quantitative analysis. However, financial ratios often vary across different industries and sectors, and comparisons between entirely different companies might not be advised.

So, it is advisable to examine industry peers through PEER COMPARISON to get more meaningful insights about the industry.

Use Probe42 to

  • Access key ratios by downloading financial statements in an excel format
  • Compare with peers in the same industry
Volume or Value: What type of market share should your business focus on?

Running a business with a high market share is profitable, points out various studies. Why is that so?

There could possibly be three explanations for it:

Economies of scale

A company with a 30% market share operates at twice the scale as that of one with 15% market share. So, the former is more likely to bring in operational efficiencies within a type of production technology.

Leadership strength

Also, large size and leadership in the business permits them to bargain effectively or get higher prices for their product than its competitors.

Management quality

Being a market leader also gives them the ability to attract the best of talent that in turn maximizes productivity for the organization.

High market share does give a solid foundation to your business.

What type of market share should you aim for? Especially in these times, when inflation has hit a high and there are concerns regarding global economic slowdown. Should you focus on the value share or rev up the volumes?

What market-share goals are desirable depends on a lot of factors including the competitor’s strength, capital available to support a strategy and the willingness of the management to forego present earnings for future results.

Here are the steps to make the right choice:

Product life cycle stage

India is a promising market for many products – thanks to its favourable demographics. Some product categories have already seen a lot of penetration while others have not. Find out at what stage your product is in. If it is in the nascent stage, you may play the volume game. Once the penetration increases and customers start showing loyalty towards products and brands, you can move up the value curve.

With inflation looming over, customers worldwide are axing their luxury budgets. Ensure your products give the necessary value proposition to customers.

Competitive advantage

Is cost efficiency your biggest strength? Then, it might make sense to reduce prices and focus on volumes. While lower pricing reduces margins, overall cost efficiencies also make up for it by using idle capacities.

Further, if product differentiation, customer intimacy or product innovation is your greatest strength, you might someday want to graduate towards value-additive products that not only boost market share in value but also have the opportunity to improve short-term earnings and cash flows.

One can also adopt a balanced approach by playing value or volume strategies for different segments of the market. Or perhaps play the volume game in each product segment in order to capture overall market share in terms of value.

Assessing competitor position

Any business strategy analyzes a competitor’s position thoroughly. What are their market shares (volume and value), their competitive strength and weaknesses, financial position and so on?

The level of analysis has to be deep and specific. For instance, an industry-wise study might show that as the market share of companies’ increases, the purchase to sales ratio falls. What explains this relationship?

One possibility is that as the company gains higher market share, they are getting vertically integrated, resulting in lower purchases to sales ratio. If that’s the case, then they are possibly ‘making’ more than buying (from outsiders) which should reflect the rise in manufacturing costs.

Perhaps it is possible that despite the vertical integration, manufacturing costs are getting offset by increasing efficiency (economies of scale).

You need to lay threadbare the unit economics concerning your business by leveraging on competitor’s financial and business data. Many cloud-based databases are providing this information at the click of a button.

Similarly, you can analyze industry data on marketing and advertising expenses and R&D to set your internal budgets. Many businesses today have an internal strategy team that scouts for acquisition opportunities based on ongoing financial data and valuations.


Market-share goals depend on a lot of factors including the competitor’s strength, resources available and the willingness to forego present earnings for future results. Use data to stay ahead of the curve.


About Probe42:

  • Probe is an independent Information Services company focused on providing financial information on Unlisted and under-covered companies in India
  • Our Customers have found value in using to enable their decisions involving Identifying prospects, sales preparation, credit and competitor analysis, etc.
  • The Probe42 platform has been extensively used by Banks and Corporates.



Credit Management Playbook:  How to smartly use Probe42 tools to take better credit decisions for your business?

Conventional tactics for prospecting good leads might not work for B2B marketers in 2022. This is simply because the pandemic years have altered the way purchasers act and make purchases. A recent study by Mckinsey Research found that 90% of B2B sales have switched to digital channels.

Businesses are increasingly creating leads through a variety of digital channels, including SEO, banner advertisements, websites, and social media.

Background check

Unlike sales made through references or word-of-mouth, sellers often have little information about their digital buyers. While embarking on a new business relationship, a thorough background check of prospective buyers is a must.

Is the buyer a legal business entity with proper licenses to perform work?

Cloud-based databases like Probe42 make it possible to do thorough preliminary checks of prospective buyers in an instant. After selecting the company, click on the tab ‘About the Corporate’ of Probe42 to get all the important company information in a user-friendly format. Also, check for its e-filing status. ‘Active’ status indicates that the company is operational, as per Ministry of Corporate Affairs (MCA) records.

Since these data are updated by Probe42 from the MCA website on a regular basis, you get a whiff of any change in listing status, location or industry of operation from its CIN status (alternatively Probe records). To ensure you get the latest information, Probe42 also provides the exact date and time when the documents were updated from the MCA website.

Furthermore, use the contact details to check the verity of the company details and seek further information.

Probe the Director’s details

Once you analyze the basic company details, conduct a background check of its key people. Go to the ‘Director’ tab and have a glance at the list of directors on the company board. Click on the name of the director to figure out their directorships in other companies. Red flag those having directorships in companies with bad or questionable governance standards.

Probe42 also gives information on the ‘status’ of the companies in which an individual is a director. Some companies shut down due to negligence or bankruptcy and reopen under a new name. Check if directors are on the board of such companies and if their e-filing status is ‘active’ or not.

What’s the shareholding pattern?

Then, click on the tab ‘Structure’ to get details about the shareholding pattern of the company as well as the history of corporate actions (security allotments).

Usually, a high promoter stake indicates that the promoters have a belief that the company has potential for growth in the future. If the stakes are rising, again it’s construed as a sign of confidence in the business.

A more diversified set of investors – including foreign funds, mutual funds, insurance as well as retail investors underscores its popularity among the shareholding community. This applies more to listed companies. The good presence of institutional investors also indicates that the promoter has little room to take random decisions, while the presence of domestic funds is also considered a good sign since these institutes seek more clarity and transparency in the company operations.

Additionally, research the information provided about the subsidiary and associate companies to get a bigger picture of the group operations and ensure there are no governance-related issues.

Security allotments in turn can reveal a lot about the fundraising activities – be it by way of equity or debt. Those seeking company equity shares as compensation for their product or services should deeply look at valuations at which equity shares were allotted to investors/promoters in the recent past. In the past, a leading media company had barter deals typically with mid-sized companies, whereby shares (instead of cash) of advertising companies were sought as compensation for advertising in their media.

Check credit worthiness

It’s possible that a company might operate in an interest-rate-sensitive sector but still have financial prowess. A glance into its financials will give you a glimpse of its indebtedness and liquidity situations. For instance, a cash-rich company or those with zero debt on its books are on a better footing than those struggling with rising financial costs and increasing debt-to-equity ratio.

Click on the tab ‘Financial Data’ to get historical details of the company’s financials. Read the blog How to analyze the financial performance of a company in a flash to know the process of doing a financial analysis of a company.

Moreover, while analyzing the financial status, analyze the business and financial risk profiles of the company and its subsidiaries as well. This is because of a high degree of operational and management integration, common promoters, and shared brand equity. One way to keep yourself updated is by actively tracking its ratings and update. This could be found by clicking the tab ‘Compliance’ and selecting ‘credit ratings’ from its contents.

Is the company under question better than its peers? Moreover, does it matter to you?

It does. Take,  for instance, the payables to sales (days) of a company is 57 days as compared to 27 days for the industry. It means that the company takes more than the usual time to repay its suppliers. If such companies are also exhibiting weak financials, you might perhaps consider reducing the credit period for them. It is likely that the company is not having enough cash or revenues to meet its short-term obligations. This information can also help you internally rate customers and devise suitable credit policies.

Compliance check

Have there been any pending lawsuits or criminal convictions?

Click on the tab ‘Compliance Check’ to get information on cases filed against the company as well as filed by them. It also provides details about the category of the case (insolvency, legal, etc) in addition to the court and the last date of hearing. If a large financial obligation is likely, take note of it.

Additionally, check if the company has a BIFR or CDR history. Browse through their GSTINs (active and inactive) as well as the latest GST filings to get a glimpse of their tax compliance.

Not the least glance through the auditor’s comments. Unaudited financial results might be misleading and perhaps fraudulent. That’s where the role of the auditor comes into play with his primary goal being to express his opinion on whether the financial statements of a company are reasonably accurate and provide adequate disclosure of transactions.

Specifically look for adverse auditor’s opinion, if any that indicates that a company’s financial statement is misstated and does not accurately reflect its financial performance and health. Sometimes, the auditor could make an adverse opinion highlighting issues such as poor internal financial control measures of the company.


Cloud-based databases like Probe42 make it possible to do thorough preliminary checks of prospective buyers in an instant and that too remotely. Use it to take better credit decisions and boost sales.


About Probe42:

  • Probe is an independent Information Services company focused on providing financial information on Unlisted and under-covered companies in India
  • Our Customers have found value in using to enable their decisions involving Identifying prospects, sales preparation, credit and competitor analysis, etc.
  • The Probe42 platform has been extensively used by Banks and Corporates.