MIRA
INFORM REPORT
|
Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AVINEON INDIA PRIVATE LIMITED |
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Formerly Known As : |
KAY AAR SOFTWARE PRIVATE LIMITED |
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Registered Office : |
White House, 3rd Floor, West Wing, Block 3, Kundanbagh,
Begumpet, Hyderabad – 500016, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.06.1998 |
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Com. Reg. No.: |
01-029548 |
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CIN No.: [Company
Identification No.] |
U72100AP1998PTC029548 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA04101G |
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PAN No.: [Permanent
Account No.] |
AADCA7416Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is provider of Engineering, Technology and Geospatial
Solutions and Services. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 256832 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
White House, 3rd Floor, West Wing, Block 3, Kundanbagh,
Begumpet, Hyderabad – 500016, Andhra Pradesh, India |
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Tel. No.: |
91-40-55632452/ |
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Fax No.: |
91-40-55687399 |
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E-Mail : |
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Website : |
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Head Office : |
4825, Mark Center Drive, Suite 700, Alexandria, VA 22311-1846, USA |
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Tel. No.: |
91-703-671-1900 |
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Fax No.: |
91-703-671-1901 |
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E-Mail : |
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Corporate Office: |
605 – A, 6th Floor, STPI, Maitrivanam, HUDA Complex, S R
Nagar, Hyderabad – 500038, Andhra Pradesh, India |
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Tel No.: |
91-40-23751539 |
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Fax No.: |
91-40-23731812 |
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Email: |
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Regional Office: |
Located:
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DIRECTORS
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Name : |
Mr. Bhashya Karlu Rambhala |
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Designation : |
Managing Director |
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Address : |
3018, Robin Ridge, Ct.,Fairfax – 22031, USA, Foreign |
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Date of Birth/Age : |
04.02.1951 |
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Date of Appointment : |
16.11.1998 |
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Name : |
Mr. Ravindranath Ravi Tagore |
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Designation : |
Director |
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Address : |
8-2-269/S/40, Sagar Society, Road No.2, Banjara Hills, Hyderabad -
500034, Andhra Pradesh, |
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Date of Birth/Age : |
08.08.1949 |
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Date of Appointment : |
18.05.1998 |
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Name : |
Mr. Ram Kumar Chilukuri |
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Designation : |
Director |
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Address : |
403, Jagruthi Towers, Lane 2, Steet 5, Begumpet, Hyderabad – 500016,
Andhra Pradesh |
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Date of Birth/Age : |
20.08.1969 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Satya Murthy Akula |
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Designation : |
Director |
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Address : |
9460, Deramus Farm Ct.,Vienna-22182, VA, USA, Foreign |
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Date of Birth/Age : |
04.03.1959 |
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Date of Appointment : |
29.07.2002 |
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Date of Ceasing: |
22.03.2004 |
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Name : |
Mr. Venkanna Rao Akula |
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Designation : |
Director |
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Address : |
B – 26, Madhura Nagar, Hyderabad – 500038, Andhra Pradesh |
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Date of Birth/Age : |
04.05.1927 |
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Date of Ceasing: |
22.03.2004 |
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Date of Appointment : |
29.07.2002 |
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Name : |
Mrs. Soundara Raghavan Rangachari |
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Designation : |
Director |
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Address : |
Plot No.550, Sri Ram Nagar, Secretariat Colony, Puppalaguda, Hyderabad
– 500075, Andhra Pradesh |
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Date of Birth/Age : |
28.10.1948 |
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Date of Appointment : |
03.06.2006 |
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Name : |
Mr. Krishna Moorthy Melur Veera Kannan |
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Designation : |
Director |
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Address : |
Mahesh Building, 576, Jame Jamshed Road, Matunga, Mumbai – 400019,
Maharashtra, India |
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Date of Birth/Age : |
17.11.1939 |
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Date of Appointment : |
03.06.2006 |
KEY EXECUTIVES
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Name : |
Mr. Mallesham Korepu |
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Designation : |
Company Secretary |
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Address : |
45/485, Prashanth Nagar Colony, Moula Ali Rly Qrts, Hyderabad –
500047, Andhra Pradesh |
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Date of Birth/Age : |
01.10.1977 |
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Date of Appointment : |
26.08.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Avineon Insurance |
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1280550 |
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Mr. Dr. Mr. Ravindranath Ravi Tagore |
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400 |
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Mr. Ram Kumar Chilukuri |
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183730 |
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Mr. Bhashya Karlu Rambhala |
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366030 |
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Mrs. Anupama Rambhala |
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180000 |
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Total |
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2010710 |
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Category |
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Percentage |
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Foreign Holding (FIIs/FCs/FFIs/NRIs/OCBs) |
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90.86 |
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Directors or relatives of directors |
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0.01 |
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Other top fifty(50) shareholders (other than listed above) |
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9.13 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is provider of Engineering, Technology and Geospatial
Solutions and Services. |
GENERAL
INFORMATION
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Customers : |
Engineering
GIS
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Bankers : |
ICICI Bank
Limited ICICI Tower,
Bandra Kurla Complex, Mumbai - 400051 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and sells Chartered Accountants |
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Address : |
Coromandel House, 1-2-10, Sardar Patel Road, Secunderabad – 500003,
Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4021020 |
Equity shares |
Rs.10/- each |
Rs.40.210
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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40.210 |
40.210 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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23.998 |
12.327 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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64.208 |
52.537 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.115 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.115 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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64.208 |
52.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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34.863 |
37.789 |
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Capital work-in-progress |
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1.528 |
0.151 |
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INVESTMENT |
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13.068 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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18.779 |
15.727 |
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Cash & Bank Balances |
|
5.096 |
24.884 |
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Other Current Assets |
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0.645 |
0.603 |
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Loans & Advances |
|
16.892 |
9.124 |
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Total
Current Assets |
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41.412 |
50.338 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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23.373 |
33.118 |
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Provisions |
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3.290 |
2.508 |
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Total
Current Liabilities |
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26.663 |
35.626 |
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Net Current Assets |
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14.749 |
14.712 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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64.208 |
52.652 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.41 |
0.68 |
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Current Ratio (Current Asset/Current Liability) |
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1.55 |
1.41 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
AVINEON INDIA PRIVATE LIMITED |
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Presented By |
Mr. Ram Kumar Chilukuri AVINEON INDIA PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Loan Cum
Hypothecation Agreement dated 31.05.2004 Between the
company and ICICI Bank Limited Pursuant to the resolution passed by the company
on the 22 day of April 2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
For Rs.1.235
Millions (Herein referred
to as the facility) |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
To be as per your
documentation. Annexere – I
Enclosed |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To be as per
terms of the loan agreements. In consideration
of ICICI Bank having agreed to land and advance to the company the
facilities, agreement and declaration by the company, inter alla, as follows:
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited ICICI Tower,
Bandra Kurla Complex, Mumbai - 400051 |
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6) Date and brief description of instrument modifying the charge |
Nil |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Nil |
Website details:
Subject has been a leading provider of Engineering, Geospatial
and Information Technology solutions and services since 1998. Subject has
attained a successful global market presence by offering services which are of
the best quality at a reasonable and competitive price.
Subject is an ISO 9001:2000
certified company located in Hyderabad. Their state-of-the-art facilities have
reliable infrastructure including continuous and high speed internet access and
uninterrupted power supply. Avineon India’s information security management
system is BS7799-2:2002
certified, reflecting their commitment to global standards and superior
service.
Since their initial entry in the engineering, IT/GIS solutions, and data
management marketplace, they have very quickly become a market leader based on
the four principles of quality, capability, capacity, and best price. Avineon
India uses ISO 9001:2000
certified design, project management, project execution, and quality assurance
methodologies that ensure quality delivery the first time.
The cornerstone to their success has been their quality assurance and program
management methodologies. This unique integrated approach allows them to
deliver every project on time and within budget and offer their customers a one-year guarantee on all products and services.
Products
Subject partners with its customers, learning about their
business objectives, processes and needs in order to provide the best possible
services. In this process, Subject often identifies the need for new software
products that can provide significant value through improved efficiency,
lowered costs, and better decision-making. Subject makes these valuable
software applications available to customers, either as
commercial-off-the-shelf (COTS) software products, or as add-ons to other COTS
software.
Subject software is designed to be both easy to use and
cost-effective. To ensure the highest possible reliability, all software
product development is governed by subject certified ISO 9001:2000 Quality Assurance process, soon to be augmented by
the software engineering Institute’s capability Maturity Model (CMM)
standard.
Subject provides full after-the-sale support for all of its
software products, including a web-based “Change Request/Trouble Reporting”
system. And, as with all Avineon India services, its software products are
fully backed by Avineon India’s one-year quality guarantee.
Subject has a major data conversion and software development
center at Hyderabad, India. Avineon India caters to the needs of its own
customers and also Avineon group companies’ customers. A representative list of
commercial and State/Local Government clients served by Avineon India
includes:
Regional Office:
Avineon
India
“White House” - Block III, 3rd floor,
Kundanbagh, Begumpet, Hyderabad-500016. INDIA.
Phone: +91-40-55632452
Fax: +91-40-55687399
K. Raghotham Reddy
Group Manager-Business Development
Phone:91.40.23112711 Xn:103
E-Mail: rkondra@avineonindia.com
bd@avineonindia.com
USA-
Avineon Inc.
4825 Mark Center Drive, Suite 700,
Alexandria, VA 22311-1846, USA
Phone: (703) 671-1900
Fax: (703) 671-1901
Gary Wilkison Vice
President - Geospatial and Engineering
Tel: (727) 539-1661
Fax : (727) 539-6954
E-Mail: gwilkison@avineon.com
Europe
- UK Office
Suite 466, 28 Old Brompton Road, London SW7
3SS, United Kingdom
Tel +44 20 87427374
Fax +44 870 7622553
John Baxendell
Mobile :+44 7768 352309
E-Mail:jbaxendell@avineon.com
Paris Office
9/11, allée de l’Arche, 92671 Courbevoie Cedex, France
Tel +33 1 49971790
Fax +33 1 49971700
Philippe Lataillade
Mobile :+ 33 6 79659421
E-Mail:plataillade@avineon.com
Montpellier
Office
110 Impasse John Locke, 34470 Montpellier –
Pérols, France
Tel +33 4 99642600
Fax +33 4 99642601
Peter Van Es
Managing Director
Tel No: +32 3 4882228
Fax : +32 3 4882228
Mobile :+32 475 608947
E-Mail:pvanes@avineon.com
Benelux
Office
Zodiakstraat 32, 2500 Lier, Belgium
Tel +32 3 4882227
Fax +32 3 4882228
Peter Van Es
Managing Director
Tel No: +32 3 4882228
Fax : +32 3 4882228
Mobile :+32 475 608947
E-Mail:pvanes@avineon.com
Florida
15500 Light Wave Drive, Suite 200, Clearwater, FL 33760 USA
Tel: 727-539-1661
Fax: 727-539-6954
Chicago
412 Fox Trail Lane, Oak Brook, IL, 60523
Tel: 630-235-1597
Fax: 630-986-9834
Alabama
702 Bluewood Drive SE, Huntsville, AL 35802, USA
Phone: (256) 880-9663
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.44 |
|
UK Pound |
1 |
Rs.78.93 |
|
Euro |
1 |
Rs.57.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|