MIRA
INFORM REPORT
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Report Date : |
25.01.2007 |
IDENTIFICATION DETAILS
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Name : |
MHI
WEB PRIVATE LIMITED |
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Formerly Known As : |
SP WEB
PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
--- |
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Date of Incorporation : |
24.05.2006 |
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Com. Reg. No.: |
149139 |
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CIN No.: [Company
Identification No.] |
U72400DL2006PTC149139 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
subject is engaged in the business of providing web deigning and development
services, web application solutions, software development services,
e-commerce, internet related consultancy services, internet marketing, online
information services, online application integration, information technology
and information technology enabled services, maintenance services and other
internet related systems, services, products, information, technology and
solutions. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
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Status : |
New
Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company in the IT industry. 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 for small to mediocre business dealings with slight
caution initially |
LOCATIONS
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Registered Office : |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr
Shardul Suresh Shroff |
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Designation : |
Director |
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Address : |
S-270,
Greater Kailash, Part –II, |
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Date of Birth/Age : |
01.10.1955 |
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Date of Appointment : |
24.05.2006 |
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Directorship in Other Companies: |
CIN of
the company : U74899DL1993PTC051841 Name
of the company : Bags films Limited Designation
: Director CIN of
the company : U5510MH2005PTC152863 Name
of the company : Jupitor Hotels Private Limited Designation
: Director CIN of
the company : U6519TN1997PLC037415 Name
of the company : Infrastructure Development Finance Company limited Designation
: Director CIN of
the company : L2511KL1972PLC002449 Name
of the company : Apollo Tyres Limited Designation
: Director CIN of
the company : L74899DL1981PLC015865 Name
of the company : NIIT Limited Designation
: Director CIN of
the company : L21010MH1945PLC010337 Name
of the company : Ballarpur Industries Limited Designation
: Director CIN of
the company : L72200AP1975FTC001970 Name
of the company : CMC Limited Designation
: Director |
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Partnership Held in other Partneship Firm |
Name
of the Company : Amarchand and Mangaldas and Suresh A Shroff and Company Address
: Name
of the Company : Amarchand and Mangaldas and Hiralal Shroff
and Company Address
: 3rd Floor, Lentin Chambers, Dalal Street, Fort, Mumbai – 400023,
Name
of the Company : Suresh Shroff and
Company Address
: 3rd Floor, Lentin Chambers, Dalal Street, Fort, Mumbai – 400023,
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Name : |
Mrs
Pallavi Shroff |
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Designation : |
Director |
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Address : |
S-270,
Greater Kailash, Part –II, |
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Date of Birth/Age : |
22.04.1956 |
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Date of Appointment : |
24.05.2006 |
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Directorship in other Comapnies |
CIN of
the company : L99999PB1990PLC010307 Name
of the company : Abhishek Industries Limited Designation
: Director CIN of
the company : U66030MH2000PTC128503 Name
of the company : Kotak Mahindra Old Mutual Life Insurance Limited Designation
: Director CIN of
the company : U34103DL1981PLC011375 Name
of the company : Maruti Udyog Limited Designation
: Director |
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Name : |
Mr
Michael Craig white |
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Designation : |
Additional
Director |
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Address : |
52,
SOI, 20 Miyor II, Yak 5, Huaykwang, |
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Date of Birth/Age : |
12.09.1962 |
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Date of Appointment : |
26.06.2006 |
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Name : |
Mr
Gerhardus Jacobus Visser |
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Designation : |
Additional
Director |
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Address : |
4,
Helder 21 CHT 93, |
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Date of Birth/Age : |
11.09.1975 |
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Date of Appointment : |
26.06.2006 |
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Name : |
Mr
Ashish Kashyap |
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Designation : |
Additional
Director |
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Address : |
A-649,
Shushant Lok-I, Gurgaon – 12202, |
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Date of Birth/Age : |
20.12.1972 |
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Date of Appointment : |
21.08.2006 |
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Name : |
Mr
Stephen Francis Ward |
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Designation : |
Additional
Director |
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Address : |
Pckhuizerweb
53 (Woonardres), 3455 RV, Haarsuilens – 3455, NL |
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Date of Birth/Age : |
23.03.1954 |
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Date of Appointment : |
20.09.2006 |
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Name : |
Mr
Antonie Andries Roux |
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Designation : |
Additional
Director |
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Address : |
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Date of Birth/Age : |
27.03.1958 |
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Date of Appointment : |
20.09.2006 |
BUSINESS DETAILS
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Line of Business : |
The
subject is engaged in the business of providing web deigning and development
services, web application solutions, software development services,
e-commerce, internet related consultancy services, internet marketing, online
information services, online application integration, information technology
and information technology enabled services, maintenance services and other
internet related systems, services, products, information, technology and
solutions. |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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2,29,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 229.000 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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22,850,000 |
Preference
Shares |
Rs 10/- each |
Rs 228.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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Nil |
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LOCAL AGENCY FURTHER INFORMATION
Nil
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 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
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.23 |
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1 |
Rs.87.56 |
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Euro |
1 |
Rs.57.61 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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18 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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