MIRA
INFORM REPORT
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Report Date : |
24.07.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
121, Kuber Complex, 1s Floor, New |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.04.1998 |
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Com. Reg. No.: |
11-114628 |
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CIN No.: [Company
Identification No.] |
U72100MH1998PTC114628 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI05802G |
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PAN No.: [Permanent
Account No.] |
AAACI4699C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of Computer Hardware Consultancy. |
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 17000 |
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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 and reputed 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 : |
121, Kuber Complex, 1s Floor, New |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Dhiren Pancholi |
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Designation : |
Director |
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Address : |
A-201, |
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Date of Birth/Age : |
15.08.1959 |
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Date of Appointment : |
24.04.1998 |
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Name : |
Mr. Ashok Sukhija |
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Designation : |
Director |
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Address : |
603, |
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Date of Birth/Age : |
08.10.1958 |
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Date of Appointment : |
24.04.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Dhiren Pancholi |
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6510 |
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Mr. Ashok Sukhija |
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6510 |
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Jagruti Pancholi |
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10 |
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Kaajal Sukhija |
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10 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Computer Hardware Consultancy. |
GENERAL INFORMATION
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Bankers : |
Bank of S.S.I. Andheri [East] Branch, Mathuria Apartments, M. Vasanji Marg,
Andheri [East], Mumbai - 400069 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kamal Jain Chartered Accountants |
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Address : |
9/5, Manish Darshan, J. B. Nagar, Andheri [East], Mumbai – 400059, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
0.130 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3.281 |
3.739 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.281 |
3.869 |
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LOAN FUNDS |
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1] Secured Loans |
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1.887 |
1.769 |
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2] Unsecured Loans |
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1.050 |
0.500 |
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TOTAL BORROWING |
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2.937 |
2.269 |
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DEFERRED TAX LIABILITIES |
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0.110 |
0.084 |
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TOTAL |
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7.328 |
6.222 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.304 |
0.187 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.073 |
0.069 |
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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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2.118 |
0.362 |
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Sundry Debtors |
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9.609 |
20.444 |
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Cash & Bank Balances |
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0.010 |
0.335 |
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Other Current Assets |
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0.746 |
0.663 |
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Loans & Advances |
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0.064 |
0.000 |
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Total
Current Assets |
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12.547 |
21.804 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.087 |
15.450 |
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Provisions |
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0.509 |
0.388 |
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Total
Current Liabilities |
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5.596 |
15.838 |
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Net Current Assets |
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6.951 |
5.966 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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7.328 |
6.222 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [Estimated] |
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6.000 |
5.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.99 |
4.68 |
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Current Ratio (Current Asset/Current Liability) |
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2.24 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
The Registered office of the company has been shifted from No. 2,
Bankers Charges
Report as per Registry
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Name of the company |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
07.06.2003 Agreement of
charge and hypothecation of book debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.980
Millions |
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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 |
Hypothecation and
charge to the bank by way of charge all the book debts, outstanding money,
receivables, claims and bills which are now due and owing or which may at any
time hereafter during the continuance of this security become due and owing
to the borrower in course of its business by any person company or by the
government or any local or public body.
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4) Gist of the terms and conditions and extent and operation of the charge. |
The security is
for due payment to the Bank at any time on demand at Mumbai or any where in
India of all monies which now are or which at any time or time hereafter may
become due and owing from the borrower to the bank either in the said account
of the borrower with the bank with a limit of Rs. 0.980 million or in any
other account and for the payment and discharge of all the borrower present
and future indebtness and liabilities to the bank of any kind in any manner
whether solely or jointly primary or collateral accrued or accruing with all
relative interest cost charges and expenses, the security hereby constituted
is to operate as a continuing security for all sums due of owing to the bank
at any time. Interest @ 4 %
over BOIPLR min 15.50 % p.a. or at such rate as may from time to time be
fixed by the Bank with monthly rests. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of S.S.I. Andheri [East] Branch, Mathuria Apartments, M. Vasanji Marg,
Andheri [East], Mumbai - 400069 |
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6) Date and brief description of instrument modifying the charge |
11.08.2004 Supplemental
agreement of hypothecation |
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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. |
By this
modification dated 11.08.2004 the charge on the assets of the company
mentioned in column No. 3 above is enhanced from Rs. 0.980 Million to Rs.
3.500 Millions |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.24 |
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1 |
Rs.83.04 |
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Euro |
1 |
Rs.55.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
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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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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
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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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