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MIRA
INFORM REPORT
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Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
INNOVA SYSTEMS (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
Printer Plus
Services PRIVATE LIMITED |
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Registered Office : |
4, Samyak, Gitabaug Society, Opposite Suvidha Shopping Center, Paldi
Ahmedabad-380 007, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
10.04.1995 |
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Com. Reg. No.: |
04-25432 |
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CIN No.: [Company
Identification No.] |
U72200gj1995ptc025432 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMI00618C |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Designer and Distributors of Computer Infrastructure
products and services |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 6000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Trade relations
are fair. Scale of activity is limited. No complaints have been heard. The company can be considered for small to mediocre business for small
to mediocre business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Jagdish Chimanlal Dave |
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Designation : |
Director |
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Contact No.: |
91-9825017128 |
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Date : |
11.12.2008 |
LOCATIONS
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Registered Office : |
4, Samyak, Gitabaug Society, Opposite Suvidha Shopping Center, Paldi
Ahmedabad-380 007, Gujarat |
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Tel. No.: |
91-79-26650423 / 26650026 / 26561011 |
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Mobile No.: |
91-9825068683 |
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Fax No.: |
91-79-26650453 / 65458003 |
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E-Mail : |
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Website : |
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Area : |
220 Sq. yards |
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Location : |
Owned |
DIRECTORS
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Name : |
Mrs. Uravashi Jagdish Dave |
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Designation : |
Director |
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Address : |
7-Suyog Bunglow, Sector – 5, Prahaladnagar, Vejalpur, Ahmedabad – 380
051, Gujarat, India |
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Date of Birth/Age : |
31.10.1950 |
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Qualification : |
Ba |
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Date of Appointment : |
18.11.1996 |
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E-Mail: |
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Name : |
Mr. Jagdish Chimanlal Dave |
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Designation : |
Director |
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Address : |
7-Suyog Bunglow, Sector – 5, Prahaladnagar, Vejalpur, Ahmedabad – 380
051, Gujarat, India |
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Date of Birth/Age : |
21.05.1946 |
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Qualification : |
Ba, LLb |
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Date of Appointment : |
21.09.2003 |
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E-Mail: |
KEY EXECUTIVES
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Name : |
Mr. Apurva |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Apurva J Dave |
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14990 |
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Mrs. Urvashi J Dave and Mr. Jagdish Dave |
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2000 |
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Mr. Nital R Trivedi and Mr. Apurva J Dave |
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2000 |
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Others |
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1010 |
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Total
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20000 |
List of Allotees
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Names of Allotees (As on 23.10.2008) |
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No. of Shares |
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Mr. Jagdish Chimanlal Dave |
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10000 |
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Mrs. Urvashi Jagdish Dave |
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70000 |
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Total |
80000 |
AS ON 30.09.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Designer and Distributors of Computer Infrastructure
products and services |
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Terms : |
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Selling : |
Credit (30-60 days) |
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Purchasing : |
Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
Government Bodies |
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No. of Employees : |
27 (22 in office and 5
in Branches) |
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Bankers : |
· Nutan Nagarik Sahakari Bank Limited · Nagarik Sahakari Bank Limited · Ahmedabad District Co-Operative Bank · Bank of India · The Mehsana Urban Co. Op Bank · Bank of India, Paldi Branch |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Mr. Naimish N Shah and Company Chartered Accountants |
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Address : |
Shree Ganesh, B/3, Tirupati Apartment, 3rd Floor, B/H Old
Gujarat High Court, Navrangpura, Ahmedabad – 380 009, Gujarat, India |
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Tel. No.: |
91-79-27546336 |
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91-9824021625 |
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Fax No.: |
91-79-27540736 |
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E-Mail : |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
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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20000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.200 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.200 |
0.200 |
0.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.871 |
0.739 |
0.609 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.071 |
0.939 |
0.809 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
1.942 |
1.359 |
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2] Unsecured Loans |
1.241 |
0.922 |
0.843 |
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TOTAL BORROWING |
1.241 |
2.864 |
2.202 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.009 |
0.013 |
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TOTAL |
2.312 |
3.812 |
3.024 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.650 |
0.143 |
0.187 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.083 |
0.082 |
0.275 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.019
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0.058 |
0.028 |
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Sundry Debtors |
6.729
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8.003 |
6.323 |
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Cash & Bank Balances |
3.367
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1.110 |
0.035 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.438
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1.128 |
0.988 |
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Total
Current Assets |
10.553
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10.299 |
7.374 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.984
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6.712 |
4.466 |
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Provisions |
0.000
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0.000 |
0.346 |
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Total
Current Liabilities |
8.984
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6.712 |
4.812 |
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Net Current Assets |
1.569
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3.587 |
2.562 |
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MISCELLANEOUS EXPENSES |
0.010 |
0.000 |
0.000 |
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TOTAL |
2.312 |
3.812 |
3.024 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
40.678 |
40.775 |
32.012 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
40.678 |
40.775 |
32.012 |
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Profit/(Loss) Before Tax |
0.259 |
0.243 |
0.197 |
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Provision for Taxation |
0.126 |
0.114 |
0.080 |
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Profit/(Loss) After Tax |
0.133 |
0.129 |
0.117 |
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Total Expenditure |
40.419 |
40.532 |
31.815 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.33
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0.32 |
0.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.64
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0.60 |
0.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.29
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2.31 |
2.51 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24
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0.26 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.55
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10.20 |
8.67 |
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Current Ratio (Current Asset/Current Liability) |
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1.17
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1.53 |
1.53 |
LOCAL AGENCY
FURTHER INFORMATION
Activity Operations:
Inspite of cut-throat competition, the company has been able to maintain
its turnover as well as profit after tax.
The turnover of the company has marginally decreased during the year as
compared to previous year. However, net profit of the company has increases
marginally as compared to previous year.
TRADE REFERENCES:-
· National Institution of Occupation Health, Gandhidham
· Gujarat Vidhyapith, Ahmedabad
FIXED ASSETS:
· Furniture and Fixture
· Refrigerator
· Water purifier
· Pagers
· Packing Machines
· EPBAX
· Fax
· Computers
· Printers
· Tools and Equipment
· Motor Car
· Scooter
· Mobile Phone Purchase
· Office Equipment
WEBSITE DETAILS:-
Company Profile
Subject has
been a leader in the design of computer infrastructure and supply of computer
infrastructure products and services. They design, build, and maintain
infrastructures for computer rooms, call centers and all types of mission
critical applications. Many a corporates have become their valued clients.
From their roots in computer maintenance, responding to the increasing demand
for reliability, subject has evolved into an outstanding single source of
expertise, approaching computer rooms as integrated systems. Subject is a fully
insured and bonded one-stop resource that exists to serve in the following
ways:
·
Design and build intelligent infrastructures
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Selection, supply and installation of appropriate
equipment
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On-going service and maintenance
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Elimination of unforeseen interruptions and
disaster avoidance
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 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.48.71 |
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UK Pound |
1 |
Rs.72.85 |
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Euro |
1 |
Rs.64.70 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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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31 |
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. |
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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