MIRA
INFORM REPORT
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Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
AVANTE GLOBAL SERVICES PRIVATE LIMITED |
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Registered Office : |
329, G.F., Sant Nagar, East of Kailash, New Delhi – 110005 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 (Avante Global Services) |
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Date of Incorporation : |
04.04.2007 |
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Com. Reg. No.: |
161667 |
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CIN No.: [Company
Identification No.] |
U74200DL2007PTC161667 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA20302C |
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PAN No.: [Permanent
Account No.] |
AAGCA2972G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor of electronic products for “FLUKE” M.U.S.A. morning Star –
USA and others such as sharp and mitsboshi. |
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 22000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject in successor to Avante Global Services which was established
in year 1999 as a partnership concern. Presently, management claims sales of Rs.60.000 Millions in 2007-08
and expiate to do business of Rs.70.000 Millions in 2008-09. It acts as
Distributes for various electronic productions. Its trade relations are fair.
Payment are correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Pravin Kumar Gupta |
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Designation : |
Director |
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Date : |
23.07.2008 |
LOCATIONS
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Registered Office/ Godown: |
329, G.F., Sant Nagar, East of Kailash, New Delhi – 110005, India |
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Tel. No.: |
91-11-26233259/ 26443097/ 26473068/69 |
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Mobile No.: |
91-9810093798 |
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Fax No.: |
91-11-26473068 |
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E-Mail : |
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Website : |
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Area : |
1800 sq. mt. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Praveen Kumar Gupta |
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Designation : |
Director |
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Address : |
R-13/23, Rajnagar, Ghaziabad – 201002, Uttar Pradesh, India |
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Date of Birth/Age : |
09.05.1968 |
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Qualifications : |
Engineer |
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Name : |
Mrs. Prachi Kumar Gupta |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Praveen Kumar Gupta |
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5000 |
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Mrs. Prachi Gupta |
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5000 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Distributor of electronic products for “FLUKE” M.U.S.A. morning Star –
USA and others such as sharp and mitsboshi. |
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Products : |
Electronic Products |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Depends on Customers |
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Purchasing : |
Advance some time many a time depends upon principal |
GENERAL
INFORMATION
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Customers : |
End Users
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No. of Employees : |
16 |
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Bankers : |
Branch Office, Sant Nagar, East of Kailash, New Delhi – 110065, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Satish Kumar And Company Chartered Accountant |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
The company’s first financials are awaited. However, summarized
financials of Avante Global Services (Partnership) concern for March 2006 is enclosed
herewith.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.349 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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4.349 |
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LOAN FUNDS |
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1] Secured Loans |
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0.921 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.921 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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5.270 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.648 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.622 |
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Sundry Debtors |
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1.467 |
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Cash & Bank Balances |
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1.023 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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6.112 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.490 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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1.490 |
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Net Current Assets |
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4.622 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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5.270 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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19.897 |
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Other Income |
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4.647 |
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Total Income |
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24.544 |
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Profit/(Loss) Before Tax |
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1.529 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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1.529 |
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Expenditures : |
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Cost of Goods Sold |
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15.356 |
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Miscellaneous Expenses |
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0.028 |
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Interest |
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0.181 |
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Insurance Expenses |
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0.006 |
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Depreciation & Amortization |
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0.186 |
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Other Expenditure |
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7.258 |
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Total Expenditure |
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23.015 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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6.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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22.55 |
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Return on Investment (ROI) (PBT/Networth) |
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0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.55 |
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Current Ratio (Current Asset/Current Liability) |
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4.10 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference:
- Samtel Colar
Limited
- GE Power
Form 8:
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Corporate
identity number of the company |
U74200DL2007PTC161667 |
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Name of the
company |
AVANTE GLOBAL SERVICES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
329, G.F., Sant Nagar, East of Kailash, New Delhi – 110005, India |
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This form is for |
Creation of Charge |
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Type of charge |
Movable Property |
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Particular of charge
holder |
Oriental Bank of Commerce Limited Branch Office, Sant Nagar, East of Kailash, New Delhi – 110065, India CIN No.: U99999DL1901PTC002036 Email : bm0845@obc.co.in |
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Nature of
instrument creating charge |
Term Loan
Agreement Dated 10th July 2007 |
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Date of
instrument Creating the charge |
10.07.2007 |
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Amount secured by
the charge |
Rs.0.473 Million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interests; Interests @
11.50% at monthly rests (Related with PLR) as per loan agreement enclosed. Terms of
Repayment: 36 equal monthly
installments of Rs.0.016 Million starting w.e.f. 10.08.2007 Margin: 20% as per the
term loan agreement enclosed. Extent and operating
of the charge: 100% |
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Particulars of
the property charged |
Vehicle (Maruti
Aulto) |
Fixed Assets:
- Car
- Office Equipment
- Computer
- Mobile Phone
- EPBEX
- Rented Office
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.41.96 |
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UK Pound |
1 |
Rs.83.78 |
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Euro |
1 |
Rs.65.82 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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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46 |
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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