MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CREATIVE INFOTECH SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
C-222, Belgium Chambers, Opposite Liners Bus Stop, Surat – 395001,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.10.1995 |
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Com. Reg. No.: |
04-27752 |
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CIN No.: [Company
Identification No.] |
U72200GJ1995PTC027752 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Distributors of Computers, Computers Peripherals, Software,
Hardware, Computer Parts, Data Transmitter, Circuit, Audio, Visual
Equipments. |
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 21000 |
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Status : |
Satisfactory |
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Payment Behavithe : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an establishment distributor and dealer for computer
hardware products. Trade relations are fair. Payments are usually correct and
as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office : |
C-222, Belgium Chambers, Opposite Liners Bus Stop, Surat – 395001,
Gujarat, India |
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Tel. No.: |
91-261-2411554 |
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Fax No.: |
91-261-2601044 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Branches : |
Located at :- 36, Johari Palace, M G Road, Indore, Madhya Pradesh, India |
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Factory: |
202 J B House, Near Ishwar Bhavan, Navrangpura, Ahmedabad-380014,
Gujarat, India |
DIRECTORS
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Name : |
Mr. Suresh Babaria |
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Designation : |
Director |
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Address : |
S-1, News Avenue, Anand Mahal Road, Adajan, Surat, India |
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Date of Birth/Age : |
04.05.1961 |
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Date of Appointment : |
12.10.1995 |
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Name : |
Mr. P. R. Praveen |
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Designation : |
Director |
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Address : |
A/703, Rutvan Co-Operative Housing Society Limited, Gujarat Gas,
Palanpur Road, Adajan, Surat, India |
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Date of Birth/Age : |
21.12.1966 |
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Date of Appointment : |
12.10.1995 |
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Name : |
Mr. Kirtish Chajjed |
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Designation : |
Director |
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Address : |
Behind Saket Nagar, Indore, India |
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Date of Birth/Age : |
17.07.1966 |
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Date of Appointment : |
12.10.1995 |
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Name : |
Mr. Paresh Mathukia |
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Designation : |
Director |
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Address : |
A-302, Millennium Residency, Gujarat Gas, Palanpur Road, Adajan, Surat,
India |
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Date of Birth/Age : |
15.05.1971 |
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Date of Appointment : |
01.12.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
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Names of Shareholders |
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No. of Shares |
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P.R. Praveen |
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19100 |
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Suresh Babaria |
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19100 |
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Kirtish Chhajed |
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19100 |
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Pragna S. Babaria |
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7600 |
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Ranjana K Chhajed |
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4700 |
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Paresh Mathukia |
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15500 |
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Geetha P. R. Praveen |
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4700 |
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Umang Tekriwal |
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100 |
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Narendranath Roy |
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100 |
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Jograj Siremal Ranka |
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100 |
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Sunilbhai Marfatia |
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100 |
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Zahara Chotubhai Vankani |
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100 |
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Image Systems |
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100 |
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Kanubhai Ukabhai Babria |
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7500 |
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Shashikantbhai H Patel |
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100 |
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Total |
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98000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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99.28 |
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Other top fifty (50) shareholders (other than listed above) |
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0.72 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Distributors of Computers, Computers Peripherals,
Software, Hardware, Computer Parts, Data Transmitter, Circuit, Audio, Visual
Equipments. |
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Products : |
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Brand Names : |
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GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajesh Malani and Company Chartered Accountant |
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Address : |
C/ 1445-46, Kohinoor Market, Ring Road, Surat-395002, Gujarat, India |
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Tel. No.: |
91-265-28329681/ 28352177 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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98010 |
Equity Shares |
Rs. 10/-each |
Rs. 0.980
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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STHECES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.980 |
0.980 |
0.980 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.272 |
2.646 |
2.362 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.252 |
3.626 |
3.342 |
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LOAN FUNDS |
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1] Secured Loans |
10.540 |
5.446 |
2.580 |
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2] Unsecured Loans |
0.100 |
0.100 |
0.150 |
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TOTAL BORROWING |
10.640 |
5.546 |
2.730 |
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DEFERRED TAX LIABILITIES |
0.118 |
0.129 |
0.161 |
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TOTAL |
15.010 |
9.301 |
6.233 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.242 |
1.278 |
1.493 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.013 |
0.013 |
0.013 |
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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 |
4.369
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4.106 |
3.016 |
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Sundry Debtors |
25.273
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13.625 |
8.223 |
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Cash & Bank Balances |
0.805
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0.926 |
1.606 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.761
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2.791 |
1.677 |
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Total
Current Assets |
33.208
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21.448 |
14.522 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.911
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13.067 |
9.606 |
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Provisions |
0.542
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0.371 |
0.189 |
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Total
Current Liabilities |
20.453
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13.438 |
9.795 |
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Net Current Assets |
12.755
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8.010 |
4.727 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.010 |
9.301 |
6.233 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover (Estimated) |
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140.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.31
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5.24 |
3.75 |
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Current Ratio (Current Asset/Current Liability) |
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1.57
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1.59 |
1.48 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
CREATIVE INFOTECH SOLUTIONS PRIVATE LIMITED |
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Presented By |
Mr. Suresh Kumar
Babaria |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation for Book Debts Dated 08.04.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Over Draft
Against Book-Debts Rs. 2.500 Million |
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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 of
Receivable not orders than 60 days. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Over Draft against
book debts to be availed against hypothecation receivable not order than 60
days Excluding that of sister/ allied units, if any, having rate of interest
17.85% p.a. and margin 50% |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India, Textile Market Branch, Surat, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
AS PER WEBSITE
Profile:
“INFORMATION TECHNOLGY” has
emerged as a bubbling and a progressive field since the last decade. It is the key
factor for transforming the world into, what they now know as, “A Global Village”, making the
sharing of knowledge and information just a click away. Computers and
Information Technology is soon to be a part-and-parcel of the daily lives.
For them, at Creative Infotech, Customer Satisfaction holds
top priority. They pay a great deal of attention to the customer’s needs and
what is good for them. When it comes to computing, a reliable, fast,
cost-effective and top of the line sales and services of computer becomes
essential. They offer the best and the most appropriate solutions to the
clients and customers. They make it work for them.
Subject is a
fast growing Information Technology company, playing its part in transforming
the way the world does business.
The Activities:
Computer Hardware
- Computers – Desktop PCs, Laptops, Servers, Work stations
- Peripherals – Modems, Printers, Scanners, All in ones
- Networking – All types of LAN/WAN cabling including site
preparation
- Consulting – Site Preparation, Modular Furniture
- Repairs Maintenance and Services
- Annual Maintenance Contracts
- Computer Stationery – CD and Floppy media, Printer, Cartridges
They are authorized resellers of
- IBM / Lenovo
- Compaq-HP
- Wipro
- HCL
- ACER
- Standard software packages and products like Microsoft, Adobe,
Macromedia, UNIX, Linux, Novell, etc.
- Customized software solutions for office automation, billing
financial accounting, inventory, signature verification, etc. as per
customer requirements.
- Customized software solutions for Income Tax Dept. for their
different requirements.
- Customized software solutions for Central Excise (Service Tax
Division) as per their requirements.
- Web Designing and Web enabled applications.
- Web hosting, consulting and maintenance of web sites.
- Online Customer Information
- They have been handling the maintenance of Computers of CCIT
Ahmedabad Charge including Mehsana, Bhavnagar, Himatnagar, Patan, Palanpur
and Surendranagar since the last 5 years.
- They have also handled the maintenance of computer hardware,
software and networking in various co-operative banks.
- They are providing Facility Management Services (On Site
Hardware/Software Engineer) for daily Support.
Miscellaneous
- Data Entry – They provide man-power to perform data entry
operations at various places including Excise Dept.
- Training – They provide corporate training at various places
thereby helping the customers to learn the know-how of different software
programs.
Some of the valued customers include
Government Organizations
- Income tax department, CCIT Ahmedabad Charge, Mehsana, Gandhinagar,
Patan, Surendranagar, Bhavnagar, Palanpur, Surat
- Directorate of Income tax systems, Delhi
- Enforcement Directorate, Ahmedabad
- Central Excise Department
- Narcotics Control Bureau
- Aids Control Society (Ahmedabad Municipal Corporation)
- Director of revenue Intelligent
- Cantonment Board, Ahmedabad
- Indian Oil Corporation
- Gujarat State Petroleum Corporation Limited
- Gujarat University
- L D Engineering College
- Debts Recovery Tribunal
Western
India Automobiles Association
- Tuton Pharmaceuticals
- NIRMA Limited
- Naman Securities
- Chembond Chemicals Limited
- All India Institute of Local Self Government
- Lancer Lasertech Private Limited
- Khandwala Securities Private Limited
- Planet Education Private Limited (IDP Australia)
The office is centrally located within the city which will
enable them to render the quality services speedily and efficiently. The office
is installed with state-of-the-art computer facilities and equipped with modern
communication facilities like Pagers, Mobile Phones, Fax, Email and Broadband
Internet Connection. They have adequate, Qualified and professional staff to
cater prompt and effective service to the customers.
At Creative Infotech, be it the Director or an employee of
the firm, they constantly try to improve upon the services through the efforts
and hard work, until the Ultimate goal of PERFECTION is achieved, because they believe in the phrase that “Perfection is not an Accident”.
Considering the above facts, a chance to render the services to ythe esteemed
organization will help them transform the words and thoughts into deeds.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various stheces
including but not limited to: The Cthets, 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] Cthet 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 :
The 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.
The 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.42.30 |
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UK Pound |
1 |
Rs.84.03 |
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Euro |
1 |
Rs.66.42 |
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
|
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 |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavtheable 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 |
Unfavtheable & favtheable 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 |
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