MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
GATEWAY TECHNOLABS PRIVATE LIMITED |
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Registered Office : |
B-81, Corporate Houses G Highway, Bodakdev, Ahmedabad-380054, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.06.2001 |
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Com. Reg. No.: |
04-39707 |
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CIN No.: [Company
Identification No.] |
U72200GJ2001PTC039707 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG00409D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Software Development Centre |
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 340000 |
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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 company having satisfactory track
records. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mrs. Lina Budhani |
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Designation : |
Senior Finance Manager |
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Date : |
21.07.2008 |
LOCATIONS
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Registered Office : |
B-81, Corporate Houses G Highway, Bodakdev, Ahmedabad-380054, Gujarat,
India |
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Tel. No.: |
91-79-26852554 / 55 / 56 |
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Fax No.: |
91-79-26858591 |
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E-Mail : |
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Website : |
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Area : |
2000 sq ft |
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Location:
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Owned |
DIRECTORS
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Name : |
Mr. Niraj Chhaganraj Gemawat |
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Designation : |
Managing Director |
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Address : |
55, Tapovan Society, S. M Road, Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
05.09.1973 |
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Date of Appointment : |
25.06.2001 |
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Name : |
Mr. Indrajit Anath Mitra |
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Designation : |
Managing Director |
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Address : |
C-93, Sharanam Towers-1, Jodhpur Gam, Satellite, Ahmedabad-380015,
Gujarat, India |
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Date of Birth/Age : |
24.10.1972 |
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Date of Appointment : |
25.06.2001 |
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Name : |
Mr. Vipin Moharir |
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Designation : |
Director |
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Address : |
Aurahout 30, 2719 MZ Zoetemeer, “The Neatherlands” |
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Date of Birth/Age : |
04.12.1970 |
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Date of Appointment : |
15.10.2003 |
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Name : |
Ms. Rachna Niraj Gemawat |
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Designation : |
Director |
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Date of Birth/Age : |
16.09.1976 |
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Date of Appointment : |
27.11.2004 |
KEY EXECUTIVES
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Name : |
Ms. Shilpa Rameshchandra Bharadia |
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Designation : |
Secretary |
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Address : |
C/3, Ajanta Flats, Opposite Jain Deraser, Narnapura Cross Roads, Ahmedabad-380013,
Gujarat, India |
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Date of Birth/Age : |
17.04.1979 |
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Date of Appointment : |
18.04.2008 |
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Tel No. : |
91-79-26852554 |
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E mail : |
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Name : |
Mrs. Lina Budhani |
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Designation : |
Senior Finance Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Allottee |
No. of Shares
Alloted |
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Mr. Niraj Chhaganraj Gemawat |
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161250 |
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Mr. Indirajit Anath Mitra |
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187500 |
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Mr. Niraj Chhaganraj Gemawat HUF |
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135000 |
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Chhaganraj Bhanwarlal Gemawat |
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26250 |
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Ms. Rachna Niraj Gemawat |
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26250 |
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Ms. Sumanlata Gemawat |
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26250 |
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Ms. Krishna Mitra |
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187500 |
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Names of Allottee (As on 06.07.2007) |
No. of Shares |
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Mr. Niraj Chhaganraj Gemawat |
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913750 |
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Mr. Indirajit Anath Mitra |
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1062500 |
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Mr. Niraj Chhaganraj Gemawat HUF |
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765000 |
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Chhaganraj Bhanwarlal Gemawat |
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148750 |
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Ms. Rachna Niraj Gemawat |
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148750 |
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Ms. Sumanlata Gemawat |
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148750 |
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Ms. Krishna Mitra |
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1062500 |
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Total |
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4250000 |
Equity Share Breakup (Percentage of Total Equity) :-
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Category {As on 30.09.2007} :- |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Software Development Centre |
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Exports : |
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Countries : |
USA and Europe |
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Terms : |
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Selling : |
T/T |
GENERAL
INFORMATION
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No. of Employees : |
500 |
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Bankers : |
· Axis Bank, Vastrapur · ICICI Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Samir M Shah and Associates Chartered Accountant |
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Address : |
A/33, Goyal Park Apartment, Opposite Lad
Society, Vastrapur, Ahmedabad-380015, Gujarat, India |
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Tel No.: |
91-79-26754101 |
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E-Mail: |
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Associates/Subsidiaries : |
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Group Companies : |
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CAPITAL STRUCTURE
(As
on 06.07.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4250000 |
Equity Shares |
Rs. 10/- each |
Rs. 42.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
42.500 |
17.500 |
0.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.524 |
25.400 |
19.808 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
68.024 |
42.900 |
20.008 |
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LOAN FUNDS |
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1] Secured Loans |
0.367 |
0.742 |
0.326 |
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2] Unsecured Loans |
0.000 |
0.324 |
0.325 |
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TOTAL BORROWING |
0.367 |
1.066 |
0.651 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.122 |
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TOTAL |
68.391 |
43.966 |
20.781 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.153 |
19.873 |
13.956 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
10.019 |
0.004 |
0.004 |
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DEFERREX TAX ASSETS |
0.640 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.430
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2.603 |
0.000 |
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Sundry Debtors |
24.612
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31.690 |
0.644 |
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Cash & Bank Balances |
0.000
|
0.000 |
9.936 |
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Other Current Assets |
5.057
|
2.645 |
0.000 |
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Loans & Advances |
0.000
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0.000 |
3.640 |
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Total
Current Assets |
54.099
|
36.938 |
14.220 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
26.177
|
11.862 |
6.299 |
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Provisions |
1.776
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1.170 |
1.100 |
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Total
Current Liabilities |
27.953
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13.032 |
7.399 |
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Net Current Assets |
26.146
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23.906 |
6.821 |
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MISCELLANEOUS EXPENSES |
0.433 |
0.183 |
0.000 |
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TOTAL |
68.391 |
43.966 |
20.781 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
216.652 |
67.485 |
42.069 |
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Other Income |
2.084 |
0.466 |
1.099 |
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Total Income |
218.736 |
67.951 |
43.168 |
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Profit/(Loss) Before Tax |
121.401 |
31.657 |
24.158 |
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Provision for Taxation |
0.340 |
0.099 |
1.244 |
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Profit/(Loss) After Tax |
121.061 |
31.558 |
22.914 |
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Export Value |
216.652 |
67.485 |
42.069 |
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Import Value |
0.233 |
1.576 |
1.155 |
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Expenditures : |
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Depreciation & Amortization |
7.256 |
3.002 |
1.980 |
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Financial Charges |
0.840 |
0.341 |
0.058 |
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Other Expenditure |
89.239 |
32.951 |
16.972 |
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Total Expenditure |
97.335 |
36.294 |
19.010 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
55.35
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46.44 |
53.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
56.03
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46.91 |
57.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
126.58
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55.72 |
85.73 |
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Return on Investment (ROI) (PBT/Networth) |
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1.85
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0.74 |
1.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.42
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0.33 |
0.40 |
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Current Ratio (Current Asset/Current Liability) |
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1.94
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2.84 |
1.92 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Mintex, Netherlands
- Allianz Tech, USA
AS PER WEBSITE
Profile:
The Gateway Group of Companies was
founded in 1997. In 10 years of the existence they have been able to achieve the
recognition of being one of the elite full service IT companies in the Indian
software industry. They are one of the leading Offshore Software Development Services providers having
a spotless track record of consistently delivering workable, robust offshore
software solutions by adopting innovative approaches and remaining committed to
quality, processes and outstanding technological prowess.
They specialize in the business of providing offshore software development
services to the clients in over 27 countries globally. They offer Application Development Services, Application Maintenance Services, Strategic Offshore Software Product Development
Services, Legacy
Software Migration Services, Multimedia Creations, Digitization of Engineering
Drawings and Search Engine Optimization Services.
Gateway TechnoLabs Private Limited (GTL)
The company is the flagship company of Gateway Group of Companies. It is a 100%
Export Oriented Unit of Gateway and specializes in offering offshore software development, consulting
and technology solutions to its clients globally. There are two strategic
business units of GTL viz: GMRC (Gateway Multimedia Research Centre) and
Gateway TestLabs – Offshore Testing Services Center.
NINtec B.V.
NINtec is a 100% subsidiary of Gateway TechnoLabs Private Limited NINtec is
responsible for business in the BeNeLux region.
Gateway TechnoLabs Sweden A.B.
This company is a Joint Venture established in Sweden to cater to the customers
in the Swedish and Norwegian markets.
Gateway TechnoLabs Denmark ApS
This company is a Joint Venture established in Denmark to cater to the large
number of customers the company services in the Danish markets.
Gateway TechnoLabs Finland Oy, Limited
Gateway TechnoLabs Finland Oy is a Joint Venture company which provides its
customers the best Finnish customer intimacy with easy access to unlimited
global IT talent pool and Indian pricing.
Gateway NINtec Private Limited (GWN)
GWN is a market leader in providing cutting edge data security and access
controls solutions across organizational networks. GWN has powerful distributor
channel partners across India. GWN follows highest level of service standards
with its strong sales and tech support team. Its client list boasts of
MNCs and Fortune 1000 companies across India.
Gateway Education and Training Private Limited (GET)
GET is into the business of providing post graduate, full time, residential
courses in Advanced Computing (programming) and Advanced Computer Arts
(multimedia). GET is the Authorized Training Center (ATC) of Centre for
Development of Advanced Computing (C-DAC), a Scientific Society of Ministry of
Information Technology, Government of India. GET has its training facilities in
the state of Gujarat.
CB Gemawat Charitable Trust
This is a non profit venture of the Group of companies and
it runs full time residential training courses in advanced computing techniques
(Microsoft .NET / JAVA). It has authorization from Maharashtra Knowledge
Corporation Limited (MKCL) - a Govt of Maharashtra Enterprise, India.
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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.30 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.66.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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
unfavourable 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 |
Unfavourable & favourable 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 |
|