MIRA
INFORM REPORT
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Report Date : |
21.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
VERIFACTS SERVICES PRIVATE LIMITED |
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Registered Office : |
Kings Crest Apartments, C No. 8, Millers Road, Bangalore- 560046,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.03.2005 |
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Com. Reg. No.: |
08 – 35878 |
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CIN No.: [Company
Identification No.] |
U74140KA2005PTC035878 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRV04899G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business of background verification of facts,
collection of information of executives, any person, including companies,
firms either directly or through some other parties. |
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 27084 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Kings Crest Apartments, C No. 8, Millers Road, Bangalore – 560046,
Karnataka, India |
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Tel No.: |
91-80-40101536 |
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E-Mail : |
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Website : |
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Branch Office(Bangalore) : |
47/1, 1st Floor, Latchmiaha Business Chambers, St. John’s
Road, Bangalore – 560042, Karnataka, India |
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Tel No.: |
91-80-41510770 |
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Fax No.: |
91-80-41510771 |
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Email: |
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Website : |
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Branch Office: |
New Delhi A-403, S.T.P Complex, 3rd Floor Electronic City, Sector-18, Gurgoan Contact: Sonia Sehgal Phone: +91 - 124 - 4383800 Fax: +91 - 124 - 4383803 Email: sonia.sehgal@verifacts.co.in Hyderabad 69, Radhaswami Colony, 2nd Floor, Sikh Road, Secunderabad -
500009 Contact: Col.(Retd) Alexander Phillips Phone: +91 - 40 - 40123060 Fax: +91 - 40 - 40123059 Email:
colphillips@verifacts.co.in Mumbai Kailas industrial complex, F-Wing, Unit 512,512A, 514, Veer savarkar marg, near Hiranandani gardens, Vikroli (West), New Mumbai -
400079 Contact: Rajesh Dinakaran Phone: +91 - 22 - 67769400 Fax: +91 - 22 - 67769412 Email: rajesh@verifacts.co.in Pune Unit 302, 3rd floor Supreme Ikon, Plot 5, svy 80 Baner Road, Aundh, Pune - 411007 Contact: Col (retd) Partha Roy Phone: +91 - 20 - 64006183/84/85 Email: proy@verifacts.co.in Kolkata FE 366, Sector - 3, 12th Main, Salt Lake, Kolkata - 700106 Contacts: Ms Tangam Acharya Phone: +91 - 33 - 40086172 Fax: +91 - 33 - 40086171 Email: tangam@verifacts.co.in
Kochi 43-2698B, Thekkumthala House, 1st Floor, S R M Road, Kochi - 682018 Contact: Ms. Shobha Unikrishnan Telefax: +91 - 484 - 4027527 Email: shobha@verifacts.co.in Chennai C-40, 1st Floor, 2nd Avenue, Anna Nagar West, Chennai –
600040 Contact: Col. N.Thiagarajan Phone: +91 - 44 - 42997300 Fax: +91 - 44 - 43500630 Email: trajan@verifacts.co.in CANADA 1006, 51 Lower Simcoe Street, Toronto
Ontario, M5j 3A2 CANADA. Contact person Ms. Sabina. S Phone: 0014165450161 Email: sabina@verifacts.co.in USA 43422 West Oaks Drive, 335 Novi, MI 48377, USA Contact : Sam T. Mathew Phone: 1-248-982-0734 Email: sam@verifacts.co.in |
DIRECTORS
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Name : |
Mr. Swapan Bhadra |
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Designation : |
Managing Director |
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Address : |
Kings Crest Apartments, C No. 8, Millers Road, Bangalore, Karnataka,
India |
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Dated of Birth : |
02.11.1950 |
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Date of Appointment : |
22.03.2005 |
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Name : |
Mr. Aaron Bhadra |
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Designation : |
Director |
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Address : |
Kings Crest Apartments, C No. 8, Millers Road, Bangalore, Karnataka,
India |
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Dated of Birth : |
03.08.1986 |
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Date of Appointment : |
22.03.2005 |
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Name : |
Mr. Rajeev Kohli |
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Designation : |
Director |
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Dated of Birth : |
10.05.1951 |
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Date of Appointment : |
15.02.2006 |
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Name : |
Mr. Rupinder Singh Gill |
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Designation : |
Director |
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Dated of Birth : |
24.01.1967 |
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Date of Appointment : |
01.01.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 11.03.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Swapan Bhadhra |
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7000 |
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Mr. Aaron Bhadhra |
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3000 |
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(As on 31.03.2007)
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Category |
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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 : |
To carry on the business of background verification of facts,
collection of information of executives, any person, including companies,
firms either directly or through some other parties. |
GENERAL
INFORMATION
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Bankers : |
Malleshwaram Branch, Bangalore – 560003, Karnataka, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
T V Subramanya Bhat Chartered Accountant |
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Address : |
No.3/4 (10-B), 2nd Floor, 2nd Cross, J C Road,
Bangalore – 560046, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Share |
Rs.10/- each |
10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Share |
Rs.10/- each |
Rs.0.600
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.600 |
0.100 |
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2] Share Application Money |
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1.099 |
1.599 |
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3] Reserves & Surplus |
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5.072 |
0.587 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.771 |
2.286 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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2.235 |
0.000 |
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TOTAL BORROWING |
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2.235 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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9.006 |
2.286 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.660 |
1.263 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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8.529 |
1.653 |
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Cash & Bank Balances |
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0.495 |
0.351 |
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Other Current Assets |
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1.690 |
0.898 |
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Loans & Advances |
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3.209 |
0.729 |
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Total
Current Assets |
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13.923 |
3.631 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.579 |
2.402 |
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Provisions |
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3.105 |
0.349 |
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Total
Current Liabilities |
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9.684 |
2.751 |
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Net Current Assets |
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4.239 |
0.880 |
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MISCELLANEOUS EXPENSES |
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0.107 |
0.143 |
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TOTAL |
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9.006 |
2.286 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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41.500 |
11.155 |
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Other Income |
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0.003 |
0.000 |
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Total Income |
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41.503 |
11.155 |
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Profit/(Loss) Before Tax |
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7.242 |
0.937 |
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Provision for Taxation |
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2.757 |
0.349 |
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Profit/(Loss) After Tax |
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4.485 |
0.588 |
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Total Expenditure |
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34.261 |
10.218 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total
Income |
(%) |
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10.81 |
5.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
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17.45 |
8.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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38.97 |
19.14 |
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Return on Investment (ROI) (PBT/Networth) |
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1.07 |
0.41 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.76 |
1.20 |
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Current Ratio (Current Asset/Current Liability) |
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1.44 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U74140KA2005PTC035878 |
|
Name of the
Company |
VERIFACTS SERVICES PRIVATE LIMITED |
|
Address |
Kings Crest Apartments, C No. 8, Millers Road, Bangalore, Karnataka,
India |
|
This form is for |
Creation of
Charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Bank of India Malleshwaram Branch, Bangalore – 560003, Karnataka, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Charge of
Hypothecation of Book Debts |
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Date of the
instrument creating or modifying the charge |
01.08.2006 |
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Amount secured by
the charge |
Rs.2.000 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Interests at
3.25% over BOI PLR min. 14.50% p.a. Margin 30%
Repayable on Demand |
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Short particulars
of the property charged (including location of the property) |
Book Debts Hypothecation of
present and future Book Debts outstanding moneys receivables and bills
belonging to the company. |
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Particular of the
present modification |
NA |
Profile:
Verifacts Group is a
background/antecedents verification company, specializing in the field of
Candidate Authentication Program (CAP). Headquartered in Bangalore, with seven
other branches in India and several associates across the globe, Verifacts
provides its services to a large number of Multinational and National companies
across the Globe effectively.
Background
of Senior Management:
Lt. Col (Retd.) Swapan Bhadra –
Chief Executive
Lt. Col (Retd.) Swapan Bhadra has been the winner of the President's Sword of
Honour and Gold Medal at the prestigious Indian Military Academy while being
commissioned as an army officer. Swapan is an Engineer and holds a
Post-Graduate degree in Management.
He has over 30 years of valuable experience in HRD,
Operations, HR Policy Planning, Joint Venture formation and large construction
Project management in Software as well as Entertainment sector.
Swapan is ex-Head HR and Admin of TCS (Bangalore, Cochin and
Trivandrum) the largest software company of Asia. He was also ex-Head HR and
Operations of Deutsche Software, Deutsche Bank Group and also the ex-President
HR of the Access Group of companies of Zee Telefilms, the largest Indian Media
Group.
Subject also has some distinguished
senior Corporators on its Board including CEOs of some reputed companies.
Advantage:
- International
Experience
- Business
Commitment
- Impeccable
Quality
- NASSCOM and
NDML empanelled EBC for "National Skills Registry"
- Positive
industry references
- Customized
Packaging
- QA and
Process Oriented Methodology
- Serving Top 3
IT Players
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.40.45 |
|
UK Pound |
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
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 |
|