MIRA
INFORM REPORT
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Report Date : |
22.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
NATION INFOTECH PRIVATE LIMITED |
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Registered Office : |
10, Goyal Raw House, Near Goyal Inter-City Flats, Drive In Road,
Thaltej, Ahmedabad – 380 052, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
30.10.2006 |
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Com. Reg. No.: |
04-49289 |
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CIN No.: [Company
Identification No.] |
U72900GJ2006PTC049289 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMN03068C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor of Computer Peripherals |
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 160000 |
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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 2 yeas old company and taken over the running business of
erstwhile proprietory concern “Nation Infotech”. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Neeraj J Parikh |
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Designation : |
Director |
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Contact No.: |
91-9824023837 |
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Date : |
20.09.2008 |
LOCATIONS
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Registered Office : |
10, Goyal Raw House, Near Goyal Inter-City Flats, Drive In Road, Thaltej,
Ahmedabad – 380 052, Gujarat, India |
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Tel. No.: |
91-79-26851083 / 26855553 |
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Mobile No.: |
91-9824023837 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Neeraj Jagdishchandra
Parikh |
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Designation : |
Director |
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Address : |
6, Shasvat Bunglows, Near Kala Darshan Flats, Behind Seema Hall,
Satellite, Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
23.07.1967 |
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Qualification : |
B.Com, Inter CA, Computer Science |
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Date of Appointment : |
30.10.2006 |
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Name : |
Mrs. Reena Neeraj Pairkh |
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Designation : |
Director |
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Address : |
6, Shasvat Bunglows, Near Kala Darshan Flats, Behind Seema Hall, Satellite,
Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
22.10.1968 |
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Qualification : |
Civil Engineer |
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Date of Appointment : |
30.10.2006 |
KEY EXECUTIVES
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Name : |
Harish P Jain and Associates |
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Designation : |
Company Secretary |
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Address : |
304 Shilpa-II, Near Sales India, Ashram Road, Ahmedabad 380 009,
Gujarat, India |
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Tel. No.: |
91-79-27545524 |
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Mobile No.: |
91-9825355626 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Neeraj J Parikh |
2250000 |
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Reena Neeraj Parikh |
749990 |
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Hamini System, HUF |
10 |
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Total |
3000000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor of Computer Peripherals |
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Terms : |
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Selling : |
Credit (25 to 40 days) |
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Purchasing : |
Credit (7 to 10 days) |
GENERAL
INFORMATION
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Suppliers : |
·
Rashi Peripherals Private Limited ·
SES Technologies Private Limited ·
Ingram Micro India Private Limited ·
Supertron Electronics Limited ·
Teerth Technology Private Limited ·
Iris Computers Limited ·
Esys Information Technologies Limited |
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Customers : |
·
End Users ·
80% Dealers ·
Star Digital Private Limited ·
Techniks Infoech Private Limited ·
Shree Vasundhara Trading Company ·
Champion Impex Private Limited ·
Damson Technology Private Limited ·
Earth Systecom Private Limited ·
Manibhadra Enterprises |
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No. of Employees : |
12 |
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Bankers : |
·
State Bank of India ·
Canara Bank Bhadra Branch, Lal Darwaja, Ahmedabad –
380 001, Gujarat, India |
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Facilities : |
CC Rs.138.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajiv Shah and Associates Chartered Accountants |
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Address : |
31 Kalindi Complex, Opp Loha Bhavan, High Court Lane, Navarangpura, Ahmedabad
– 380 009, Gujarat, India |
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Tel. No.: |
91-79-27542815 |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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30.000 |
30.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.668 |
0.824 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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31.668 |
30.824 |
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LOAN FUNDS |
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1] Secured Loans |
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125.104 |
78.130 |
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2] Unsecured Loans |
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32.460 |
0.000 |
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TOTAL BORROWING |
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157.564 |
78.130 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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189.232 |
108.954 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.371 |
0.468 |
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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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0.011 |
0.007 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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91.305 |
72.968 |
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Sundry Debtors |
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114.182 |
54.067 |
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Cash & Bank Balances |
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0.428 |
0.162 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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9.822 |
11.267 |
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Total
Current Assets |
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215.737 |
138.464 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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27.142 |
30.324 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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27.142 |
30.324 |
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Net Current Assets |
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188.595 |
108.140 |
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MISCELLANEOUS EXPENSES |
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0.255 |
0.339 |
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TOTAL |
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189.232 |
108.954 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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804.256 |
305.391 |
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Other Income |
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1.346 |
0.102 |
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Total Income |
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805.602 |
305.493 |
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Profit/(Loss) Before Tax |
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0.844 |
1.284 |
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Provision for Taxation |
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0.000 |
0.460 |
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Profit/(Loss) After Tax |
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0.844 |
0.824 |
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Expenditures : |
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Financial Charges |
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14.955 |
4.050 |
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Increase/(Decrease) in Finished Goods |
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(18.337) |
(19.455) |
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Depreciation & Amortization |
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0.114 |
0.051 |
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Other Expenditure |
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808.026 |
319.563 |
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Total Expenditure |
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804.758 |
304.209 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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0.10 |
0.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.10 |
0.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.39 |
0.92 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.83 |
3.52 |
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Current Ratio (Current Asset/Current Liability) |
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7.95 |
4.57 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U72900GJ2006PTC049289 |
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Name of the
company |
NATION INFOTECH PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
10, Goyal Raw House, Near Goyal Inter-City Flats, Drive In Road,
Thaltej, Ahmedabad – 380 052, Gujarat, India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book debts ·
Others o
Stock in
Trade |
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Particular of
charge holder |
Canara Bank Bhadra Branch, Lal Darwaja, Ahmedabad – 380 001, Gujarat, India |
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Nature of
instrument creating charge |
Common
Hypothecation Agreement |
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Date of
instrument Creating the charge |
08.06.2007 |
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Amount secured by
the charge |
Rs.13.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest The Borrower shall pay Interest @ 2% above BPLR with a minimum 15.25%
p.a. compounded monthly rests. ·
Terms of
repayment Repayable on demand ·
Margin The Borrower shall maintain margin 30% against Stock and 40% against
Book Debts. ·
Extent and
operation of the charge First charge of OCC/ODBD of Rs.13.000 millions operates against HP of Stocks
in trade and Book Debts of the Company. |
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Particulars of
the property charged |
Entire Stock and
Book Debts of the Company located / stores at the Borrower’s godown at
S.F.12, Samrpan Arcade, 200 Ft. S. P. Ring Road, Ambali-Bopal, Ahmedabad
office at 10, Goyal Row House, Drive-in-Road, Thaltej, Ahmedabad – 380
051 |
Subject acts as a Distributor for
Following
·
Acer Seagate
·
Intel and AMD
·
Dealer for Samsung, Ashok and Dynet.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.32 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
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 |
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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
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 |
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