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MIRA
INFORM REPORT
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Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SAI INFOSYSTEM (INDIA) LIMITED (w.e.f. 24.01.2008) |
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Formerly Known As : |
SAI INFOSYSTEM ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.01.2003 |
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Com. Reg. No.: |
04-41786 |
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Capital Investment / Paid-up Capital : |
Rs.80.901 Millions |
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CIN No.: [Company
Identification No.] |
U30007GJ2003PLC041786 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS05903C |
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PAN No.: [Permanent
Account No.] |
AAHCS2059R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Personal Computers and I T Software. |
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Employees : |
800 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
A (61) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 8200000 |
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Status : |
Good |
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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 fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Ritesh Acharya |
|
Designation : |
Finance Manager |
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Contact No.: |
91-8000759705 |
|
Date : |
19.07.2011 |
LOCATIONS
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Registered Office/ Factory : |
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Tel. No.: |
91-79-30110400 |
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Mobile No.: |
91-8000759705 (Mr. Ritesh Acharya) |
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Fax No.: |
91-79-26763072 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Administrative Office: |
“Saicare” Paresh Co-op. Housing Society, Near Stadium Petrol Pump, Near
Chaitanya Bus Stop, Navrangpura, Ahmedabad – 380 014, Gujarat, India |
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Tel No.: |
91-79-26564425 / 260 |
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Branch Office : |
Located at: ·
Ahmedabad ·
·
Mumbai ·
·
Jaipur ·
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DIRECTORS
As on 28.09.2010
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Name : |
Mr. Sunil Seurendrakumar Kakkad |
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Designation : |
Chairman and Managing Director |
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Address : |
3 Ashwaraj Bunglos, Near Auda Garden, Prahalad Nagar Road, Satellite,
Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
10.05.1971 |
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Date of Appointment : |
01.01.2003 |
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DIN No. : |
00613257 |
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Name : |
Mr. Vijay Mansangbhai Mandora |
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Designation : |
Executive Director |
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Address : |
Dwarkamai 14/6, Parivar Bunglows, Besides Premchandnagar A Road, Near Satyagrah
Chhavani, Satellite, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
24.05.1971 |
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Date of Appointment : |
01.01.2003 |
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Date of Ceasing : |
24.01.2011 |
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DIN No. : |
00328792 |
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Name : |
Mr. Subodhchandra Trambaklal Shah |
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Designation : |
Director |
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Address : |
Sneh Roop, |
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Date of Birth/Age : |
20.01.1937 |
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Date of Appointment : |
13.03.2008 |
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DIN No. : |
00317408 |
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Name : |
Mr. Gautam Chandrakant Gandhi |
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Designation : |
Director |
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Address : |
ADJ TO 2 Prabhat Society, Paldi, Ahmedabad – 380007, |
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Date of Birth/Age : |
28.11.1935 |
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Date of Appointment : |
15.04.2008 |
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DIN No. : |
00049735 |
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Name : |
Mr. Kamlesh Suresh Gandhi |
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Designation : |
Director |
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Address : |
6, Palm Grove, 26 Pushpak Park, Aundh, Pune – 411007, |
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Date of Birth/Age : |
16.06.1950 |
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Date of Appointment : |
28.07.2008 |
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Date of Ceasing : |
14.03.2010 |
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DIN No. : |
00004969 |
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Name : |
Mr. Prem Puran Behl |
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Designation : |
Director |
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Address : |
E-6, Defence Colony, |
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Date of Birth/Age : |
10.09.1944 |
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Date of Appointment : |
30.05.2009 |
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DIN No. : |
00409205 |
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Name : |
Mr. Dhiraj Mohanlal Trapasia |
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Designation : |
Additional Director |
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Address : |
69, Shreenath Nagar, Opp. Rajya Karmachari Nagar, Ghatlodiya,
Ahmedabad – 380 061, |
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Date of Birth/Age : |
11.12.1950 |
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Date of Appointment : |
01.12.2010 |
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DIN No. : |
01932591 |
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Name : |
Mr. Maheshchander Mulkhraj Julka |
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Designation : |
Additional Director |
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Address : |
B-104, |
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Date of Birth/Age : |
26.11.1944 |
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Date of Appointment : |
01.12.2010 |
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DIN No. : |
00153180 |
KEY EXECUTIVES
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Name : |
Mr. Keyur Jagdishbhai Shah |
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Designation : |
Company Secretary |
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Address : |
B/4, Rang Tarang Appartments, Near Shreyas Railways Crossing,
Ambawadi, Ahmedabad – 380015, |
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Date of Birth/Age : |
07.03.1979 |
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Date of Appointment : |
20.08.2008 |
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Date of Ceasing : |
01.12.2009 |
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Email : |
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PAN No. : |
AWRPS8342Q |
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Name : |
Mr. Hemal Janardan Sadiwala |
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Designation : |
Company Secretary |
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Address : |
6, Jaykishan Society, Maninagar (east), Ahmedabad – 380 008, |
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Date of Appointment : |
10.05.2010 |
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PAN No. : |
AZQPS0950E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sunil Seurendrakumar Kakkad |
|
3756832 |
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Vijay Mansangbhai Mandora |
|
801000 |
|
Cameo Infotech Private Limited (Formerly known as Kishore Computers
Private Limited), |
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1726678 |
|
Bennett Coleman and Company Limited, |
|
359736 |
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Jyoti Kakkad |
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317504 |
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Surendra Kakkad |
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129375 |
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Sunil S Kakkad (HUF) |
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55562 |
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Saumya S Kakkad |
|
23927 |
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Ranjana Gupta |
|
50000 |
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Vinay Kumar Gupta |
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50000 |
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Narendra Dhramsinh Desai |
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25000 |
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Chaitanya Desai |
|
25000 |
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Kushal Desai |
|
25000 |
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Vineeta Rajeev Srivastav |
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25000 |
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Kishore Shamji Chheda Rakesh Chheda Dhamesh Chheda |
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25000 |
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Devshi Dhramsinh Dedhia Ramila Devshi Dedhia |
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5000 |
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Sanjeev Maheshwari Anju Maheshwari |
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3000 |
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Ritesh A Mehta |
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274451 |
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Power Infocontrol and Services Private Limited, |
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206250 |
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Swan Infocomm Private Limited, |
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205833 |
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Total |
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8090148 |
List of Allotment as on 08.03.2011
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Names of Allottees |
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No. of Shares |
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Brand Equity Treaties Limited, |
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1 |
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Total |
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1 |
As on 28.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
30.89 |
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Directors
or relatives of directors |
|
62.84 |
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Others
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|
6.27 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Personal Computers and I T Software. |
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Products : |
·
Hardware ·
DG S and D ·
Software Solution ·
KPO/BPO ·
STPI/ SEZ |
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Imports : |
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Products : |
Raw Materials and Parts |
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Countries : |
·
·
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
·
OEM’s ·
Government Bodies |
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Employees : |
800 Approximately |
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Bankers : |
·
State Bank of Industrial Finance Branch, Gujarat Bhavan,
Opp. M J Library, Ellisbridge, Ahmedabad – 380 006, ·
Allahabad Bank S P Nagar Branch, Navin House, Opp. S P
Seva, Samaj Bhavan, Navrangpura, Ahmedabad – 380 006, ·
State Bank of Overseas Branch, 3rd Floor,
Amrut Jayanti Bhavan, Navjivan Trust Complex Navjivan P O Ahmedabad – 380014,
·
Central Bank of S M Road Branch, Satelite, Ahmedabad –
380015, ·
IDBI Bank Limited, Ellisbridge Branch Ahmedabad, ·
Bank of ·
State Bank of ·
The Hongkong and Shanghai Banking Corporation
Limited, CG Road Branch Ahmedabad, |
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Facilities : |
Note 1.
Primary Security : Pari-passu charge by
hypothecation of book debts, Stock of raw material, bills receivables, semi
finished and finished goods and all other current assets of the company both
present and future, Collateral Security : pari passu charge over company’s
fixed assets situated in the state of Gujarat and Dadara and Nagar
Haveli 2.
Secured by hypothecation of cars 3.
Primary Security : First pari-passu charge over
the assets financed out of bank finance, Collateral Security : pari-passu equitable
mortgage of Company’s immovable properties and pari-passu hypothecation of
all current assets including book debts, stock of raw materials, bills
receivables, semi finished and finished goods and other current assets of the
Company both present and future. 4.
The company has created the above charges over
the current and fixed assets of the Company in favor of consortium banking
members which include State Bank of India, IFB Branch Ahmedabad, IDBI Bank
Limited, Ellisbridge Branch Ahmedabad, Bank of Baroda, Ashram Road Branch
Ahmedabad, State Bank of Bikaner and Jaipur, CG Road Branch Ahmedabad and The
Hongkong and Shanghai Banking Corporation Limited, CG Road Branch Ahmedabad. 5.
Collateral Security : Assignment of SBI Life Unit
Plus II Pension Plan held by the Company in the name of Directors. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dharmesh Parikh and Company Chartered Accountant |
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Address : |
303/304, Milestone, Near Drive in Cinema, Opp. T V Tower, Thaltej, Ahmedabad
– 380 054, |
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Tel. No.: |
91-79-27474466 |
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Fax No.: |
91-79-27479955 |
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Associates : |
·
M/s. Smit Infotech ·
M/s. Sai Compuserve |
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Subsidiaries : |
·
E-Mail Infotech Private Limited, CIN No.: U32100GJ1997PTC032724 ·
SIS Global (FZE) ·
Kompac Technologies Limited ·
M/s. Sai Infosystem ·
M/s. Entourage Communications (Dissolved on Dated
07.09.2009) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8090148 |
Equity Shares |
Rs.10/- each |
Rs.80.901 Millions |
Out of the above
1.
4936808 Equity Shares
have been allotted as fully paid up for consideration other than for cash.
2.
319765 Equity Shares have
been issued to Convertible Debenture holder upon conversion.
3.
704573 Equity Shares have
been allotted as bonus shares in the ratio 8:1.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
80.901 |
68.401 |
63.411 |
|
|
2] Share Application Money |
0.000 |
0.000 |
100.000 |
|
|
3] Reserves & Surplus |
1961.297 |
988.177 |
503.077 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
2042.198 |
1056.578 |
666.488 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2441.605 |
1078.821 |
635.836 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2441.605 |
1078.821 |
635.836 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.409 |
|
|
|
|
|
|
|
|
TOTAL |
4483.803 |
2135.399 |
1302.733 |
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
1385.657 |
186.404 |
64.024 |
|
|
Capital work-in-progress |
3.324 |
42.153 |
21.305 |
|
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INVESTMENT |
104.699 |
80.561 |
65.496 |
|
|
EFERREX TAX ASSETS |
45.916 |
5.581 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
938.766
|
503.607 |
456.615
|
|
|
Sundry Debtors |
2836.574
|
1515.357 |
1006.202
|
|
|
Cash & Bank Balances |
181.130
|
219.111 |
22.936
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
355.350
|
443.723 |
207.405
|
|
Total
Current Assets |
4311.820
|
2681.798 |
1693.158 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
973.993 |
600.848 |
428.397 |
|
|
Other Current Liabilities |
253.458
|
207.714 |
66.966 |
|
|
Provisions |
141.143
|
59.395 |
53.434 |
|
Total
Current Liabilities |
1368.594
|
867.957 |
548.797 |
|
|
Net Current Assets |
2943.226
|
1813.841 |
1144.361 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.981 |
6.859 |
7.547 |
|
|
|
|
|
|
|
|
TOTAL |
4483.803 |
2135.399 |
1302.733 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
7920.210 |
4533.230 |
2822.944 |
|
|
|
Other Income |
6.261 |
5.393 |
1.497 |
|
|
|
TOTAL (A) |
7926.471 |
4538.623 |
2824.441 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales and Services |
6651.646 |
3812.294 |
2408.676 |
|
|
|
Administrative, Selling and Other Expenses |
187.646 |
124.624 |
80.074 |
|
|
|
Preliminary Expenses Written Off |
0.159 |
0.159 |
0.159 |
|
|
|
TOTAL (B) |
6839.451 |
3937.077 |
2488.909 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1087.020 |
601.546 |
335.532 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
OTHER FINANCIAL COSTS (D) |
240.048 |
154.093 |
69.486 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
846.972 |
447.453 |
266.046 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.682 |
10.437 |
7.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAXATION
AND EXCEPTIONAL ITEMS |
786.290 |
437.016 |
258.911 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENTS |
0.134 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
AMORTISATION OF
DEFERRED REVENUE EXPENSES |
0.431 |
0.431 |
0.431 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
785.725 |
436.585 |
258.480 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
94.817 |
46.496 |
29.789 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
690.908 |
390.089 |
228.691 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
422.200 |
205.623 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
73.260 |
90.823 |
12.732 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) Basic Diluted |
100.71 10.00 |
57.03 10.00 |
37.29 37.29 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
11000.000 |
The above information has been parted by Mr. Ritesh Acharya
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.72
|
8.59 |
8.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.92
|
9.63 |
9.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.79
|
15.22 |
14.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.41 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.87
|
1.84 |
1.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.15
|
3.09 |
3.09 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
|
Particulars |
As on 31.03.2010 Rs. in millions |
As on 31.03.2009 Rs. in millions |
As on 31.03.2008 Rs. in millions |
|
Sundry Creditors
for Goods |
932.659 |
592.316 |
424.309 |
|
Sundry Creditors
for Others |
41.334 |
8.532 |
4.088 |
|
Total |
973.993 |
600.848 |
428.397 |
Note
The Registered
Office of the company has been shifted from
OPERATIONS
Subject is focused
on providing total solutions to four Business Verticals namely Telecom, Power,
Defense and e-Governance for state governments and PSUs. During the year, the
Company expanded its scope to new geographical areas including UAE and Middle
East Countries, Hong kong, and
Increase in Sales
The total revenue
of the Company was increased from Rs.4533.200 millions to Rs.7920.200 millions
registering an extensive growth of 74.71%.
In Crease In Profit
The profit before
depreciation, tax and interest of the Company has also increased from
Rs.601.500 millions to Rs.1087.000 millions, while the net profit after tax has
increased to Rs.690.900 millions as compared to previous year's net profit of
Rs.390.100 millions registering a growth of 77%. The EPS (Earning Per Share)
has also increased from Rs.57.20. to Rs.100.71.
PROJECTS AND AWARDS
In line of the
conscious efforts in transforming itself from a system integrator to a Telecom
Service Provider Company, the Company has ventured in to Telecom Sector by
entering in to an agreement with BSNL on 22nd January 2010, for launching Voice
and Video Over Broad Band (WOBB) services in northern and western regions of
During the year
the Company has received National Telecom Award 2010 for Innovation in Fixed
Line services given by INFOCOM Business world Initiative -CMAI. The Company has
won the first International Award for THE NEW ERA AWARD FOR TECHNOLOGY,
INNOVATION AND QUALITY given by Otherways Management and Consulting Association,
The company has
also received GESIA Awards for best Hardware and System Integrator Company
awarded by Gujarat Electronic and Software Industries Association (GESIA). The
Company judged the Best System Integrator being 1st in revenue generation for
the year 2007-2008 and 2008-2009 by D G Week, Mumbai.
CONTINGENT LIABILITIES NOT PROVIDED FOR
|
Particulars |
As on 31.03.2010 Rs. in millions |
As on 31.03.2009 Rs. in millions |
|
Claims not acknowledged
by the company – Income Tax |
14.993 |
14.993 |
|
Bank Guarantee
and Letter of Credit |
534.841 |
606.843 |
|
Corporate
Guarantee |
336.000 |
249.300 |
Show Cause Notice F.
No. DRI/AZU/INV-13/2009 dated 19.03.2010, in terms of Value of Export and
Import of goods under section 14 of the Customs Act, 1962 read with section 11
of FTDR Act, 1992 and rule 11 and 14 of FT (Regulation) Rule, 1993 in which
liability is unascertainable, against which some of the goods are under
seizer.
FORM 8
|
Corporate identity number of the company |
U30007GJ2003PLC041786 |
|
Name of the company |
SAI INFOSYSTEM ( |
|
Address of the registered office or of the principal place of business in |
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10090869 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Others o
Stock and all current assets and equipments |
|
Particular of charge holder |
State Bank of Industrial Finance Branch, Gujarat Bhavan, Opp. M J Library,
Ellisbridge, Ahmedabad – 380 006, |
|
Nature of instrument creating charge |
Supplemental joint deed of hypothecation dated 18th June 2011 |
|
Date of instrument Creating the charge |
18.06.2011 |
|
Amount secured by the charge |
Rs.6660.700 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As Per The Terms and Conditions of The Loan Documents Executed on 18th
June 2011 Terms of Repayment As per the terms and conditions of the loan documents executed on 18th
June 2011 Margin As per the terms and conditions of the loan documents executed on 18th
June 2011 Extent and Operation of the charge Loan facilities of Rs.6660.700 millions are secured by way of first
charge on hypothecation on the current assets, movable assets equipments and
stock joint deed of hypothecation as enclosed herewith. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
All chargeable current assets of company and
movable assets with plant and machinery situated at ahmedabad, gujarat and
other branch offices at Parwanoo (Hp), Banglore, ·
All the equipments, furniture, fixtures and
assets for the data centre project
situated at mankapur, raibareli and
any other premises finalized by the company ·
All the equipments installed at the premises of
BSNL and corporate centre of the company
for the VVOBB project ·
All the equipments, furniture and fixtures at the corporate centre of the company for the call centre project |
|
Particulars of the present modification |
First charge was created under
Charge ID 10090869 amounting to
Rs.1700.000 millions in favour of SBI Consortium charge as per agreement of loan dated
18/10/2008 between Company and SBI Consortium Banks, it modified to Rs.4150
millions with Loan Agreement dated 16/10/2009. Subsequently it was further
modified by Joint Deed of Hypothecation dated 17/03/2011 for the HSBC share
taken over by BOB. Lastly said charge is further modified to Rs.6660.700
millions with the present Loan Agreement dated 18/06/2011. |
FIXED ASSETS
·
Land
·
Office Buildings
·
·
Plant, Machinery and
Equipments
·
Computers
·
Furniture, Fixtures and
Electric Fittings
·
Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.43 |
|
|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.