MIRA
INFORM REPORT
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Report Date : |
03.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MAGNAMIOUS SYSTEMS PRIVATE LIMITED |
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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 : |
31.10.1995 |
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Com. Reg. No.: |
11-094056 |
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CIN No.: [Company
Identification No.] |
U7200MH1995PTC094056 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM16037A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of computer peripherals and accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 210000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payment are reported to be usually
correct and as per commitments. The company can be considered normal for 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Jitan Mehta |
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Designation : |
Director |
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Contact No.: |
91-22-26115106 |
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Date : |
02.03.2011 |
LOCATIONS
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Registered / Head Office : |
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Tel. No.: |
91-22-26115106/26115128 |
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Fax No.: |
91-22-26115308/26115303 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. (Owned) |
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Branch 1: |
2nd Floor, Gautam Building, Opposite Centurian Bank, |
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E-Mail : |
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Area : |
1000 Sq. ft. (Owned) |
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Branch 2: |
Office No. 2, 3rd Floor, Radiant Arcade, |
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Tel. No.: |
91-20-26334564 |
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Email: |
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Area: |
1000 Sq. ft. (Owned) |
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Branch 3: |
Located at Vapi |
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Customer Care
Office: |
502, Khushal Point, 5th Floor, Road No. 4, Behind Uday Cinema,
Ghatkopar (W), Mumbai-400086, |
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Tel. No.: |
91-22-25121244/25121245 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Jiten Rajnikant Mehta |
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Designation : |
Chairman cum Managing Director |
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Address : |
Flat No. 902, 9th Floor, Toer 1, Green Ridge, Chikuwadi,
Shimpoli, New |
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Date of Birth/Age : |
29.08.1966 |
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Date of Appointment: |
31.10.1995 |
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Name : |
Mr. Deepak Dinesh Zhaveri |
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Designation : |
Director |
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Address : |
1502 |
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Date of Birth/Age : |
23.06.1965 |
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Date of Appointment: |
31.10.1995 |
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Name : |
Jaina Jiten Mehta |
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Designation : |
Director |
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Address : |
Cahr Bungalow LT Raod, Borivali (West), Mumbai;400092, |
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Date of Birth/Age : |
11.10.1967 |
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Date of Appointment: |
28.12.1995 |
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Name : |
Chaula Deepak Zhaveri |
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Designation : |
Director |
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Address: |
1502 |
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Date of Appointment: |
28.12.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Jiten Rajnikant Mehta |
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1000 |
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Deepak Dinesh Chandra Zhaveri |
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1000 |
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Jaina Jiten Mehta |
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500 |
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Chaula Deepak Zhaveri |
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500 |
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Total |
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3000 |
AS ON 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of computer peripherals and accessories. |
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Terms : |
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Selling : |
Cash / Credit / (30 days / 60 days / 90 days) |
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Purchasing : |
Cash / Credit / (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Suppliers : |
· Redinggter (Private)Limited · Citrix System Asia Pacific Private limited · Frish Computer Limited · Tech Pacific Limited · Wipro Limited |
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Customers : |
· Galaxy Surfactors Limited · Fans Exchange (I) limited · Gome Engineering Private Limited · Curetes Farbes Limited |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.P. Bhandari and Company Chartered Accountant |
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Address : |
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Tel. No.: |
91-22-24949991 |
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Fax No.: |
91-22-24949995 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000 |
Equity Shares |
Rs.100/- each |
Rs.0.300
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.300 |
0.300 |
0.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
52.588 |
45.087 |
38.261 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
52.888 |
45.387 |
38.561 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
1.970 |
3.344 |
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2] Unsecured Loans |
8.135 |
7.146 |
5.156 |
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TOTAL BORROWING |
8.135 |
9.116 |
8.500 |
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DEFERRED TAX LIABILITIES |
0.018 |
0.000 |
0.000 |
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TOTAL |
61.041 |
54.503 |
47.061 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.309 |
9.655 |
10.512 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.011 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.733
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1.943 |
1.326 |
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Sundry Debtors |
51.958
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65.824 |
44.572 |
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Cash & Bank Balances |
21.716
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14.806 |
2.906 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
9.732
|
9.058 |
5.614 |
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Total
Current Assets |
88.139
|
91.631 |
54.418 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
26.399
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37.701 |
14.094 |
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Other Current Liabilities |
5.010
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4.084 |
3.786 |
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Provisions |
4.998
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4.998 |
0.000 |
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Total
Current Liabilities |
36.407
|
46.783 |
17.880 |
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Net Current Assets |
51.732
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44.848 |
36.538 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
61.041 |
54.503 |
47.061 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
166.770 |
198.466 |
191.671 |
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Maintain Charges |
17.566 |
5.032 |
0.000 |
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Other Income |
4.935 |
7.354 |
4.131 |
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TOTAL (A) |
189.271 |
210.852 |
195.802 |
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Less |
EXPENSES |
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Direct Expenses |
151.402 |
166.258 |
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Salary and Allowances |
19.368 |
19.076 |
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Administrative and Selling Expenses
|
7.764 |
11.751 |
175.116 |
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Increase / Decrease in Closing Stock |
(2.789) |
(0.617) |
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TOTAL (B) |
175.745 |
196.468 |
175.116 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.526 |
14.384 |
20.686 |
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Less |
FINANCIAL
EXPENSES (D) |
0.928 |
1.462 |
1.291 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.598 |
12.922 |
19.395 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.003 |
1.097 |
1.567 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.595 |
11.825 |
17.828 |
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Less |
TAX (H) |
4.094 |
4.999 |
6.830 |
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PROFIT AFTER TAX
(G-H) (I) |
7.501 |
6.826 |
10.998 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
45.087 |
38.261 |
NA |
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BALANCE CARRIED
TO THE B/S |
52.588 |
45.087 |
NA |
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Earnings Per
Share (Rs.) |
2500.46 |
2275.49 |
NA
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Expected Sales (2010-2011): Rs.220.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.96
|
3.23 |
5.62 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.95
|
5.96 |
9.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.90
|
11.67 |
27.45 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.26 |
0.46 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.84
|
1.23 |
0.68 |
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Current Ratio (Current Asset/Current Liability) |
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2.42
|
1.96 |
3.04 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
26.399
|
37.701 |
14.094 |
Bankers Charges Report
as per Registry
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Corporate
identity number of the company |
U72200MH1995PTC094056 |
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Name of the
company |
MAGNAMIOUS
SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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This form is for |
Creation of
charge |
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Type of charge |
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
Union Bank of |
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Email |
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Nature of
instrument creating charge |
1) Memorandum of
deposit of title deed 2) General term
loan agreement |
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Date of
instrument Creating the charge |
26.06.2006 |
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Amount secured by
the charge |
Rs.3.250 Millions
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Brief of the principal
terms an conditions and extent and operation of the charge |
1) Equitable
Mortgage of immovable property to secure a Term Loan of Rs.3.250 Millions. 2) Interest @
12.50% P.A. with monthly rests. 3) Repayment - 84
installments of Rs.0.038 millions each. |
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Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
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Particulars of
the property charged |
Equitable
Mortgage of immovable property viz. Shop No. 2, admeasuring about 480 sq.ft. at
Sainath Sadan CHS Ltd., Survey No. 139, Hissa No. 9, C.T.S. No. 1941, T.P.S.
V, Highway Service Road, Village Vile Parle (E), Taluka Andheri (E) Mumbai in
the Registration Dist. and Sub Dist. of Mumbai City and Mumbai Suburban. |
Fixed Assets:
·
Furniture and Fixtures
·
Motor Car
·
Air conditioner
·
Fax Machine
·
Telephones
·
Mobile Phones
·
Computer
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Scanner
·
Television
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Tea Pot Machine
·
Aqua Guard
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Office Premises
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Camera
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Easy Card Reader
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Electrical Fittings
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LCD Projector
·
Invertor
Trade References:
- Galaxy Surfactors Limited
- Tech Pacific Limited
- Frish Computer Limited
AS PER WEBSITE DETAILS:
PROFILE:
Subject was established in the year 1995 by two Industry experts Mr. Jiten Mehta B.E (Electronics) and Mr. Deepak Jhaveri BE (Electronics). Both having combines experience of 25 years in IT Industry.
Currently, Subject is having more than 140 million turnover
and more than 150 skilled employees. Company is having four offices including
one Head Office at Mumbai and branches at
Subject is a leading System Integrator for Microsoft,
Symentec, Access partner for Citrix, Elite partner for Wipro, IBM, Hewlette
Packard, Relibelity partner for APC and
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.