MIRA
INFORM REPORT
|
Report Date : |
04.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAZE NET SOLUTION PRIVATE LIMITED |
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Registered
Office : |
No.12-E, 1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.02.2001 |
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Com. Reg. No.: |
18-009649 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U72200TZ2001PTC009649 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBM03235B |
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PAN No.: [Permanent Account No.] |
AADCM3839M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider of IT Training |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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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 26000 |
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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. Payments 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 |
LOCATIONS
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Registered Office : |
No.12-E, 1st Floor, Padmalaya Towers, 10th
Street, Gandhipuram, Coimbatore-641012, Tamilnadu, India |
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Tel. No.: |
91-422-4372121 |
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Fax No.: |
Not Available |
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E-Mail : |
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Branch Office : |
Gee Gee Plaza, 2nd Floor, Wheat Crofts Road, Nungambakkam,
Chennai-600034, Tamilnadu, India |
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Tel. No.: |
91- 44-45582525 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Karuppan Mani |
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Designation : |
Director |
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Address : |
C-14, Hallmark Row Houses Parsn, Nanjundapuram Road, Ramanathapuram,
Coimbatore-641036, Tamilnadu, India |
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Date of Birth/Age : |
16.07.1968 |
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Date of Appointment : |
16.02.2001 |
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DIN No.: |
02234637 |
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Name : |
Mr. Karuppan Selvam |
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Designation : |
Director |
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Address : |
C-43, Mayflower, Annapoorna Garden, Dr. Munusamy Street,
Ramanathapuram, Coimbatore-641045, Tamilnadu, India |
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Date of Birth/Age : |
21.06.1966 |
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Date of Appointment : |
18.08.2003 |
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DIN No.: |
01377268 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Karuppan Mani |
9999 |
|
Karuppan Selvam |
1 |
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Total |
10000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
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 : |
Service Provider of IT Training |
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Services : |
·
Software and Hardware Training Services ·
Call Centre Training and Placement ·
Sale of Computer Software |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Andhra Bank, No.223, Sathyamurthy Road, Ramnagar,
Coimbatore-641009, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G. Gomathi Chartered Accountant |
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Address : |
No.19, Rajalakshmi Nagar, Subramaniam Palayam, G. N. Mills Post,
Coimbatore-641029, Tamilnadu, India |
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Pan No.: |
AEBPG4405L |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
1.513 |
1.513 |
1.513 |
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3] Reserves & Surplus |
4.947 |
2.512 |
1.300 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.560 |
4.125 |
2.913 |
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LOAN FUNDS |
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1] Secured Loans |
1.708 |
0.970 |
0.000 |
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2] Unsecured Loans |
0.632 |
0.432 |
0.432 |
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TOTAL BORROWING |
2.340 |
1.402 |
0.432 |
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DEFERRED TAX LIABILITIES |
0.319 |
0.266 |
0.203 |
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TOTAL |
9.219 |
5.793 |
3.548 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.188 |
5.564 |
2.874 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
1.811
|
0.991 |
0.712 |
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Sundry Debtors |
3.452
|
2.130 |
1.429 |
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Cash & Bank Balances |
1.325
|
0.309 |
0.303 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.497
|
2.094 |
1.472 |
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Total
Current Assets |
11.085
|
5.524 |
3.916 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.947
|
2.034 |
0.707 |
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Other Current Liabilities |
5.272
|
2.476 |
1.914 |
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Provisions |
1.835
|
0.785 |
0.621 |
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Total
Current Liabilities |
10.054
|
5.295 |
3.242 |
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Net Current Assets |
1.031
|
0.229 |
0.674 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.219 |
5.793 |
3.548 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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|
19.049 |
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Other Income |
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TOTAL (A) |
35.232 |
23.564 |
19.049 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
29.727 |
20.748 |
17.141 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.505 |
2.816 |
1.908 |
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Less |
FINANCIAL
EXPENSES (D) |
0.201 |
0.089 |
0.094 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.304 |
2.727 |
1.814 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.767 |
0.958 |
0.889 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.537 |
1.769 |
0.925 |
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Less |
TAX (H) |
1.102 |
0.563 |
0.288 |
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PROFIT AFTER TAX
(G-H) (I) |
2.435 |
1.206 |
0.637 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.512 |
0.050 |
0.479 |
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Add |
EXCESS
PROVISION FOR EARLIER YEARS |
0.000 |
0.006 |
(0.009) |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
2.000 |
0.750 |
0.763 |
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Proposed Dividend |
0.000 |
0.000 |
0.251 |
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Tax on Dividend |
0.000 |
0.000 |
0.043 |
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BALANCE CARRIED TO
THE B/S |
0.947 |
0.512 |
0.050 |
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EARNINGS IN
FOREIGN CURRENCY |
1.335 |
2.392 |
NA |
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Earnings Per
Share (Rs.) |
243.00 |
121.00 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.91
|
5.12 |
3.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.35
|
15.95 |
13.62 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.43 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.94
|
1.69 |
1.33 |
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Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.04 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS PERFORMANCE:
During the year,
the turnover of the Company has increased to Rs. 35.232 Millions as against Rs.
23.564 Millions in the previous year, registering a growth of 150% over the previous
year. The profit after taxes for the year is Rs. 2.435 Millions as compared to
Rs. 1.205 Millions in the previous year. The Company has expanded its
operations and has added a branch at RS Puram, Coimbatore, which is adequately
equipped to undertake special training programs.
FUTURE OUTLOOK
With strong
corporate training plans and encouraging market trend, the Directors are
confident that the Company will generate good revenues in ensuing years. The
business expansion undertaken during the current year will further augment
revenue in the ensuing year.
FORM 8
|
Corporate
identity number of the company |
U72200TZ2001PTC009649 |
|
Name of the
company |
MAZE NET SOLUTION
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
No.12-E, 1st Floor, Padmalaya Towers, 10th Street, Gandhipuram, Coimbatore-641012, Tamilnadu, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Andhra Bank, No.223, Sathyamurthy Road, Ramnagar, Coimbatore-641009, Tamilnadu, India |
|
Nature of
instrument creating charge |
* Composite
Agreement and Demand Promissiory Note * Demand
Promissiory Note For An Amount of Rs.1.000 Million * Interest
@15.50%, Repayable In 24 Monthly Installments Commencing From 06.02.2010 * Hypothecation
of Computer Hardwares, Furniture And Fittings, Interiors Worth Rs.2.215
Millions |
|
Date of instrument
Creating the charge |
06.01.2010 |
|
Amount secured by
the charge |
Rs. 1.000 Million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 15.50% Terms of repayment 24 monthly
installments Margin Rs.1.215 millions Extent and operation of the charge Primary
security:- Hypothecation of computer hardware, furniture and fittings
interiors etc. Worth Rs.2.215 Millions |
|
Short particulars
of the property charged (Including location of the property) |
First Charge on
Fixed Assets of The Company As At 31.03.2009 As Per Audited Balance Sheet Rs.
2.874 Millions |
FIXED ASSETS
·
Building
·
Computers and Accessories
·
Electrical and Other
Accessories
·
Furniture and Fittings
·
Office Equipments
·
Generator
·
Projector
·
UPS
·
Air Conditioners
·
Vehicles
·
Software
·
License Fees
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. 50.56 |
|
|
1 |
Rs. 81.04 |
|
Euro |
1 |
Rs. 67.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
48 |
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.