MIRA
INFORM REPORT
|
Report Date : |
01.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
QUICK HEAL TECHNOLOGIES PRIVATE LIMITED (w.e.f. 07.08.2007) |
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Formerly Known
As : |
CAT COMPUTER SERVICES PRIVATE LIMITED |
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Registered
Office : |
603, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.08.1995 |
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Com. Reg. No.: |
11-091408 |
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Capital Investment
/ Paid-up Capital : |
Rs.76.337 Millions |
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CIN No.: [Company Identification
No.] |
U72200MH1995PTC091408 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider of Antivirus and Internet Security Tools. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2600000 |
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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 an 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 normal for business dealings at usual
trade trams 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 : |
Mrs. Vaibhavi |
|
Designation : |
Fiancé Manger |
|
Contact No.: |
91-22-66835900 |
|
Date : |
30.05.2012 |
LOCATIONS
|
Registered Office / Head Office : |
603, Mayfair Towers II, Wakdewadi Shivajinagar, Pune – 411005, |
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Tel. No.: |
91-20-41060400 / 66025985 |
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Fax No.: |
91-20-41060401 |
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E-Mail : |
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Website : |
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International
Support Centre: |
Office No. 101, Shree Sai Narayan Apartment, Ganjave Chowk, Navi Peth, Opposite Patrakar Bhavan, LBS Road, Pune – 411030, Maharashtra, India |
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Branch Office : |
Located at
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DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Kailash Sahebrao Katkar |
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Designation : |
Managing Director |
|
Address : |
B-101, Omkar, Puru HSG Society, |
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Date of Birth/Age : |
01.11.1966 |
|
Experience : |
20 Years |
|
Date of Appointment : |
17.08.1995 |
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DIN No.: |
00397191 |
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|
|
Name : |
Mr. Sanjay Sahebrao Katkar |
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Designation : |
Managing Director |
|
Address : |
SA 11, Siddeshwar Nagar, |
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Date of Birth/Age : |
29.11.1970 |
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Qualification : |
Master of Computer Science |
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Experience : |
14 Years |
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Date of Appointment : |
17.08.1995 |
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DIN No.: |
00397277 |
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|
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|
Name : |
Mr. Sumir Chadha |
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Designation : |
Director |
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Address : |
1512, Floribunda, Avenue Apartment, 301, |
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Date of Birth/Age : |
23.04.1971 |
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Date of Appointment : |
08.09.2010 |
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DIN No.: |
00040789 |
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Name : |
Mr. Mehul Mulchand Savla |
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Designation : |
Director |
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Address : |
1002, Salvation Apartments, Kale Marg, Dadar (West), Mumbai – 400028, |
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Date of Birth/Age : |
04.04.1974 |
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Qualification : |
MBA from |
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Date of Appointment : |
13.06.2011 |
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DIN No.: |
02137699 |
KEY EXECUTIVES
|
Name : |
Mrs. Deepti Shirish Dole |
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Designation : |
Secretary |
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Address : |
1098/19, Laxmi Narayan Apartment, Model Colony, Pune – 411016, |
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Date of Birth/Age : |
16.07.1985 |
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Date of Appointment : |
12.08.2010 |
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PAN NO.: |
AOQPD2811L |
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|
|
|
Name : |
Mrs. Vaibhavi |
|
Designation : |
Fiancé Manger |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Anupama Katkar Jt Wt Kailash Katkar |
|
2793923 |
|
Sanhay Katkar and Chhaya Katkar |
|
2793923 |
|
Kailash Katkar Jt Wt Anupama Katkar |
|
625497 |
|
Chhaya Katkar Jt Wt Sanhay Katkar |
|
625497 |
|
Ripplewave Equity Private Limited, |
|
13000 |
|
Sequoia Capital |
|
469123 |
|
Sequoia Capital |
|
312748 |
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Total |
|
7633711 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Venture Capital |
6.14 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
4.10 |
|
Directors or relatives of Directors |
89.59 |
|
Other top fifty shareholders |
0.17 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Antivirus and Internet Security Tools. |
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Products : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
CITI Bank Na, Kumar Capital,2413, |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.V. Ghatalia and Associates Chartered Accountants |
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Address : |
C-401, 4th Floor, |
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Tel No. : |
91-20-66016000 |
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Fax No. : |
91-20-66015090 |
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PAN.: |
AACFS6931Q |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20050000 |
Equity Shares |
Rs.10/- each |
Rs.200.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
7633711 |
Equity Shares |
Rs.10/- each |
Rs.76.337 Millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
|
|
20050000 |
Equity Shares |
Rs.10/- each |
Rs.200.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7140000 |
Equity Shares |
Rs.10/- each |
Rs.71.400
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
71.400 |
71.400 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
595.500 |
277.065 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
666.900 |
348.465 |
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LOAN FUNDS |
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|
1] Secured Loans |
|
50.016 |
45.176 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
50.016 |
45.176 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.812 |
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TOTAL |
|
716.916 |
394.453 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
125.287 |
52.833 |
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Capital work-in-progress |
|
176.927 |
86.116 |
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INVESTMENT |
|
78.349 |
40.511 |
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|
DEFERREX TAX ASSETS |
|
11.834 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
0.000 |
10.618 |
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Sundry Debtors |
|
296.811 |
172.690 |
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|
Cash & Bank Balances |
|
58.296 |
50.459 |
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Other Current Assets |
|
0.000 |
0.000 |
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|
Loans & Advances |
|
66.243 |
18.665 |
|
Total
Current Assets |
|
421.350 |
252.432 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
17.781 |
26.948 |
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Other Current Liabilities |
|
74.183 |
10.491 |
|
|
Provisions |
|
4.867 |
0.000 |
|
Total
Current Liabilities |
|
96.831 |
37.439 |
|
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Net Current Assets |
|
324.519 |
214.993 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
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TOTAL |
|
716.916 |
394.453 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
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|
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Income |
|
887.308 |
497.405 |
|
|
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Other Income |
|
12.463 |
6.965 |
|
|
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TOTAL |
|
899.771 |
504.370 |
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Less |
EXPENSES |
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Office Expenses |
|
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Administrative Expenses |
|
401.570 |
234.112 |
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Advertising Expenses |
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|
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TOTAL |
|
401.570 |
234.112 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
498.201 |
270.258 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
7.063 |
4.689 |
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|
PROFIT BEFORE
TAX |
|
491.138 |
266.068 |
|
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Less |
TAX |
|
161.759 |
90.994 |
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PROFIT AFTER TAX
|
|
329.379 |
174.575 |
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|
Priod Period Items |
|
3.507 |
0.000 |
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|
BALANCE CARRIED
TO THE B/S |
|
325.872 |
174.575 |
|
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|
|
Earnings Per
Share (Rs.) |
|
42.69 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
36.61 |
34.61 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
55.35 |
53.49 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
89.85 |
87.16 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.74 |
0.76 |
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.22 |
0.24 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
4.35 |
6.74 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
Yes |
DETAILS OF SUNDRY CREDITORS
Rs. In Millions
|
Particular |
31.03.2010 |
31.03.2009 |
|
Dues to other than micro and small
enterprises |
17.781 |
26.948 |
|
Total |
17.781 |
26.948 |
Note:
The registered office of the company has been shifted from 9,
Raghunath Apartment,
BUSINESS OPERATIONS
Fiscal 2009 – 2010 was an exemplary year for
the company. The company emerged as strong player in the industry despite
challenging economic conditions. Quick Heal’s total Sales increased form
Rs.567.000 Millions to Rs.994.000 Millions
The company takes continuous efforts to build
long terms relations with its distributors with its distributors and partners and
to provide customer satisfactory to the end users. This has company to achieve
stellar performances in its Financial Years.
FIXED ASSETS
- Building
- Computer
- Electrical Installations
- Furniture and Fixture
- Office Equipments
- Vehicles
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.56.42 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.69.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
52 |
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.