1. Summary Information
|
|
|
Country |
|
|
Company Name |
SMART I
ELECTRONICS SYSTEMS PRIVATE LIMITED |
Principal Name 1 |
Mr. Ganpat Pandurang Shinde |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Nikesh Vasantlal Shah |
|
|
|
Registration # |
11-162642 |
|
Street Address |
Unit No. 119,
Neha Industrial Estate, |
||
|
Established Date |
15.06.2006 |
SIC Code |
-- |
|
Telephone# |
91-22-40744444 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-10744455 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Access Control Systems |
|
|
# of employees |
70
(Approximately) |
Product Name 2 |
Remote Alarm Systems |
|
Paid up capital |
Rs. 2,645,000/- |
Product Name 3 |
Smart Card Solutions |
|
Shareholders |
Directors - 100% |
Banking |
Union Bank of
India |
|
Public Limited Corp. |
No |
Business Period |
6 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B (26) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
17,937,000 |
Current Liabilities |
16,818,000 |
|
Inventories |
9,640,000 |
Long-term Liabilities |
12,075,000
|
|
Fixed Assets |
3,014,000 |
Other Liabilities |
652,000 |
|
Deferred Assets |
1,441,000 |
Total Liabilities |
29,545,000 |
|
Invest& other Assets |
0,000 |
Retained Earnings |
0,000 |
|
|
|
Net Worth |
2,487,000 |
|
Total Assets |
32,032,000 |
Total Liab. & Equity |
32,032,000 |
|
Total Assets (Previous Year) |
21,196,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales (Including Total Income) |
61,685,000 |
Net Profit |
562,000 |
|
Sales(Previous yr) (Including Total Income) |
51,586,000 |
Net Profit(Prev.yr) |
329,000 |
|
Report Date : |
16.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SMART I ELECTRONICS SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 119, Neha Industrial Estate, |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.06.2006 |
|
|
|
|
Com. Reg. No.: |
11-162642 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.645 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51505MH2006PTC162642 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Access Control Systems and Smart Cards,
By Matries Units, etc. |
|
|
|
|
No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 9000 |
|
|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
119, Neha Industrial Estate, |
|
Tel. No.: |
91-22-40744444/28704141 |
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Fax No.: |
91-22-40744455 |
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E-Mail : |
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Website : |
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Factory 1: |
Unit No.118,
Building No.-3, Samruddhi Sagar Plaza Industrial Complex, Sativali Road,
Vasai (East), Thane, |
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|
|
|
Factory 2: |
Unit No. F 26, Top
Class Enclaves, Near Bhodapada Bus Stop, Sativali Road, Vasai (East) –
401208, Thane, |
|
Tel. No.: |
91-250-2450371 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Ganpat Pandurang Shinde |
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Designation : |
Managing Director |
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Address : |
E-103, Ekta Bhoomi, Gardens Dattapada, Road, Borivali (East|),
Mumbai-400066, |
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Date of Birth/Age : |
11.07.1969 |
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Date of Appointment : |
15.06.2006 |
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DIN No.: |
00287252 |
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Other
Directorship:
|
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Name : |
Mr. Nikesh Vasantlal Shah |
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Designation : |
Director |
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Address : |
C-20, Keshavnidhi CHS, Muljinagar, No. 2, |
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Date of Birth/Age : |
13.05.1979 |
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Date of Appointment : |
15.06.2006 |
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DIN No.: |
00214402 |
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Name : |
Mr. Pankaj Shreiniwas Zanwar |
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Designation : |
Director |
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Address : |
E – 502, Treasure Park, Sant Nagar, Araneshwar, Pune – 411009,
Maharashtra, India |
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Date of Birth/Age : |
01.06.1974 |
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Date of Appointment : |
04.04.2011 |
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DIN No.: |
05172308 |
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Other
Directorship:
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ganpat Pandurang Shinde |
|
239000 |
|
Sheetal Pankaj Zanwar |
|
25000 |
|
Nikesh Vasantlal Shah |
|
500 |
|
|
|
|
|
Total |
|
264500 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Access Control Systems and Smart Cards,
By Matries Units, etc. |
|
|
|
|
|
|
Product: |
Item Code No |
Product Description |
|
|
852352 |
Smart Card, Access Control Systems |
PRODUCTION STATUS 31.03.2011
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Smart Card Readers, Access Control Systems and Accessories |
No. |
|
10000 |
18185 |
GENERAL INFORMATION
|
No. of Employees : |
70 (Approximately) |
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|
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Bankers : |
Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir M V
Road, Andheri (East), Mumbai-400069, Maharashtra, India |
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Tembey and Mhatre Chartered Accountant |
|
Address : |
120, Udyog Mandir No. 1, Bhogji Keer Marg, Mahim, Mumbai-400016, |
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Tel No.: |
91-22-24448069/73 |
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Email: |
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PAN.: |
AAAFT4024B |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
264500 |
Equity Shares |
Rs.10/- each |
Rs. 2.645
Millions |
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Share Application Money |
|
Rs. 1.250
Millions |
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|
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Total |
|
Rs. 3.895 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.645 |
0.100 |
0.100 |
|
|
2] Share Application Money |
1.250 |
1.800 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1.408) |
(1.913) |
(2.144) |
|
|
NETWORTH |
2.487 |
(0.013) |
(2.044) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.103 |
10.471 |
10.070 |
|
|
2] Unsecured Loans |
0.972 |
1.060 |
0.945 |
|
|
TOTAL BORROWING |
12.075 |
11.531 |
11.015 |
|
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DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
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TOTAL |
14.562 |
11.518 |
8.971 |
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
3.014 |
2.356 |
2.273 |
|
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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 |
1.441 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
9.640
|
5.684
|
6.081 |
|
|
Sundry Debtors |
16.423
|
11.941
|
8.634 |
|
|
Cash & Bank Balances |
0.614
|
0.332
|
0.781 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
0.900
|
0.883
|
2.063 |
|
Total
Current Assets |
27.577
|
18.840 |
17.559 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.943
|
6.608
|
7.742 |
|
|
Other Current Liabilities |
7.875
|
2.633
|
2.790 |
|
|
Provisions |
0.652
|
0.437
|
0.329 |
|
Total
Current Liabilities |
17.470
|
9.678 |
10.861 |
|
|
Net Current Assets |
10.107
|
9.162
|
6.698 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14.562 |
11.518 |
8.971 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
61.685 |
51.586 |
42.545 |
|
|
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TOTAL |
61.685 |
51.586 |
42.545 |
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|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenses |
62.549 |
51.256 |
49.452 |
|
|
|
TOTAL |
62.549 |
51.256 |
49.452 |
|
|
|
|
|
|
|
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|
PROFIT/LOSS
BEFORE TAX |
(0.864) |
0.330 |
(6.907) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.302) |
0.001 |
0.231 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX |
0.562 |
0.329 |
(7.138) |
|
|
|
|
|
|
|
|
|
Add |
EXCESS / SHORT
PROVISION FOR TAX |
(0.072) |
0.004 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
EXPENDITURE |
0.000 |
0.102 |
0.314 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1.913) |
(2.144) |
5.308 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1.423) |
(1.913) |
(2.144) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.028 |
0.886 |
0000 |
|
|
TOTAL EARNINGS |
0.028 |
0.886 |
0000 |
|
|
|
|
|
|
|
|
|
|
Earnings/Loss
Per Share (Rs.) |
47.18 |
23.14 |
(745.31) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.91
|
0.63 |
(16.78) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.13)
|
1.75 |
(39.34) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
(25.38) |
(3.38) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.02
|
(744.46) |
5.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.95 |
1.62 |
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 |
No |
|
10) Designation of contact person |
No |
|
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 |
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18) Major customers |
No |
|
19) Payments terms |
No |
|
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 |
Yes |
|
30) Major Shareholders, if available |
Yes |
Note:
The Registered office of the Company has been shifted from E-103, Ekta
Bhumi Gardens, Datta Pada Road, Borivali (East), Mumbai-400066, Maharashtra,
India to the present address i.e. 119, Neha Industrial Estate, Dattapada Road, Borivali
(East), Mumbai-400066, Maharashtra, India w.e.f 02.03.2009
CONTINGENT LIABILITIES:
Contingent Liability amounting to Rs. 0.485
Million being the demand in respect of TDS Liability
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U51505MH2006PTC162642 |
|
Name of the
company |
SMART I
ELECTRONICS SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit No. 119, Neha Industrial Estate, Email: accounts@smartisystems.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir M V
Road, Andheri (East), Mumbai-400069, Maharashtra, India |
|
Nature of
instrument creating charge |
Term Loan
Agreement (Hypothecation of
Movables) |
|
Date of
instrument Creating the charge |
19.09.2011 |
|
Amount secured by
the charge |
Rs. 2.450
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate +4% per
annum with monthly rests or at such other revised rate/s may be prescribed by
the Bank from time to time. Terms of
Repayment Term Loan of
Rs.2.450 Millions shall be repayable in 72 installments of Rs.0.034 Million
Interest to be paid separately as and when debited. Margin As per sanction
terms Extent and
Operation of the charge To secure Term
Loan facility of Rs.2.450 Millions granted by the Bank to the Company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The Borrower
hereby Hypothecates and Charges to the Bank by way of First Charge: 1. All those
Machinery /Plant. Vehicle/Capital Goods/Assets purchased or to be purchased
by the Borrower out of(cont) this loan viz.
Plant and Machineries, Computers, Office Equipment, Furniture etc. whether
installed or not and whether now lying loose or in cases and now being or at
any time hereafter during (cont) the continuance
of this Agreement brought into or upon or at any time in course or transit to
the premises /factory of the Borrower at Unit No.118, Building No.-3,
Samruddhi Sagar Plaza (cont) the continuance
of this Agreement brought into or upon or at any time in course or transit to
the premises /factory of the Borrower at Unit No.118, Building No.-3,
Samruddhi Sagar Plaza (cont) possession or
occupation of the Borrower.(cont) 2.All that Tangible
Movable Machinery and Plant of the Borrower together with spares, tools and
accessories and other movables, both present and future, whether lying loose
or in cases which(cont) are now lying or
stored in or about or shall be brought into or be stored or be in or upon or
about the Borrower's premises and godowns or wherever else the same may be or
be held by any party (cont) to the order or
disposition of the Borrower relating to or pertaining to the Borrower's works
at Unit No. 119, Neha Industrial Estate,
Dattapada Road, Borivali (East), Mumbai 400 066 at and/ (cont) or at Unit
No.118, Building No.-3, Samruddhi Sagar Plaza Industrial Complex, Sativali
Road, Vasai (East) Thane. |
Fixed Assets:
·
Civil Work
·
Plant and Machinery
·
Computer
·
Furniture and Fixture
·
Motor Car
·
Office Equipment
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.53.84 |
|
|
1 |
Rs.86.72 |
|
Euro |
1 |
Rs.69.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.