MIRA INFORM REPORT
|
Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SONATA INFORMATION TECHNOLOGY LIMITED |
|
|
|
|
Registered
Office : |
No. 208, T. V. Industrial Estate, K. Ahire Marg, Worli, Mumbai – 400
030, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.06.2000 |
|
|
|
|
Com. Reg. No.: |
11-127476 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.33.754 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72300MH2000PLC127476 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Software Services. |
|
|
|
|
No. of Employees
: |
125 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1394000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Sonata Software Limited. It is an
established company having satisfactory track. The company has incurred a
loss in the current financial year i.e.2012. However, net worth appears to be
satisfactory. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitment. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ (downgraded from Crisil A- Stable) |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit risk |
|
Date |
25.09.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Ms. Feroza |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-24943055 |
|
Date : |
12.09.2012 |
LOCATIONS
|
Registered Office : |
No. 208, T. V. Industrial Estate, K. Ahire Marg, Worli, Mumbai – 400
030, |
|
Tel. No.: |
91-22-24943055 / 24923991 |
|
Fax No.: |
91-22-24396973 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
APS Trust Building, Bull Temple Road, N. R. Colony, Bangalore –
560019, Karnataka, India |
|
Tel. No.: |
91-80-30971999 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
New Delhi 24, I Floor, Okhla, Industrial Estate,
Phase – III, No.1-10-176, Begumpet Main Road, Opposite
Hyd. Suite # N-215, Ideal Plaza, 11/1, Sarat
Bose Road, Kolkata - 700 020, West Bengal, India C, I Floor, 127/1, Flat No.2, Above Vidya Sahakari
Bank, Next to Hotel Sarjaa, Sanewadi, Aundh, Pune - 411 007, Maharashtra,
India |
DIRECTORS
AS ON 09.07.2012
|
Name : |
Mr. Palem Reddy Srikar |
|
Designation : |
Director |
|
Address : |
306, Raheja Mansion, 13, Million Street Cooke Town, Bangalore –
560005, Karnataka, India |
|
Date of Birth/Age : |
30.05.1958 |
|
Date of Appointment : |
29.06.2000 |
|
DIN No.: |
00001401 |
|
|
|
|
Name : |
Mr. Brijendra Kumar Syngal |
|
Designation : |
Director |
|
Address : |
218, Mandakini Enclave, Alaknanda, New Delhi – 110019, India |
|
Date of Birth/Age : |
14.06.1940 |
|
Date of Appointment : |
17.01.2005 |
|
Voter ID No.: |
NEC1379353 |
|
DIN No.: |
00002395 |
|
|
|
|
Name : |
Mr. Sujit Mohanty |
|
Designation : |
Whole-time director |
|
Address : |
Flat # E 503, Fifth Floor, Block E, Sterling Terraces, No. 3, 100 ft
Ring Road, Banashankari IIIrd Stage, Bangalore – 560 085, Karnataka,
India |
|
Date of Birth/Age : |
22.12.1966 |
|
Date of Appointment : |
29.06.2000 |
|
PAN No.: |
AAIPM7964R |
|
DIN No.: |
00001404 |
|
|
|
|
Name : |
Mr. Narayanan Venkataraman |
|
Designation : |
Additional director |
|
Address : |
B-004, Adarsh Gardens, 47th Cross, 8th Block, Jayanagar,
Bangalore – 560082, Karnataka, India |
|
Date of Birth/Age : |
29.04.1971 |
|
Date of Appointment : |
12.03.2012 |
|
DIN No.: |
01856347 |
KEY EXECUTIVES
|
Name : |
Mr. Feroza Noshir Byramji |
|
Designation : |
Secretary |
|
Address : |
# 301, Hilla Towers, Dr. S S Rao Road, Lalbaug, Mumbai – 400012,
Maharashtra, India |
|
Date of Birth/Age : |
30.12.1963 |
|
Date of Appointment : |
11.10.2003 |
|
PAN No.: |
AHQPB6905N |
|
Voter ID No.: |
SOK1626829 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.07.2012
|
Names of Shareholders |
No. of Shares |
|
Byanna Ramaswamy |
100 |
|
P Srikar Reddy |
100 |
|
R Sathyanarayana |
100 |
|
PRIYA Manoj Jaswani |
100 |
|
Mohan Muthuraj A R |
100 |
|
Sujit Mohanty |
100 |
|
P V S |
100 |
|
Sonata Software Limited, |
3374694 |
|
TOTAL
|
3375394 |
* (Beneficial Interest held by Sonata Software Limited w.e.f. 26.09.2000)
AS ON 09.07.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
99.98 |
|
Directors or relatives of Directors |
0.02 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Software Services |
||||
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|
||||
|
Products : |
|
||||
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|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Credit |
||||
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|
|
||||
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
125 (Approximately) |
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Bankers : |
|
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|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N M Raiji and Company Chartered Accountants |
|
Address : |
6th Floor, Universal
Insurance Building', Pherozeshah Mehta Road, Fort, Mumbai - 400001,
Maharashtra, India |
|
PAN No.: |
AAAFN4217G |
|
|
|
|
Holding Company : |
Sonata Software
Limited CIN No.:- L72200MH1994PLC082110 |
|
|
|
|
Fellow Subsidiaries : |
Sonata Software
FZ LLC |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000700 |
Equity Shares |
Rs.10/- each |
Rs. 60.007
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3375394 |
Equity Shares |
Rs.10/- each |
Rs. 33.754 Millions |
|
|
|
|
|
b) Reconciliation
of equity shares outstanding at the beginning and at the end of the year
31.03.2012
|
Particulars |
31.03.2012 |
|
|
|
No. of Shares |
Rs. in Million |
|
At the beginning
of the year |
3,375,394 |
33.754 |
|
Movement during
the year |
-- |
-- |
|
Outstanding at
the end of the year |
3,375,394 |
33.754 |
c) Terms / Rights
attached to equity shares
The company has
equity shares having a par value of Rs.1. Each Shareholder is entitled for one vote
per share. The shareholders have the right to receive interim dividends
declared by the Board of Directors and final dividend proposed by the Board and
approved by the shareholders.
In the event of
liquidation by the company, the holders of the equity shares will be entitled
to receive in proportion to the number of equity shares held by them, the
remaining assets of the company, after distribution of preferential amounts.
The shareholders
have all other rights as available to equity shareholders as per the provisions
of the Companies
Act, 1956, read
together with the Memorandum of Association and Articles of Association of the
Company, as applicable.
d) Equity Shares
held by holding company
The entire equity
share of the company is held by the holding company Sonata Software Limited
e) Shareholders
holding more than 5% of equity shares in the company (as certified by
the Management)
|
Particulars |
31.03.2012 |
|
|
|
No. of Shares |
% Holding |
|
Sonata Software
Limited (Holding company) |
3,375,394 |
100 |
As per the records
of the company including its register of shareholders / members and other
declarations received from shareholders regarding beneficial interest, the above
shareholding represents both legal and beneficial ownership of shares.
f) Equity Shares
bought back during last five years
The company has
bought back the shares from holding company Sonata Software Ltd, 1,500,175
equity shares during 2006-07 and 1,125,131 equity shares during 2007-08.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
33.754 |
33.754 |
33.754 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
314.922 |
412.306 |
318.193 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
348.676 |
446.060 |
351.947 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
306.838 |
307.647 |
219.000 |
|
|
2] Unsecured Loans |
180.000 |
194.000 |
165.000 |
|
|
TOTAL BORROWING |
486.838 |
501.647 |
384.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
835.514 |
947.707 |
735.947 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.153 |
2.598 |
3.974 |
|
|
Capital work-in-progress |
0.000 |
1.012 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
6.876 |
4.629 |
1.252 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
336.530
|
22.054
|
77.286
|
|
|
Sundry Debtors |
736.524
|
900.173
|
785.950
|
|
|
Cash & Bank Balances |
99.659
|
103.958
|
87.213
|
|
|
Other Current Assets |
10.459
|
19.020
|
20.254
|
|
|
Loans & Advances |
1130.339
|
967.047
|
1031.061
|
|
Total
Current Assets |
2313.511
|
2012.252
|
2001.764
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1325.423
|
842.434
|
934.099
|
|
|
Other Current Liabilities |
161.953
|
228.855
|
335.712
|
|
|
Provisions |
1.650
|
1.495
|
1.232
|
|
Total
Current Liabilities |
1489.026
|
1072.784
|
1271.043
|
|
|
Net Current Assets |
824.485
|
939.468
|
730.721
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
835.514 |
947.707 |
735.947 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7935.167 |
6021.476 |
5036.061 |
|
|
|
Other Income |
72.764 |
39.171 |
5.130 |
|
|
|
TOTAL (A) |
8007.931 |
6060.647 |
5041.191 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of traded items |
7691.605 |
|
4896.489 |
|
|
|
Employee benefit expenses |
271.960 |
215.584 |
|
|
|
|
Other operating expenses |
328.814 |
327.614 |
|
|
|
|
(increase) / decrease in inventories |
(314.476) |
55.232 |
|
|
|
|
TOTAL (B) |
7977.903 |
5884.713 |
4896.489 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
30.028 |
175.934 |
144.702 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
125.213 |
50.399 |
26.409 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(95.185) |
125.535 |
118.293 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.094 |
1.595 |
2.995 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(96.279) |
123.940 |
115.298 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.105 |
39.122 |
39.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(97.384) |
84.818 |
76.198 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
386.054 |
301.236 |
225.038 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
288.670 |
386.054 |
301.236 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
NA |
9.986 |
1.753 |
|
|
|
Sales Traded Products |
|
122.626 |
99.462 |
|
|
|
Total |
NA |
132.612 |
101.215 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
NA |
NA |
3512.208 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(28.85) |
25.13 |
22.57 |
|
%2009-Oct-2012_files/image001.gif){kind=small}
%2009-Oct-2012_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.22)
|
1.40
|
1.51
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.21)
|
2.06
|
2.29
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.15)
|
6.15
|
5.75
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.28)
|
0.28
|
0.33
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.67
|
3.53
|
4.70
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.88
|
1.57
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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 |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External
Agency Rating, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
1325.423
|
842.434
|
934.099 |
|
TOTAL |
1325.423
|
842.434
|
934.099 |
BUSINESS REVIEW
The business of
The Company can be classified into two broad areas:
A. PRODUCTS
During the year
under review, The company has increased number of sizable customers for
products and services business. It has also won multi-year contracts for
infrastructure Managed services from its clients. The company has consolidated
its position in the Indian market and attained top position in most of the
business lines in which it is dealing. It has also won awards from various
principals during the year. The company’s strategy for the current financial
year is to add and retain more customers and provide more value added services
to them. The company is also planning to add more value added products to its
portfolio which can give higher returns to The company.
B. BUSINESS
SOLUTIONS
During the year,
the Company has shown strong growth across all the service offerings. Client
additions for endto- end ERP implementation solutions were commendable. The
Company made significant client additions across all its ERP offerings. In
addition, The company moved beyond shores to win its first new client in Singapore
with a large win for engineering work on AX for one of the largest media and
advertising company in the world.
During the year,
the Company’s strategy of addressing select enterprise class clients paid rich
dividends. Our relationship with enterprise clients have become deeper and have
extended our engagements in multiple technology and service offerings. A
notable client win in the non-ERP services is a large travel house where The
company is developing an end-to-end solution to meet their business needs.
The Company
continues to enjoy preferred partner status from all key principals. In
particular, SAP has accorded us with an award for the “Best VAR of Year” across
the APJ region.
Detailed
Management review and performance summary during the year on each of the above
business heads has been given elsewhere in the Annual Report of 2011-12.
PERFORMANCE
SUMMARY
1. Revenue
For the year ended
31st March, 2012
a. Revenue from
Products Business was Rs.7711.830 million.
b. Revenue from Business
Solutions was Rs. 223.000 million.
2. EBITDA
EBITDA for the
year ended 31st March, 2012 was 0.38% of Total Income as compared to 2.92% for
the same period last year.
3. Profit After
Tax (PAT)
a. PAT for the
year ended 31St March, 2012 was at Rs.-97.380 million as against Rs.84.820
million for the same period last year.
b. Profit Margin
at -1.22% as compared to 1.40% for the same period last year.
FORM 8
|
Corporate identity number of the company |
U72300MH2000PLC127476 |
|
Name of the company |
SONATA INFORMATION TECHNOLOGY LIMITED |
|
Address of the registered office or of the principal place of business in |
No. 208, T. V. Industrial Estate, K. Ahire Marg, Worli, Mumbai – 400
030, Email : feroza.b@sonata-software.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of charge holder |
Axis Bank Limited, Corporate Banking Branch, Express Building, 2nd
Floor, No.1, Queens Road, Bangalore – 560001, Karnataka, India Email : Manjunagh.GS@axisbank.com
|
|
Nature of instrument creating charge |
Deed of Hypothecation of Book debts |
|
Date of instrument Creating the charge |
30.11.2011 |
|
Amount secured by the charge |
Rs.900.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest SBLC- As may be prescribed by the Bank from time to time Terms of repayment 90 days shall be made available for utilization till 31st December
2011 Margin Cash margin - 20% Extent and operation of the charge The charge shall operate to the extent of the loan amount plus
interest commission costs expenses and other charges thereon |
|
Short particulars of the property charged (Including location of the
property) |
Exclusive charge on the receivables of the orders from infosys
and other companies relating to specific orders |
FIXED ASSETS
- Leasehold Improvements
- Plan and Machinery
- Furniture and Fixtures
- Office Equipment
- Computer Software
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.52.21 |
|
|
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.67.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.