MIRA
INFORM REPORT
|
Report Date : |
13.09.2012 |
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) : |
31.03.2011 |
|
|
|
|
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 (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Sonata Software Limited. It is a well
established company having fine track. Financial position of the company
appears good. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good 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 |
A- (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
21.03.2012 |
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, Suite # N-215, 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 : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
·
OEM’s |
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No. of Employees : |
125 (Approximately) |
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Bankers : |
·
Axis Bank Limited, Corporate Banking Branch,
Express Building, 2nd Floor, No.1, Queens Road, Bangalore –
560001, Karnataka, India ·
ING Vysya Bank, 22 Ground Floor, ING Vysya House,
M G Road, Bangalore 560001, Karnataka, India |
||||||||||||||||||||||||||||||
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|
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Facilities : |
|
|
|
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|
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 31.03.2011
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 |
|
|
|
|
|
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 |
33.754 |
33.754 |
33.754 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
412.306 |
318.193 |
251.291 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
446.060 |
351.947 |
285.045 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
307.647 |
219.000 |
0.000 |
|
|
2] Unsecured Loans |
194.000 |
165.000 |
0.000 |
|
|
TOTAL BORROWING |
501.647 |
384.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.804 |
|
|
|
|
|
|
|
|
TOTAL |
947.707 |
735.947 |
285.849 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.598 |
3.974 |
6.940 |
|
|
Capital work-in-progress |
1.012 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
4.629 |
1.252 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.054
|
77.286
|
28.891 |
|
|
Sundry Debtors |
900.173
|
785.950
|
1205.226 |
|
|
Cash & Bank Balances |
103.958
|
87.213
|
169.184 |
|
|
Other Current Assets |
19.020
|
20.254
|
10.800 |
|
|
Loans & Advances |
967.047
|
1031.061
|
735.046 |
|
Total
Current Assets |
2012.252
|
2001.764
|
2149.147 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
842.434
|
934.099
|
1493.502 |
|
|
Other Current Liabilities |
228.855
|
335.712
|
375.772 |
|
|
Provisions |
1.495
|
1.232
|
0.964 |
|
Total
Current Liabilities |
1072.784
|
1271.043
|
1870.238 |
|
|
Net Current Assets |
939.468
|
730.721
|
278.909 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
947.707 |
735.947 |
285.849 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5989.663 |
5036.061 |
6390.929 |
|
|
|
Other Income |
71.174 |
5.130 |
22.144 |
|
|
|
TOTAL (A) |
6060.837 |
5041.191 |
6413.073 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material changes inventories |
5391.524 |
4513.966 |
|
|
|
|
Manufacturing service costs |
169.425 |
136.812 |
|
|
|
|
Employee related expenses |
215.584 |
196.708 |
|
|
|
|
Administrative selling other expenses |
111.579 |
49.003 |
|
|
|
|
TOTAL (B) |
5888.112 |
4896.489 |
6260.789 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
172.725 |
144.702 |
152.284 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
47.190 |
26.409 |
16.026 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
125.535 |
118.293 |
136.258 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.595 |
2.995 |
4.085 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
123.940 |
115.298 |
132.173 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
39.122 |
39.100 |
46.648 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
84.818 |
76.198 |
85.525 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
301.236 |
225.038 |
139.513 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
386.054 |
301.236 |
225.038 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Software Services Rendered |
9.986 |
1.753 |
7.778 |
|
|
|
Sales Traded Products |
122.626 |
99.462 |
93.632 |
|
|
|
Total |
132.612 |
101.215 |
101.410 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
NA |
3512.208 |
3803.938 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.13 |
22.57 |
25.34 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
8790.000 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs. 9000.000 Millions
The above information has been parted by Ms. Feroza.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.40
|
1.51
|
1.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.07
|
2.29
|
2.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.15
|
5.75
|
6.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.33
|
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.53
|
4.70
|
6.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
1.57
|
1.15 |
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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due
small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
842.434 |
934.099 |
1493.502 |
|
TOTAL |
842.434 |
934.099 |
1493.502 |
BUSINESS REVIEW
The business of
the Company can be classified into two broad areas
PRODUCTS
During the year,
the Company has increased number of sizeable customers for products business
and associated product based services. It has also won awards from various
principals for being the best partner for the year. The Company has
consolidated its position in the Indian market and has been rated the best in
the industry by various principals.
The Company's
strategy for the current financial year is to add new profitable product lines
and increase focus on product based and infrastructure management services.
BUSINESS SOLUTIONS
During the year,
the Company has shown strong growth across all the service offerings. Client
additions for end-to-end ERP implementation solutions were commendable. The
Company made significant client additions across all its ERP offerings. In
particular the company won a large order to implement Oracle Apps ERP at a
marquee media company and for the implementation of Axapta ERP at a prestigious
Central Government organization in the real estate space.
During the year,
the Company acquired a number of Enterprise class clients for add-on services
like post implementation support, upgrade services and ERP extension services.
In the IT
consulting space, the Company's strategy to focus deeper into existing accounts
during the year paid rich dividends. It has also helped increase customer
confidence levels in the Company.
The Company
continues to enjoy preferred partner status from all key principals.
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 2010-11.
CONTINGENT
LIABILITIES (AS ON 31.03.2011)
Contingent Liabilities not provided for on disputed Income Tax demands
(Inclusive of Interest Charged) Rs.269.094 Millions (Rs 957.917 Millions) -
explained below
(a)
The above includes Rs.147.400 Millions on account
of the disallowance of intercompany Service Charges for Financial Year 2001-02,
2003-04 and 2004-05. The order of the Income Tax Appellate Tribunal is in favor
of the Company. The Department has filed an appeal in this regard to the High
Court of Mumbai which has been admitted
(b)
The above includes Rs.121.700 Millions for the
Financial Year 2007-08 mainly on account of the disallowance of intercompany
Service Charges and deputation expenses. The Company for this year has filed
appeal before the Commissioner of Income Tax (Appeals).
The Supreme Court by its order of September 9, 2010 overruled the order
of the High Court of Karnataka which had held that irrespective of the nature of
payment, in the absence of a lower withholding order, income-tax had to be
withheld on all payments made to overseas parties. Further, the Supreme Court
remanded the cases back to the High Court of Karnataka for a fresh review and
to examine whether payments made to overseas parties for purchase of software
were in the nature of 'Royalty' and if so whether tax had to be withheld at
source on the same.
Based on the above Supreme Court order the following demands on the
Company are not considered as contingent liability.
i.
Rs.218.200 Millions as tax which had not been
deducted by the Company on payments made to overseas parties for purchase of
software for the Financial Years 2000-2001 and 2001 2002. However, for these
years one of the principal suppliers of software to the Company has paid
Rs.128.600 Millions out of the above demand.
ii.
Rs. 881.800 Millions of tax demand for the
Financial Year 2007-2008 on account of disallowances of payments made for
purchase of software on which tax had not been deducted at source. This demand
is consequent to the principle covered in point (i) above.
iii.
For the financial years 2000-2001 and 2002-2003,
the issue regarding disallowance of payments made for purchase of software was
raised by the Department to the High Court of Mumbai. The High Court had
dismissed these appeals as being time barred. The total demand for the
aforementioned years for which the appeals were dismissed by the High Court is
Rs.824.800 Millions. On a special leave petition filed by the Department, the Supreme
Court has now referred back to High Court of Mumbai to reconsider the dismissal
for the Financial Year 2002-03.
iv.
For the Financial Year 2001-2002, the Departmental
appeal on the same issue as above has been admitted by the High Court of
Mumbai. The demand under consideration for the said year is Rs.324.000
Millions.
(c)
Contingent Liability is respect of Karnataka Sales
Tax F.Y.2001-02 is Rs.0.294 Million out of which company has paid Rs.0.147
Million
(d)
Estimated amount of contracts remaining to be executed
and not provided (net of advances) Rs.0.376 Million (Nil)
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 |
·
Book debts ·
Movable property ·
Floating 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
·
Motor Car and Vehicles
·
Air Conditioners and Other Equipments
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. 55.26 |
|
|
1 |
Rs. 88.85 |
|
Euro |
1 |
Rs. 71.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
55 |
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.