MIRA
INFORM REPORT
|
Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOFTCELL
TECHNOLOGIES LIMITED (w.e.f. 08.01.2001) |
|
|
|
|
Formerly Known
as: |
SOFTCELL TRADE
AND TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
303-304, 3rd
Floor, Kohinoor City, Commercial Complex, I. B. Wing, Kirol Road, Off L.B.S.
Marg, Kurla (West), Mumbai - 400070, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
10.04.1995 |
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Com. Reg. No.: |
11-87330 |
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Capital
Investment / Paid-up Capital : |
Rs.41.642 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210MH1995PLC087330 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS37242C |
|
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|
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PAN No.: [Permanent Account No.] |
AADCS0965J |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Software and services
business, addressing the PC and networks space. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Be (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 863116 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. There
appears sharp dip in the profitability of the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered 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
|
Source
: CIA |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 DECLINED BY
Management Non Co-operative (Name not Disclosed)
LOCATIONS
|
Registered
Office : |
303-304, 3rd
Floor, Kohinoor City, Commercial Complex, I. B. Wing, Kirol Road, Off L.B.S.
Marg, Kurla (West), Mumbai - 400070, Maharashtra |
|
Tel. No.: |
91-22-66006700 |
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Fax No.: |
91-22-66006701 |
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E-Mail : |
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Website : |
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Corporate
Office : |
504, |
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Tel. No.: |
91-20-6600-6700 |
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Fax No.: |
91-20-6600-6701 |
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Chennai Office
: |
Ground Floor, 5th |
|
Tel. No.: |
91-44-6600-6700 |
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Fax No.: |
91-44-2250-2440 |
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Sakar – 3, Office No: 407, 4th Floor, Incometax, Ahmedabad - 380009 |
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Bengaluru Office: |
1st Floor, |
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Tel. No.: |
91-80-6600-6700 |
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Fax No.: |
91-80-6600-6701 |
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2nd Floor, |
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Tel. No.: |
91-40-6600-6700 |
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Fax No.: |
91-40-6600-6701 |
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301, Mayfair
Tower-II, 28, |
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|
Tel. No.: |
91-20-66006700 |
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Fax No.: |
91-20-6600-6701 |
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Second Floor, A-39,
Mohan Cooperative Industrial Estate, Mathura Road, |
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Tel. No.: |
91-11-6600-6700 |
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Fax No.: |
91-11-6600-6701 |
DIRECTORS
AS ON 30.06.2011
|
Name : |
Mr. Sunil Pandurang Dalal |
|
Designation : |
Chairman, Managing Director |
|
Address : |
Flat No1, Sharad Vaibhav Appt, |
|
Date of Birth/Age : |
24.05.1963 |
|
Date of Appointment : |
10.04.1995 |
|
DIN No.: |
00232753 |
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|
|
|
Name : |
Mr. Harish Chandrashekar Aiyer |
|
Designation : |
Whole Time Director |
|
Address : |
Ratnasagar, Sector 29, Vashi, Navi Mumbai – 400703, |
|
Date of Birth/Age : |
06.11.1962 |
|
Date of Appointment : |
10.04.1995 |
|
DIN No.: |
00233168 |
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|
|
|
Name : |
Mr. Dasharathi Heramagalur Venkatesh |
|
Designation : |
Whole Time Director |
|
Address : |
A5 |
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Date of Birth/Age : |
08.07.1963 |
|
Date of Appointment : |
10.04.1995 |
|
DIN No.: |
02391495 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Names of Shareholders |
|
No. of Shares |
||
|
Sunil Pandurang Dalal |
|
1491004 |
||
|
Sharayu Pandurang Dalal |
|
400 |
||
|
Ujwal Narayan Andhari |
|
218490 |
||
|
Sanjoy T Roy |
|
85152 |
||
|
Dasharathi Heramagalur Venkatesh |
|
565000 |
||
|
Harish Chandrashekar Aiyer |
|
80814 |
||
|
Debashish Sateyndra Basu |
|
10400 |
||
|
Praveen Suryakant Sawant |
|
80814 |
||
|
Jayant Kadambi |
|
62500 |
||
|
L R Narayanan |
|
40000 |
||
|
Dalal Gawde |
P P |
Sunil Raghunath Softcell Employee Trust |
|
414500 |
|
HDFC Bank Limited, Mumbai |
|
499702 |
||
|
Housing Development Finance Corporation Limited, Mumbai |
|
499702 |
||
|
Parekh Yennemadi Thakar |
S. |
Deepak Vinod S. HDFC Welfare Employees Trust |
|
83285 |
|
Mukesh Babu Financial Services Ltd 117, Nirmal Niwas August Kranti Marg, Mumbai Mumbai Maharahsta 400036 Equity 3200 10/- 19 |
|
5000 |
||
|
Parekh |
Parimal |
Hansa |
|
3200 |
|
Balance Equity Broking India Private Limited, Mumbai |
|
9800 |
||
|
Raghunath
Pandurang Gawde |
|
4925 |
||
|
Premananth
Pitchamuthu |
|
2250 |
||
|
Sai Gopal
Pullabhatla |
|
2000 |
||
|
Veeraragvan
Gopalan |
|
1500 |
||
|
Rajaraman
Parasuraman |
|
1000 |
||
|
Gandhali Neeraj
More |
|
500 |
||
|
Shrinivas Ramkrishna Patankar |
|
2250 |
||
|
Total |
|
4164188 |
||
AS ON 30.06.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
1.50 |
|
Nationalised or other banks |
12.00 |
|
Bodies corporate |
12.36 |
|
Directors or relatives of Directors |
51.57 |
|
Other top fifty shareholders |
22.57 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Software and
services business, addressing the PC and networks space. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||
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|
||||||||||||
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Bankers : |
·
HDFC Bank Limited, HDFC Bank Housesenapati
Bapat Marg, Lower Parel W, Mumbai - 400013, ·
The Shamrao Vithal Co - operative Bank
Limited, 5, Kanara House, Mogal Lane, Mahim, Mumbai - 400016, Maharashtra,
India |
||||||||||||
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||||||||||||
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Facilities : |
|
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|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Anay Gogte and Co Chartered Accountant |
|
Address : |
1/F-6, Krishna Nagar, |
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|
|
|
Name of the related Party : |
· Housing Development Finance Corporation Limited · HDFC Bank Limited · HDFC Securities Limited · HDFC As Set Management Company Limited · HDFC Standard Life Insurance Company Limited ·
HDFC Ergo General Insurance Company Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4164188 |
Equity Shares |
Rs.10/- each |
Rs.41.642
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 |
41.642 |
41.642 |
41.642 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
174.137 |
160.238 |
107.017 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
215.779 |
201.880 |
148.659 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
32.594 |
31.267 |
0.250 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
32.594 |
31.267 |
0.250 |
|
|
DEFERRED TAX LIABILITIES |
5.082 |
3.584 |
4.186 |
|
|
|
|
|
|
|
|
TOTAL |
253.455 |
236.731 |
153.095 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
53.907 |
45.351 |
53.358 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.540 |
0.778 |
50.850 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.235
|
4.880 |
13.940 |
|
|
Sundry Debtors |
269.861
|
380.458 |
437.856 |
|
|
Cash & Bank Balances |
44.809
|
62.091 |
350.252 |
|
|
Other Current Assets |
0.413
|
0.708 |
3.662 |
|
|
Loans & Advances |
876.919
|
802.604 |
257.203 |
|
Total
Current Assets |
1196.237
|
1250.741 |
1062.913 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
789.155
|
860.997 |
880.305 |
|
|
Other Current Liabilities |
53.999
|
66.913 |
57.312 |
|
|
Provisions |
156.075
|
132.229 |
76.409 |
|
Total
Current Liabilities |
999.229
|
1060.139 |
1014.026 |
|
|
1014.026Net Current Assets |
197.008
|
190.602 |
48.887 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
253.455 |
236.731 |
153.095 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3.071 |
3.857 |
|
|
|
|
Other Income |
1435.825 |
1103.165 |
|
|
|
|
TOTAL (A) |
1438.896 |
1107.022 |
2605.760 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1095.214 |
736.138 |
0.000 |
|
|
|
Decreased \ (Increased) In Stock |
0.000 |
0.000 |
77.095 |
|
|
|
Internet Connectivity Charges |
0.000 |
0.000 |
33.607 |
|
|
|
Purchases |
0.000 |
0.000 |
2316.576 |
|
|
|
Payment to and Provisions for Employees |
0.000 |
0.000 |
105.040 |
|
|
|
Operational and Other Expenses |
0.000 |
0.000 |
102.394 |
|
|
|
Amortization of Goodwill |
0.000 |
0.000 |
1.595 |
|
|
|
Manufacturing service costs |
25.999 |
35.367 |
0.000 |
|
|
|
Employee related expenses |
140.164 |
102.291 |
0.000 |
|
|
|
Administrative selling other expenses |
93.860 |
110.337 |
0.000 |
|
|
|
TOTAL (B) |
1355.237 |
984.133 |
2636.307 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
83.659 |
122.889 |
(30.547) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.623 |
1.450 |
0.917 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
80.036 |
121.439 |
(31.464) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.239 |
14.539 |
15.194 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
63.797 |
106.900 |
(46.658) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
25.699 |
29.400 |
0.457 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
38.098 |
77.500 |
(47.115) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
24.994 |
72.109 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
6.900 |
7.800 |
0.000 |
|
|
|
|
24.198 |
20.821 |
0.000 |
|
|
|
Tax on Proposed Dividend |
|
3.458 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6.999 |
45.421 |
24.994 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
14.284 |
6.487 |
9.956 |
|
|
TOTAL EARNINGS |
14.284 |
6.487 |
9.956 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.15 |
18.61 |
--- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.65
|
7.00 |
(1.81) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2077.40
|
2771.58 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.10
|
6.32 |
9.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.53 |
(0.31) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.78
|
5.41 |
6.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.18 |
1.05 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
PARTICULARS
|
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Sundry Creditors
|
|
|
|
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
Creditors due others
|
789.155
|
860.997 |
880.305 |
|
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 |
No |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
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 |
No |
|
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 |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE:
The registered office address of the company
has been shifted from 301 Prabhadevi Indl Estate, 408 Veer Saverkar Marg,
Prabhadevi, Mumbai – 400025,
REVIEW OF
PERFORMANCE AND BUSINESS PROSPECTS :
Performance
Financial Year ( FY ) 2010-11 was a year of consolidation for the
company . The business environment continued to be challenging even though
The Profit Before Tax in FY 2010-11 is Rs . 6.38 Crore and this is a
reduction as compared to the last year . Overall there is a substantial
improvement in the Company's operations as compared to the last year. During FY
2009-10, the bulk of the PBT was on account of currency fluctuation benefit
whereas the currency fluctuation benefit in FY 2010-11 is very minimal. (Note
that currency fluctuation benefit is factored in the heading – 'Purchases' for
both the years).
Another factor that contributed to a reduction in the PBT was an
increase of 40% in salaries. During the year, the Company also had to give a
good increment to it's employees as there was no increment given in the
previous year . The Company had to also invest in additional headcount to tap
the growth opportunities in the market . Both these factors resulted in an
increase in costs under the heading – ' Salaries '. The Company during the year
managed to marginally increase its customer base from 2500 during FY 2009-10 to
2650 during FY 2010-11.
Future Prospects
Two years back to offset the challenges they faced in the Microsoft
business , the Company focussed on two niche services domains , namely --
( i ) Engineering Services and ( ii ) Testing Service -- to sustain and
grow its revenues . These two businesses have delivered good results in the
last two financial years and have contributed well towards generating a healthy
gross margin for the Company . The Directors are confident that the two
businesses will continue to be high growth revenue drivers in the coming years
. The Company is pleased to inform that in the Engineering Services domain ,
the Company partners with Parametric Technology Corporation ( PTC ) and is the
first and only “ PTC Platinum Partner ” in
During the year , the company continued its strategic initiative with
Software Consultancy International Ltd . to build capacity in the ISP business
and focus on growing revenues in the Hosting business and Cloud - based
offerings . The Directors are pleased to inform that during the year , the
delivery and support process of the Hosting Services team received the
Information Security Management Systems ( ISMS ) process compliance
certification leading to a ISO 27001 certificate . The Auditor was TÜV India .
This certification means that when their customers host with the Company ,
their information that they host is certified to be secure with us . It also
means that the processes the Company has put in place for handling any / all
hosting - related information are quite good and measure themselves well
against international standards . The Directors are bullish and confident about
the growth and revenue prospects of the Hosting and Cloud related services
business .
The Company continues to focus on consolidating its other businesses and
is committed to investing in training and enablement of its various team
members ( both in sales and technical ) who can sell as well as execute value
added services and solutions to customers . The Company is committed to
partnering with technology leaders in the IT industry and deliver world class
IT products , cutting edge technologies and services support to customers .
Very recently the company signed an agreement with Apple as an “ Authorised
Apple Reseller ” in
The Company is also now a member of NASSCOM , a premier trade body and
the chamber of commerce of the IT - BPO industries in
The Company believes in establishing a standard of governance that all
internal teams adhere to . During the last fiscal , the Company introduced a
set of new processes to strengthen internal controls in critical business
functions of sales , procurement , HR and Finance . The company implemented a
web based Order Processing System application to manage the entire end to end
order processing cycle , from logging of orders , delivery , invoicing and
collection of payments . The Company this year has plans to introduce
improvements in the Order Processing System application and complete the migration
all its other internal applications to web based applications and make these
apps available anytime anywhere to its team members , thus improving efficiency
and creating a infrastructure that can scale well .
Hiring of quality manpower continues to be a challenge and the Company
is working closely with external HR Consultants to establish a standards based
recruitment process . The objective of this exercise is to ensure that the
Company maintains a consistent quality in the hiring of team members across all
its departments .
The Company anticipates continuing investments this year in pursuit of
the ISP and “ Cloud Computing ” business . The company also anticipates
investments in FY 2011-12 in expanding its office space in Mumbai and Pune as the
team size is expected to grow rapidly in these two locations . During FY
2010-11, the Company moved to new offices in
Trade disputes
The Directors during FY 2010-11 continued to engage in multiple
discussions with Microsoft and were able to conclude the discussions amicably .
With this dispute out of the way , the Company is focusing on executing its
business plan well and investing time and resources in high potential growth
businesses within the domain it operates .
Contingent
liability not provided in respect of
i. Guarantee issued by a bank Rs.24.007 Millions (Previous Year Rs. 25.604 Millions).
ii. Income-tax demand of Rs.357.619 Millions (Previous
Year Rs.304.920 Millions).
iii. Value Added Tax demand of Rs.7.734 Millions (Previous
Year Rs.7.734 Millions).
PRESS RELEASE:
Softcell Technologies
to be the Gold Sponsor of the Manufacturing IT Summit 2011
Exito presents the
Manufacturing IT Summit from the 25th – 26th August, 2011 in Mumbai.
This will be a one of a kind event dedicated to IT infrastructure in the Manufacturing sector. The Indian Manufacturing story boasts of robust growth and is poised to be the biggest player in the global market. With such rapid growth and technological changes comes great challenges in IT infrastructure and the pressure to meet demands with practicality has ever so increased with IT heads across this sector.
Exito is also glad to announce that Softcell Technologies
Limited is the 'Gold Sponsor' for the Manufacturing IT Summit 2011. Softcell
Technologies is a leading Systems Integration services provider and is a
trusted IT advisor to over 4,000 organizations in
The two day summit will tackle key issues that are of
concern to an IT decision maker like IT security, life cycle management, RFID
implementation, systems integration, networking, etc., most of which are also
the domains in which Softcell has expertise on. The Manufacturing IT Summit
2011 will be attended by CIOs, IT Directors and IT heads representing the
largest manufacturing organisations in
About Softcell:
Softcell Technologies Limited (Softcell) is a leading
Systems Integration services company in
With an experienced workforce comprising of over 400 professionals, we
specialise in providing end-to-end IT solutions to corporate customers. Over
100 globally recognised software companies including Apple, IBM, Adobe,
Symantec, Check Point, PTC, Autodesk, Fortinet, etc. partner with Softcell to
sell their products and services in the Indian market. Our portfolio of
solutions include: Software reselling, Hardware and Networking services, IT
Security services, Engineering (MCAD/PLM) Services, Testing Services and
Internet Hosting services.
About Exito:
Exito is a business solutions company which constructs tailor made solutions and content by designing a platform that would provide new business opportunities and business solutions to our clients. We use the innovative mergence of entertainment and business through research and analysis to create congresses, forums, exhibitions and conferences to inform world markets and be the meeting point for the world’s buyers and sellers.
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.54.73 |
|
|
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
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.