MIRA
INFORM REPORT
|
Report Date : |
22.08.2013 |
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 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.04.1995 |
|
|
|
|
Com. Reg. No.: |
11-087330 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 41.642 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210MH1995PLC087330 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS37242C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS0965J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Software and services
business, addressing the PC and networks space. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2620000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track
record. Financially company has performed well during the current year.
Liquidity position of the company seems to be strong. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal dealings at usual trade terms
and condition. |
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
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 DECLINED
MANAGEMENT NON CO-OPERATIVE (Tel. No.: 91-22-66006700)
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, India |
|
Tel. No.: |
91-22-66006700 / 24606969 |
|
Fax No.: |
91-22-66006701 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
504, Mayfair Towers, 28,
Mumbai-Pune Road, Wakdewadi, Pune -
411005 |
|
Tel. No.: |
91-20-6600-6700 |
|
Fax No.: |
91-20-6600-6701 |
|
|
|
|
Branch Office : |
Located at · Chennai Bangalore Hyderabad Pune Ahmedabad New Delhi |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Sunil Pandurang Dalal |
|
Designation : |
Chairman, Managing Director |
|
Address : |
Flat No1, Sharad Vaibhav Appt, Gokhale Cross Road, Model Colony, Pune
– 411016, Maharashtra, India |
|
Date of Birth/Age : |
24.05.1963 |
|
Qualification : |
MMS Finance |
|
Date of Appointment : |
10.04.1995 |
|
PAN No.: |
ADWPD4013B |
|
DIN No.: |
00232753 |
|
|
|
|
Name : |
Mr. Harish Chandrashekar Aiyer |
|
Designation : |
Whole Time Director |
|
Address : |
303, Ratnasagar, Sector 29, Vashi, Navi Mumbai-400703, Maharashtra,
India |
|
Date of Birth/Age : |
06.11.1962 |
|
Qualification : |
MBA Marketing and Systems |
|
Date of Appointment : |
10.04.1995 |
|
PAN No.: |
AABES1218C |
|
DIN No.: |
00233168 |
|
|
|
|
Name : |
Mr. Dasharathi Heramagalur Venkatesh |
|
Designation : |
Whole Time Director |
|
Address : |
A5, Paradise Towers, 2/1, Baner Road Baner, Pune - 400059, Maharashtra, India |
|
Date of Birth/Age : |
08.07.1963 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
10.04.1995 |
|
PAN No.: |
ACJPV1698L |
|
DIN No.: |
02391495 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
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, India |
|
499702 |
|||
|
Housing Development Finance Corporation Limited, India |
|
499702 |
|||
|
Parekh Yennemadi Thakar |
S. |
Deepak Vinod S. HDFC Welfare Employees Trust |
|
83285 |
|
|
Mukesh Babu Financial Services Limited, India |
|
5000 |
|||
|
Hansa Parimal Parekh |
|
3200 |
|||
|
Balance Equity Broking India Private Limited, India |
|
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 |
|||
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Nationalised of
other banks |
12.00 |
|
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 |
|
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. |
||||
|
|
|
||||
|
Products / Services : |
· Software Licensing System Integration and Networking Infrastructure Services Internet Hosting services IT Security Engineering Services Application Lifecycle Management and Lifecycle Quality
Management |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India The Shamrao Vithal Co-operative Bank Limited, 5, Kanara
House, Mogal Lane, Mahim, Mumbai - 400016, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Anay Gogte and Company Chartered Accountants |
|
Address : |
1/F-6, Krishna Nagar,
Chandavarkar Road, Borivali (West), Mumbai-400092, Maharashtra, India |
|
PAN No.: |
AAIPG0263F |
|
|
|
|
Related Parties : |
· Housing Development Finance Corporation Limited, India CIN No.: L70100MH1977PLC019916 HDFC Bank Limited, India CIN No.: L65920MH1994PLC080618 HDFC Securities Limited, India CIN No.: U67120MH2000PLC152193 |
CAPITAL STRUCTURE
As on 31.03.2012
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 |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
41.642 |
41.642 |
|
(b) Reserves & Surplus |
|
614.695 |
174.138 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
656.337 |
215.780 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
8.318 |
5.082 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
4.316 |
3.177 |
|
Total Non-current Liabilities (3) |
|
12.634 |
8.259 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
28.842 |
30.838 |
|
(b) Trade payables |
|
259.669 |
789.156 |
|
(c) Other current
liabilities |
|
48.651 |
55.754 |
|
(d) Short-term provisions |
|
243.577 |
152.898 |
|
Total Current Liabilities (4) |
|
580.739 |
1028.646 |
|
|
|
|
|
|
TOTAL |
|
1249.710 |
1252.685 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
108.087 |
48.455 |
|
(ii) Intangible Assets |
|
14.832 |
5.452 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
2.732 |
2.540 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
346.184 |
95.819 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
471.835 |
152.266 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
10.934 |
4.235 |
|
(c) Trade receivables |
|
246.914 |
269.861 |
|
(d) Cash and cash
equivalents |
|
38.478 |
44.809 |
|
(e) Short-term loans and
advances |
|
481.549 |
781.514 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
777.875 |
1100.419 |
|
|
|
|
|
|
TOTAL |
|
1249.710 |
1252.685 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
41.642 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
160.238 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
201.880 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
31.267 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
31.267 |
|
|
DEFERRED TAX LIABILITIES |
|
|
3.584 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
236.731 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
45.351 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.778 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4.880 |
|
|
Sundry Debtors |
|
|
380.458 |
|
|
Cash & Bank Balances |
|
|
62.091 |
|
|
Other Current Assets |
|
|
0.708 |
|
|
Loans & Advances |
|
|
802.604 |
|
Total
Current Assets |
|
|
1250.741 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
860.997 |
|
|
Other Current Liabilities |
|
|
66.913 |
|
|
Provisions |
|
|
132.229 |
|
Total
Current Liabilities |
|
|
1060.139 |
|
|
Net Current Assets |
|
|
190.602 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
236.731 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1330.916 |
1402.551 |
1103.165 |
|
|
|
Other Income |
24.026 |
36.346 |
3.857 |
|
|
|
TOTAL (A) |
1354.942 |
1438.897 |
1107.022 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
1053.504 |
1094.568 |
|
|
|
|
Employee benefit expense |
170.412 |
140.165 |
984.133 |
|
|
|
Other expenses |
166.038 |
119.860 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(6.699) |
0.646 |
|
|
|
|
Extraordinary Items |
(543.320) |
0.000 |
|
|
|
|
TOTAL (B) |
839.935 |
1355.239 |
984.133 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
515.007 |
83.658 |
122.889 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.451 |
3.623 |
1.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
510.556 |
80.035 |
121.439 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.794 |
16.239 |
14.539 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
488.762 |
63.796 |
106.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
24.006 |
25.698 |
29.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
464.756 |
38.098 |
77.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
77.415 |
70.415 |
24.994 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
6.900 |
7.800 |
|
|
|
Dividend |
20.821 |
20.820 |
20.821 |
|
|
|
Tax on Dividend |
3.378 |
3.378 |
3.458 |
|
|
BALANCE CARRIED
TO THE B/S |
467.972 |
77.415 |
70.415 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
14.284 |
6.487 |
|
|
TOTAL EARNINGS |
0.000 |
14.284 |
6.487 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
111.61 |
9.15 |
18.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
34.30
|
2.65
|
7.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
36.72
|
4.55
|
9.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
39.20
|
5.10
|
8.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.74
|
0.30
|
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.04
|
0.14
|
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.07
|
1.18 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
8.706 |
1.755 |
NA |
|
|
|
|
|
|
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 |
----- |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE
The Financial Year
(FY) 2011-12 continued to be a challenging year for the company. The challenges
have been particularly related to service tax implemented on distribution of
software which resulted in customers deducting TDS @ 10% on software sale. This
lead to a crunch in cashflow for the company. Overall the Company ended the
year with total income of about Rs. 1354.900 millions. Sales incomes could have
been higher but for the fact that the company allowed principals and
distributors to directly bill a lot of customers due to extreme dollar
fluctuation. Although the company was compensated for passing on such
opportunities, it muted the company’s sales incomes to some extent.
During the year,
the Directors also reviewed various businesses and decided to exit non-core
businesses. The Company continues to focus on consolidating its core 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.
The Directors are
pleased to inform you that during the year, the delivery and support processes
of the Hosting Services team renewed its ISO 27001 certification with an audit
by TÜV Rheinland, towards Information Security Management Systems (ISMS)
process compliance. The Directors are optimistic and confident about the growth
prospects of the Hosting and Cloud related services business.
FUTURE PROSPECTS
The Company also
renewed its membership of NASSCOM, a premier trade body and the chamber of
commerce of the IT-BPO industries in India. During FY 2011-12, NASSCOM has
taken up software industry issues with the Government. We are hopeful that the
efforts put in by NASSCOM will be recognised by the Government and may
eventually result in simplification of tax laws relating to software industry.
The Company
believes in establishing a standard of governance that all internal teams
adhere to. During the last fiscal year, the Company continued to review its
processes to strengthen internal controls in critical business functions of
sales, procurement, HR and finance. The company also opened up its applications
for access from outside office by implementing a SSL VPN solution. The company
continues to improve the functionality of its web based Order Processing System
application. The Company this year has plans to complete the migration all
its other internal
applications to web based applications and make these available anytime
anywhere to its team members, thus improving efficiency and productivity.
Hiring of quality
manpower continues to be a challenge and the Company is working on various
recruitment models to maintain a consistent and high quality of team members
across all its departments.
During the year
the company expanded its office space in Mumbai and Pune. The Company
anticipates continuing investments this year in pursuit of the ISP and “Cloud
Computing” business.
FIXED ASSSETS
· Office Building
Furniture
and Fixtures
Vehicles
Office
Equipments
Computer
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 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 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.63.46 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYN |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.