MIRA INFORM REPORT
|
Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEILSOFT LIMITED (w.e.f. 28.10.1999) |
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Formerly Known
As : |
NEIL AUTOMATION TECHNOLOGY PRIVATE LIMITED |
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Registered
Office : |
Pride Parmar Galaxy, 10/10+A, 8th Floor, Sadhu Vaswani
Chowk, Pune – 411001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.06.1991 |
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Com. Reg. No.: |
11-062192 |
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Capital
Investment / Paid-up Capital : |
Rs. 99.547 Millions |
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CIN No.: [Company Identification
No.] |
U72200PN1991PLC062192 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEN01142B |
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PAN No.: [Permanent Account No.] |
AAACN1300P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Engineering Services and Solutions. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1800000 |
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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 a satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered for normal business 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.
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 (GENERAL DETAILS)
|
Name : |
Mr. Ashish |
|
Designation : |
Account Department |
|
Contact No.: |
91-20-26053003 |
|
Date : |
22.05.2013 |
LOCATIONS
|
Registered Office : |
Pride Parmar Galaxy, 10/10+A, 8th Floor, Sadhu Vaswani
Chowk, Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-26053003 |
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Fax No.: |
91-20-26131755 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. |
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Location : |
Owned |
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Branch Office : |
Located At:
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Overseas Office : |
Located At:
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DIRECTORS
As on 25.08.2012
|
Name : |
Mr. Ketan Champaklal Bakshi |
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Designation : |
Managing Director |
|
Address : |
B-32, Abhimanshree Society, Off Pashan Road, Pune – 411007,
Maharashtra, India |
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Date of Birth/Age : |
14.05.1956 |
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Qualification : |
BE Electronics, MS in Computer Science |
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Date of Appointment : |
25.01.2008 |
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PAN No.: |
AAHPB4240Q |
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DIN No.: |
01997656 |
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Name : |
Mrs. Rupa Harish Shah |
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Designation : |
Whole Time Director |
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Address : |
4-11, |
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Date of Birth/Age : |
14.11.1958 |
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Qualification : |
CA |
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Date of Appointment : |
24.06.1991 |
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PAN No.: |
AAQPS0911A |
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DIN No.: |
00546087 |
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Name : |
Mr. Rajan Vasant Vakil |
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Designation : |
Director |
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Address : |
11, Vasant Vilas, |
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Date of Birth/Age : |
11.08.1956 |
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Qualification : |
M.Com |
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Date of Appointment : |
16.09.1995 |
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DIN No.: |
02438267 |
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Name : |
Mr. Chirag Champaklal Bakshi |
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Designation : |
Director |
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Address : |
1187, |
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Date of Birth/Age : |
29.02.1960 |
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Qualification : |
MS in Comp Science, MS in Ele. Engg |
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Date of Appointment : |
01.06.1966 |
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DIN No.: |
01997707 |
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Name : |
Mr. Venetia Kontogouris |
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Designation : |
Nominee Director |
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Address : |
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Date of Birth/Age : |
16.04.1951 |
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Qualification : |
BA and MBA |
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Date of Appointment : |
15.10.2007 |
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DIN No.: |
00725434 |
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Name : |
Mr. Satyen Patel |
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Designation : |
Additional Director |
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Address : |
Lantern House, Knowle Hill, Vigirnia Water Gu25 4hz, UK |
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Date of Birth/Age : |
20.04.1957 |
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Qualification : |
MBA |
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Date of Appointment : |
25.01.2011 |
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DIN No.: |
00044021 |
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Name : |
Mr. Samu Devarajan |
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Designation : |
Director |
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Address : |
Villa 185, Adarsh Palm, Meadows, Phase I, Whitefield Road, Bangalore - 560066, Karnataka, India |
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Date of Birth/Age : |
31.10.1954 |
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Date of Appointment : |
28.04.2012 |
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DIN No.: |
00878956 |
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Name : |
Mr. Rajesh Sawhney |
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Designation : |
Nominee Director |
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Address : |
A/402, The IVY Residential Complex, Sushant Lok-Phase-1, Gurgaon – 122001, Haryana, India |
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Date of Birth/Age : |
02.02.1966 |
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Date of Appointment : |
26.03.2013 |
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DIN No.: |
01519511 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.08.2012
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 25.08.2012
|
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 |
40.16 |
|
Directors or relatives of Directors |
34.84 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Engineering Services and Solutions. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
Tel No.:
91-20-25653683 |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
706 B Wing, 7th |
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PAN No.: |
AACFD4815A |
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Fellow
Subsidiaries : |
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Subsidiaries : |
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Other related
parties: |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1116127 |
Class A Equity Shares |
Rs.10/- each |
Rs.11.161 Millions |
|
10883873 |
Class B Equity Shares |
Rs.10/- each |
Rs.108.839 Millions |
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|
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Total |
|
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1116127 |
Class A Equity Shares |
Rs.10/- each |
Rs. 11.161 Millions |
|
8838595 |
Class B Equity Shares |
Rs.10/- each |
Rs.88.386 Millions |
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|
Rs.99.547 Millions |
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 |
99.547 |
98.942 |
96.664 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
353.792 |
314.712 |
326.059 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
453.339 |
413.654 |
422.723 |
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|
LOAN FUNDS |
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1] Secured Loans |
33.133 |
57.678 |
37.650 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
33.133 |
57.678 |
37.650 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Employee Stock Option |
0.000 |
0.000 |
3.649 |
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TOTAL |
486.472 |
471.332 |
464.022 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.106 |
61.405 |
81.221 |
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Capital work-in-progress |
7.668 |
7.668 |
4.923 |
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INVESTMENT |
99.747 |
98.097 |
93.687 |
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DEFERRED TAX ASSETS |
25.814 |
20.403 |
17.028 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
0.383
|
0.273 |
0.618 |
|
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Sundry Debtors |
199.904
|
173.686 |
111.498 |
|
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Cash & Bank Balances |
42.675
|
43.883 |
86.207 |
|
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Other Current Assets |
1.181
|
0.873 |
0.000 |
|
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Loans & Advances |
183.356
|
196.829 |
148.391 |
|
Total
Current Assets |
427.499
|
415.544 |
346.714 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
91.995
|
83.464 |
60.008 |
|
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Other Current Liabilities |
10.441
|
28.678 |
2.058 |
|
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Provisions |
21.926
|
19.643 |
17.485 |
|
Total
Current Liabilities |
124.362
|
131.785 |
79.551 |
|
|
Net Current Assets |
303.137
|
283.759 |
267.163 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
486.472 |
471.332 |
464.022 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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SALES |
|
|
|
|
|
|
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Income |
777.841 |
590.455 |
572.646 |
|
|
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Other Income |
34.367 |
9.375 |
15.368 |
|
|
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TOTAL (A) |
812.208 |
599.830 |
588.014 |
|
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|
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|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
|
108.295 |
98.210 |
|
|
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Employee related expenses |
|
339.563 |
326.560 |
|
|
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Administrative selling other expenses |
|
138.828 |
157.495 |
|
|
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TOTAL (B) |
754.401 |
586.686 |
582.265 |
|
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|
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|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
57.807 |
13.144 |
5.749 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.965 |
7.358 |
5.605 |
|
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|
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|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
49.842 |
5.786 |
0.144 |
|
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.167 |
24.145 |
34.140 |
|
|
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|
|
|
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|
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|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
33.675 |
(18.359) |
(33.996) |
|
|
|
|
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|
|
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Less |
TAX (H) |
(5.411) |
(3.375) |
(12.200) |
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|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
39.086 |
(14.984) |
(21.796) |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
149.583 |
164.567 |
186.363 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
188.669 |
149.583 |
164.567 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
3.93 |
(1.53) |
(2.25) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.81
|
(2.50) |
(3.71) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.33
|
(3.11) |
(5.94) |
|
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.88
|
(4.42) |
(9.81) |
|
|
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
(0.04) |
(0.08) |
|
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|
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.07
|
0.14 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.44
|
3.15 |
4.36 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
91.995
|
83.464 |
60.008 |
|
Total |
91.995
|
83.464 |
60.008 |
|
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 |
Yes |
|
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 |
No |
|
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) |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note: Registered office of the company has been
shifted from 1108, Saket Off Ganeshkhind Road, Model Colony, Pune – 411016,
Maharashtra, India to the present address
w.e.f. 12.07.2007
COMPANY OVERVIEW
The Company, along
with its subsidiaries in USA, Germany and branch located in UK provides
Software engineering services to its clients. The Company provides specialist
engineering services and solutions across a range of engineering segments. The
Company is headquartered in Pune (India) and serves clients across USA, Europe,
Middle East, Asia Pacific and India. The Company is also engaged in the
business of selling software products.
CONTINGENT LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
a) Sales Tax Demand disputed in appeal |
3.463 |
|
b) Estimated amount of contracts remaining to be executed on Capital
Account and not provided for in the books (Net of advance paid Rs. Nil
amounted to Rs. 142,566 |
|
FIXED ASSETS
Tangible assets
- Land
- Plant and
equipment
- Furniture and
fixtures
- Vehicles
- Office
equipment
Intangible assets
- 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 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 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.55.52 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
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 |
|
44 |
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.