1. Summary Information
|
Country |
India |
||
|
Company Name |
PHOENIX IT SOLUTIONS LIMITED |
Principal Name 1 |
Gannamani Sesha Murali Krishna |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Gannamani Vani |
|
Registration # |
01-030617 |
||
|
Street Address |
D. No. 9-29-19/A, Waltair Heights, Level-5, Balaji Nagar,
Visakhapatnam-530003, Andhra Pradesh |
||
|
Established Date |
04.12.1998 |
SIC Code |
-- |
|
Telephone# |
91-891-2500000 |
Business Style 1 |
Service Provider |
|
Fax # |
91-891-2766773 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
IT Solutions |
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.17.100
Millions |
Product Name 3 |
-- |
|
Shareholders |
Directors
or relatives of directors 96.28%, Other top fifty shareholders 3.72% |
Banking |
Union Bank of
India |
|
Public Limited Corp. |
No |
Business Period |
15 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (52) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
203,521,000 |
Current Liabilities |
53,201,000 |
|
Inventories |
000 |
Long-term Liabilities |
90,582,000 |
|
Fixed Assets |
56,436,000 |
Other Liabilities |
29,484,000 |
|
Deferred Assets |
000 |
Total Liabilities |
173,267,000 |
|
Invest& other Assets |
26,848,000 |
Retained Earnings |
73,838,000 |
|
|
|
Net Worth |
113,538,000 |
|
Total Assets |
286,805,000 |
Total Liab. & Equity |
286,805,000 |
|
Total Assets (Previous Year) |
232,675,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales/ Total Income |
250,204,000 |
Net Profit |
20,017,000 |
|
Sales(Previous yr)/ Total Income |
163,777,000 |
Net Profit(Prev.yr) |
23,314,000 |
|
Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
D. No. 9-29-19/A, Waltair Heights, Level-5, Balaji Nagar, Visakhapatnam-530003,
Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.12.1998 |
|
|
|
|
Com. Reg. No.: |
01-030617 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.17.100 Millions
|
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200AP1998PLC030617 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
VPNP00563D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Service Provider of IT Solutions. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 454000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
Since, profitability of the company has been continuously increasing from
2010 to 2013. However, share capital of the company also has been increasing from
2010 to 2013. Trade relations are fair. Business is active. Payment terms are
regular. 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered / Corporate Office : |
D. No. 9-29-19/A, Waltair Heights, Level-5, Balaji Nagar,
Visakhapatnam-530003, Andhra Pradesh, India |
|
Tel. No.: |
91-891-2500000/ 2766791/ 792/ 793 |
|
Fax No.: |
91-891-2766773 |
|
E-Mail : |
|
|
|
|
|
Development Center : |
Unit 1, SDF Block 1, VSEZ, Visakhapatnam-530049, Andhra Pradesh, India
|
|
Tel. No.: |
91-891-2766791 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Gannamani Sesha Murali Krishna |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat 401, Vinayagar South Gardens, Opposite Harbour Park, Panduranga
Puram, Visakhapatnam-530003, Andhra Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.08.1969 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2011 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Din No.: |
00516748 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mrs. Gannamani Vani |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole Time Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat 401, Vinayagar South Gardens, Opposite Harbour Park, Panduranga
Puram, Visakhapatnam-530003, Andhra Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
18.07.1975 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2011 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Din No.: |
00516732 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Mohan Krishna Gadiparthi |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole Time Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
P. No. 15, Doctors Colony, Pedawaltair, Visakhapatnam-530046, Andhra
Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
07.06.1969 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.11.2011 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Din No.: |
02455917 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Bandi Suresh Kumar |
|
13 |
|
Barveneni Suresh |
|
13 |
|
G.S. Murali |
|
1039455 |
|
G. Mohan Rao |
|
96750 |
|
Gourneni Ram Mohan |
|
3750 |
|
A.E. Prasad |
|
150000 |
|
G. Vani |
|
300000 |
|
G. Krishna Mohan |
|
60000 |
|
P. Krishna Kanth |
|
60000 |
|
|
|
|
|
TOTAL
|
|
1709981 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
96.28 |
|
Other
top fifty shareholders |
|
3.72 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of IT Solutions. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Union Bank of India, SME Branch, 12-4-32, 1st Floor, Chandus’
Plaza, Green Park Road, Visakhapatnam-530002, Andhra Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Venkatsrinivas and Company Chartered Accountants |
|
Address : |
D. No. 9-29-19/A, Flat No. 101, Waltair Heights, Balaji Nagar,
Visakhapatnam-530003, Andhra Pradesh, India |
|
PAN No: |
AAHFV4986H |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1709981 |
Equity Shares |
Rs.10/- each
|
Rs.17.100
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 |
|
17.100 |
16.930 |
|
(b) Reserves & Surplus |
|
73.838 |
52.970 |
|
(c) Money
received against share warrants |
|
22.600 |
0.120 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
113.538 |
70.020 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
24.681 |
32.213 |
|
(b) Deferred tax
liabilities (Net) |
|
1.397 |
0.000 |
|
(c)
Other long term liabilities |
|
6.861 |
16.197 |
|
(d)
long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
32.939 |
48.410 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
65.901 |
65.302 |
|
(b)
Trade payables |
|
9.727 |
3.234 |
|
(c)
Other current liabilities |
|
36.613 |
33.687 |
|
(d)
Short-term provisions |
|
28.087 |
12.022 |
|
Total
Current Liabilities (4) |
|
140.328 |
114.245 |
|
|
|
|
|
|
TOTAL |
|
286.805 |
232.675 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
56.436 |
49.650 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
1.125 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
0.000 |
0.000 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.547 |
|
(d) Long-term Loan and Advances |
|
10.873 |
7.151 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
68.434 |
57.348 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c)
Trade receivables |
|
157.498 |
129.934 |
|
(d)
Cash and cash equivalents |
|
12.112 |
11.094 |
|
(e)
Short-term loans and advances |
|
23.038 |
20.869 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
192.648 |
161.897 |
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
25.723 |
13.430 |
|
|
|
|
|
|
TOTAL |
|
286.805 |
232.675 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
10.600 |
|
|
2] Share Application Money |
|
|
0.100 |
|
|
3] Reserves & Surplus |
|
|
29.805 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
40.505 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
102.310 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
102.310 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
142.815 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
31.633 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
108.745 |
|
|
Cash & Bank Balances |
|
|
0.607 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
28.985 |
|
Total
Current Assets |
|
|
138.337 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
39.012 |
|
|
Other Current Liabilities |
|
|
1.550 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
40.562 |
|
|
Net Current Assets |
|
|
97.775 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
13.407 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
142.815 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
250.204 |
163.777 |
115.653 |
|
|
|
Other Income |
2.045 |
0.541 |
0.391 |
|
|
|
TOTAL (A) |
252.249 |
164.318 |
116.044 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expenses |
100.047 |
51.753 |
44.057 |
|
|
|
Operating and Administrative Expenses |
89.299 |
60.615 |
44.074 |
|
|
|
TOTAL (B) |
189.346 |
112.368 |
88.131 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
62.903 |
51.950 |
27.913 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.378 |
16.502 |
12.861 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
43.525 |
35.448 |
15.052 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.100 |
6.406 |
3.178 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
32.425 |
29.042 |
11.874 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.408 |
5.728 |
3.849 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
20.017 |
23.314 |
8.025 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
11.70 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.94
|
14.19 |
6.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.95
|
17.73 |
10.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.47
|
13.27 |
6.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.41 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.80
|
0.01 |
2.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.42 |
3.41 |
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 |
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S.
No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10037838 |
28/09/2011
* |
134,000,000.00 |
UNION
BANK OF INDIA |
SME
BRANCH, 12-4-32, 1ST FLOOR, CHANDUS' PLAZA, GREEN PARK ROAD, VISAKHAPATNAM -
530002, ANDHRA PRADESH, INDIA |
B24956377 |
|
2 |
90128824 |
17/06/2005
* |
1,500,000.00 |
UNION
BANK OF INDIA |
SSI FINANCE
BRANCH SAINT ANTHONY, CHUECH APSARA ROAD, VISAKHAPATNAM - 530002, ANDHRA
PRADESH, INDIA |
- |
|
* Date of charge modification |
||||||
NOTE:
The registered office of the company has been shifted from 9-16-2/A, 1st Floor, Church Road, CBM Compound, Visakhapatnam-530003, Andhra Pradesh, India to the present address w.e.f.01.12.2011.
REVIEW OF BUSINESS
OPERATIONS:
During the year,
the Company has earned an Income of Rs. 252.250 Millions as compared to Rs.
164.318 Millions during the previous year and the Expenditure incurred amounted
to Rs. 208.724 Millions as against Rs. 128.870 Millions during the previous
year. The Depreciation provided during the year was Rs. 11.100 Millions as
against previous year Depreciation of Rs. 6.406 Millions. Thus the Company
recorded Net profit of Rs. 20.017 Millions for the year as against Net Profit
of Rs. 23.314 Millions.
There was
considerable increase in the turnover. However the profit for the financial
year 2011-12 was reduced slightly compared to previous year 2010-11 due to the
following reasons:
OUTLOOK:
The Indian IT
Industry continues to remain buoyant powered by a strong economic performance
and changing demographics. India continues to remain under penetrated in terms
of Information Technology through direct investments. Companies with one-step
investment shop and multiple delivery channels will be well positioned to
capture the complete value chain from advice to execution. Superior technology
platform with robust risk management systems, energy reforms across the globe
coupled with vast geographical reach will be the key drives of growth.
Indeed, industry
visionaries believe tomorrow's grid will need to enable bidirectional power
flows and bidirectional information flows about consumption and pricing between
utilities and consumers. Once they are enabled that way, tomorrow's
transmission and distribution systems could very well become self-healing, as
millions of new electricity flow monitoring grid devices combine with end users'
smart meters to send terabytes of data to control systems, offering
opportunities for management and optimization. Entirely new business models may
develop in response to consumers' ability to produce and add electricity to the
grid through distributed generation sources or the electric storage of their
plug-in vehicles. These will be the new characteristics of a Smart Energy
system, one that is more advanced and complicated than the currently popular
notion of a ‘smart grid.’
FIXED ASSETS:
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.61.75 |
|
|
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.