MIRA
INFORM REPORT
|
Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
MERIDIAN
INFOTECH LIMITED |
|
|
|
|
Formerly Known
As : |
MERIDIAN INFOTECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
201-202, Vice Regal, 15, Punit Nagar, Off |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.11.1995 |
|
|
|
|
Com. Reg. No.: |
04-028142 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.985
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U30007GJ1995PLC028142 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDM01011D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM3420E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in providing System Integration Services and also
engaged in trading of Networking Parts. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
N.A. (Case site
not working) |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track record. There seems
slight dip in the turnover of the company during 2013. However, networth of
the company is satisfactory. General financial position of the company is
good. Trade relations
are reported as fair. Business is active. Payment terms are reported to be
usually correct. The company can
be considered normal 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
NEWS
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the share goes up further in the
coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes that many things such as apartment
sales, luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20%! Equities came in second with annualized
return of 15.5%! However, while these returns may seem mouthwatering, the fact
is that the return from equities adjusted for inflation came down to just 7.1
%.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs.10000 mn.
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Ms. Bhumi Medridan |
|
Contact No.: |
91-9909928001 |
|
Date : |
28.07.2014 |
LOCATIONS
|
Registered Office : |
201-202, Vice Regal, 15, Punit Nagar, Off Old Padra Road, Vadodara –
390 015, Gujarat, India |
|
Tel. No.: |
91-265-6544741/ 2357499 |
|
Fax No.: |
91-265-2357499 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Located at: ·
Vadodara ·
Mumbai |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Jayesh Dhirajlal Buddhadev |
|
Designation : |
Director |
|
Address : |
702, Rajeshri Acord, Tally Gully Cross Lane, Off S.N. Road, Andheri
(East), Mumbai – 400 069, Maharashtra, India |
|
Date of Birth/Age : |
18.07.1962 |
|
Date of Appointment : |
16.11.1995 |
|
DIN No.: |
00995070 |
|
|
|
|
Name : |
Mr. Devang Dhimantray Jasani |
|
Designation : |
Director |
|
Address : |
GF-1, Parisharm Apartment, Swati, 76, vishwas Colony, Alkapuri,
Vadodara – 390 007, Gujarat, India |
|
Date of Birth/Age : |
22.06.1972 |
|
Date of Appointment : |
19.05.2010 |
|
DIN No.: |
01027764 |
|
|
|
|
Name : |
Mr. Bhavesh Dhanvanrai Buddhadev |
|
Designation : |
Director |
|
Address : |
55, Sangeeta Apartments, Opposite Akota Stadium, Vadodara – 390 020,
Gujarat, India |
|
Date of Birth/Age : |
03.04.1970 |
|
Date of Appointment : |
16.11.1995 |
|
DIN No.: |
00326827 |
KEY EXECUTIVES
|
Name : |
D.
Ganatra and Company |
|
Designation : |
Practising
Company Secretary |
|
Address : |
513,
Star Plaza, Phulchhab Chowk, Rajkot – 360 001, Gujarat, India |
|
Tel. No.: |
91-281-2477516 |
|
Mobile No.: |
91-9426201730 |
|
E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Jayesh D. Buddhdev |
125888 |
|
Bhavesh D. Buddhdev |
205426 |
|
Hemangi J. Buddhdev |
68336 |
|
Mehul D. Buddhdev |
4700 |
|
Atul N. Patel |
9990 |
|
Associated Infotech Limited, India |
39600 |
|
Jayesh D. Buddhdev - HUF |
38575 |
|
R.L. Capital Private Limited, India |
6000 |
|
Total |
498515 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
9.15 |
|
Directors
or relatives of directors |
|
88.85 |
|
Other
top fifty shareholders |
|
2.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing System Integration Services and also
engaged in trading of Networking Parts. |
GENERAL INFORMATION
|
Customers : |
·
ABB Limited, Vadodara ·
Larsen &
Toubro Limited, EPC Centre, Vadodara ·
Narmada
Cement / L&T Cement, Saurashtra ·
Birla Copper,
Dahej ·
Birla
Cellulosics, Kosamba ·
Grasim Industries Limited, Nagda ·
Kale
Consultants Limited, Andheri, Mumbai ·
OSS Systems (India) Limited, Andheri, Mumbai ·
The Godavari
Sugar Mills Limited, (Somaiya
Group) Fort, Mumbai ·
United
Phosphorus Limited, Khar, Mumbai ·
Indian Coast
Guard Worli, Mumbai ·
Lafarge India Limited,
Powai, Mumbai |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the Management. |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India, Small and Medium Enterprises,
City Credit Centre, Commerce Centre, 6th Floor, Opposite BBC
Tower, Sayaji Gunj, Vadodara – 390 005, Gujarat, India ·
ICICI Bank Limited ·
Syndicate Bank, Opposite Hotel Express, Alkapuri,
R.C. Dutt Road, Vadodara – 390 005, Gujarat, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Terms of
repayment and security: Average rate of interest paid on Cash Credit (CC) facility with State
Bank of India is 12.75%. The said CC facility with State Bank of India is secured
by hypothecation of stock and book debts of the company and equitable
mortgage over following properties.
Loans guaranteed
by directors and others: Cash Credit facility with State Bank of India is further secured by
personal guarantee of all directors, namely Mr. Devang Jasani, Mr. Jayesh
Buddhadev and Mr. Bhavesh Buddhadev and it is also secured by third party
guarantee of Mrs. Rasilaben D. Buddhadev. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.C. Vaishnav and Company Chartered Accountants |
|
Address : |
2, Maruti Apartments, 31, Haribhakti Colony, Race Course, Vadodara –
390 007, Gujarat, India |
|
Tel. No.: |
91-265-2336428/ 2357339/ 2357340/ 3249955 |
|
Mobile No.: |
91-265-2313348 |
|
E-Mail : |
|
|
PAN No.: |
AAEFN7410R |
|
|
|
|
Subsidiary Company : |
Meridian Infotech PTE Limited, Singapore |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
498515 |
Equity Shares |
Rs.10/- each |
Rs.4.985
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4.985 |
4.985 |
4.985 |
|
(b) Reserves & Surplus |
21.692 |
16.789 |
12.135 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
26.677 |
21.774 |
17.120 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.412 |
0.299 |
0.316 |
|
(c) Other long
term liabilities |
0.364 |
0.350 |
0.350 |
|
(d) Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.776 |
0.649 |
0.666 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
10.510 |
6.423 |
9.594 |
|
(b) Trade
payables |
12.859 |
15.113 |
16.181
|
|
(c)
Other current liabilities |
3.009 |
3.422 |
3.240
|
|
(d) Short-term
provisions |
0.045 |
0.000 |
0.026
|
|
Total Current
Liabilities (4) |
26.423 |
24.958 |
29.041 |
|
|
|
|
|
|
TOTAL |
53.876 |
47.381 |
46.827 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4.245 |
4.363 |
3.629 |
|
(ii)
Intangible Assets |
0.003 |
0.004 |
0.007 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.345 |
1.678 |
1.232 |
|
(e) Other current
assets |
0.000 |
0.000 |
0.000 |
|
(f) Trade
receivables |
1.513 |
2.513 |
0.000 |
|
Total Non-Current
Assets |
7.106 |
8.558 |
4.868 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.001 |
0.001 |
0.001 |
|
(b)
Inventories |
18.235 |
15.859 |
12.418
|
|
(c)
Trade receivables |
27.823 |
21.697 |
28.378
|
|
(d) Cash
and cash equivalents |
0.202 |
0.637 |
0.583
|
|
(e) Short-term
loans and advances |
0.509 |
0.629 |
0.579 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
46.770 |
38.823 |
41.959 |
|
|
|
|
|
|
TOTAL |
53.876 |
47.381 |
46.827 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
106.979 |
111.422 |
102.480 |
|
|
|
Other Income |
0.500 |
0.603 |
0.346 |
|
|
|
TOTAL (A) |
107.479 |
112.025 |
102.826 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of
networking materials and other |
76.124 |
83.977 |
90.276 |
|
|
|
(Increase)/ Decrease in inventories of material
and components |
(2.376) |
(3.441) |
(5.251) |
|
|
|
Employee benefit expense |
8.331 |
7.046 |
4.264 |
|
|
|
Other expenses |
17.330 |
16.299 |
7.196 |
|
|
|
TOTAL (B) |
99.409 |
103.881 |
96.485 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.070 |
8.144 |
6.341 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.897 |
0.768 |
0.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.173 |
7.376 |
6.071 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.266 |
0.623 |
0.267 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
6.907 |
6.753 |
5.804 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.004 |
2.099 |
1.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4.903 |
4.654 |
3.944 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
16.239 |
11.585 |
7.641 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
21.142 |
16.239 |
11.585 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.342 |
0.281 |
Nil
|
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
9.84 |
9.34 |
7.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.56 |
4.15 |
3.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.46 |
6.06 |
5.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.82 |
14.25 |
12.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.31 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.39 |
0.29 |
0.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77 |
1.56 |
1.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
4.985 |
4.985 |
4.985 |
|
Reserves & Surplus |
12.135 |
16.789 |
21.692 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
17.120 |
21.774 |
26.677 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
9.594 |
6.423 |
10.510 |
|
Total borrowings |
9.594 |
6.423 |
10.510 |
|
Debt/Equity ratio |
0.560 |
0.295 |
0.394 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
102.480 |
111.422 |
106.979 |
|
|
|
8.726 |
(3.988) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
102.480 |
111.422 |
106.979 |
|
Profit |
3.944 |
4.654 |
4.903 |
|
|
3.85% |
4.18% |
4.58% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
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 |
Yes |
|
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 |
Yes |
|
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 |
10259569 |
07/01/2014 * |
13,500,000.00 |
STATE BANK OF INDIA |
SMALL AND MEDIUM
ENTERPRISES CITY CREDIT CENTRE, COMMERCE CENTRE, 6TH FLOOR, OPPOSITE BBC
TOWER, SAYAJI GUNJ, |
B96553235 |
|
2 |
90107108 |
15/04/2005 |
320,000.00 |
SYNDICATE BANK |
ALKAPURI, BARODA,
GUJARAT, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand |
|
|
|
a. From related
parties |
0.700 |
3.179 |
|
b. From others |
3.300 |
2.825 |
|
Total |
4.000 |
6.004 |
REVIEW OF PERFORMANCE ANF
FUTURE OUTLOOK:
Despite the recession in
Indian and World economy, the Company has performed well during the year. IT sector
has been badly affected due to heavy recession in USA and European Countries.
As a result, sale of networking materials was declined to Rs.90.134 millions as
compared to Rs.101.010 millions during the last year. However decline in sales
income was compensated by increase in service revenue. Revenue from services
during the year report amounted to Rs.16.845 millions as against Rs.10.412
millions in the previous year. However overall result was satisfactory as the
profit before and after tax is not much impacted.
The directors are taking
all efforts to maintain that reputation by providing quality and timely
services to the customers of the Company. The directors expect that the revenue
and profits will increase in the current financial year too.
CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR) (AS ON
31.03.2013):
Company has contingent liability of Rs.0.111
million in respect of Central Sales Tax on inter-state sales for Rs.3.713
millions and inter-state purchase for Rs. Nil, against ‘C’ Forms and
Inter-state stock transfers of Rs. Nil against ‘F’ From, effected during the
year. This is on account of non-receipt/ issue of said forms till the end of
the financial year 2012-13.
FIXED ASSETS:
Tangible Assets
Office Building
Plant and Machinery
·
Air Conditioner
·
Cabling Wire
·
Digital Camera
·
Electrical Installations
·
Fax Machine
·
Drill Machine
·
EPABX A/c
·
Networking Tools
·
Water Cooler
·
Office Equipment
·
Mobile Phones
·
Vehicles - Cycle
·
Computers, Laptops and
Printers etc.
Furniture and Fixtures
Intangible Assets
·
License 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 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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
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 |
|
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.