MIRA
INFORM REPORT
|
Report Date : |
29.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
FORBES TECHNOSYS LIMITED [w.e.f. 28.07.2004] |
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Formerly Known
As : |
WANDEL AND COLTERMANN AND FORBES LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
09.07.1991 |
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Com. Reg. No.: |
11-062425 |
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Capital Investment
/ Paid-up Capital : |
Rs.538.972
Millions |
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CIN No.: [Company Identification
No.] |
U29290MH1991PLC062425 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02565D |
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PAN No.: [Permanent Account No.] |
AAACF8567A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing transaction management products, solutions and services,
particularly to the Banking Financial Services, Utilities and Insurance (BFSUI)
industry in addition to the government institutions. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Forbes and Company Limited”. It is an
established company having satisfactory track record. The company has incurred huge accumulated losses. However, the ratings also take in to consideration unconditional and
irrecoverable guarantee extended by parent company. As per the payment
mechanism, if the subject company fails to make payment then trustee will
invoke the guarantee. The company has shown better improvement in its operational
performance which has resulted into some recovery of accumulated losses and
it has achived favourable profitability over previous year. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of strong parent support, the company can be considered for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs could
number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Non – convertible debentures = AA-(SO) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
13.10.2014 |
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 DENIED
MANAGEMENT NON CO-OPERATIVE
CONTACT NO.: 91-22-40639595
LOCATIONS
|
Registered Office : |
Forbes Building, Charanjit Rai Marg, Fort, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-40749191/40639595 |
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Fax No.: |
91-22-40719103 |
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E-Mail : |
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Website : |
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Head / Corporate Office : |
Plot No. C-17/18, Road No. 16, Wagle Industrial Estate, Thane (West) –
400604, Maharashtra, India |
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Tel No.: |
91-22-40639595 |
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Fax No.: |
91-22-40639516 |
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Branch Office : |
Located At: ·
New Delhi ·
Chennai ·
Ahmedabad ·
Pune ·
Bangalore ·
Secunderabad ·
Kolkata |
DIRECTORS
AS ON 24.06.2014
|
Name : |
Mr. Ashok Debabrata Barat |
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Designation : |
Director |
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Address : |
Everest House 3rd Floor, |
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Date of Birth/Age : |
05.12.1956 |
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Date of Appointment : |
22.09.2006 |
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Din No.: |
00492930 |
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Name : |
Mr. Subramania Kuppuswamy |
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Designation : |
Director |
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Address : |
52, Praneet, 234, |
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Date of Birth/Age : |
17.09.1950 |
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Date of Appointment : |
04.09.2009 |
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Din No.: |
00058836 |
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Name : |
Pallon Shapoor Mistry |
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Designation : |
Director |
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Address : |
Sterling Bay, 103, Walkeswar Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
12.03.1992 |
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Date of Appointment : |
26.03.2012 |
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Din No.: |
05229734 |
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Name : |
Ajay Pratap Singh |
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Designation : |
Whole-time director |
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Address : |
Flat No.1302, A Wing Serenity
Heights,Mindspace Complex, New Link Road, Malad (West), Mumbai-400064,
Maharashtra, India |
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Date of Birth/Age : |
12.11.1958 |
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Date of Appointment : |
01.06.2013 |
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DIN No.: |
06617966 |
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|
|
Name : |
Shrikrishna Mukund Bhave |
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Designation : |
Director |
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Address : |
C-202, Eden IV, Hiranandani
Gardens Powai, Mumbai-400076, Maharashtra, India |
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Date of Birth/Age : |
26.01.1960 |
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Date of Appointment : |
27.06.2013 |
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DIN No.: |
06619610 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod K Vora |
|
Designation : |
Secretary |
|
Address : |
303, Parshwanath Garden, 461, |
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Date of Birth/Age : |
28.02.1958 |
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Date of Appointment : |
16.03.2009 |
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Pan No.: |
ACEPV9196J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.06.2014
|
Names of Shareholders [Equity Share] |
|
No. of Shares |
|
Forbes Campbell Finance Limited, India |
|
11897180 |
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Forbes Campbell Finance Limited JV Mr. V. K. Vora, India |
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3 |
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Forbes Campbell Finance Limited JV Mr. S.P. Kadakia, India |
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5 |
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Forbes Campbell Finance Limited JV Mr. Shrikrishnal, India |
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2 |
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Forbes Campbell Finance Limited JV Mr. Pankaj Khattar, India |
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2 |
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Forbes Campbell Finance Limited JV Mr. P. K. Pradhan, India |
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2 |
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Forbes Campbell Finance Limited JV Mrs. Sunetra Ganesh, India |
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6 |
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Forbes and Company Limited, India |
|
10000000 |
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TOTAL
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|
21897200 |
AS ON 24.06.2014
|
Names of Shareholders [Preference Share] |
|
No. of Shares |
|
Forbes and Company Limited, India |
|
2000000 |
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Shapoorji Pallonji and Company Limited, India |
|
10000000 |
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Forbes and Company Limited, India |
|
20000000 |
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TOTAL
|
|
32000000 |
AS ON 14.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing transaction management products, solutions and services,
particularly to the Banking Financial Services, Utilities and Insurance
(BFSUI) industry in addition to the government institutions. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Available |
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Bankers : |
·
Development Credit Bank Limited, 601 and 602, Peninsula
Business Park, 6th Floor, Tower A, Senapati Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India ·
Union Bank of India ·
Vijaya Bank |
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Facilities : |
Note : i) One time bullet repayment after 3 years from the date of disbursement with interest rate depending on base rate, currently 10.75% to 11.50%. ii) Secured by exclusive 1st charge on movable and immovable fixed assets (tangible and intangible), present and future, of the Company. Secured by 1st charge, present and future, on all stocks, book debts and receivables of the Company. Secured by Hypothecation of i) One time bullet repayment after 3 years from the date of disbursement with interest rate depending on base rate, currently 10.75% to 11.50%. ii) Secured by exclusive 1st charge on movable and immovable fixed assets (tangible and intangible), present and future, of the Company. Secured by 1st charge, present and future, on all stocks, book debts and receivables of the Company. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Tower 3, 31st Floor, India Bulls Finance Centre, Elphinston Mill Compound, Senapati Bapat Marg, Elphinstone (W), Mumbai - 400013, Maharashtra, India |
|
PAN No: |
AACFD4815A |
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Holding Company : |
Forbes Campbell Finance Limited [U51103TN1977PLC007310] |
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Ultimate Holding
Company: |
Shapoorji Pallonji and Company Limited [U45200MH1943PLC003812] |
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Intermediate
holding company |
Forbes and Company Limited |
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Fellow Subsidiary :
|
Eureka Forbes Limited [U27109WB1931PLC007010] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22,000,000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
|
32,000,000 |
Preferences Shares |
Rs.10/- each |
Rs.320.000 Millions |
|
|
TOTAL
|
|
Rs.540.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21,897,200 |
Equity Shares |
Rs.10/- each
|
Rs.218.972
Millions |
|
32,000,000 |
Preferences Shares |
Rs.10/- each |
Rs.320.000 Millions |
|
|
TOTAL |
|
Rs.538.972 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
538.972 |
438.972 |
238.972 |
|
(b) Reserves & Surplus |
(188.475) |
(204.320) |
(206.965) |
|
(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) |
350.497 |
234.652 |
32.007 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
272.522 |
100.000 |
24.173 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
7.668 |
5.533 |
5.733 |
|
(d) long-term provisions |
6.959 |
6.158 |
2.107 |
|
Total
Non-current Liabilities (3) |
287.149 |
111.691 |
32.013 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
532.863 |
235.173 |
196.734 |
|
(b) Trade payables |
488.492 |
286.863 |
179.253 |
|
(c) Other current liabilities |
46.730 |
30.598 |
34.400 |
|
(d) Short-term provisions |
7.334 |
6.311 |
4.352 |
|
Total
Current Liabilities (4) |
1075.419 |
558.945 |
414.739 |
|
|
|
|
|
|
TOTAL |
1713.065 |
905.288 |
478.759 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
47.561 |
48.434 |
46.549 |
|
(ii) Intangible Assets |
8.587 |
16.892 |
18.912 |
|
(iii) Capital work-in-progress |
37.385 |
11.537 |
16.155 |
|
(iv) Intangible assets under
development |
248.960 |
109.984 |
19.905 |
|
(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 |
17.081 |
9.692 |
6.228 |
|
(e) Other Non-current assets |
89.475 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
449.049 |
196.539 |
107.749 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
183.654 |
115.059 |
80.139 |
|
(c) Trade receivables |
968.086 |
519.223 |
242.373 |
|
(d) Cash and cash equivalents |
41.137 |
29.733 |
22.683 |
|
(e) Short-term loans and
advances |
70.250 |
43.762 |
25.049 |
|
(f) Other current assets |
0.889 |
0.972 |
0.766 |
|
Total
Current Assets |
1264.016 |
708.749 |
371.010 |
|
|
|
|
|
|
TOTAL |
1713.065 |
905.288 |
478.759 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2494.577 |
1668.444 |
898.212 |
|
|
Other Income |
12.002 |
21.684 |
13.667 |
|
|
TOTAL
(A) |
2506.579 |
1690.128 |
911.879 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
570.566 |
377.111 |
123.287 |
|
|
Purchases of Stock-in-Trade |
1483.585 |
938.342 |
560.644 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(47.563) |
(24.024) |
0.336 |
|
|
Employees benefits expense |
79.111 |
77.723 |
81.699 |
|
|
Other expenditure |
340.037 |
256.928 |
195.047 |
|
|
TOTAL
(B) |
2425.736 |
1626.080 |
961.013 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
80.843 |
64.048 |
-49.134 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
40.245 |
40.151 |
22.802 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40.598 |
23.897 |
-71.936 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
24.753 |
21.252 |
16.317 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
15.845 |
2.645 |
(88.253) |
|
|
|
|
|
|
|
Less |
TAX
(H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
15.845 |
2.645 |
(88.253) |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(204.320) |
(206.965) |
(118.712) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(188.520) |
(204.320) |
(206.965) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
186.024 |
130.789 |
49.155 |
|
|
Components and Stores parts |
222.255 |
80.318 |
20.045 |
|
|
TOTAL
IMPORTS |
408.279 |
211.107 |
69.200 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.29 |
0.11 |
(8.36) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.64 |
0.16 |
(9.83) |
|
|
|
|
|
|
|
Operating Profit Margins
(PBTIT / Sales) |
(%) |
3.24 |
3.84 |
(5.47) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.11 |
0.34 |
(19.94) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.01 |
(2.76) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.30 |
1.43 |
6.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.27 |
0.89 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
238.972 |
438.972 |
538.972 |
|
Reserves & Surplus |
(206.965) |
(204.320) |
(188.475) |
|
Net
worth |
32.007 |
234.652 |
350.497 |
|
|
|
|
|
|
long-term borrowings |
24.173 |
100.000 |
272.522 |
|
Short term borrowings |
196.734 |
235.173 |
532.863 |
|
Total
borrowings |
220.907 |
335.173 |
805.385 |
|
Debt/Equity
ratio |
6.902 |
1.428 |
2.298 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
898.212 |
1668.444 |
2494.577 |
|
|
|
85.752 |
49.515 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
898.212 |
1668.444 |
2494.577 |
|
Profit |
(88.253) |
2.645 |
15.845 |
|
|
(9.83%) |
0.16% |
0.64% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
0.000 |
0.000 |
14.660
|
|
|
|
|
|
|
Total |
0.000 |
0.000 |
14.660
|
|
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
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 |
Yes |
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Fully convertible debenture |
0.000 |
100.000 |
|
Short-term
borrowings |
|
|
|
Working capital loans from bank |
100.000 |
0.000 |
|
Loans and advances from related parties |
107.500 |
77.500 |
|
|
|
|
|
Total |
207.500 |
177.500 |
|
|
|
|
OPERATIONS, FUTURE
PLANS AND STRATEGY
During the year the Company continued its rapid growth across multiple dimensions:
Its turnover increased by 48% to Rs. 2506.600 Millions
The Company has reported a profit after taxation of Rs.15.800 Millions, as compared to Rs. 2.600 Millions in the previous year.
During the financial year 2013-14, the Company witnessed rapid growth across their business verticals and product range, specifically Kiosks and Recharge.
The Company has established leadership in e-lobbies, Cash Deposit Kiosks, Passbook Printing Kiosks, Ticket Vending Machines,
Information Kiosks, and Coin Vending Machines. The Company received orders from a large number of PSU banks and Private Banks who implemented their plans to set up Fully electronic Self Service Branches called e-lobbies to enhance their services to customers. It also received orders from neighbouring countries like Nepal and Bhutan.
Pursuant to the RBI mandate for implementation of Cheque Truncation Systems in Western Grid and extension of Southern Grid, the Company's Cheque Truncation Solution was the leading solution that got implemented in 70 plus banks across the entire western grid including leading PSU Banks.
The Company ventured into various new segments of Government, and supplied Kiosks to Judiciary, State Transport Corporations, and Department of Land, Collectorate, Defence and Research Centres as an alternate delivery channel for a variety of e-Governance services to consumers.
The Company made an entry into the Enterprise Mobility Market and secured impressive orders from large corporates and Banks.
The Company continued
to receive awards and recognition which included
IMC (Indian Merchants Chamber) Excellence Award for Emerging Technologies.
International Sales Volume Leadership award for selling maximum number of Digital Check Corporation Cheque scanners worldwide.
Runners up award at
the Assocham ICAI SME Awards for Innovation
To create a platform for long term profitable growth, the Company intends to focus on the following:
· Consolidating its leadership position in Self Service Banking Solutions and e-Payment Systems
· Target high growth in e-Payment services, Enterprise Mobility and Currency Handling Solutions
· Innovation led introduction of new products and Solutions
· Expand Overseas Operations
· Adoption of Sustainable and environment friendly processes
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10452388 |
24/08/2013 |
750,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B86396066 |
|
2 |
10436899 |
10/07/2013 |
20,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor,,
T |
B79649364 |
|
3 |
10418869 |
25/03/2013 |
20,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor,,
T |
B72928526 |
|
4 |
10361462 |
01/06/2012 |
40,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor,,
T |
B41970856 |
|
5 |
10314607 |
17/10/2011 |
15,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
301, DELTA PLAZA, 414, VEER SAVARKAR MARG, PRABHA |
B24099921 |
|
6 |
10279004 |
11/03/2011 |
10,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
301, DELTA PLAZA, 414, VEER SAVARKAR MARG, PRABHA |
B10214245 |
|
7 |
10131251 |
09/11/2012 * |
342,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor,,
T |
B62525357 |
* Date of charge modification
FIXED ASSETS:
·
Furniture and Fittings
·
Data Processing Equipment
·
Vehicles
·
Office Equipment
·
Intellectual Property /
Distribution Rights
·
Bill Payment and Cheque
Deposit Software
·
Goodwill
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.97 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.