MIRA INFORM REPORT
|
Report No. : |
317504 |
|
Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ICT HEALTH
TECHNOLOGY SERVICES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Salarpuria GR Tech Park, AGNI Block,Khata No. 69/3 Krishnarajapuram
Hobli, Bangalore South Taluk, Bangalore – 560066, Karnataka |
|
Tel. No.: |
91-80-42522800 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
01.05.2009 |
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Com. Reg. No.: |
08-049735 |
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Capital
Investment / Paid-up Capital : |
Rs.38.157 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U72200KA2009FTC049735 |
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IEC No.: |
Not Available |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRI03923D |
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PAN No.: [Permanent Account No.] |
AACCI0678R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service provider of software and consulting services. |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 67000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has processed above average financial performance which
has resulted into profit achieved from its operations during 2014. However, rating remain constrained on account of company’s moderate
financial risk profile and negative reserves which hampered the liquidity
profile of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 PARTED BY
|
Name : |
Mr. Srinivas Rao |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-80-42522800 |
|
Date : |
14.04.2015 |
LOCATIONS
|
Registered Office : |
Salarpuria GR Tech Park, AGNI Block,Khata No. 69/3 Krishnarajapuram
Hobli, Bangalore South Taluk, Bangalore – 560066, Karnataka |
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Tel. No.: |
91-80-42522800 |
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Fax No.: |
91-80-42522803 |
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E-Mail : |
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Website : |
DIRECTORS
As on 27.06.2014
|
Name : |
Mr. Gautam Dey |
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Designation : |
Director |
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Address : |
DL 205, Sector II,, Salt Lake, Kolkata - 700091, West Bengal, India |
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Date of Birth/Age : |
14.05.1965 |
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Date of Appointment : |
01.05.2009 |
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DIN No.: |
02596260 |
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Name : |
Ratnagiri Parthan Balakrishna |
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Designation : |
Director |
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Address : |
No.46/1, 'Hima', G Block, 5th Main, 3rd Cross, Sahakaranagar, Banagalore, 560092, Karnataka, India |
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Date of Birth/Age : |
18.08.1961 |
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Date of Appointment : |
01.05.2009 |
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DIN No.: |
02596574 |
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Other Directorship :
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Name : |
Premchand Devarakonda |
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Designation : |
Director |
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Address : |
D. No. T-6, Ranganayaki Apartments, 15-15-10/26, Krishnanagar, Visakhapatnam – 530002, Andhra Pradesh, India |
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Date of Birth/Age : |
20.08.1968 |
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Date of Appointment : |
29.10.2010 |
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DIN No.: |
02778574 |
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Other Directorship :
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Name : |
Mr. Fareed Fuad Mubarak Al Hinai |
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Designation : |
Director |
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Address : |
P.O. Box No. 2359, Ruwi, 112, , Oman |
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Date of Birth/Age : |
22.09.1974 |
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Date of Appointment : |
29.10.2010 |
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DIN No.: |
03050847 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Srinivas Rao |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
As on 27.06.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Ratnagiri Parthan Balakrishna |
|
1 |
|
ICT Health Mauritius Private Limited, Mauritius |
|
182307 |
|
Total |
|
182308 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
ICT Health Mauritius Private Limited, Mauritius |
|
199266 |
As on 27.06.2014
Equity Share Break up (Percentage of Total Equity)
|
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 |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service provider of software and consulting services. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Credit (30/60/90 Days) |
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Purchasing : |
Cash and Credit (30/60/90 Days) |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Auditors : |
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|
Name : |
Pkf Sridhar and Santhanam Chartered Accountants |
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Address : |
T8 and T9, Gem Plaza, 66, Infantry Road, Bangalore – 560001,
Karnataka, India |
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PAN No.: |
AAOFS2783G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding Company : |
SMI Holdings Mauritius Limited |
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Holding Company : |
ICT Health Mauritius Private Limited (Formerly SMI Healthcare Holdings
Mauritius Limited) |
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Associates : |
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CAPITAL STRUCTURE
As on 27.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Million |
|
800000 |
Preference Shares |
Rs.100/- each |
Rs.80.000 Million |
|
|
Total |
|
Rs.100.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
182308 |
Equity Shares |
Rs.100/-
each |
Rs.18.230
Million |
|
199266 |
Preference Shares |
Rs.100/-
each |
Rs.19.926
Million |
|
|
Total |
|
Rs.38.157 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
38.157 |
38.157 |
38.157 |
|
(b) Reserves &
Surplus |
(14.365) |
(15.564) |
7.602 |
|
(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) |
23.792 |
22.593 |
45.759 |
|
|
|
|
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|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
3.150 |
3.150 |
3.150 |
|
(d) long-term provisions |
3.623 |
3.443 |
1.878 |
|
Total Non-current
Liabilities (3) |
6.773 |
6.593 |
5.028 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
22.762 |
14.852 |
6.746 |
|
(c) Other current
liabilities |
8.206 |
7.657 |
9.800 |
|
(d) Short-term provisions |
0.917 |
0.785 |
2.018 |
|
Total Current Liabilities
(4) |
31.885 |
23.294 |
18.564 |
|
|
|
|
|
|
TOTAL |
62.450 |
52.480 |
69.351 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.930 |
1.871 |
5.293 |
|
(ii) Intangible Assets |
1.014 |
1.747 |
0.000 |
|
(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 |
|
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.435 |
|
(d) Long-term Loan and Advances |
4.965 |
2.289 |
4.602 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6.909 |
5.907 |
10.330 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
48.532 |
36.551 |
52.425 |
|
(d) Cash and cash
equivalents |
0.153 |
0.347 |
3.473 |
|
(e) Short-term loans and
advances |
6.154 |
9.121 |
1.468 |
|
(f) Other current assets |
0.702 |
0.554 |
1.655 |
|
Total Current Assets |
55.541 |
46.573 |
59.021 |
|
|
|
|
|
|
TOTAL |
62.450 |
52.480 |
69.351 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL |
72.588 |
71.850 |
95.029 |
|
|
|
|
|
|
|
Less |
EXPENSES |
68.121 |
94.347 |
72.666 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
4.467 |
(22.497) |
22.363 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.419 |
4.024 |
3.696 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2.048 |
(26.521) |
18.667 |
|
|
|
|
|
|
|
Less |
TAX |
0.850 |
(3.355) |
3.975 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1.198 |
(23.166) |
14.692 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Fee for Consultancy
Services |
1.536 |
6.752 |
2.660 |
|
|
Fee for ERP and Software
Development Services |
27.538 |
24.652 |
74.244 |
|
|
Fee for Software Support
and Maintenance Services |
20.336 |
22.166 |
0.278 |
|
|
TOTAL EARNINGS |
49.410 |
53.570 |
77.182 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
6.57 |
(127.07) |
80.59 |
|
Particulars |
31.03.2014 |
|
Sales (Approximately) |
75.000 |
Expected Sales (2014-2015): Rs.80.000 Million
The above information has been parted by Mr. Srinivas Rao (Finance
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Total Income) |
(%) |
1.65 |
(32.24) |
15.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.28 |
(50.54) |
27.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
(1.17) |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74 |
2.00 |
3.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
38.157 |
38.157 |
38.157 |
|
Reserves & Surplus |
7.602 |
(15.564) |
(14.365) |
|
Net worth |
45.759 |
22.593 |
23.792 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
95.029 |
71.850 |
72.588 |
|
|
|
(24.392) |
1.027 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
95.029 |
71.850 |
72.588 |
|
Profit |
14.692 |
(23.166) |
1.198 |
|
|
15.46% |
(32.24%) |
1.65% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
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 address has been shifted from the 27, 2nd Floor, 1st
Cross, 2nd Phase Doddanekundi Industrial Area, Whitefield Road,
Bangalore – 560048, Karnataka, India to the present address w.e.f. 11.10.2013.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Furniture and Fixtures
- Office Equipments
- Computers
- Vehicles
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.62.38 |
|
|
1 |
Rs.91.05 |
|
Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.