MIRA INFORM REPORT
|
Report No. : |
337840 |
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Report Date : |
22.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SYMPHONY TELECA CORPORATION INDIA PRIVATE LIMITED (w.e.f. 01.12.2012) |
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Formerly Known
As : |
SYMPHONY SERVICES CORPORATION (INDIA) PRIVATE LIMITED (w.e.f.
18.03.2004) GLOBAL SYMPHONY SOFTWARE (INDIA) PRIVATE LIMITED |
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Registered
Office |
No. 3 and 3A of EOIZ of Industrial Area, Survey No. 85 and 86,
Sadarmangala Village, Krishnarajapuram Hobli, Bangalore – 560066, Karnataka |
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Tel. No.: |
91-80-33071000/774 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.04.2002 |
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Com. Reg. No.: |
08-030427 |
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Capital
Investment / Paid-up Capital |
Rs.2.473 Million |
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CIN No.: [Company Identification
No. |
U72200KA2002PTC030427 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCG5658E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing IT services. |
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No. of Employees
: |
5000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 12000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Global Symphony Group Private Limited, was incorporated
during the year 2002. It has a good track record. For the financial year 2014, the company has registered decent
operational activity marked by increasing top line growth along with decent
sales turnover and achieved profitability margin of 12.1%. Further, the company has healthy financial risk profile backed by
decent net worth position and low borrowing taken by the company. It has good
gap between trade payables and receivables. Trade relations are reported as fair. Business is active. Payments
terms are usually correct. In view of strong financial and managerial support from its holding
company, it 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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Vinayak |
|
Designation : |
Consultant |
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Contact No.: |
91-80-33071774 |
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Date : |
21.08.2015 |
LOCATIONS
|
Registered Office : |
No. 3 and 3A of EOIZ of Industrial Area, Survey No. 85 and 86, Sadarmangala
Village, Krishnarajapuram Hobli, Bangalore – 560066, Karnataka, India |
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Tel. No.: |
91-80-33071000 |
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Fax No.: |
91-80-33072000 |
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E-Mail : |
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Website : |
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Branch Office: |
Supreme Business Park, Sharma Cottage, Behind Lake Castle,
Hirnanandani Gardens, Powai, Mumbai, Maharashtra, India |
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Branches : |
LOCATED AT: ·
Bangalore ·
Chennai ·
Gurgaon ·
Mumbai ·
Pune |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Pradeep Chaudhry |
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Designation : |
Whole Time Director |
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Address : |
No. 79, Phase I, Adarsh Palm Meadows, Whitefield Road, Bangalore – 560066, Karnataka, India |
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Date of Birth/Age : |
30.05.1967 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
00163613 |
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Other Directorship:
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Name : |
Mr. Sanjay Dhawan |
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Designation : |
Director |
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Address : |
D1/37, First Floor, Vasant Vihar, New Delhi – 110057, India |
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Date of Birth/Age : |
11.10.1963 |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
03142316 |
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Other Directorship:
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Name : |
Mr. Vivek Khemka |
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Designation : |
Whole Time Director |
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Address : |
B 904, Vaswani Pinnacle, Sy. No 11/3A and 3B , Whitefield Main Road, Bangalore – 560066, Karnataka, India |
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Date of Birth/Age : |
30.07.1978 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
05274329 |
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Other Directorship:
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Name : |
Mr. Subhash Akkia Kishen Rao |
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Designation : |
Whole Time Director |
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Address : |
#10, Rohan Ashima Survey No 84-86, Ryan School, Road, Brook Fields, Kundalahalli, Marathahalli Colony, Bangalore - 560037, Karnataka, India |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
06826856 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Vinayak |
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Designation : |
Consultant |
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Name : |
Ms. Komal Agarwal |
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Designation : |
Secretary |
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PAN No.: |
AIMPG9414C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Global Symphony Technology |
243370 |
|
Pradeep Chaudry |
10 |
|
International Securities Limited |
1 |
|
Symphonyteleca Services Inc |
3946 |
|
Total |
247327 |
As on 30.09.2014
|
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
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Line of Business : |
Providing IT services. |
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Products : |
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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, Advance Payment and Cheque |
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Purchasing : |
Cash, Advance Payment and Cheque |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
5000 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
B S R R and Company Chartered Accountants |
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Address : |
Maruthi Infotech, Center, 11-12/1, Inner Ring Road, Koramangala,
Bangalore – 560071, Karnataka, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAKFB1884H |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company: |
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Fellow Subsidiary Company: |
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Subsidiary company: |
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Ultimate Holding Company: |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
247327 |
Equity Shares |
Rs.10/- each |
Rs.2.473
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
2.473 |
2.593 |
2.671 |
|
(b) Reserves & Surplus |
4106.773 |
3675.662 |
3070.508 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.039 |
|
Total
Shareholders’ Funds (1) + (2) |
4109.246 |
3678.255 |
3073.218 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
355.654 |
345.497 |
81.510 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
59.301 |
52.058 |
22.116 |
|
(d) long-term provisions |
308.392 |
360.579 |
487.327 |
|
Total
Non-current Liabilities (3) |
723.347 |
758.134 |
590.953 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
109.372 |
64.715 |
217.210 |
|
(c) Other current liabilities |
2352.297 |
1743.130 |
1477.531 |
|
(d) Short-term provisions |
393.871 |
415.542 |
358.668 |
|
Total
Current Liabilities (4) |
2855.540 |
2223.387 |
2053.409 |
|
|
|
|
|
|
TOTAL |
7688.133 |
6659.776 |
5717.580 |
|
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|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
621.836 |
533.769 |
340.105 |
|
(ii) Intangible Assets |
504.386 |
637.496 |
725.886 |
|
(iii) Capital work-in-progress |
12.906 |
44.551 |
1.555 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.394 |
477.048 |
1.394 |
|
(c) Deferred tax assets (net) |
231.673 |
143.254 |
85.449 |
|
(d) Long-term Loan and Advances |
1066.804 |
1126.137 |
998.203 |
|
(e) Other Non-current assets |
11.065 |
3.539 |
0.000 |
|
Total
Non-Current Assets |
2450.064 |
2965.794 |
2152.592 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3.812 |
9.991 |
39.949 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
4222.825 |
2870.889 |
2677.068 |
|
(d) Cash and cash equivalents |
739.039 |
559.347 |
606.242 |
|
(e) Short-term loans and
advances |
170.091 |
163.260 |
201.149 |
|
(f) Other current assets |
102.302 |
90.495 |
40.580 |
|
Total
Current Assets |
5238.069 |
3693.982 |
3564.988 |
|
|
|
|
|
|
TOTAL |
7688.133 |
6659.776 |
5717.580 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
|
7664.912 |
6326.344 |
4721.789 |
|
|
|
|
|
|
|
Less |
TOTAL
EXPENSES |
6457.354 |
5214.694 |
4385.635 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1207.558 |
1111.650 |
336.154 |
|
|
|
|
|
|
|
Less |
TAX |
230.671 |
237.200 |
(0.114) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
976.887 |
874.450 |
336.268 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Foreign Exchange Earning |
7038.400 |
5571.734 |
4519.511 |
|
|
TOTAL
EARNINGS |
7038.400 |
5571.734 |
4519.511 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3949.78 |
3535.60 |
1359.61 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
653.766 |
917.421 |
813.441 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
12.74 |
13.82 |
7.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.23 |
18.54 |
5.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.30 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.09 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83 |
1.66 |
1.74 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
2.671 |
2.593 |
2.473 |
|
Reserves & Surplus |
3070.508 |
3675.662 |
4106.773 |
|
Share Application money pending allotment |
0.039 |
0.000 |
0.000 |
|
Net
worth |
3073.218 |
3678.255 |
4109.246 |
|
long-term borrowings |
81.510 |
345.497 |
355.654 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
81.510 |
345.497 |
355.654 |
|
Debt/Equity
ratio |
0.027 |
0.094 |
0.087 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
4721.789 |
6326.344 |
7664.912 |
|
|
|
33.982 |
21.159 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4721.789 |
6326.344 |
7664.912 |
|
Profit |
336.268 |
874.450 |
976.887 |
|
|
7.12% |
13.82% |
12.74% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office
address of the company has been shifted from # 13/1, Outer Ring Road,
Kaadubeesanahalli, Varthur Hobli, Bangalore – 560087, Karnataka, India to the
present address w.e.f. 10.09.2012
REVIEW OF OPERATIONS
During the period, the Company achieved a total income (including other income) of Rs.7664.912 Million as against a total income of Rs.6326.344 Million for the year ended March 31, 2013. Net profit (After Tax) of the Company for the year stood at Rs.976.887 Million against Rs.874.450 for the year ended March 31, 2013. The Board is satisfied with the performance of the Company and is confident of achieving better results in the forthcoming years too.
INDEX
OF CHARGES
NO CHARGES EXIST FOR COMPANY.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Claims against the Company not acknowledge as debt:3 |
|
|
|
Income Tax |
162.501 |
52.956 |
|
Service Tax |
3.511 |
3.511 |
FIXED ASSETS
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Other equipments
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.65.82 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.74.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.