MIRA INFORM REPORT
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Report No. : |
352915 |
|
Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
CUBIX MICRO SYSTEMS INDIA PRIVATE LIMITED |
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|
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Registered
Office : |
2-3, 3rd Floor, A Wing, Mangalmurti Complex, S. No.
1171, Sinhgad Road, Pune - 411030, Maharashtra |
|
Tel No.: |
91-20-24251594 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.09.1999 |
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Com. Reg. No.: |
25-013992 |
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Capital
Investment / Paid-up Capital : |
Rs. 25.165
Million |
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|
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CIN No.: [Company Identification
No.] |
U72200PN1999PTC013992 |
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|
IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEC01203G |
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PAN No.: [Permanent Account No.] |
AACCC2423N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of IT Products and Solutions. (Indirect Sources) |
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No. of Employees
: |
56 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 1990 and it is engaged in the
trading business of IT products and software solutions. For the financial year ended 2014, company has reported 13.55% sales
turnover growth as compared to previous sales turnover and it has maintained
average profitability margins at 1.46% during the year under a review. Rating takes into consideration company’s established track record of
business operations marked by its above average financial base along with
modest net worth position and moderate debt coverage indicators. However, rating strength is partially offset by risk associated with
trading nature of business operations along with susceptibility to
fluctuation in trading goods prices imparting volatility to profitability and
intense competition in the sector. Trade relations are reported as fair. Payment terms are reported to be
usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Ms. Bhakti Deshpande |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-20-24251594 |
|
Date : |
01.12.2015 |
LOCATIONS
|
Registered/ Head Office 1 : |
2 - 3 , 3rd Floor, A Wing, Mangalmurti Complex, S. No.
1171, |
|
Tel. No.: |
91-20-24251594 (6 Lines) |
|
Fax No.: |
91-20-24251591 |
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E-Mail : |
vijay@cubixindia.com manisha.patwardhan@cubixindia.com apdhavalikar@vsnl.com |
|
Website : |
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|
Area : |
1200 Sq. Ft |
|
Location : |
Owned |
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Head Office 2 : |
5th Floor, Senate, S. No. 118A, Jaidev Nagar, |
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Branch office: |
Located At:
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DIRECTORS
As on 02.08.2014
|
Name : |
Mr. Vijay Sakharam Joshi |
|
Designation : |
Director |
|
Address : |
3, Vishwa Laxmi Co-operative Housing Society, Mayur Colony, Kothrud,
Pune – 411 029, |
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Date of Birth/Age : |
13.09.1964 |
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Date of Appointment : |
17.09.1999 |
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DIN No.: |
01441955 |
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|
|
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Name : |
Mr. Nitin Anand Naik |
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Designation : |
Director |
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Address : |
G – 707, S .No. 3+4, Pinnac Towers, Pinnac Memories II, Kothrud, Pune
– 411 029, Maharashtra, India |
|
Date of Birth/Age : |
07.05.1966 |
|
Date of Appointment : |
17.09.1999 |
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DIN No.: |
01801352 |
KEY EXECUTIVES
|
Name : |
Adwait Walunjkar and Associates |
|
Designation : |
Company Secretaries |
|
Address : |
“Akshay Shri”, 216 5th Floor, N. C. Kelkar Road, Near Behide Bridge, Narayan Peth, Pune – 411030, Maharashtra, India |
|
|
|
|
Name : |
Ms. Bhakti Deshpande |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
As on 02.08.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Vijay Sakharam Joshi |
|
10 |
|
Nitin Anand Naik |
|
10 |
|
Sarita Vijay Joshi |
|
490 |
|
Shilpa Nitin Naik |
|
490 |
|
Vijay Sakharam Joshi |
|
49000 |
|
Nitin Anand Naik |
|
49000 |
|
Total |
|
99000 |
|
Names of Shareholders (Preferences Shares) |
|
No. of Shares |
|
Nitin Anand Naik |
|
77330 |
|
Vijay Sakharam Joshi |
|
75320 |
|
Total |
|
152650 |
Equity Share Break up (Percentage of Total Equity)
As on 02.08.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of IT Products and Solutions. (Indirect Sources) |
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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 : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
· Cosmos Co-Operative Bank Limited, 269/270, Shaniwar Peth, Pune – 411 030, Maharashtra, India
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Facilities : |
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Auditors : |
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Name : |
S. V. Mujumdar and Company Chartered Accountants |
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Address : |
Flat No.301, Wing, Kamal Village, Katraj Kondhwa Road, Gokul Nagar, Pune – 411048, Maharashtra, India |
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E-Mail : |
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PAN.: |
AQLPM7714J |
CAPITAL STRUCTURE
As on 02.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Million |
|
160000 |
Preferences Shares |
Rs.100/- each |
Rs.16.000 Million |
|
|
Total |
|
Rs.26.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99000 |
Equity Shares |
Rs.100/-
each |
Rs.9.900
Million |
|
152650 |
Preferences Shares |
Rs.100/- each |
Rs.15.265 Million |
|
|
Total |
|
Rs.25.165 Million |
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 |
25.165 |
25.165 |
25.165 |
|
(b) Reserves & Surplus |
40.006 |
35.112 |
30.266 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1)+(2) |
65.171 |
60.277 |
55.431 |
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|
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(3) Non-Current
Liabilities |
|
|
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|
(a) long-term borrowings |
14.660 |
20.314 |
18.714 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
14.660 |
20.314 |
18.714 |
|
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(4) Current Liabilities |
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(a) Short
term borrowings |
46.827 |
18.642 |
11.878 |
|
(b) Trade
payables |
32.547 |
31.084 |
41.247 |
|
(c) Other
current liabilities |
23.419 |
23.054 |
19.359 |
|
(d) Short-term
provisions |
0.256 |
0.222 |
0.431 |
|
Total Current
Liabilities (4) |
103.049 |
73.002 |
72.915 |
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TOTAL |
182.880 |
153.593 |
147.060 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
36.980 |
40.530 |
46.039 |
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(ii)
Intangible Assets |
1.857 |
2.471 |
0.863 |
|
(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) |
0.223 |
0.030 |
0.035 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
1.480 |
1.575 |
1.735 |
|
Total Non-Current
Assets |
40.540 |
44.606 |
48.672 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
26.681 |
21.137 |
20.131 |
|
(c) Trade
receivables |
85.127 |
57.686 |
57.563 |
|
(d) Cash
and cash equivalents |
13.633 |
16.024 |
11.861 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
16.899 |
14.140 |
8.833 |
|
Total
Current Assets |
142.340 |
108.987 |
98.388 |
|
|
|
|
|
|
TOTAL |
182.880 |
153.593 |
147.060 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
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|
SALES |
|
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||
|
|
|
Income |
334.200 |
293.910 |
251.093 |
|
|
|
|
Other Income |
1.510 |
2.052 |
1.977 |
|
|
|
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TOTAL |
335.710 |
295.962 |
253.070 |
|
|
|
|
|
|
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||
|
Less |
EXPENSES |
325.010 |
286.096 |
244.296 |
||
|
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||
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|
PROFIT/(LOSS)
BEFORE TAX |
10.700 |
9.866 |
8.774 |
||
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||
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Less |
TAX |
5.806 |
5.020 |
4.115 |
||
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||
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PROFIT/(LOSS)
AFTER TAX |
4.894 |
4.846 |
4.659 |
||
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||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
35.112 |
30.266 |
25.607 |
||
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|
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||
|
|
BALANCE CARRIED
TO THE B/S |
40.006 |
35.112 |
30.266 |
||
|
|
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||
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|
EARNINGS IN
FOREIGN CURRENCY |
|
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||
|
|
|
Export Earnings |
31.659 |
12.040 |
12.123 |
|
|
|
TOTAL EARNINGS |
31.659 |
12.040 |
12.123 |
||
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||
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IMPORTS |
NA |
126.814 |
105.040 |
||
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|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
19.45 |
19.26 |
18.51 |
||
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 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.46 |
1.65 |
1.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.86 |
6.42 |
5.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.16 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.94 |
0.65 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.49 |
1.35 |
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 |
25.165 |
25.165 |
25.165 |
|
Reserves & Surplus |
30.266 |
35.112 |
40.006 |
|
Net
worth |
55.431 |
60.277 |
65.171 |
|
|
|
|
|
|
Long Term borrowings |
18.714 |
20.314 |
14.660 |
|
Short Term borrowings |
11.878 |
18.642 |
46.827 |
|
Total
borrowings |
30.592 |
38.956 |
61.487 |
|
Debt/Equity
ratio |
0.552 |
0.646 |
0.943 |
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 |
|
Sales |
251.093 |
293.910 |
334.200 |
|
|
|
17.052 |
13.708 |
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
|
251.093 |
293.910 |
334.200 |
|
Profit |
4.659 |
4.846 |
4.894 |
|
|
1.86% |
1.65% |
1.46% |
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 |
No |
|
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 |
UNSECURED LOANS
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loans from directors |
7.193 |
7.326 |
|
Total |
7.193 |
7.326 |
REVIEW OF
BUSINESS OPERATION:
The operating income of the company was Rs.334.200 Million as against Rs.293.911 Million in the previous year and the profit after tax was Rs.4.894 Million as against Rs.4.846 Million in the previous year. The Directors of the company are ensuring that the resources of the company are utilized efficiently so as to maximize profits of the company and to increase shareholders value. The Board of Directors is confident that the company, in the coming financial year will be able to increase its profit’s by undertaking appropriate cost reduction measures.
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10530489 |
21/08/2014 |
6,950,000.00 |
THE COSMOS CO-OPERATIVE BANK LIMITED (VITTHALWADI |
269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 41103 |
C33154717 |
|
2 |
10416118 |
06/03/2013 |
9,000,000.00 |
COSMOS CO-OPERATIVE BANK LTD |
269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030 |
B72084791 |
|
3 |
10339558 |
31/01/2012 |
8,100,000.00 |
COSMOS CO-OPERATIVE BANK LTD |
269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 411030 |
B33856790 |
|
4 |
10106461 |
13/09/2013 * |
4,130,000.00 |
THE COSMOS CO-OPERATIVE BANK LIMITED |
269/270, SHANIWAR PETH,, PUNE, MAHARASHTRA - 41103 |
B86565983 |
|
5 |
10106460 |
26/03/2015 * |
55,000,000.00 |
COSMOS CO-OPERATIVE BANK LTD |
COSMOS TOWERS, GANESHKHIND ROAD,, THOROUGH ITS VI |
C49531452 |
|
6 |
90091433 |
26/12/2000 |
100,000.00 |
THE COSMOS CO-OPERATIVE BANK LIMITED |
269/270, SHANIWAR PETH, PUNE, MAHARASHTRA - 41103 |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.66.62 |
|
UK Pound |
1 |
Rs.100.34 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
SYL |
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 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
43 |
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.