MIRA INFORM REPORT

 

 

Report No. :

356516

Report Date :

24.12.2015

 

IDENTIFICATION DETAILS

 

Name :

MERIDIAN IT (INDIA) PRIVATE LIMITED

 

 

Registered Office :

503B 1-2, 5th Floor, Sigma Building, Hiranandani Business Park, Off A S Road Powai, Mumbai – 400076, Maharashtra

Tel. No.:

91-22-25705251

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

09.09.2014

 

 

Com. Reg. No.:

11-257874

 

 

Capital Investment / Paid-up Capital :

Rs. 15.000 Million

 

 

CIN No.:

[Company Identification No.]

U72900MH2014FTC257874

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMM47057D

 

 

 

PAN No.:

[Permanent Account No.]

AAJCM3662N

 

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing IT Consultancy and Support Services. (Registered Activity)

 

 

No. of Employees :

Information declined by Management

 

 

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

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is relatively a new established company. It is a subsidiary of Meridian IT Asia Pacific Pty Limited, Australia incorporated on Sep 9th 2014.

 

In first year of business operations, the company has incurred losses and earned minimum revenue. As per Director’s Report, the company is still in process to start its full-fledged business activity.

 

Rating takes into consideration the healthy future prospects of the company, established customer base and renowned product range along with strong financial and managerial support which it will continue to receive from its holding company.

 

Business is active. Payments are usually correct.

 

In view of aforesaid, 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.

 

 

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 :

Mr. G. Balakrishnan

Designation :

Director

Contact No.:

91-9819062000

Date :

23.12.2015

 

 

LOCATIONS

 

Registered Office :

503B 1-2, 5th Floor, Sigma Building, Hiranandani Business Park, Off A S Road Powai, Mumbai – 400076, Maharashtra, India

Tel. No.:

91-22-25705251 65-66863307

Mobile No.:

91-9819062000 (Mr. Gopalan Balakrishnan)

Fax No.:

Not Available

E-Mail :

anthonyh@meridianit.com.au

bala@gbalakrishnan.net

Website :

http://www.meridianitindia.com

 

 

DIRECTORS

 

AS ON 29.09.2015

 

Name :

Mr. Nicholas Paul King

Designation :

Director

Address :

13, Bower Street, Manly, Sydney, Nsw, 2095, Australia

Date of Birth/Age :

27.10.1961

Date of Appointment :

04.09.2015

DIN No.:

06785234

 

 

Name :

Mr. Krishnan Subramaniam Iyer

Designation :

Director

Address :

C/17,Prabhasa Rifce Range,, Ghatkopar(West), Mumbai-400086, Maharashtra, India

Date of Birth/Age :

23.03.1967

Date of Appointment :

04.09.2015

PAN No.:

AAZPS3526L

DIN No.:

00039827

 

 

Name :

Mr. Gopalan Balakrishnan

Designation :

Director

Address :

3 A/B 3rd Floor Sapphire, Next To Axis Bank, 10th Road, Chembur, Mumbai-400071, Maharashtra, India

Date of Appointment :

09.09.2014

DIN No.:

00085153

 

 

Name :

David Anthony Hughes

Designation :

Director

Address :

Unit 37/25, Barr Street,, Camperdown, Nsw, 2050, Australia

Date of Appointment :

09.09.2014

DIN No.:

06785415

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2015

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Meridian IT Asia Pacific Pty Limited, India

149999

100.00

David Anthony Hughes

1

0.00

Total

150000

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Providing IT Consultancy and Support Services. (Registered Activity)

 

 

Products :

ITC Code No.

 

Product Descriptions

99831311

IT Consultancy and Support Services

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Information declined by Management

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

 

Facilities :

--

 

Banking Relations :

--

 

 

Auditors :

 

Name :

N. P. Dharamshi and Company

Chartered Accountant

Address :

G-34, Sai Dham Shopping Plaza, P. K. Road, Near Saint Mary School, Mulund, Mumbai-400080, Maharashtra, India

E-mail :

npdharamshi@gmail.com

Income-tax PAN of auditor or auditor's firm :

ADKPD2914K

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

Meridian IT Asia Pacific Pty Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

300000

Equity Shares

Rs. 100/- each

Rs. 30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

150000

Equity Shares

Rs. 100/- each

Rs. 15.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

 

15.000

(b) Reserves & Surplus

 

 

(0.076)

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.577

Total Shareholders’ Funds (1) + (2)

 

 

15.501

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

 

 

0.000

(b) Deferred tax liabilities (Net)

 

 

0.000

(c) Other long term liabilities

 

 

0.000

(d) long-term provisions

 

 

0.000

Total Non-current Liabilities (3)

 

 

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

0.000

(b) Trade payables

 

 

0.000

(c) Other current liabilities

 

 

0.939

(d) Short-term provisions

 

 

0.000

Total Current Liabilities (4)

 

 

0.939

 

 

 

 

TOTAL

 

 

16.440

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

0.000

(ii) Intangible Assets

 

 

0.000

(iii) Capital work-in-progress

 

 

0.000

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

0.000

(c) Deferred tax assets (net)

 

 

0.000

(d)  Long-term Loan and Advances

 

 

0.452

(e) Other Non-current assets

 

 

0.000

Total Non-Current Assets

 

 

0.452

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

0.000

(b) Inventories

 

 

0.000

(c) Trade receivables

 

 

0.000

(d) Cash and cash equivalents

 

 

15.572

(e) Short-term loans and advances

 

 

0.000

(f) Other current assets

 

 

0.416

Total Current Assets

 

 

15.988

 

 

 

 

TOTAL

 

 

16.440

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

 

31.03.2015

 

SALES

 

 

 

 

 

Income

 

 

0.000

 

 

Other Income

 

 

0.158

 

 

TOTAL                                    

 

 

0.158

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Other expenses

 

 

0.234

 

 

TOTAL                                    

 

 

0.234

 

 

 

 

 

 

PROFIT BEFORE TAX

 

 

(0.076)

 

 

 

 

 

Less

TAX                                                                 

 

 

0.000

 

 

 

 

 

 

PROFIT AFTER TAX

 

 

(0.076)

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

(0.51)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

 

 

31.03.2015

Current Maturities of Long term debt

 

 

0.000

 

 

 

 

Cash Generated from Operations

 

 

(0.050)

 

 

 

 

Net Cash Flow from used in Operations

 

 

(0.163)

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

 

 

31.03.2015

Net Profit Margin

(PAT / Sales)

(%)
 

 

0.00

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

(0.46)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.00

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
 

 

0.00

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

17.03

 

 

 

 

 

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

Yes

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

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

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 one year

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last one year

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 66.20

UK Pound

1

Rs. 98.30

Euro

1

Rs. 72.41

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.