MIRA INFORM REPORT
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Report No. : |
331445 |
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Report Date : |
13.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
ELITECORE TECHNOLOGIES PRIVATE LIMITED (W.E.F 17.08.2010) |
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Formerly Known
As : |
ELITECORE TECHNOLOGIES LIMITED |
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Registered
Office : |
904, Silicon Tower, Off. C. G. Road, Ahmedabad – 380006, Gujarat |
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Tel. No.: |
91-79-66065606 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
17.12.1999 |
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Com. Reg. No.: |
04-037038 |
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Capital
Investment / Paid-up Capital : |
Rs.102.310 Million |
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CIN No.: [Company Identification
No.] |
U72900GJ1999PTC037038 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is provides OSS/ BSS solutions and Billing & Bandwidth Management solutions. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 well-established and reputed company having fine track
record. Financial position of the company is good. Rating takes into
consideration company’s healthy financial profile marked by healthy networth
base, low gearing and good profitability. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. In the view of experienced promoters and long track record of
operations, 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
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits =
A |
|
Rating Explanation |
Adequate degree of
safety and carry low credit risk. |
|
Date |
May, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based
limits = A1 |
|
Rating Explanation |
Very strong degree
of safety and lowest credit risk. |
|
Date |
May, 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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Pratik Ghoda |
|
Designation : |
Accounts Department |
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Contact No.: |
91-79-66065606 |
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Date : |
10.07.2015 |
LOCATIONS
|
Registered / Head Office : |
904, Silicon Tower, Off. C. G. Road, Ahmedabad – 380006, Gujarat |
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Tel. No.: |
91-79-66065606 |
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Fax No.: |
91-79-26407640 |
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E-Mail : |
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Website : |
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Branch Office : |
Located At:
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Overseas Office : |
Located At:
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DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Nipam Rameshchandra Shah |
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Designation : |
Director |
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Address : |
502, Lane No. 21, Satyagrah Chhavani Co-operative Society, Satellite,
Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
16.09.1961 |
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Date of Appointment : |
17.12.1999 |
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DIN No.: |
00093697 |
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Name : |
Mr. Jain Nikhil Anilkumar |
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Designation : |
Managing Director |
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Address : |
362, Saraswati Nagar, Azad Society, Ambawadi, Ahmedabad - 380015, Gujarat, India |
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Date of Birth/Age : |
16.02.1974 |
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Date of Appointment : |
01.11.2007 |
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DIN No.: |
01958156 |
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Name : |
Shankar Narayanan Madhava Menon |
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Designation : |
Nominee Director |
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Address : |
11th Floor, Brindaban - III, Poonam Nagar, Off Mahakali Cave, Andheri (East), Mumbai - 400093, Maharashtra, India |
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Date of Birth/Age : |
08.08.1962 |
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Date of Appointment : |
11.06.2007 |
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DIN No.: |
00219212 |
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Name : |
Nikhil Mohta |
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Designation : |
Additional Director |
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Address : |
A/406 Oberoi Springs, Off Link Road, Near Monginis Factory, Andheri (West), Azad Nagar, Mumbai - 400053, Maharashtra, India |
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Date of Appointment : |
30.03.2015 |
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DIN No.: |
00932030 |
KEY EXECUTIVES
|
Name : |
Amitkumar Kanubhai Patel |
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Designation : |
Secretary |
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Address : |
A/302, Dev Shrushti Apartment, Opposite Science City, Sola, Ahmedabad - 380060, Gujarat, India |
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Date of Birth/Age : |
17.05.1977 |
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Date of Appointment : |
11.08.1914 |
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PAN No.: |
ANNPP5438M |
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|
|
|
Name : |
Mr. Pratik Ghoda |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
As on 30.09.2014
SHAREHOLDERS FILE ATTACHED
As on 30.09.2014
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 |
93.78 |
|
Directors or relatives of Directors |
2.95 |
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Other top fifty shareholders |
3.27 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is provides OSS/ BSS solutions and Billing &
Bandwidth Management solutions. |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Heritage Builiding, Usmanpura, Ahmedabad – 380013, Gujarat, India |
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PAN No.: |
AADFD2337G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary company
: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
10551050 |
Equity Shares |
Rs.10/- each |
Rs.105.510 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10231043 |
Equity Shares |
Rs.10/- each |
Rs.102.310
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
102.310 |
102.310 |
102.046 |
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(b) Reserves &
Surplus |
334.036 |
247.167 |
216.703 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.569 |
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Total Shareholders’ Funds
(1) + (2) |
436.346 |
349.477 |
319.318 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax
liabilities (Net) |
0.000 |
0.496 |
1.366 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
24.591 |
21.368 |
15.122 |
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Total Non-current
Liabilities (3) |
24.591 |
21.864 |
16.488 |
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(4) Current Liabilities |
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(a) Short term borrowings |
49.399 |
0.000 |
0.000 |
|
(b) Trade payables |
213.941 |
66.448 |
70.251 |
|
(c) Other current
liabilities |
53.577 |
28.592 |
80.538 |
|
(d) Short-term provisions |
6.336 |
4.065 |
11.173 |
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Total Current Liabilities
(4) |
323.253 |
99.105 |
161.962 |
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TOTAL |
784.190 |
470.446 |
497.768 |
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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 |
68.611 |
50.087 |
44.051 |
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(ii) Intangible Assets |
8.433 |
6.887 |
6.190 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.402 |
2.776 |
1.374 |
|
(c) Deferred tax assets
(net) |
3.562 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
24.074 |
9.009 |
8.946 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
106.082 |
68.759 |
60.561 |
|
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(2) Current assets |
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|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
14.351 |
12.487 |
12.673 |
|
(c) Trade receivables |
391.185 |
258.683 |
335.130 |
|
(d) Cash and cash
equivalents |
215.960 |
77.271 |
33.885 |
|
(e) Short-term loans and
advances |
54.407 |
49.070 |
36.887 |
|
(f) Other current assets |
2.205 |
4.176 |
18.632 |
|
Total Current Assets |
678.108 |
401.687 |
437.207 |
|
|
|
|
|
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TOTAL |
784.190 |
470.446 |
497.768 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1333.360 |
725.770 |
507.190 |
|
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Other Income |
NA |
NA |
NA |
|
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TOTAL |
NA |
NA |
NA |
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EXPENSES |
NA |
NA |
NA |
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PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
138.000 |
58.740 |
52.490 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
14.750 |
13.750 |
9.760 |
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PROFIT/ (LOSS) BEFORE TAX |
123.250 |
44.990 |
42.730 |
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Less |
TAX |
36.380 |
15.060 |
10.690 |
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PROFIT/ (LOSS) AFTER TAX
|
86.870 |
29.930 |
32.040 |
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
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|
Income
from sales |
NA |
376.013 |
299.426 |
|
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TOTAL EARNINGS |
NA |
376.013 |
299.426 |
|
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IMPORTS |
|
|
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|
Data
Processing Unit and HDD |
NA |
50.493 |
53.026 |
|
|
Capital
Goods |
NA |
1.125 |
1.778 |
|
|
TOTAL IMPORTS |
NA |
51.618 |
54.804 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
8.49 |
2.92 |
3.13 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
169.202 |
80.538 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
180.529 |
90.282 |
(20.449) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.52 |
4.12 |
6.32 |
|
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|
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.82 |
9.62 |
8.61 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.13 |
0.13 |
|
|
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|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.11 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10 |
4.05 |
2.70 |
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 |
102.046 |
102.310 |
102.310 |
|
Reserves & Surplus |
216.703 |
247.167 |
334.036 |
|
Net worth |
319.318 |
349.477 |
436.346 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
49.399 |
|
Total borrowings |
0.000 |
0.000 |
49.399 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.113 |
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 |
507.190 |
725.770 |
1333.360 |
|
|
|
43.096 |
83.717 |
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 |
507.190 |
725.770 |
1333.360 |
|
Profit |
32.040 |
29.930 |
86.870 |
|
|
6.32% |
4.12% |
6.52% |
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 |
No |
|
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 |
Yes |
|
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 |
OPERATIONS
During the period, Company has achieved sales (including other income), on a standalone basis, of Rs. 1333.360 Million as against Rs.725.770 Million during the previous year. The Company has made a Net Profit of Rs. 86.870 Million as against Rs. 29.930 Million during the previous year.
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10566056 |
06/04/2015 |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
C51999639 |
|
2 |
90105262 |
11/11/2014 * |
250,000,000.00 |
INDIAN OVERSEAS BANK |
B D PATEL HOUSE,
NARANPURA, AHMEDABAD - |
C34330118 |
* Date of charge modification
FIXED ASSETS
- Buildings
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer 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.63.37 |
|
|
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.