MIRA INFORM REPORT
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Report No. : |
325458 |
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Report Date : |
04.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SCHLUMBERGER SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
37 Rajpur Road, Dehradun – 248001, Uttarakhand |
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Tel. No.: |
91-124-3026259 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.01.2004 |
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Com. Reg. No.: |
028186 |
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Capital
Investment / Paid-up Capital : |
Rs. 6.880 Million |
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CIN No.: [Company Identification
No.] |
U72900UR2004PTC028186 |
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IEC No.: |
2904001794 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRTS01436B |
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PAN No.: [Permanent Account No.] |
AAICS0296H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Software Solution Services and Integrated
Project Management Services to Oil and Gas Exploration Companies. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is subsidiary of “Schlumberger BV” Hague, Netherland. It is well
established company having good track record. For the financial year ended 2014, the company has reported total
income of Rs. 383.36 crore (previous year Rs355.61 crore 2013) and reported
top line growth of 7.80%. Profitability margin stood at 3.67% backed by it
zero debt balance sheet. Rating takes into consideration strong financial and managerial
support that company receives from its holding company backed by its well
experienced management team. Trade relations are reported to be trustworthy. Payments are reported
to be regular and as per commitment. In view of strong financial backed by its well experienced management
team, the company can be considered good for normal 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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Sanjiv Desai |
|
Contact No.: |
91-124-3026259 |
|
Date : |
02.06.2015 |
LOCATIONS
|
Registered Office : |
37 Rajpur Road, Dehradun – 248001, Uttarakhand, India |
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Tel. No.: |
91-124-3026259 |
|
Fax No. : |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 27.09.2014
|
Name : |
Mr. Swaminathan Ramamurthy |
|
Designation : |
Director |
|
Address : |
E-63, Western Heights, 6th Floor, Dlf Phase V, Gurgaon, 122002, Haryana, India |
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Date of Birth/Age : |
08.03.1961 |
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Date of Appointment : |
21.12.2012 |
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DIN No.: |
05329921 |
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|
|
|
Name : |
Mr. Ajay Gupta |
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Designation : |
Director |
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Address : |
15, Harsh Vihar, Pitam Pura, Delhi, 110088, Delhi, India |
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Date of Birth/Age : |
13.04.1972 |
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Date of Appointment : |
17.12.2014 |
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DIN No.: |
06779504 |
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|
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|
Name : |
Mr. Jayant Malhotra |
|
Designation : |
Additional director |
|
Address : |
C-7/73, C2/66C, Lawrence Road, Keshavpuram, Delhi, 110035, Delhi, India |
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Date of Appointment : |
17.01.2014 |
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DIN No.: |
06970822 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2014
|
Names of Shareholders |
No. of Shares |
|
Schlumberger BV, Netherland |
687999 |
|
Schlumberger Holdings Limited, British Virgin Islands |
1 |
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|
|
Total |
688000 |
AS ON 27.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Software Solution Services and Integrated
Project Management Services to Oil and Gas Exploration Companies. |
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Brand Names : |
--- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
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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Auditors : |
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Name : |
Mzsk and Associates Chartered Accountants |
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Address : |
Business
Bay, Level 3, Plot No. 84, Wellesley Road, Near RTO (Sangam Bridge), Pune -
411001, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFK3470E |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company and
ultimate holding company : |
Schlumberger B.V. |
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Fellow
Subsidiary company: |
· Schlumberger Asia Services Limited · Logined BV · Geo Quest Systems BV · Petroleum Equipment and Supplies FZE · Sophia Com BV · M-I Swaco · Schlumberger Technology Services Inc · Schlumberger Technology Corporation · Schlumberger Overseas SA · PT Schlumberger Geophysics Nusantara · Schlumberger Oman and Co · Geoservices SA · Oilfield International Equipments and Supplies Inc · Schlumberger China SA · Schlumberger Offshore Services Limited · SLB China Offshore Services SA · SMI Oilfield Technology and Products FZE · Dowell SLB International · Dowell Schlumberger (Western) SA · Services Petroliers Schlumberger SA · Western Geco LLC · Smith International Inc · SLB India Technology Centre Private Limited · SLB Technology Service (Beijing) Limited · Schlumberger Middle East SA · Southern SLB SA · WG International Limited · DSE - Lybia · Schlumberger Finance B.V. |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
688,000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.880
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 |
6.880 |
6.880 |
6.880 |
|
(b) Reserves & Surplus |
527.087 |
386.283 |
275.777 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
533.967 |
393.163 |
282.657 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
74.965 |
59.366 |
40.770 |
|
(d)
long-term provisions |
17.101 |
20.388 |
15.124 |
|
Total
Non-current Liabilities (3) |
92.066 |
79.754 |
55.894 |
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
1120.486 |
826.764 |
1283.728 |
|
(c)
Other current liabilities |
786.037 |
1056.325 |
186.385 |
|
(d)
Short-term provisions |
1.095 |
3.909 |
4.154 |
|
Total
Current Liabilities (4) |
1907.618 |
1886.998 |
1474.267 |
|
|
|
|
|
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TOTAL |
2533.651 |
2359.915 |
1812.818 |
|
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|
|
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II.
ASSETS |
|
|
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|
(1) Non-current assets |
|
|
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(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
62.037 |
53.883 |
65.883 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
90.203 |
79.424 |
66.203 |
|
(d) Long-term Loan
and Advances |
804.549 |
538.409 |
120.868 |
|
(e)
Other Non-current assets |
|
|
|
|
Total
Non-Current Assets |
956.789 |
671.716 |
252.954 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
62.216 |
128.064 |
115.142 |
|
(c)
Trade receivables |
743.907 |
889.938 |
585.171 |
|
(d)
Cash and cash equivalents |
485.425 |
369.997 |
323.971 |
|
(e)
Short-term loans and advances |
9.612 |
9.047 |
245.295 |
|
(f)
Other current assets |
275.702 |
291.153 |
290.285 |
|
Total
Current Assets |
1576.862 |
1688.199 |
1559.864 |
|
|
|
|
|
|
TOTAL |
2533.651 |
2359.915 |
1812.818 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
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TOTAL |
3847.976 |
3562.291 |
2674.896 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
3633.118 |
3407.723 |
2570.593 |
|
|
|
|
|
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|
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PROFIT BEFORE
TAX |
214.858 |
154.568 |
104.303 |
|
|
|
|
|
|
|
|
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Less |
TAX |
74.055 |
44.061 |
32.471 |
|
|
|
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|
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|
PROFIT AFTER TAX |
140.803 |
110.507 |
71.832 |
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Service Income |
3551.519 |
3405.369 |
2490.199 |
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Stores and spares |
360.320 |
131.296 |
0.000 |
|
|
|
Capital goods |
1.299 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
361.619 |
131.296 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
204.66 |
160.62 |
104.41 |
|
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 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.79 |
6.78 |
5.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40 |
0.39 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
0.89 |
1.06 |
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 |
6.880 |
6.880 |
6.880 |
|
Reserves & Surplus |
275.777 |
386.283 |
527.087 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
282.657 |
393.163 |
533.967 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
2674.896 |
3562.291 |
3847.976 |
|
|
|
33.175 |
8.020 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
2674.896 |
3562.291 |
3847.976 |
|
Profit |
71.832 |
110.507 |
140.803 |
|
|
2.69% |
3.10% |
3.66% |
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 |
No |
|
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 |
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 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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES:
NO CHARGES EXIST FOR COMPANY
BACKGROUND
The company was incorporated on January 02, 2004 as a private limited company. The Company is primarily engaged in the business of providing software solution services and integrated project management services to oil and gas exploration Companies.
OPERATIONS
The performance during the period was slightly improved in comparison to the performance during the last financial period. The Total Income increased by about 7.80% from the levels reported during the last financial period. The comparative increase in the Total Expenditure in percentage terms was 6.61 %. The Company earned a profit of INR 214.857 million before tax but after adjusting prior period items.
During the period, the company continued to guide its efforts towards strengthening of the operations in providing system consultancy and integration services, solutions, assistance and maintenance services relating to hardware and software, data management services, trading of goods and integrated project management services and towards enlargement and strengthening of its operations in the permitted fields of activity.
After providing for taxes and other adjustments, the profit available for appropriation is INR 140.803 million i.e. a comparative increase of 27.42% in comparison to the performance during the last financial period. The Board proposes that the entire profit for the year be carried over as Reserve and Surplus.
FIXED ASSETS:
· Furniture and Fixtures
· Office Equipment
· Computer Equipment’s
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.63.85 |
|
|
1 |
Rs.98.12 |
|
Euro |
1 |
Rs.71.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
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 |
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 |
|
65 |
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.