MIRA INFORM REPORT
|
Report No. : |
326150 |
|
Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
FORBES TECHNOSYS LIMITED [w.e.f. 28.07.2004] |
|
|
|
|
Formerly Known
As : |
WANDEL AND COLTERMANN AND FORBES LIMITED |
|
|
|
|
Registered Office
: |
|
|
Tel. No.: |
91-22-40639595/ 40639528 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
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|
Date of
Incorporation : |
09.07.1991 |
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|
|
|
Com. Reg. No.: |
11-062425 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.538.972
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29290MH1991PLC062425 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02565D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF8567A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
Line of Business
: |
Manufacturer and Importers of Kiosk Machines. |
|
|
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|
No. of Employees
: |
260 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Forbes and Company Limited”. It is an established
company having fine track record Due to accumulated losses incurred over a year, it has hampered the
net worth profile of the company. For the financial year ended 2014, company has reported sound operational
performance and it has achieve profit from its operations which help company
to wiping off some accumulated losses. Rating also take in to consideration unconditional and irrecoverable
guarantee extended by holding company. As per the payment mechanism, if the
subject company fails to make payment then trustee will invoke the guarantee. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of strong parent support, 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 |
Term Loans AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
September 2014 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Short – term Fund Based Limits A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
September 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
PARTED BY
|
Name : |
Mr. Jayraman |
|
Designation : |
Assistant Manager Finance and Accounts. |
|
Contact No.: |
91-22-40639528 |
|
Date : |
04.06.2015 |
LOCATIONS
|
Registered Office : |
Forbes Building, Charanjit Rai Marg, Fort, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-40639595/ 40639528 |
|
Fax No.: |
91-22-40719103 |
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E-Mail : |
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|
Website : |
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Location: |
Owned and Commercial |
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|
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Head / Corporate Office : |
Plot No. C-17/18, Road No. 16, Wagle Industrial Estate, Thane (West) –
400604, Maharashtra, India |
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Tel No.: |
91-22-40639595 |
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Fax No.: |
91-22-40639516 |
|
|
|
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Factory .: |
Shree Rajlaxmi Complex, Building No. “H”unit no. 7A, 7B, 8A, 8B, 8C,
Agra Road, Bhiwandi Kalher Village, Thane – 421302, India |
|
|
|
|
Branch Office : |
Located At:
|
DIRECTORS
As on: 24.06.2014
|
Name : |
Mr. Ashok Debabrata Barat |
|
Designation : |
Director |
|
Address : |
Everest House 3rd Floor, |
|
Date of Birth/Age : |
05.12.1956 |
|
Date of Appointment : |
22.09.2006 |
|
DIN No.: |
00492930 |
|
|
|
|
Name : |
Mr. Subramania Kuppuswamy |
|
Designation : |
Director |
|
Address : |
52, Praneet, 234, |
|
Date of Birth/Age : |
17.09.1950 |
|
Date of Appointment : |
04.09.2009 |
|
DIN No.: |
00058836 |
|
|
|
|
Name : |
Pallon Shapoor Mistry |
|
Designation : |
Director |
|
Address : |
Sterling Bay, 103, Walkeswar Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
12.03.1992 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
05229734 |
|
|
|
|
Name : |
Ajay Pratap Singh |
|
Designation : |
Whole-time director |
|
Address : |
Flat No.1302, A Wing Serenity
Heights,Mindspace Complex, New Link Road, Malad (West), Mumbai-400064,
Maharashtra, India |
|
Date of Birth/Age : |
12.11.1958 |
|
Date of Appointment : |
01.06.2013 |
|
DIN No.: |
06617966 |
|
|
|
|
Name : |
Shrikrishna Mukund Bhave |
|
Designation : |
Director |
|
Address : |
C-202, Eden IV, Hiranandani Gardens
Powai, Mumbai-400076, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1960 |
|
Date of Appointment : |
27.06.2013 |
|
DIN No.: |
06619610 |
KEY EXECUTIVES
|
Name : |
Mr. Jayraman |
|
Designation : |
Assistant Manager |
|
|
|
|
Name : |
Mr. Vinod K Vora |
|
Designation : |
Secretary |
|
Address : |
303, Parshwanath Garden, 461, |
|
Date of Birth/Age : |
28.02.1958 |
|
Date of Appointment : |
16.03.2009 |
|
Pan No.: |
ACEPV9196J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 24.06.2014
|
Names of Shareholders |
No. of Shares |
|
Forbes Campbell Finance Limited, India |
11897180 |
|
Forbes Campbell Finance Limited JT Mr. V. K. Vora |
3 |
|
Forbes Campbell Finance Limited JT Mr. S.P. Kadakia |
5 |
|
Forbes Campbell Finance Limited JT Mr. Shrikrishna, M. Bhave |
2 |
|
Forbes Campbell Finance Limited JT Mr. Pankaj Khattar |
2 |
|
Forbes Campbell Finance Limited JT Mr. P. K. Pradhan |
2 |
|
Forbes Campbell Finance Limited JT Mrs. Sunetra Ganesh |
6 |
|
Forbes and Company Limited |
10000000 |
|
Shapoorji Pallonji and company limited |
10000000 |
|
Forbes and Company Limited |
20000000 |
|
Total |
21897200 |
As on: 24.06.2014
|
Names of Shareholders [Preference Share] |
No. of Shares |
|
Forbes and Company Limited, India |
2000000 |
|
Shapoorji Pallonji and Company Limited, India |
10000000 |
|
Forbes and Company Limited, India |
20000000 |
|
TOTAL
|
32000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 24.06.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importers of Kiosk Machines. |
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Products : |
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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 : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash, Credit and L/C |
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Purchasing : |
Cash, Credit and L/C |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
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No. of Employees : |
260 (Approximately) |
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Bankers : |
601 & 602, Peninsula Business Park,
6th floor, Tower A, Senapati Bapat Marg, Lower Parel,, Mumbai - 400013,
Maharashtra, India
|
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Facilities : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Tower 3, 31st Floor, India Bulls Finance Centre, Elphinston Mill Compound, Senapati Bapat Marg, Elphinstone (W), Mumbai - 400013, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Holding Company : |
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Ultimate Holding
Company: |
Shapoorji Pallonji and Company Limited |
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|
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Sister Concern: |
Eureka Forbes Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs. 220.000 Million |
|
32000000 |
Preferences Shares |
Rs.10/- each |
Rs.320.000 Million |
|
|
TOTAL
|
|
Rs.540.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21897200 |
Equity Shares |
Rs.10/- each |
Rs.218.972
Million |
|
32000000 |
Preferences Shares |
Rs.10/- each |
Rs.320.000 Million |
|
|
TOTAL
|
|
Rs.538.972 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 |
538.972 |
438.972 |
238.972 |
|
(b) Reserves & Surplus |
(188.475) |
(204.320) |
(206.965) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
350.497 |
234.652 |
32.007 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
272.523 |
100.000 |
24.173 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
7.668 |
5.533 |
5.733 |
|
(d) long-term
provisions |
6.959 |
6.158 |
2.107 |
|
Total Non-current
Liabilities (3) |
287.150 |
111.691 |
32.013 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
532.863 |
235.173 |
196.734 |
|
(b) Trade
payables |
488.492 |
286.863 |
179.253 |
|
(c) Other
current liabilities |
46.730 |
30.597 |
34.400 |
|
(d) Short-term
provisions |
7.334 |
6.312 |
4.352 |
|
Total Current
Liabilities (4) |
1075.419 |
558.945 |
414.739 |
|
|
|
|
|
|
TOTAL |
1713.066 |
905.288 |
478.759 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
47.562 |
48.434 |
46.549 |
|
(ii) Intangible
Assets |
8.587 |
16.892 |
18.912 |
|
(iii)
Capital work-in-progress |
37.384 |
11.537 |
16.155 |
|
(iv)
Intangible assets under development |
248.960 |
109.984 |
19.905 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.081 |
9.691 |
6.228 |
|
(e) Other
Non-current assets |
89.475 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
449.049 |
196.538 |
107.749 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
183.654 |
115.060 |
80.139 |
|
(c) Trade
receivables |
968.086 |
519.223 |
242.373 |
|
(d) Cash
and cash equivalents |
41.137 |
29.733 |
22.682 |
|
(e) Short-term
loans and advances |
70.251 |
43.762 |
25.049 |
|
(f) Other
current assets |
0.889 |
0.972 |
0.767 |
|
Total
Current Assets |
1264.017 |
708.750 |
371.010 |
|
|
|
|
|
|
TOTAL |
1713.066 |
905.288 |
478.759 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2494.577 |
1668.444 |
898.211 |
|
|
|
Other Income |
12.002 |
21.684 |
13.667 |
|
|
|
TOTAL |
2506.579 |
1690.128 |
911.878 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
570.566 |
377.111 |
123.287 |
|
|
|
Purchases of Stock-in-Trade |
1483.585 |
938.342 |
560.643 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(47.563) |
(24.024) |
0.335 |
|
|
|
Employees benefits expense |
79.110 |
77.723 |
81.700 |
|
|
|
Other expenses |
340.037 |
256.927 |
195.047 |
|
|
|
TOTAL |
2425.735 |
1626.079 |
961.012 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
80.844 |
64.049 |
(49.134) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
40.245 |
40.151 |
22.802 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
40.599 |
23.898 |
(71.936) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
24.753 |
21.252 |
16.317 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
15.846 |
2.646 |
(88.253) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
15.846 |
2.646 |
(88.253) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.16) |
(0.96) |
(8.36) |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
3150.000 |
The above information has been parted by Mr. Jayraman (Assistant
Manager)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
14.660 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
0.64 |
0.16 |
(9.83) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.24 |
3.84 |
(5.47) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.11 |
0.34 |
(9.94) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.01 |
(2.76) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.30 |
1.43 |
6.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.27 |
0.89 |
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 |
238.972 |
438.972 |
538.972 |
|
Reserves & Surplus |
-206.965 |
-204.320 |
-188.475 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
32.007 |
234.652 |
350.497 |
|
|
|
|
|
|
long-term borrowings |
24.173 |
100.000 |
272.523 |
|
Short term borrowings |
196.734 |
235.173 |
532.863 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
0.000 |
0.000 |
14.660 |
|
Total borrowings |
220.907 |
335.173 |
820.046 |
|
Debt/Equity ratio |
6.902 |
1.428 |
2.340 |
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 |
898.211 |
1668.444 |
2494.577 |
|
|
|
85.752 |
49.515 |
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 |
898.211 |
1668.444 |
2494.577 |
|
Profit |
(88.253) |
2.646 |
15.846 |
|
|
(9.83%) |
0.16% |
0.64% |
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 |
No |
|
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, FUTURE PLANS
AND STRATEGY
During the year the Company continued its rapid growth across multiple dimensions:
Its turnover increased by 48% to Rs. 2506.600 Million.
The Company has reported a profit after taxation of Rs.15.800 Million, as compared to Rs. 2.600 Million in the previous year.
During the financial year 2013-14, the Company witnessed rapid growth across their business verticals and product range, specifically Kiosks and Recharge.
The Company has established leadership in e-lobbies, Cash Deposit Kiosks, Passbook Printing Kiosks, Ticket Vending Machines. The Company received orders from a large number of PSU banks and Private Banks who implemented their plans to set up Fully electronic Self Service Branches called e-lobbies to enhance their services to customers. It also received orders from neighboring countries like Nepal and Bhutan.
Pursuant to the RBI mandate for implementation of Cheque Truncation Systems in Western Grid and extension of Southern Grid, the Company's Cheque Truncation Solution was the leading solution that got implemented in 70 plus banks across the entire western grid including leading PSU Banks.
The Company ventured into various new segments of Government, and supplied Kiosks to Judiciary, State Transport Corporations, and Department of Land, Collectorate, Defence and Research Centres as an alternate delivery channel for a variety of e-Governance services to consumers.
The Company made an entry into the Enterprise Mobility Market and secured impressive orders from large corporates and Banks.
The Company continued
to receive awards and recognition which included
IMC (Indian Merchants Chamber) Excellence Award for Emerging Technologies.
International Sales Volume Leadership award for selling maximum number of Digital Check Corporation Cheque scanners worldwide.
Runners up award at
the Assocham ICAI SME Awards for Innovation
To create a platform for long term profitable growth, the Company intends to focus on the following:
- Consolidating its leadership position in Self Service Banking Solutions and e-Payment Systems
- Target high growth in e-Payment services, Enterprise Mobility and Currency Handling Solutions
- Innovation led introduction of new products and Solutions
- Expand Overseas Operations
- Adoption of Sustainable and
environment friendly processes
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Working Capital loans from banks |
100.000 |
0.000 |
|
Loans and Advances from related parties |
107.500 |
77.500 |
|
Total |
207.500 |
77.500 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10452388 |
24/08/2013 |
750000000 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE,
AHMEDABAD, Gujarat - 380006, INDIA |
B86396066 |
|
2 |
10436899 |
10/07/2013 |
20000000 |
DEVELOPMENT CREDIT BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor, Tower A, Senapati
Bapat Marg, Lower Parel,, Mumbai, Maharashtra - 400013, INDIA |
B79649364 |
|
3 |
10418869 |
25/03/2013 |
20000000 |
DEVELOPMENT CREDIT BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor, Tower A, Senapati
Bapat Marg, Lower Parel, Mumbai, Maharashtra - 400013, INDIA |
B72928526 |
|
4 |
10361462 |
01/06/2012 |
40000000 |
DEVELOPMENT CREDIT BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor, Tower A, Senapati
Bapat Marg, Lower Parel, Mumbai, Maharashtra - 400013, INDIA |
B41970856 |
|
5 |
10314607 |
17/10/2011 |
15000000 |
DEVELOPMENT CREDIT BANK LIMITED |
301, DELTA PLAZA, 414, VEER SAVARKAR MARG, PRABHA |
B24099921 |
|
6 |
10279004 |
11/03/2011 |
10000000 |
DEVELOPMENT CREDIT BANK LIMITED |
301, DELTA PLAZA, 414, VEER SAVARKAR MARG, PRABHA |
B10214245 |
|
7 |
10131251 |
09/11/2012 |
342000000 |
DEVELOPMENT CREDIT BANK LIMITED |
601 & 602, Peninsula Business Park, 6th floor, Tower A, Senapati
Bapat Marg, Lower Parel, Mumbai, Maharashtra - 400013, INDIA |
B62525357 |
FIXED ASSETS
- Furniture and
Fittings
- Data
Processing Equipment
- Vehicles
- Office
Equipment
- Intellectual
Property / Distribution Rights
- Bill Payment
and Cheque Deposit Software
- Goodwill
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 records 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.63.93 |
|
|
1 |
Rs.98.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DDD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
62 |
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
unfavorable 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.