MIRA INFORM REPORT

 

 

Report No. :

329079

Report Date :

25.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SOFTTECH ENGINEERS PRIVATE LIMITED

 

 

Registered Office :

The Pentagon Unit No. 5A Near Satara Road, Telephone Exchange, Shahu College Road, Parvati, Pune – 411009, Maharashtra

Tel. No.:

91-20-24217676/ 24218747

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.06.1996

 

 

Com. Reg. No.:

11-016718

 

 

Capital Investment / Paid-up Capital :

Rs. 30.130 Million

 

 

CIN No.:

[Company Identification No.]

U30107PN1996PTC016718

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in developing software solutions for architecture, engineering and construction (AEC) industries and education sector.

 

 

No. of Employees :

100 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

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 an established company having satisfactory track record.

 

General financial position of the company seems to be sound and healthy. Profitability of the company is fair.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and condition.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities = BB+

Rating Explanation

Inadequate credit quality and high credit risk.

Date

March 05, 2015

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities = A4

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

March 05, 2015

 

 

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 :

Ms. Archana Gupta

Designation :

Accounts Assistant

Contact No.:

91-20-24217676

Date :

24.06.2015

 

 

LOCATIONS

 

Registered/ Head Office :

The Pentagon Unit No. 5A Near Satara Road, Telephone Exchange, Shahu College Road, Parvati, Pune – 411009, Maharashtra, India

Tel. No.:

91-20-24217676/ 24218747

Mobile No.:

91-9372404408 (Mr. Pawan Kumar Gupte)

Fax No.:

91-20-24218747

E-Mail :

aarchana@softtech-engr.com

enquiries@softtech-engr.com

careers@softtech-engr.com

elearning@softtech-engr.com

aarti@softtech-engr.com

vijay@softtech-engr.com

Website :

www.sifttech-engr.com

Area :

1000 Sq. ft.

Location :

Owned

 

 

Branch Office 1 :

No. 22/2, 1st Main, Vijayarangam Layout, Basavanagudi, Bangalore - 560004, Karnataka, India

 

 

Branch Office 2 :

607 / 8 / 9 / 10, Tirupati Plaza, Near Govt. Girls Polytech. College, Athwaline, Surat – 395001, Gujarat, India

Tel. No.:

91-261-2464602

 

 

Branch Office 3 :

565, Summer Park Crescent, Mississagua, Ontario L5B 4E9, Canada

Tel. No.:

1-647-454-0691 

 

 

DIRECTORS

 

AS ON 25.09.2014

 

Name :

Mr. Rahul Gupta

Designation :

Director

Address :

House No.42, Sector-21 B, Faridabad-121001, Haryana, India

Date of Birth/Age :

14.03.1967

Qualification :

B.E. (Mechanical)

Date of Appointment :

24.09.2010

DIN No.:

00024732

 

 

Name :

Mr. Babubhai Kanjibhai Patel

Designation :

Director

Address :

Design Point, Behind Hotel J B Varracha Road, Surat-395006, Gujarat, India

Date of Birth/Age :

23.01.1967

Qualification :

B.E. (Civil)

Date of Appointment :

29.09.2007

DIN No.:

01342839

 

 

Name :

Mr. Vijay Gupta

Designation :

Director

Address :

B1-503, Gagan Vihar Housing Co-Operative Housing Society, Bibwewadi, Pune-411037, Maharashtra, India

Date of Birth/Age :

01.09.1962

Qualification :

M. Tech (IIT)

Date of Appointment :

21.06.1996

DIN No.:

01653314

 

 

Name :

Ms. Priti Vijay Gupta

Designation :

Director

Address :

B1-503, Gagan Vihar Housing Co-Operative Housing Society, Bibwewadi, Pune-411037, Maharashtra, India

Date of Birth/Age :

13.09.1965

Qualification :

B.Sc., MBA

Date of Appointment :

30.09.2008

DIN No.:

01735673

 

 

Name :

Mr. Girish B. Gupta

Designation :

Nominee Director

Address :

B 119, Hari Marg, Malviya Nagar, Jaipur – 302017, Rajasthan, India

Date of Birth/Age :

18.02.1957

Qualification :

M. Tech (Computer Science)

Date of Appointment :

31.03.2014

DIN No.:

00894066

 

 

KEY EXECUTIVES

 

Name :

Ms. Archana Gupta

Designation :

Accounts Assistant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 25.09.2014

 

Names of Shareholders (Equity Shares)

No. of Shares

Vijay Gupta

1840617

Babubhai Kanjibhai Patel

325152

Covisible Solutions (India) Private Limited, India

149574

Priti Vijay Gupta

16545

Devendra Tripathi

65721

Dhrubajoyti Debchoudhury 

65721

Ajay Kumar Jatin

118410

Rajasthan Trustee Company Private Limited A/C SME Tech Fund RVCF Trust II

883

 

 

Total

 

2582623

 

 

Names of Shareholder (Preference Shares)

No. of Shares

Rajasthan Trustee Company Private Limited A/C SME Tech Fund RVCF Trust II

430434

 

 

Total

 

430434

 

 

AS ON 25.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

0.03

Directors or relatives of directors

84.50

Other top fifty shareholders

15.47

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in developing software solutions for architecture, engineering and construction (AEC) industries and education sector.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

--

Countries :

--

 

 

Terms :

 

Selling :

Cash and Credit (30 Days)

 

 

Purchasing :

Cash and Credit (30 Days)

 

 

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:

Hubli Dharwad Municipal Corporation

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

 

·         Lavasa Corporation

 

 

No. of Employees :

100 (Approximately)

 

 

Bankers :

Bank Name:

Axis Bank Limited

Branch:

Corporate Banking Branch, 214-215, City Mall, Second Floor, Ganesh Khind Road, Pune - 411007, Maharashtra, India

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

 

·         Mahesh Sahakari Bank Limited

Laxmi Road Branch, Pune - 411030, Maharashtra, India

 

·         Small Industrial Development Bank of India

Shivaji Nagar, Pune, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

a)Term Loans from Banks

 

 

SIDBI - I)Small Industries Development Bank of India

(Term of Loan: Loan is secured against second charge on movable and current assets and personal guarantee by Mr. Vijay and Mrs. Priti Gupta. Rate of Interest is 15% p.a. Loan is repayable in quarterly installments of Rs. 1555000/- starting from June 2012 to September 2015)

3.090

9.310

SIDBI - II)Small Industries Development Bank of India

(Terms:  Loan is secured against second charge on movable and current assets and IPR of products. Rate of Interest is 15.75% p.a. Loan is repayable in monthly installments of Rs.1.459 Million starting from January 2016 to December 2017. During the current year, the company has received second tranche of Rs. 31.500 Million

66.500

35.000

b)Term Loans from Other Parties

 

 

I)TDB – Technology Development Board

(Term of Loan: Loan is secured by personal guarantee from Mr. Vijay Gupta and Mrs. Priti Gupta pledging 3 Lakh shares of Rs.10/- each amounting to Rs. 3.000 Million as a corporate guarantee by company. Loan is borrowed in April 2010 and carries interest rate of 5% p.a. simple interest. Loan is to be repaid in half yearly installments of Rs. 4.335 Million starting from September 2012 to September 2016.

12.990

21.660

SHORT TERM BORROWINGS

 

 

a)Loans repayable on demand from banks

 

 

Saraswat Co-operative Bank Limited

(Nature of Security: Secured against trade receivables)

0.000

10.715

Axis Bank Limited

(Nature of primary security: First charge by way of hypothecation over entire current assets of the company, present and future with residual / sub-servient charge over with SIDBI.

Interest Rate: 13.25%p.a.)

20.029

0.000

 

 

 

Total

 

102.609

76.685

 

Banking Relations :

--

 

 

Auditors :

 

Name :

P.G. Bhagwat

Chartered Accountant

Address :

Suit 101-102, ‘Orchard’, Dr. Pai Marg, Baner, Pune - 411045, Maharashtra, India

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

AAAFB0762E

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates :

Softtech Software TR LLC

 

 

Joint Venture :

Softtech Engineers (JV)

 

 

Enterprise over which key managerial personnel and their relatives exercise significant influence :

Covisible Solutions (India) Private Limited

 

 

CAPITAL STRUCTURE

 

AFTER 25.09.2014

 

Authorised Capital : Rs. 38.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 34.435 Million

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,800,000

Equity Shares

Rs. 10/- each

Rs. 28.000 Million

1,000,000

Preference Shares

Rs. 10/- each

Rs. 10.000 Million

 

 

 

 

 

Total

 

Rs. 38.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,582,623

Equity Shares

Rs. 10/- each

Rs. 25.826 Million

430,434

Preference Shares

Rs. 10/- each

Rs. 4.304 Million

 

 

 

 

 

Total

 

Rs. 30.130 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

30.130

24.966

24.966

(b) Reserves & Surplus

122.023

50.998

44.395

(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)

152.153

75.964

69.361

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

96.856

81.094

54.175

(b) Deferred tax liabilities (Net)

2.969

2.754

2.395

(c) Other long term liabilities

0.051

0.151

0.151

(d) long-term provisions

1.372

1.177

0.921

Total Non-current Liabilities (3)

101.248

85.176

57.642

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

23.323

10.715

20.191

(b) Trade payables

30.394

13.468

29.915

(c) Other current liabilities

46.324

34.224

40.219

(d) Short-term provisions

4.761

2.463

2.614

Total Current Liabilities (4)

104.802

60.870

92.939

 

 

 

 

TOTAL

358.203

222.010

219.942

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

24.931

19.004

13.468

(ii) Intangible Assets

41.403

38.184

34.884

(iii) Capital work-in-progress

8.846

13.894

0.000

(iv) Intangible assets under development

12.389

10.095

14.846

(b) Non-current Investments

3.245

3.245

3.245

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

6.065

8.554

8.305

(e) Other Non-current assets

14.627

0.922

0.000

Total Non-Current Assets

111.506

93.898

74.748

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

159.257

91.746

102.530

(d) Cash and cash equivalents

53.323

11.346

28.759

(e) Short-term loans and advances

3.073

4.347

5.639

(f) Other current assets

31.044

20.673

8.266

Total Current Assets

246.697

128.112

145.194

 

 

 

 

TOTAL

358.203

222.010

219.942

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

256.191

212.664

100.178

 

 

Other Income

4.337

2.207

3.888

 

 

TOTAL                                    

260.528

214.871

104.066

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

227.438

203.158

82.886

 

 

 

 

 

 

PROFIT BEFORE TAX

33.090

11.713

21.180

 

 

 

 

 

Less

TAX                                                     

12.749

3.659

4.909

 

 

 

 

 

 

PROFIT AFTER TAX

20.341

8.054

16.271

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

48.679

42.076

27.256

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

1.507

1.248

1.248

 

 

Tax on Dividend

0.244

0.203

0.203

 

BALANCE CARRIED TO THE B/S

67.269

48.679

42.076

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Sale of Software Products

33.598

11.172

8.229

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

7.88

3.23

6.52

 

Diluted

6.75

3.23

6.52

 

Expected Sales (2014-2015): Rs. 350.000 Million

 

The above information has been parted by Ms. Archana Gupta (Accounts Assistant)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

 

 

 

Saraswat Bank

0.000

0.075

1.385

SIDBI

6.220

6.220

6.220

TDB (Technology Development Board)

8.670

8.670

8.670

HDFC Bank Limited

1.060

0.904

1.083

Total

15.950

15.869

17.358

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

7.94

3.79

16.24

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.92

6.01

10.49

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.22

0.15

0.31

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.89

1.42

1.32

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.35

2.10

1.56

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

 

 

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

24.966

24.966

30.130

Reserves & Surplus

44.395

50.998

122.023

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

69.361

75.964

152.153

 

 

 

 

Long-term borrowings

54.175

81.094

96.856

Short term borrowings

20.191

10.715

23.323

CURRENT MATURITIES OF LONG-TERM DEBTS

17.358

15.869

15.950

Total borrowings

91.724

107.678

136.129

Debt/Equity ratio

1.322

1.417

0.895

 

 

 

 

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

100.178

212.664

256.191

 

 

112.286

20.467

 

 

 

 

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

100.178

212.664

256.191

Profit

16.271

8.054

20.341

 

16.24%

3.79%

7.94%

 

 

 

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

Yes

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10495804

20/03/2014

70,000,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH, 214-215, CITY MALL, SECOND FLOOR, GANESH KHIND ROAD, PUNE, MAHARASHTRA - 411007, INDIA

C04791638

2

10390382

06/03/2013 *

70,000,000.00

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA

JEEVAN SHREE BUILDING, GROUND FLOOR, S. NO. 1109, 
PLOT NO. 488, GANESHKHIND ROAD, SHIVAJI NAGAR, PUNE, MAHARASHTRA - 411016, INDIA

B70024641

3

10206873

11/03/2010

39,000,000.00

TECHNOLOGY DEVELOPMENT BOARD

WING A, GROUND FLOOR, VISHWAKARMA BHAVAN, SHAHEED 
JEET SINGH MARG,, NEW DELHI, DELHI - 110016, INDIA

A81189144

4

10186752

19/11/2009

30,000,000.00

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA

JEEVAN SHREE BUILDING GROUND FLOOR S NO 1109, PLOT NO 488, GANESH KHIND ROAD, SHIVAJINAGAR, PUNE, MAHARASHTRA - 411005, INDIA

A73570749

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

a)Term Loans from Banks

 

 

I)HDFC Bank Limited

(Term of Loan: Loan is borrowed in September 2012 and carries interest rate of 16% p.a. Loan is repayable in equated monthly installments of Rs.0.105 Million from November 2012 to October 2015.

0.700

1.760

b)Loan and Advances from Related Parties

 

 

Vijay Gupta – Managing Director

12.939

12.939

Priti Gupta – Director

(These are interest free loans and do not have a repayment schedule)

0.637

0.425

SHORT TERM BORROWINGS

                       

 

a)Other loans and advances from other parties

 

 

IBM India Private Limited

3.294

0.000

 

 

 

Total

 

17.570

15.124


FIXED ASSETS:

 

·         Furniture and Fixture

·         Vehicle

·         Office Equipment

·         Computer

·         Service Cell System

·         Computer Software

 

 

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. 63.66

UK Pound

1

Rs. 100.50

Euro

1

Rs. 71.31

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

45

 

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.